Review of applied management and social sciences最新文献

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Financial Benefits of Peace Discourse between two Belligerent Neighbors 两个敌对邻国之间和平对话的经济利益

Review of applied management and social sciences Pub Date : 2023-06-30 DOI: 10.47067/ramss.v6i2.346

Sabeeh Iqbal, Muhammad Mubeen, Muhammad Aamir, Muhammad Shujaat Saleem

{"title":"Financial Benefits of Peace Discourse between two Belligerent Neighbors","authors":"Sabeeh Iqbal, Muhammad Mubeen, Muhammad Aamir, Muhammad Shujaat Saleem","doi":"10.47067/ramss.v6i2.346","DOIUrl":"https://doi.org/10.47067/ramss.v6i2.346","url":null,"abstract":"Political risk is an important factor for an international investor in order to diversify his portfolio. Regional political instability causes hindrance in economic development and therefore influences capital markets in the region. The objective of this paper is to investigate the impact of bilateral peace dialogue between India and Pakistan on stock markets of Pakistan. The study uses a quantitative research design with secondary data as source. The sample includes KSE all shares, and a cross-section of 575 stocks in PSX. The study uses event study methodology of Brown & Warner (1985). The methods of estimation include summery statistics, average abnormal returns summery, and event analysis. The dependent variable is average abnormal returns, and cumulative average abnormal returns, while independent variables are the news of peace dialogues. The sources of data collection includes “Data stream”, and Aljazeera website. Results suggest that abnormal returns of KSE All Share Index are not significant. Only a few peace dialogues occurring on October 19, 2007, April 24, 2008 and July 16, 2009 show significant CARs for eleven days event window. These results imply that peace process should be carefully drafted so that market can feel its presence. Additionally, central issues on Kashmir, Kargil, Siachen and so on should be resolved in order to bring peace in the region. This study contributes to emerging capital markets literature as it guides an international investor in gauging the stock market’s reaction in the wake of political events like peace processes. The study generalizes its findings on PSX only. The future research may consider the impact of peace discourse on stock market of other countries in comparative format.","PeriodicalId":498438,"journal":{"name":"Review of applied management and social sciences","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136300953","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}

引用次数: 0

Analysis of the effect of Financial Distress on Tax avoidance during the COVID-19 Financial Crisis: Evidence from Pakistan 分析2019冠状病毒病金融危机期间财务困境对避税的影响:来自巴基斯坦的证据

Review of applied management and social sciences Pub Date : 2023-03-19 DOI: 10.47067/ramss.v6i1.257

Muhammad Tasnim Khan, Fatima Nawaz

{"title":"Analysis of the effect of Financial Distress on Tax avoidance during the COVID-19 Financial Crisis: Evidence from Pakistan","authors":"Muhammad Tasnim Khan, Fatima Nawaz","doi":"10.47067/ramss.v6i1.257","DOIUrl":"https://doi.org/10.47067/ramss.v6i1.257","url":null,"abstract":"For the purposes to finance their business operations, firms have incentives to engage in corporate tax avoidance activities when managerial incentives increase as compared to managerial costs. These activities are significantly high when firms are inthe financial distress zone. The Covid-19 financial crisis (CFC) provides significant findings on whether corporate tax avoidance hasa significant difference from the pre-Covid-19 tothe post-Covid-19 financial crisis, whether a firm’s management is obligated to engage aggressively with corporate tax avoidance. This research aims to investigate the impact of financial distress on corporate tax avoidance during the Covid-19 financial crisis. Based on a sample of 175 firms listed on PSX covering the period of 2010-2021. The study applies GMM dynamic approach with (static) fixed and random effect models to check the robustness of results. The finding of the GMM approach demonstrates that financial distress has a statistically significant and positive impact on corporate tax avoidance. Consistent with the cost-benefits analysis and risk-shifting behavior theories, firms engage more in tax avoidance, especially during financial distress. Moreover, CFC magnified the relationship between these variables, and firms investigated in the study face development suffer mostly in this globally and economically distressing period.","PeriodicalId":498438,"journal":{"name":"Review of applied management and social sciences","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-03-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135190347","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}

引用次数: 0