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The purpose of this study is to comparatively analyze the effect of dividend policy on shareholders’ wealth in Shariah-compliant (SC) and noncompliant (NC) nonfinancial firms in Pakistan.

All the nonfinancial firms listed on the Pakistan stock exchange have been taken as a sample for 2016–2021. The Karachi Meezan index screening criteria were applied to screen SC firms. Based on the BPLM and Hausman test results, the authors used the fixed-effect and pooled OLS model for SC and NC firms, respectively. The F-test was used to compare the effect of each dividend policy variable on shareholders’ wealth for both firm types.

The findings reveal that the dividend policy does affect the shareholders’ wealth in both firm types. Dividend per share (DPS), dividend yield (DY) and earnings per share significantly affect the shareholders’ wealth in SC firms. For NC firms, the dividend payout, DPS and DY are critical. Moreover, the F-test results show that the DPS, DY and leverage effect on the shareholders’ wealth significantly differ for both firm types.

This study fills the research gap in the Pakistani context specifically as well as globally by providing important insights into the relationship between a firm’s dividend policy and shareholders’ wealth for SC and NC firms. In addition, this study comprehensively compares the results for both firm types, which is also lacking in the existing literature. Because this study is based in Pakistan, the generalizability of the results would be limited.

The findings of this study are helpful for the management of SC and NC firms in devising their dividend policies that can maximize their shareholders’ wealth. This study also provides guidance and knowledge to investors in choosing companies for their investments that can maximize their wealth.

To the best of the authors’ knowledge, this is the first study that analyzes the relationship between dividend policy and shareholders’ wealth for SC firms in Pakistan. It is also the first study that comprehensively compares the dividend policy relationship with shareholders’ wealth for SC and NC firms. In addition, using the F-test for joint hypotheses to compare the specific effect of each dividend policy variable is a methodological contribution of the study.

The author develops and extends the asymptotic F- and t-test theory in linear regression models where the regressors could be deterministic trends, unit-root processes, near-unit-root processes, among others. The author considers both the exogenous case where the regressors and the regression error are independent and the endogenous case where they are correlated. In the former case, the author designs a new set of basis functions that are invariant to the parameter estimation uncertainty and uses them to construct a new series long-run variance estimator. The author shows that the F-test version of the Wald statistic and the t-statistic are asymptotically F and t distributed, respectively. In the latter case, the author shows that the asymptotic F and t theory is still possible, but one has to develop it in a pseudo-frequency domain. The F and t approximations are more accurate than the more commonly used chi-squared and normal approximations. The resulting F and t tests are also easy to implement – they can be implemented in exactly the same way as the F and t tests in a classical normal linear regression.

This study aims to evaluate and assess the elastoplastic properties of Ti-6Al-4V alloy manufactured by Arcam Q20 Plus electron beam melting (EBM) machine by a tensile test campaign and micro computerized tomography (microCT) imaging.

ASTM E8 tensile test specimens are designed and manufactured by EBM at an Arcam Q20 Plus machine. Surface quality is improved by machining to discard the effect of surface roughness. After surface machining, hot isostatic pressing (HIP) post-treatment is applied to half of the specimens to remove unsolicited internal defects. ASTM E8 tensile test campaign is carried out simultaneously with digital image correlation to acquire strain data for each sample. Finally, build direction and HIP post-treatment dependencies of elastoplastic properties are analyzed by F-test and t-test statistical analyses methods.

Modulus of elasticity presents isotropic behavior for each build direction according to F-test and t-test analysis. Yield and ultimate strengths vary according to build direction and post-treatment. Stiffness and strength properties are superior to conventional Ti-6Al-4V material; however, ductility turns out to be poor for aerospace structures compared to conventional Ti-6Al-4V alloy. In addition, micro CT images show that support structure leads to dense internal defects and pores at applied surfaces. However, HIP post-treatment diminishes those internal defects and pores thoroughly.

As a novel scientific contribution, this study investigates the effects of three orthogonal build directions on elastoplastic properties, while many studies focus on only two-build directions. Evaluation of Poisson’s ratio is the other originality of this study. Furthermore, another finding through micro CT imaging is that temporary support structures result in intense defects closer to applied surfaces; hence high-stress regions of structures should be avoided to use support structures.

