Abasyn Journal of Social Sciences最新文献

{"title":"Do Financially Constrained Firms Earn Higher Returns than the Unconstrained\u0000Firms? A Comprehensive Evidence from Pakistan Stock Exchange","authors":"","doi":"10.34091/ajss.13.2.07","DOIUrl":"https://doi.org/10.34091/ajss.13.2.07","url":null,"abstract":"This paper examines the relationship between financial constraints and the stock returns explaining\u0000the pricing of stock through financially constrained and unconstrained firms in Pakistan. Three\u0000proxies; total assets, tangible to total assets and cash holding to total assets ratios) have been used\u0000for financial constraints and the study tried to investigate that either the investors are compensated\u0000for taking the extra risk or not in Pakistan Stock Exchange (PSX). We find that the financially\u0000constrained firms don’t earn higher returns when their capital structure is heavy with liquid assets\u0000and their cash flows are more than the unconstrained firms in PSX. Moreover, the time series results\u0000showed that the risk-adjusted returns of the most constrained firms give the mix and somewhat\u0000negative and significant and insignificant results for the Pakistani firms listed in PSX sorted based on\u0000tangible to total assets and Cash holding to total asset ratios.\u0000Keywords: Asset Pricing, Financial constraints, risk-adjusted performance of portfolios","PeriodicalId":114167,"journal":{"name":"Abasyn Journal of Social Sciences","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129847217","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Asset Pricing Through Downside Risk Based Arbitrage Pricing Theory:\u0000Empirical Evidence from Pakistan Stock Exchange","authors":"","doi":"10.34091/ajss.13.2.02","DOIUrl":"https://doi.org/10.34091/ajss.13.2.02","url":null,"abstract":"This study extends the downside risk applications in multifactor asset pricing model by incorporating\u0000the downside risk spillovers from economic and financial factors to stock returns. We amplify the\u0000conventional APT model by replacing the variance-based betas with semivariance based downside\u0000betas that better capture the risk volatilities in varying market conditions. The inclusion of downside\u0000risk betas based on semivariance and semideviation methods in the augmented asset pricing model\u0000improves both the theoretical and methodological applications relative to the limitations and\u0000restriction of conventional APT factors model. The mean-variance hypothesis replaced by meansemivariance hypothesis and asymmetric behaviour of stock returns distribution, empirically suggest\u0000the use of an alternative factors model. The models based on downside risk premia for asset pricing\u0000in emerging markets. The study tested the downside risk-return relationship based on the excess\u0000monthly stock returns of listed PSX firms and observed economic, financial and global factors\u0000representing spillover triangulation from 1997 to 2017. The findings of the study indicate that the\u0000augmented DR-APT model with pricing restrictions of unconditional linear factors method could not\u0000be deserted over the targeted period of study. The selected observed pricing factors except exports\u0000are significant enough for pricing the security returns in the augmented DR-APT Model. Findings of\u0000the panel regression, likelihood ratio tests and F-test corroborate DR-APT as a better model to price\u0000stock returns in volatile situations compare to conventional APT model. Our findings are consistent\u0000with the downside risk-return framework based on mean semi variance hypothesis and have\u0000implications for managers and decision markets that incorporate downside risk in asset valuation,\u0000cost of capital estimations, portfolio construction and investment analysis decisions.\u0000Key Words: Downside Risk, Semi variance, Semi covariance, Downside Beta, Downside risk-based\u0000Arbitrage Pricing Theory (DR-APT).","PeriodicalId":114167,"journal":{"name":"Abasyn Journal of Social Sciences","volume":"52 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129405803","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Value Relevance of Earnings Quality: Importance of Corporate Governance,\u0000Ownership Structure and Group Affiliations in the Listed Firms of Pakistan","authors":"","doi":"10.34091/ajss.13.2.05","DOIUrl":"https://doi.org/10.34091/ajss.13.2.05","url":null,"abstract":"This study is an endeavor to answer the question that does corporate governance, ownership pattern\u0000and business group affiliation effect value relevance of reported earnings quality in a sample of 300\u0000listed Pakistani firms for the period of 2006-2018. The study uses earnings response coefficient and\u0000earning predictability as proxy of reported earnings quality. The panel data analysis shows that CEOduality and director ownership have significant inverse effect on the quality of reported earnings i.e.