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The purpose of this paper is to boost the existing literature on adaptive market hypothesis (AMH) as it first time links predictability of gold, silver and metal returns with AMH which permits the predictability of returns to vary over time.

To know whether commodity (gold, silver and metal) market is efficient or not, the commodity returns are observed by using appropriate linear time series tests (variance ratio test, runs test and auto-correlation test). To capture the varying efficiency of three commodities, the study employs subsamples of five years and all sub-samples are exposed to linear econometric tests to reveal how market efficiency (independency of returns) has behaved over time.

It is found that the commodity market (gold, silver and metal) is adaptive because fluctuation is observed in the market efficiency. Returns of all three commodities go under the periods of efficiency and inefficiency. Thus, AMH is the better description of behavior of commodity markets than traditional efficient market hypothesis.

Choice of sub-sample in the study is the first limitation as the authors employ a sub-sample comprising five years. Second, commission, fee and taxes (transection cost) are ignored in the study. Finally, the results are reported on the basis of linear econometric tests. In future, longer time period sub-sample analysis is suggested by the study to explore the varying nature of the commodities. Moreover, rolling window analysis may be a more appropriate method to elucidate the idea of AMH in further research. It is further suggested that the method used in the study could be helpful and adapted to examine other commodities (metal and agriculture), bonds and equity markets around the world.

The study will provide a better investment model which can enable the investors to seek more returns in future. Moreover, this research can be extended to explore multiple issues like adaptive behavior of returns from crypto currencies, bonds, stocks and real estate investment trusts.

As all the linear tests reveal that almost all the commodities show inefficient behavior in full sample period, it is clear that past prices widely would be helpful to predict the future prices at NYSE; furthermore, investors can use the time-varying information to reduce the risk of investment at NYSE. The study is helpful for individual investors as well as portfolio managers and brokers to forecast the prices on the bases of findings.

The paper identifies the need to study why behavior of commodity returns varies over time.

This paper aims to enhance the existing literature on adaptive market hypothesis (AMH) as this study first time links the month of Ramadan with AMH that permits the performance of well-known Ramadan effect to fluctuate over time.

To fulfill the purpose, the authors inspect the daily returns of 107 individual firms listed at Pakistan Stock Exchange over the period of 20 years. To explore the varying degree of return predictability during Ramadan, the authors use four different subsamples comprising equal length of observations of five years each. The authors use a GARCH (1,1) regression model which facilitates for time varying nature of volatility in equity returns. To facilitate the non-normal nature of stock return data, the authors use Kruskal–Wallis test statistic.

The authors find that behavior of Ramadan effect evolves over time, as performance of this effect varies from time to time and consistent with AMH. Finally, the paper proposes that AMH is well elucidation of behavior of Ramadan effect than traditional efficient market hypothesis.

First limitation is related to the choice of sub-sample as the study uses a sub-sample of five years. Second, the authors ignore transection cost (commissions, fee and taxes) as it is freely negotiated and varies between 4 and 10% (Khan, 2013). Due to such varying information we ignore the transaction cost. It is suggested that a sub-sample analysis of long period may be a more appropriate method to elucidate the idea of AMH in future research and suggest the current method could be adapted and helpful to examine other calendar and market anomalies in different equity markets.

The paper includes implications for investors to choose a better model for investment. Investors can exploit greater returns in future month of Ramadan periods. Furthermore, the researchers can easily extend the methodology used in the study to address multiple issues like adaptive behavior of returns from bonds, real estate investment trusts, cryptocurrencies and trading rules of strategies.

Study confirms from sample t-test and GARCH (1,1) model that Ramadan effect is present in the full and in certain sub-samples; therefore, based on these discrepancies investors can earn abnormal returns by developing specific investment strategies as investors usually make investments in share according to the religious context of Islamic Calendar. The results provide good references for suitable time of investment in stock market. The findings of this study will be helpful to investors and brokers as well as portfolio managers to capture favorable returns across the Islamic calendar.

The paper identified need to study why behavior of Ramadan effect varies over time. The data set comprises daily returns of 107 individual companies over the period of 20 years to better investigate the varying nature of anomalous effect of month of Ramadan. The findings are valuable for international investors and portfolio managers.

This study aims to identify the impact of corporate governance on performance of sugar mills. In order to study this relation, a model is constructed in which ownership structure and independent directors are taken as independent variables. Whereas firm performance is analyzed by using proxy variables such as return on asset (ROA), return on equity (ROE) and sales growth. Moreover, size of board, working capital management (WCM) and philanthropy are taken as mediating variables between governance variables and firm performance.

