NICE Research Journal最新文献

{"title":"Exploring the Relationship between Financial Distress, Financial Flexibility, and Firm Performance: Empirical Evidence from Pakistan Stock Exchange","authors":"Yasin Mahmood, M. Rizwan, A. Rashid","doi":"10.51239/NRJSS.V0I0.68","DOIUrl":"https://doi.org/10.51239/NRJSS.V0I0.68","url":null,"abstract":"Purpose– This main purpose of this paper is to empirically investigate the impact of corporate financial flexibility (FF) on financial distress and performance of firms listed on the Pakistan Stock Exchange (PSX). It enables to know how financial flexibility affects the firm financial strength, financial distress, and corporate performance. Design/methodology/approach –This study focuses on a firm level data of 192 non-financial firms covering the period 1992 - 2014. The fixed effect model logistic regression is applied by using unbalanced panel data to examine the impact of financial flexibility on financial distress, and performance of sample firms. Findings – The results reveal that financially flexible firms are less likely to face financial distress. As firms have more financial flexibility, the probability of financial distress decreases as well. It is also found that financially flexible firms are more likely to perform well than counterpart firms. By using the Altman z score as a measure of financial distress it is revealed that as the Altman z score increases, the chances of financial distress reduce as well. These findings also suggest the existence of pecking order in Pakistani firms; because firms rely on internal sources first, second go to external sources of financing. Practical implications – the findings of this study enable the corporate managers to avoid financial distress by obtaining and maintaining financial flexibility by keeping the leverage level lower than industry level. By attaining and maintaining financial flexibility, corporate managers can also raise the performance of the firm as well. It can also enable to make appropriate capital structure decision to finance managers of corporate firms. The creditors may provide the loan to sound firms who have no or least chances of financial distress. The lenders may also get benefit from it by requiring the interest rate as per risk of financial distress of the firm. Investors may avoid investing in firms having very little or no financial flexibility. JEL Classification– G33, L25 Keywords: Altman z score, financial flexibility, firm performance, return on asset, panel data, financial distress, modified z score.","PeriodicalId":286621,"journal":{"name":"NICE Research Journal","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122451816","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 Impact of Social Capital on Human Wellbeing: Empirical Evidence from Azad Jammu and Kashmir (Pakistan)","authors":"Fozia Munir, M. Haq, S. Hamadani","doi":"10.51239/nrjss.v0i0.75","DOIUrl":"https://doi.org/10.51239/nrjss.v0i0.75","url":null,"abstract":"Maximization of wellbeing is the exceedingly targeted objective that conventional economics going forward. Keeping in view its central place, economists developed well-structured models and tools in order to measure and investigate wellbeing. In received literature, on the subject, various factors have been investigated that affecting wellbeing. However, wellbeing which is viewed from different approaches and is of a different form is not shaping equally with different types of factors. In this context, this study is an attempt to investigate how subjective wellbeing is affecting by social capital. The basic hypothesis is that “individual wellbeing moves parallel with its social capital”. The hypothesis is empirically tested using primary data set of 848 individuals collecting form Azad Jammu and Kashmir (Pakistan). The empirical estimates indicate that keeping other factors constant, an individual that embodied more social capital enjoy more wellbeing in their life. JEL Classification: B24, I30, C43","PeriodicalId":286621,"journal":{"name":"NICE Research Journal","volume":"118 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127960544","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":"Impact of Aversive Leadership on Job Outcomes: Moderation and Mediation Model","authors":"T. Khan, Henna Gul Nisar, T. Bashir, B. Ahmed","doi":"10.51239/nrjss.v0i0.71","DOIUrl":"https://doi.org/10.51239/nrjss.v0i0.71","url":null,"abstract":"Aversive leadership has picked up a lot of consideration as a result of its effect on a few activity results. The motivation behind the momentum inquire about work is coordinated to explore the association of aversive leadership (AVL) with job outcomes (Aggressive voice and organizational deviance), directing psychological hardiness (PH). Work Alienation (WA) was utilized as a mediating variable. Banks from Private sector situated at Peshawar District were chosen to get data. The sample size was 3oo employees from these banks. Random sampling technique was utilized through proportional distribution method and information was gathered through structured questionnaires. The aftereffects of this exploration work examined that AVL has a noteworthy impact on AV and OD. Moreover, WA completely interceded between AVL and an AV and halfway intervened between aversive leadership and organizational deviance. Managers and supervisors should maintain a strategic distance from AVL and attempt to propel and enable their subordinates or supporters to accomplish organizational expressed goals