\u0000the two do not contribute towards improvement of quality of reported earnings. Whereas board\u0000independence, independence of audit committee and external audit from big4, institutional\u0000ownerships have significant direct effect on the quality of reported earnings. Moreover, it is observed\u0000that these effects are relatively more prominent in the case of group firms. Furthermore, firm size,\u0000earning persistence, growth and leverage have positive association with the quality of reported\u0000earnings while beta has significant negative effect on the quality of earnings. Further, it is found that\u0000in times of financial crisis, firms improve its reporting quality to uphold confidence of the investors\u0000where group firms showed relatively more tending to pursue this practice. This study has several\u0000implications for shareholders, prospect investors, external auditors and regulators. This is the first\u0000study of its nature that has investigated the role of group affiliation with reported earning quality.\u0000Key words: Earnings quality, corporate governance, ownership structure, business group\u0000affiliation, ERC.","PeriodicalId":114167,"journal":{"name":"Abasyn Journal of Social Sciences","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121966532","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Empirical Analysis of Railway Efficiency in Pakistan","authors":"Nadia Tahir, Pervez Tahir","doi":"10.34091/ajss.13.2.06","DOIUrl":"https://doi.org/10.34091/ajss.13.2.06","url":null,"abstract":"This paper estimates change in Pakistan Railways (PR) efficiency over time. It is important to see\u0000the performance in a dynamic context. Based on the fundamental CCR-BCC (Charnes, Cooper and\u0000Rhodes, 1978; Banker, Charnes and Cooper, 1984) model, we use an extended Data Envelopment\u0000Analysis (DEA) model developed to deal with time series method for the period 1966-2017. The PR\u0000became financially inefficient from 1985 onwards. Fewer and redundant inputs were used for\u0000service delivery which caused product inefficiency. Rising expenditures increased cost of operations\u0000which became the source of allocative inefficiency. Both resulted in train closures and shrinking\u0000business. Our results show pure technical efficiency of production at 69 per cent, indicating the\u0000output waste of 31 per cent. The empirical findings suggest that the pure technical efficiency of\u0000production outweighs the pure technical efficiency of allocation. The main policy implication is\u0000that steady investment under an autonomous and professional management is required for a turn\u0000around.\u0000Keywords: Efficiency, Data Envelopment Analysis, Pakistan Railways, Transportation Policy","PeriodicalId":114167,"journal":{"name":"Abasyn Journal of Social Sciences","volume":"221 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115280473","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Role of Ethical Leaders in creating Ethical Climate in Public Sector","authors":"","doi":"10.34091/ajss.13.2.01","DOIUrl":"https://doi.org/10.34091/ajss.13.2.01","url":null,"abstract":"This study focuses on conceptualizing the phenomenon of organizations that are having relatively\u0000more interest in ethical behavior of leaders than ever before. Since few decades, their importance has\u0000grown due to increased level of unethical behavior on leaders’ parts and overstated responsibility\u0000drawn on their shoulders. Current research takes into account the leadership behavior of Government\u0000educational institutions heads in terms of creation of ethical climate in the institutions. For empirical\u0000testing of framework, data from 300 participants including principals, vice-principals, headmasters,\u0000deputy-headmasters working in (107) government educational institutions were taken through\u0000purposive sampling methodology. Various tests like descriptive statistics, regression correlational and\u0000factor analysis along with cross tabulation were executed through computer software like AMOS and\u0000SPSS. The results depicted that leadership behavior of ethical leaders was directed towards creation\u0000of ethical climate in the educational institutions. Results indicated a meaningful and positive effect\u0000of ethical leadership on Caring, Rules, Law and Codes, Independence ethical climate types but no\u0000significant influence on Instrumental type ethical climate.\u0000Keywords: Ethical leadership, Ethical climate, Law and Codes, Instrumental, Independence","PeriodicalId":114167,"journal":{"name":"Abasyn Journal of Social Sciences","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116949974","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Modeling Social Network Gaming Habitual Behavior Among Young\u0000Consumers. A Uses and Gratification and Flow Perspective","authors":"","doi":"10.34091/ajss.13.2.09","DOIUrl":"https://doi.org/10.34091/ajss.13.2.09","url":null,"abstract":"The present study has attempted to identify the relationship between hedonic and utilitarian\u0000gratification with social network gaming habitual behavior while considering the mediating role of\u0000flow experience as well. Online questionnaire was distributed using convenience sampling technique\u0000to collect 493 valid responses from young gaming consumers in Pakistan. The collected data was\u0000analyzed by executing Pearson correlation and structural equation modelling tests through SPSS 22\u0000and SmartPls 3.0 software. Results of data analysis confirmed the proposed hypotheses of this\u0000research. Overall, hedonic and utilitarian gratification have moderately positive and significant\u0000association with social network gaming habitual behavior and flow experience was identified to\u0000partially mediate the relationship among proposed variables of the study.