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Article
Publication date: 17 May 2021

Ijaz Ur Rehman, Syeda Khiraza Naqvi, Faisal Shahzad and Ahmed Jamil

This paper aims to examine the moderating effect of ownership concentration on the relationship between corporate social responsibility performance (CSRP) and information…

Abstract

Purpose

This paper aims to examine the moderating effect of ownership concentration on the relationship between corporate social responsibility performance (CSRP) and information asymmetry using a sample of Chinese firms.

Design/methodology/approach

The authors use a sample of 208 listed firms from nine different sectors in China over the period of 2008–2018. They use the generalized method of moment approach to examine the dynamic relationship between CSRP, information asymmetry and ownership concentration. CSRP index is constructed using environmental performance, social performance and corporate governance performance measures.

Findings

The results indicate that CSRP positively affects the information asymmetry. Moreover, by taking ownership concentration as a moderating variable, the results indicate that ownership concentration negatively moderates the association between CSRP and information asymmetry.

Research limitations/implications

The findings of the study advance the understanding of CSR practices in China. The findings have important implications for the regulators and managers in China for adopting socially responsible activities for the improvement of firm performance and protecting shareholder rights.

Originality/value

The study extends the existing research on the association between CSRP and information asymmetry by including the ownership concentration as a moderating variable. The research showed that CSR plays an important role in reducing the informational gap between managers and outside stakeholders. However, the relationship between CSR and information asymmetry is not studied yet with the moderating role of ownership concentration.

Details

Social Responsibility Journal, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1747-1117

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Article
Publication date: 19 March 2019

Faisal Shahzad, Ijaz Ur Rehman, Sisira Colombage and Faisal Nawaz

The purpose of this paper is to empirically investigate the impact of two monitoring mechanisms: family ownership (FO) and financial reporting quality (FRQ) on investment…

Abstract

Purpose

The purpose of this paper is to empirically investigate the impact of two monitoring mechanisms: family ownership (FO) and financial reporting quality (FRQ) on investment efficiency (IE) over the period of 2007–2014 for listed firms on the Pakistan Stock Exchange.

Design/methodology/approach

The authors employ two-dimensional pooled OLS cluster at the firm and year level, two-stage least square regression and feasible generalized lease square regression regression methods.

Findings

The findings suggest that higher FRQ and FO are associated with higher IE. Further, the authors report that higher FRQ and FO mitigate over- and under-investment. The impact of FRQ on IE is stronger (weaker) for family-controlled businesses. The results for these particular estimates are robust for alternative estimation techniques and measures of FRQ and FO.

Originality/value

The study draws on both agency and behavioral agency theories and therefore contributes to the literature in the following ways. First, the authors examine a relationship between FRQ and IE. Second, the authors test the impact of FO on IE. Third, the authors test the moderating impact of FO on the relationship between FRQ and the IE of family and non-family firms in relatively less regulated emerging market.

Details

Managerial Finance, vol. 45 no. 4
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 22 November 2018

Muhammad Faisal Shahzad, Muhammad Bilal, Jin Xiao and Tahir Yousaf

The purpose of this study is to find the influence of brand experience on brand equity with the mediation of hedonic emotions, utilitarian emotions and brand personality…

Abstract

Purpose

The purpose of this study is to find the influence of brand experience on brand equity with the mediation of hedonic emotions, utilitarian emotions and brand personality among the smartphone users in Pakistan.

Design/methodology/approach

The survey based on empirical method was used to administrate the questionnaire. The data were collected from a millennial generation in Sargodha city. Skewness, Kurtosis’s, correlation and regression techniques were used to analyze data.

Findings

The finding of this study shows that the hedonic emotions, utilitarian emotions and brand personality mediate the relation between brand experience and brand equity. The study will help brand managers and academia in understanding the hedonic and utilitarian emotional pattern, and the congruence between the personality and smartphone brand users and behavior pattern of young users.