The purpose of this study is to propose an improved framework for managing Private Participation in Infrastructure ICT (PPI-ICT) projects in the context of developing countries as the requirements to manage them are different in several aspects.

The framework has been proposed based on an exhaustive literature review and statistical analysis of the PPI-ICT projects’ data set using logistic regression, F-test and student’s t-test. The proposed framework was also applied to the PPI-ICT projects.

The framework is an extension to NTCP (novelty, technology, complexity and pace) approach by including extrinsic factors such as income of the country, climate risk, religious diversity, political stability, regularity quality and control of corruption. The proposed framework was used to analyze project characteristics and their external conditions in the context of developing countries. Based on the analyses, the authors have presented a detailed set of recommendations for project managers, practitioners and governments to improve the success rate of these projects.

The major contribution of this study is the framework, which encompasses the NTCP model as well as extrinsic characteristics of PPI-ICT projects. The proposed framework is meant to assist the project managers to comprehend the project characteristics and its external environment to identify an adequate approach for managing projects successfully.

The materialization and continuation of the pandemic have a big toll on everyone's life. Female workers specifically from the unorganized sector faced diversified financial crises during the pandemic. These households went through multiple changes in terms of expenditure, loan burden, job uncertainty, etc. A selected sample of 149 has been considered to understand the changes that had taken place in terms of health, expenditure, and other associated evolved behavior in lockdown and post-lockdown phase in a selected rural-based area of West Bengal. By applying different statistical tools like regression, f-test, and t-test, various influencing factors for household expenditure along with the changes in savings behavior have been observed in the chapter. A sudden crisis like COVID-19 has made the selected respondents responsive toward vivid positive lifestyle and attitude changes like financial literacy, savings, crisis management, and so on.

The purpose of this study is to examine the impact of firm environmental, social and governance (ESG) rating scores on market perception and stock behavior from 2017 to 2021 while controlling for COVID-19 severity score.

The authors used panel regression models with robust standard errors based on cross-country and cross-industry sample of 1,324 ESG firms from 25 emerging countries across four regions. Four separate regression analyses are used. Hausman test is used to determine whether fixed-effect (FE) or random-effect approaches should be used in regression models. Lagrange multiplier test is used to test for time FEs, and F-test for individual effects to choose between pooled ordinary least squares model and FE. Two-unit root tests are conducted to check stationarity. Heteroskedasticity and serial correlation were controlled through a robust covariance matrix estimation.

The authors provide evidence that the stakeholder theory persists in emerging countries. Overall, the results suggest that firms’ stock behavior is positively associated with the level of environmental and social performance in the region. However, the results do not provide empirical evidence to support the link between ESG performance and stock market perception proxied by the price-to-sales ratio. The results suggest that Refinitiv and Bloomberg ESG rating scores have a positive impact on stock performance in emerging markets, albeit the Bloomberg rating score is insignificant.

Favorable impact of environmental and social performance on stock performance suggests that policymakers should take initiatives to raise awareness toward investments in ESG projects. Evidence shows that ESG stock performance in emerging markets does not insulate firms from the COVID-19 severity. Furthermore, this study highlights the inconsistency in calculating the ESG ratings, therefore, a more standardized approach is recommended to support investors seeking sustainable investments.

The findings have social implications for investors with proenvironmental preferences and nonpecuniary motives for ethical investments. Asset fund managers should develop ESG investment strategies to promote investor preferences that are linked to the proenvironmental and prosocial attitudes by increasing their investments in stocks of firms that behave ethically and support the environment. Furthermore, the findings show that investors pay a price for ethical and socially responsible investments as they are evaluating the environmental and social activities, hence, the firm ESG profile influences equity valuation and risk assessment.

The study extends the literature and provides evidence from the unique setting of emerging markets by analyzing the relationship between ESG rating scores and the COVID-19 severity scores on one hand, and stock behavior and market perception on the other.

This paper aims to investigate asymmetric long-run effects of bilateral exchange rate on US trade imbalances with China and to examine if the effects are the same under China’s fixed and managed floating exchange rate systems.