\u0000Keywords: Hedonic gratification, utilitarian gratification, uses and gratification theory, flow\u0000experience, social network gaming habitual behavior","PeriodicalId":114167,"journal":{"name":"Abasyn Journal of Social Sciences","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126127787","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Effect of Explicit Knowledge Sharing on Human Resource Performance\u0000Efficiency: Moderating Role of Human Capacity Development","authors":"","doi":"10.34091/ajss.13.2.04","DOIUrl":"https://doi.org/10.34091/ajss.13.2.04","url":null,"abstract":"There are numerous causes responsible for attaining performance efficiency of human resource\u0000within the organizations. In this pursuit, the current research has been aimed to further evaluate\u0000the relationship exists between Explicit Knowledge Sharing (EKS) within organizations and\u0000performance efficiency of the human resources. A quantitative study for the said purpose has been\u0000undertaken to ascertain the impact of EKS on performance of human resources while considering\u0000the moderating effect of Human Capacity Development (HCD). Quantitative study approach was\u0000adopted, and a structured questionnaire was developed based on the relevant studies already\u0000conducted in this field. The questionnaires were distributed among 500 respondents, out of which\u0000345 responded, which provided the researcher with 69% response rate. Population of the study\u0000comprises wide range of organizations such as Government, Non-Government, International &\u0000Private Sector, which were consulted for the primary data collection across the province of Khyber\u0000Pakhtunkhwa & Capital Territory of Islamabad by adopting Simple Random Sampling technique.\u0000Analysis were drawn through the application of statistical software tools i.e. Amos for factor\u0000analysis & SPSS for statistical analysis.The analysis of the data revealed that organizations with EKS\u0000practices, subsequently accomplishes efficiency in the performance of their human resources\u0000through a positive moderating effect of Human Capacity Development. The usefulness of findings\u0000has been endorsed through numerous studies by the local and international scholars of the area.\u0000Keywords: Explicit Knowledge Sharing, Human Resource Performance Efficiency, Knowledge\u0000Management, Knowledge Sharing","PeriodicalId":114167,"journal":{"name":"Abasyn Journal of Social Sciences","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128194491","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"University Business Incubators: A Systematic Literature Review from 2000 to\u00002019","authors":"","doi":"10.34091/ajss.13.2.03","DOIUrl":"https://doi.org/10.34091/ajss.13.2.03","url":null,"abstract":"Business incubation initiatives have gained increased attention of researchers, practitioners, and\u0000policymakers due to its unique ability to provide a conducive environment that develops and\u0000accelerates entrepreneurship. University-based incubation centers have become an essential part\u0000of the entrepreneurship support services at campuses to offer critical support and provide various\u0000services to newly established start-ups. Recognizing the importance of university incubation\u0000centers, researchers are studying various aspects related to university-based business incubators to\u0000promote entrepreneurship among university students. In this study, a systematic literature review\u0000on university business incubators is conducted on 61 research articles selected after a rigorous\u0000process from three databases (ISI-Web of Knowledge, Taylor & Francis, Emerald). Studies were\u0000analyzed to answer four main questions related to university business incubators' methodological\u0000considerations, proximal and distant outcomes, theoretical lenses, and major research streams.\u0000Results revealed that the majority of the research is being done in European countries and the\u0000majority of research articles (50%) were published in 2017 to 2019 most having qualitative designs\u0000that indicate the importance of campus-based incubation initiatives to promote entrepreneurship.\u0000Proximal and distant outcomes revealed various factors at individual, team, firm, institutional, and\u0000policy levels. Institutional, network, and resource based-view (RBV) is the main theoretical\u0000underpinnings focused on institutional and firm-level studies. This study contributed by analyzing,\u0000summarizing, and evaluating UBI’s literature concerning methodological considerations, proximal\u0000and distant outcomes, and trend of major research streams.\u0000Key Words; University, Business, Incubation, Entrepreneurship, Start-ups","PeriodicalId":114167,"journal":{"name":"Abasyn Journal of Social Sciences","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134061826","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}