successfully.","PeriodicalId":286621,"journal":{"name":"NICE Research Journal","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114219614","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 Nexus between Technological Innovation and Carbon Dioxide Emissions: Evidence from China","authors":"S. A. Shaikh, Zainab Taiyyeba, K. Khan","doi":"10.51239/nrjss.v0i0.77","DOIUrl":"https://doi.org/10.51239/nrjss.v0i0.77","url":null,"abstract":"This study inspects the dynamic effect of technological innovation, financial development, economic growth, and energy consumption on carbon dioxide (CO2) emissions. We applied the auto-regressive distributed lag (ARDL) model technique for the period from 1980 to 2017. The quantitative outcomes show a negative and insignificant relationship between technological innovation and environmental pollution in China during the said period. Furthermore, the long-run assessment results disclose that economic growth; boost-up the environmental quality of China. Thus, the results support the Environmental Kuznets Curve (EKC) hypothesis, which means that environmental degradation can be resolved inevitably by economic growth. Similarly, results show that the financial sector development exerts a positive impact on environmental quality.","PeriodicalId":286621,"journal":{"name":"NICE Research Journal","volume":"48 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116447106","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":"Determinants of Profitability of Banking Industry in Pakistan","authors":"Misbah Nadeem, H. Raza, Fauzia Mubarik","doi":"10.51239/nrjss.v0i0.69","DOIUrl":"https://doi.org/10.51239/nrjss.v0i0.69","url":null,"abstract":"Purpose: The relationship between bank profitability and bank-specific and macroeconomic factors has important implications for a host of public policy questions. In the current study, balanced panel data on all scheduled banks over a period of 2006 to 2017 has been used to provide novel estimates of bank profit and its influential factors. Research Methodology: Further this study modeled the structure-conduct-performance hypothesis (SCP); it reflects the setting of prices that are less favorable to consumers (lower deposit rates, higher loan rates) in more concentrated markets as a result of competitive imperfections in these markets and lead supernormal profits The results of the current study have been obtained by using regression analysis and unit root analysis which deals with stationary and non-stationary of time series data. . Results: The results of the current study are significant and supported by the previous literature. In bank-specific characteristics, lagged bank profitability, capital ratio, and size found to have a positive relationship with bank profits while Loans have a negative and significant relationship with bank profits deposits have a positive and insignificant relationship with banks profitability. In macroeconomic factors such as inflation, corporate tax rate, negative and insignificant relation has been found. Originality/Value: This study implies that the profitability of banks can be enhanced by increasing the capitalization of banks. Endeavors should be made by banks in order to increase and maintain the retained earnings and reserves Keywords: Profitability, Return on Assets, Macroeconomic, Bank-specific, Corporate tax","PeriodicalId":286621,"journal":{"name":"NICE Research Journal","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114606589","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":"Does Voluntary Disclosure improve Firm Performance: Evidence from Pakistan","authors":"A. Ahmad, Charanleen Kaur, M. Khattak","doi":"10.51239/nrjss.v0i0.72","DOIUrl":"https://doi.org/10.51239/nrjss.v0i0.72","url":null,"abstract":"This study investigated the influence of voluntary disclosure (VD) and Corporate Governance (CG) on firm performance in the non-financial sector of Pakistan. The sample size consists of 300 firm-year observations of a non-financial sector of Pakistan for the year 2002 to 2016. The results indicate that several elements of VD and CG mechanisms are important for better firm performance. The Board of Independence and disclosure of product information show a positive and significant impact on Earning per share and Return on Asset (ROA). However, CEO duality has a significant but negative association with firm performance. While board size and disclosure of future strategy show no effect on firm performance.","PeriodicalId":286621,"journal":{"name":"NICE Research Journal","volume":"80 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122248775","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":"Does Maturity Level of Newly Listed Firms Matter in the Long-Run Performance? Evidence from Pakistan","authors":"M. Sohail, A. Raheman","doi":"10.51239/NRJSS.V0I0.73","DOIUrl":"https://doi.org/10.51239/NRJSS.V0I0.73","url":null,"abstract":"In this study, the sample of newly IPO firms at PSX from 2000 to 2018 is selected to observe the performance in the long run, under different maturity level. The analysis is based on Jensen’s alpha obtained through CAPM, four factors (4-F), and three factors model (3-F). Based on the analysis of Jensen’s alpha, the underpricing of IPOs disappeared after the periods of one to three years to suggest that investors can not earn risk-adjusted positive returns accounting for market, momentum, value and size factors. In the analysis of GCT regression model, for the three different maturity level, the severe underperformance of these new