Research limitations/implications

Research support the argument that promoting emotional aspects is significant for the sustainability of brand equity of the smart-phone brands. Segments other than young consumers would be more interesting to study.

Practical implications

This paper provides implications for smart phone marketers on smart phone consumption behavior. Marketing managers must link products attributes to the personality of the user and promote them that will emotionally attach users to the product.

Originality/value

This paper presents key findings on smart phone buying experience using utilitarian value approach followed by hedonic consumption approach and found to be significant predicators.

Details

Journal of Islamic Marketing, vol. 10 no. 2
Type: Research Article
ISSN: 1759-0833

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Article
Publication date: 7 October 2019

Faisal Shahzad, Ijaz Ur Rehman, Waqas Hanif, Ghazanfar Ali Asim and Mushahid Hussain Baig

This study aims to empirically investigate the effect of financial reporting quality (FRQ) and audit quality (AQ) on the investment efficiency (IE) for the firms listed on…

Abstract

Purpose

This study aims to empirically investigate the effect of financial reporting quality (FRQ) and audit quality (AQ) on the investment efficiency (IE) for the firms listed on the Pakistan Stock Exchange during the period 2007-2014.

Design/methodology

The authors use pooled ordinary least squares (OLS) regression which cluster at the firm and year level to test the hypotheses. For sensitivity check, the authors also account for reverse causality and cross-sectional dependence by using the GMM and FGLS regression methods. Furthermore, the authors built their theoretical arguments based on alignment hypothesis of the agency theory and resource-based view of the firm.

Findings

The findings suggest that higher FRQ and AQ are associated with higher IE. The results for these particular estimates are robust when tested using alternative estimation techniques. Overall, the outcomes of this study are in line with the arguments presented by the alignment hypothesis of the agency theory and resource-based view of the firm.

Practical implications

This study is fruitful for policymakers’ and investors. This study finds that the audit done by the Big 4 also reduces the information gap and, thus, reduces the moral hazard and adverse selection problems, thereby enhancing the IE.

Originality

The authors extend the debate on determinates of IE and highlight two monitoring mechanisms: FRQ and AQ. The authors further extend the literature on the economic consequences of AQ in terms of IE, as proposed by Francis (2011). For the first time, this study investigates the impact of AQ on IE in a setting where minority shareholder risk of exploitation is high relative to other markets in Asia.

Details

International Journal of Accounting & Information Management, vol. 27 no. 4
Type: Research Article
ISSN: 1834-7649

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Article
Publication date: 1 April 2020

Khawaja Fawad Latif, Aqib Nazeer, Faisal Shahzad, Mohsin Ullah, Muhammad Imranullah and Umar Farooq Sahibzada

Drawing on the knowledge-based view (KBV), the study investigates the impact of entrepreneurial leadership (EL) on knowledge management (KM) processes and further examines…

Abstract

Purpose

Drawing on the knowledge-based view (KBV), the study investigates the impact of entrepreneurial leadership (EL) on knowledge management (KM) processes and further examines the mediating role of KM processes on the linkage between EL and project success (PS).

Design/methodology/approach

Survey data were collected from 304 project workers in software projects, and the proposed relationships were assessed through SMART-PLS structural equation modeling tool.

Findings

The study found a significant impact of EL on KM processes and PS. The analysis also revealed that KM processes significantly impact project success while EL impact PS indirectly through KM processes.

Originality/value

The relevancy of the research stems from the scarcity of research on EL, while studies on the role of leadership as a predictor of KM are significantly limited. Additionally, there is a scarcity of research on the impact of KM on project success. This is one of the earliest studies that investigate the inter-relationship among EL, KM processes and project success.