The authors estimate both linear autoregressive distributed lag (ARDL) model assuming symmetric effect and nonlinear ARDL model assuming asymmetric effect of exchange rate on US trade deficit with China. The authors use data from 1994Q1 to 2005Q2 (under Chinese fixed exchange rate system), from 2005Q3 to 2021Q3 (under Chinese managed floating exchange rate regime), and from 1994Q1 to 2021Q3 (overall data).

The Chow test indicates 2005Q3 is a structure break point. Further, the results suggest the effects of bilateral exchange rate on US trade deficit with China are not the same under different exchange rate systems. The asymmetric long-run effect of bilateral exchange rate does exist. The results also demonstrate the depreciation of Chinese currency will not significantly affect US trade imbalances with China.

Based on the results, the Chinese Government should embrace a more transparent and flexible exchange rate system. It will not significantly hurt Chinese trade balance, but it will help to reduce the tension between the USA and China.

All previous literature (except two papers) related to the effect of Chinese exchange rate on US trade deficit with China assume the effect is symmetric, and all (except one) use data under different Chinese exchange rate systems. To the best of the authors’ knowledge, this is the first paper that studies the possible asymmetric long-run effect of bilateral exchange rate under different Chinese exchange rate regimes.

This paper aims to determine the most practically applicable color-difference formula for yarn-dyed fabrics woven from warp and weft yarns in different color depths and to establish color-difference tolerance for perceptibility by evaluating yarn-dyed fabrics visually and instrumentally.

A total of 108 sample pairs were evaluated by a panel of 13 observers with perceptibility method under three typical light sources (A, D65 and cool white fluorescent). The data sets were statistically analyzed by the homogeneity of variance test (F-test), analysis of variance, standardized residual sum of squares and performance factor/3.

Light sources had a slight influence on the visual assessments of yarn-dyed fabrics. Among the eight color-difference formulae for measurements of yarn-dyed fabrics, CIEDE2000(2:1:1) outperformed all other tested formulae, and the color tolerance for the perceptibility of CIEDE2000(2:1:1) was 0.62. When the homochromy index (K) of warp and weft yarns of yarn-dyed fabric was lower than 1.25, the color difference based on ΔE*00(2:1:1) between the two samples was acceptable in terms of the color tolerance for perceptibility (i.e. 0.62).

The warp and weft yarns in different color depths could be woven in fabric with a relatively uniform color appearance.

This study could contribute to cost savings by reusing disqualified dyed yarns during the weaving manufacturing process.

The purpose of this study is to determine whether causal asymmetries exist between energy consumption and three dimensions of financial development in Jamaica.

The authors use the non-linear autoregressive distributed lag method to identify the long- and short-run associations between energy consumption and different measures of financial development in Jamaica for the period 1980 to 2018.

There are two central findings. First, cointegrating relationships run from the dimensions of financial development to energy consumption. Second, the authors find asymmetries in these relationships. In the long run, asymmetries are such that rising levels of financial development have a neutral impact on energy consumption. By contrast, falling levels of financial development in the long run are associated with increases in energy consumption. In the short run, the authors find evidence of asymmetries only in changes in the overall level of financial development on energy consumption.

One practical implication is that for Jamaica to avoid some of the potential negative environmental consequences resulting from the positive impact on energy consumption arising from falling levels of financial development, a strong financial development policy will be important.

There will be positive social impacts from financial development in the area of climate finance.

To the authors’ knowledge, this is the first study on Jamaica that examines the financial development–energy nexus. Further, the authors use relatively new and comprehensive measures of financial development.

This chapter focuses on testing optimal capital structure theory: The role of intervening variable debt to equity ratio (DER) on the influence of the financial performance, Ownership Structure of Independent Board of Commissioners (IBCO), Audit Committee (ACO), and Institutional Ownership on Firm Value. The research design was explanatory research using path analysis. Using purposive sampling, 61 manufacturing companies, observation period from 2014 to 2018 with 286 N samples. The research novelty empirically can prove the role of intervening variable DER on the effect of return on assets (ROA) on firm value and shows the market response to the ROA is fully reflected by DER, indicating the existence of an optimal capital structure. The role of DER on the effect of ROE and IBCO on firm value is a partial mediation with the inverse direction. This phenomenon shows that the mechanism of forming a balance between the responses of investors and creditors relates to debt financing.