The data of 32 sugar mills listed at Pakistan Stock Exchange for the period of four years (i.e. 2014–2017) is used for this research. Moreover, to investigate the model, generalized least squares statistical method is used to measure the relationship between variables.

The results revealed that there is significant but positive relationship between independent directors and ROA while ownership structure and ROE have significant but negative relationship. Thus, the board of directors should make it sure that all stakeholders and organizations should increase the nonfamily ownership in firms for better corporate performance. Moreover, philanthropy and WCM mediate the relationship between corporate governance and firms' performance.

This research work will be helpful in the corporate governance, and further researchers can conduct their study by considering executive/nonexecutive director and institutional owners as governance variables.

This paper fulfills an identified need to study how Corporate Governance effect the performance of firm.

Branding has become a permanent source of competitive advantage for any leading business. Predominantly, it is execution inside the organization for employees. The purpose of this paper is to measure the influence of internal branding (IB) on customers-based brand equity (CBBE) and the mediating effect of organizational loyalty (OL) between two retail store chains of an under developing country (e.g. Pakistan).

This paper draws on primary data. Data were collected from frontline officers and customers of selected retail stores. Descriptive analysis, mediation analysis and independent sample t-test data analysis techniques were applied through smart PLS and SPSS.

The results of the study revealed that IB influences OL and CBBE. The outcomes showed the mediation effect of OL on the relationship between IB and CBBE partially. Furthermore, results of this papers also disclosed a difference in the levels of IB and OL in both organizations. But, there was no difference in the level of brand equity among customers of both retail stores.

The retail store sector is growing at fast pace with new innovations in all dimensions of the sector. These results could help the retail industry with empirical pieces of evidence to implement IB in their organizations to make the strong relationship between store and customer through efficient and well-trained frontline officers.

The study’s noteworthy contribution to the industry and academic world is the empirical support for the relationship between IB and CBBE. This study has explored the IB in the service sector (i.e. the retail store) from the non-western and under developing context.

This paper aims to analyze the adoption of social media platforms by tourists in Pakistan. Based on an adaptation of the technology acceptance model (TAM), this study assesses the factors that lead users to adopt these platforms.

A survey was administered to a convenience sample of 399 travelers who use social media in Pakistan. A Confirmatory factor analysis was conducted using AMOS to evaluate convergent and discriminant validity as well as composite reliability. Structural equation modeling was applied to examine the causal relationship among all proposed constructs.

The findings reveal that the perceived usefulness (PU) and perceived ease of use (PEoU) of a social media platform positively impact the behavioral intention of its users. The proposed constructs of compatibility, enjoyment, user expertise and e-trust all demonstrated their crucial roles in the adoption of a social media platform for tourism-related activities by enhancing the platform's PEoU and usefulness.

This research validates the relationship between PEoU and PU of a social media platform in the hospitality industry. Interestingly, this study has expanded TAM by validating the addition of four more constructs, (1) compatibility, (2) enjoyment, (3) e-trust, and (4) expertise, to add worth to this model regarding the understanding of social media usage in this specific industry. The findings are valuable both for managers and policymakers in the tourism sector in Pakistan, as the latter can utilize the results to entice a larger segment of social media users to the tourism industry.

The study aims at providing a reliable system of real-time monitoring for underground mine and tunnels which detects any structural change in the network and reconfigures it for resuming the data delivery process. In high stress environments, e.g. underground mines and tunnels, real-time activity monitoring is an emerging issue. Wireless sensor networks (WSNs) play a key role in ensuring the safety of people working in underground mines and tunnels. WSN not only provide real-time monitoring of underground environment but also detects any structural change in the network itself.

In this paper, results of empirical implementation of a re-configurable WSN, capable of self-healing approach, reconfigure the network connectivity upon failure or addition of nodes in the system. An open-source radio-frequency identification standard for WSN, named as DASH7, is used for practical implementation. The proposed system is capable of determining cluster breakage by sudden disruptions caused by roof falls, explosions and node failures, sensor coverage hole, node re-addition to the network and distress priority signal generation by the miner.

The proposed platform contributes to re-attain network state for establishing a communication link with fusion center in terms of: instant and accurate detection of collapse holes, acceptable error rate, time to re-attain network state, rapid distress signal propagation and low deployment cost. This platform is deployed in four different environments of anechoic chamber, hallway, outdoor and underground mine environment, to test the aforementioned scenarios using DASH7-compatible Bitsense Sensor Motes operating at 433 MHz. The effectiveness of the proposed approach has been experimentally validated for the single and multiple adjacent and disjoint node failures in all the four environments.