Details

Leadership & Organization Development Journal, vol. 41 no. 2
Type: Research Article
ISSN: 0143-7739

Keywords

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Article
Publication date: 6 August 2020

Ali Kutan, Usama Laique, Fiza Qureshi, Ijaz Ur Rehman and Faisal Shahzad

The extant literature provides substantial evidence that various facets of national culture play a significant role in corporate financial decision making. We…

Abstract

Purpose

The extant literature provides substantial evidence that various facets of national culture play a significant role in corporate financial decision making. We systematically review the role of national culture on the various thematic domains of corporate financial decision making to outline what have been studies thus far and what needs to be studied.

Design/methodology/approach

Keywords such as national culture, organizational culture, power distance, uncertainty avoidance, masculinity, risk aversion and individualism for a search in the prominent academic literature databases are used. The studies related to the corporate financial decision making that is tied with these keywords are identified and selected for the systematic review.

Findings

The review of extant literature suggests strong evidence that national culture has a significant role in influencing corporate cash holding, corporate risk-taking, individual behaviour of the financial managers and initial public offering by the corporations. The review also indicates, although extant studies have examined the role of national culture in the key corporate financial decisions, evidence on the role of national culture in the firm's investment efficiency aspects is rather scarce. Also, what explains the role of national culture in corporate financial decision making has not been empirically exploited through causal mechanisms.

Practical implications

The findings of the studies help advance our understanding of the current research status concerning the role played by the national culture in shaping corporate financial decisions and raise important future calls.

Originality/value

To best of our knowledge, no prior study has systematically reviewed the role of national culture in the thematic domains of corporate financial decision making.

Details

International Journal of Emerging Markets, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1746-8809

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Article
Publication date: 2 December 2019

Faisal Shahzad, Mushahid Hussain Baig, Ijaz Ur Rehman, Fawad Latif and Bruno S. Sergi

The purpose of this paper is to study whether the presence of women directors on the corporate board influences financial performance (FP). To examine the underlying…

Abstract

Purpose

The purpose of this paper is to study whether the presence of women directors on the corporate board influences financial performance (FP). To examine the underlying causal mechanism, the authors modeled firm-level intellectual capital efficiency (ICE) in the relationshipbetween board gender diversity (BGD) and FP.

Design/methodology/approach

Using a sample of 5,879 US firms, a structural model of BGD, IC and FP is conceptualized by accounting for the endogeneity issues and alternative measures of the key variables in the empirical framework. In the model, the percentage of women directors is taken as BGD measures and value-added intellectual coefficient as an IC performance measure, considering governance and corporate performance measures.

Findings

The authors find a significant impact of BGD on FP. In particular, the results suggest: BGD is linked to IC; the influence of board gender diversity on the FP is indirect; and ICE fully mediates the relationship between BGD and FP.

Originality/value

To the best of the author’s knowledge, no study has empirically investigated whether the firm-level IC performance explains the influence of BGD on FP. Drawing on the resource-based view and organizational learning theory of the firm, the authors empirically modeled the relationship between BGD and FP through a mediation mechanism of firm-level ICE to fill the void in the literature.

Details

Journal of Intellectual Capital, vol. 21 no. 4
Type: Research Article
ISSN: 1469-1930

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Article
Publication date: 14 May 2019

Ahsan Mahmood, Hikmat Ullah Khan, Zahoor Ur Rehman, Khalid Iqbal and Ch. Muhmmad Shahzad Faisal

The purpose of this research study is to extract and identify named entities from Hadith literature. Named entity recognition (NER) refers to the identification of the…

Abstract

Purpose

The purpose of this research study is to extract and identify named entities from Hadith literature. Named entity recognition (NER) refers to the identification of the named entities in a computer readable text having an annotation of categorization tags for information extraction. NER is an active research area in information management and information retrieval systems. NER serves as a baseline for machines to understand the context of a given content and helps in knowledge extraction. Although NER is considered as a solved task in major languages such as English, in languages such as Urdu, NER is still a challenging task. Moreover, NER depends on the language and domain of study; thus, it is gaining the attention of researchers in different domains.