firms are to be observed. Further, the result of new firms through GCT model show that different maturity (1-5 years, 6-10 years, and more than 10 years) of firms do not matter, and overall newly firms underperform in long run.","PeriodicalId":286621,"journal":{"name":"NICE Research Journal","volume":"52 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126708109","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":"Impact of Overconfidence and Loss Aversion Biases on Equity Investor’s Decision-Making Process and Performance","authors":"Abdul Rauf, Muhammad Kashif Khurshid, M. Afzal","doi":"10.51239/nrjss.v0i0.76","DOIUrl":"https://doi.org/10.51239/nrjss.v0i0.76","url":null,"abstract":"This study investigates the behavioral factors that impact on equity investors’ investment decision making process together with investment performance at Pakistan’s Stock Markets. As in Pakistan, limited work is done in behavioral finance. This study is considered to add significantly to the advancement of this field in Pakistan. The study starts with the previous theories in behavioral finance. So, based on those theories, researchers develop hypotheses. After that, these hypotheses are tested through the questionnaires which are distributed to individual equity investors at Pakistan’s Stock Exchanges. Then the collected data are analyzed by using Exploratory Factor Analysis (EFA), Cronbach’s Alpha, Pearson Correlation Coefficient and Multiple Linear Regression (MLR) tests. The results show that there are two mainly behavioral factors: Heuristic Theory (Overconfidence Bias) and Prospect Theory (Loss Aversion Bias), affecting the investment decisions making process and performance of individual equity investors. Most of the sub-variables of both behavioral biases directly contain positive impact. But, when the mediating variable: decision making process was used; these biases contain high positive impact on the performance of equity investors which concludes the better decision-making ability of investors help them to improve their performance.","PeriodicalId":286621,"journal":{"name":"NICE Research Journal","volume":"70 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131624906","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":"Impact of Business Strategy on Stock Price Crash Risk: Role of Overvalued Equity","authors":"Sana Saleem, M. Usman, M. A. U. Haq","doi":"10.51239/nrjss.v0i0.74","DOIUrl":"https://doi.org/10.51239/nrjss.v0i0.74","url":null,"abstract":"The objective of the current study is to investigate the impact of business strategies on the future crash risk of stock prices by considering the role of overvalued equity. This relationship is checked by taking non-financial firms from Pakistan Stock Exchange from 2008-2016. To evaluate the business strategy, composite strategy score is used which considers the firm's development and research costs to look for new products, sales ratio to determine the firm’s capacity to manufacture the product efficiently, standard deviation of employees, sales growth, marketing expense to sales ratio to locate the firms’ emphasis on marketing, and intensity of assets expenditures to capture the firms’ emphasis on production. Market to book decomposition method is used to calculate the equity overvaluation whereas the negative conditional skewness is used as a measure of crash risk. Random and fixed effect panel regression models are used to estimate the results. The results of the present study indicate that firms pursuing innovative strategies have a higher probability to face crash price risk. Outcomes of the study also confirm that such strategies also increase the likelihood of equity overvaluation which increases the risk of stock price crash in the future. The results of the current study are helpful for the investors in allocating the assets cautiously among companies with diverse strategies.","PeriodicalId":286621,"journal":{"name":"NICE Research Journal","volume":"35 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121682690","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":"An Analysis of Consumption Function: A Case Study of Upper Middle Income Economies","authors":"Sarfaraz Ahmed Shaikh Et al.,","doi":"10.51239/nrjss.v0i0.13","DOIUrl":"https://doi.org/10.51239/nrjss.v0i0.13","url":null,"abstract":"This paper draws on evidence of consumption function from four-country group case-studies of upper middle-income economies (together termed as developing economies). The ARDL model is applied to the time series data from 1985 to 2017 to understand the major components of the aggregate consumption function. The result reveals that labor income and wealth impact in all economies are similar and have a significant positive impact on real private aggregate consumption. Similarly, the real interest rate and unemployment have an analogous effect on real private aggregate consumption. The real interest rate has a negative effect on aggregate real private consumption supporting income effect. In the short run real GDP and wealth have a positive impact on aggregate real private consumption while real interest rate and unemployment rate have a negative effect on aggregate real private consumption for selected economies. Moreover, overall PIH is valid for long-run, while AIH is valid for short-run in the selected countries.","PeriodicalId":286621,"journal":{"name":"NICE Research Journal","volume":"95 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114739318","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}