The number of monitoring systems was implemented for safety assurance in high stress environments before, but the novelty of our platform is long range, cost effectiveness, quick response to any structural change in the network, rapid and accurate data delivery using WSN operated on DASH7 protocol stack.

The restrictive measures related to the COVID-19 pandemic put a halt to everything across the world. The global crisis hit every sphere of life. The mobility restrictive nature of the pandemic was a major blow to the travel, tourism and hospitality industry. For a country like Pakistan, with an unstable economy and struggling tourism, the pandemic served as ground zero. This chapter critically examines tourism dimensions in Pakistan and how it sustained the impact of various crises. It pays attention to the concepts of vulnerability, social and community resilience, and adaptive capacity to provide a theoretical understanding of the revival of tourism in Pakistan. It also considers the impact of COVID-led measures on the tourism industry and corresponding initiatives of the government. The chapter concludes by arguing that Pakistan should carefully monitor and assess the current debates on tourism policies and practices. The chapter suggests that the national tourism strategy should incorporate a mechanism that can address tourism in crises in addition to addressing the environmental, socio-cultural and economic impact of tourism.

Drawing on the social exchange theory, this study aims to examine the association between interpersonal conflict and task performance as well as the mediating and moderating roles of workplace deviance and emotional intelligence, respectively, in this association.

Two studies were designed to test the authors’ hypotheses using multiwave and multisource data collected from 173 (187) subordinates and their immediate supervisors from Pakistan.

An important reason that interpersonal conflict diminishes employees’ task performance is that employees are engaged in workplace deviance. This indirect effect is less salient when employees are more emotionally intelligent.

One way to improve employees’ task performance could be to reduce and manage interpersonal conflicts, especially through interventions aimed at increasing employees’ emotional intelligence levels.

This research contributes to the literature by demonstrating that employees’ emotional intelligence is a boundary condition that alters the association between interpersonal conflict and employee task performance directly and indirectly via workplace deviance.

Due to a staggering growth rate in the recent past, halal products have attained a significant attention of marketers across countries. However, marketing practitioners seek to have detailed understanding of what drives consumers of different demographics towards this product category so as to better market and position themselves in the competitive landscape. Correspondingly, this study aims to provide insights into the Muslim women consumers’ halal cosmetics purchase behaviour and examines the variables (and their interplay) when purchasing such products.

The data for the study were collected through a self-administered questionnaire from 371 Muslim respondents from India. The data were analysed through structural equation modelling using AMOS 22.0 SEM software.

The findings of this study reveal that religious knowledge, religious commitment and halal certification(s) affect consumers’ actual purchase behaviour of halal cosmetics, which subsequently drives their repurchase intention. The findings further reveal a non-significant effect of religious orientation with both the actual purchase behaviour and repurchase intention towards halal cosmetics. Additionally, actual purchase behaviour of halal cosmetics is found to positively affect customers’ repurchase intentions.

Despite the recent growth of overall beauty industry, this particular segment of halal cosmetics has a huge potential given the phenomenal preference that Muslim consumers have shown in such niche. Therefore, this paper contributes towards examining the key factors influencing consumers purchase behaviour towards halal cosmetics in India that can be capitalized on.

This study aims to examine the moderating effect of intellectual capital (IC) in the relationship between board characteristics and firm performance of non-financial firms listed on the Pakistan Stock Exchange (PSX) from 2010 to 2019.

The modified value-added intellectual capital (MVAIC) was used to assess the efficiency of sample firms’ IC, which is a modified version of Pulic’s (2000) model VAIC that includes an additional component, rational capital efficiency. Board size, independence, board meetings, chief executive officier duality and board gender diversity are all measures of board characteristics. Firm performance is measured through return on assets, return on equity and earnings per share. The Hausman test was used to select the best model for the study.

Based on the regression results, the board’s gender diversity and duality have a significant inverse relationship with profitability. In terms of the impact of board characteristics on IC, it is discovered that board independence and diversity are significantly inversely related to IC. Furthermore, IC is significantly related to profitability by all means. In terms of the moderating effect of IC, the findings show that IC significantly moderates the negative relationship between duality and profitability, as well as board gender diversity and profitability.

This study made some policy recommendations to policymakers. Duality should be avoided in PSX firms because it is significantly inversely related to profitability and IC. Second, female board participation should be subjective. Third, because the findings indicate that Pakistani firms lack true board independence, the Securities and Exchange Commission of Pakistan should take additional steps to ensure that the board is truly independent.

To the best of the authors’ knowledge, this is the first study of its kind to study the moderating effect of IC between corporate governance and firm performance.