Design/methodology/approach

This paper proposes a knowledge extraction framework using finite-state transducers (FSTs) – KEFST – to extract the named entities. KEFST consists of five steps: content extraction, tokenization, part of speech tagging, multi-word detection and NER. An extensive empirical analysis using the data corpus of Urdu translation of Sahih Al-Bukhari, a widely known hadith book, reveals that the proposed method effectively recognizes the entities to obtain better results.

Findings

The significant performance in terms of f-measure, precision and recall validates that the proposed model outperforms the existing methods for NER in the relevant literature.

Originality/value

This research is novel in this regard that no previous work is proposed in the Urdu language to extract named entities using FSTs and no previous work is proposed for Urdu hadith data NER.

Details

The Electronic Library , vol. 37 no. 2
Type: Research Article
ISSN: 0264-0473

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Article
Publication date: 2 March 2015

Faisal Shahzad, Jamshed Khan Khattak, Mobeen Jamshed Khattak and Fahad Shahzad

The purpose of this paper is to explore how consumers’ socialization influences soft drink consumption behavior in Pakistan. Since consumer socialization has long been…

Abstract

Purpose

The purpose of this paper is to explore how consumers’ socialization influences soft drink consumption behavior in Pakistan. Since consumer socialization has long been considered but it is important to understand whether the extent of consumer socialization in terms of soft drink consumption influences consumer behavior by taking into consideration consumer cohorts.

Design/methodology/approach

The quantitative research is based on consumer survey method by using Likert scale questionnaire. Convenience sampling technique with a sample size of 637 is used. Data are analyzed by using cronbach α, ANOVA, correlation and multiple regressions.

Findings

Overall, the findings maintain the impact of consumer socialization on soft drink consumption. Such influence of consumer socialization through social media, cultural groups and social groups encourages soft drink socialization behavior. Additionally there is also an evidence of mediating role of consumer generational behavior in soft drink consumption.

Research limitations/implications

The results of this paper extend knowledge of how consumer socialization affects soft drink consumption behavior and provide important insights into how consumer cohorts should be targeted. The Chosen research approach is a limitation of the study.

Practical implications

The results are of value to academic researchers, soft drink industry practitioners in a way that it will help them to portray marketing and advertising activities by taking into consideration consumer cohorts behavior.

Social implications

This paper addresses an untapped issue on how cohorts socialization at different social setting impact on consumer soft drink consumption behavior.

Originality/value

This paper fulfills a recognized need to study soft drink socialization in terms of cohort’s behavior.

Details

British Food Journal, vol. 117 no. 3
Type: Research Article
ISSN: 0007-070X

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Book part
Publication date: 19 June 2019

Hassaan Tariq, Faisal Shahzad, Asim Anwar and Ijaz Ur Rehman

This study investigates the impact of insider-ownership of publicly traded firms on their performance, cost of debt (COD) and cost of equity. We use a sample of 104…

Abstract

This study investigates the impact of insider-ownership of publicly traded firms on their performance, cost of debt (COD) and cost of equity. We use a sample of 104 non-finance listed companies of Pakistan for the period from 2006 to 2016. Our study is conducted in Pakistan as a developing country in which insider-ownership is dominant, and a weak external corporate governance mechanism increases the payoffs from insider-ownership. We use feasible generalized least square (FGLS) regression methods to examine these hypotheses. Based on agency theory, we find that insider-ownership enhances firm performance. Furthermore, our results show that insider-ownership reduced the COD and equity. Higher ownership decreases the opportunistic behavior of insiders. It also reduces the creditor’s perception of the likelihood of default on loan payments and reduces agency issues among shareholders. The insider will invest in positive NPV projects which will help maximize shareholders’ wealth and minimize the COD. Similarly, the relationship between insider-ownership and cost of equity is significant but negative. Supporting the convergence of interest increase in ownership helps in aligning the goals of managers and stakeholders whereby the insider will focus on value creation by minimizing equity cost.

Details

Asia-Pacific Contemporary Finance and Development
Type: Book
ISBN: 978-1-78973-273-3

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