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The purpose of this study is to examine whether corporate social responsibility (CSR) affects dividend policy (the propensity to pay dividends as well as the dividend payout ratio) and what role family ownership plays in this regard in an emerging market.

The study uses a sample of 1,480 observations from Pakistan for the period 2010–2016 and accounts for Hackman self-selection bias and endogeneity issues using a robust regression analysis. CSR activity is measured by CSR score developed through a content analysis of firms' annual reports.

The study finds that the greater number of CSR activities increases the propensity to pay dividends, but reduces the dividend payout in dividend-paying firms. On the other hand, in family firms, the greater number CSR activities decreases the propensity to pay dividends, but increases the dividend payout in dividend-paying firms. The findings hold for a series of robustness and sensitivity checks, for example, alternative measures, specifications and estimators.

A trade-off between firms' CSR activities and dividend policy needs to be the point of concern for investors, minority shareholders and policy makers. The role of the non-executive and independent directors becomes more important, especially in the family firms where family members sitting on the boards may drive CSR activities in their own interests opportunistically. The potential opportunistic behaviour of family members warrants the need for policy reform initiatives to strengthen the protection of other stakeholders' interests.

The study highlights that family owners' efforts to preserve their socio-emotional wealth in family firms affect the relationship between CSR activities and dividend policy. Further, the relationship between CSR and dividend policy in emerging markets is different from developed markets. This study simultaneously focuses on both the propensity to pay dividends and the amount of dividend payment and documents that the implications of CSR are different for them.

Pakistan has experienced financial liberalization with rapid ups and downs in economic growth due to domestic issues during the last 2 decades. Motivated by inconclusive and conflicting time-driven findings about the performance of the business groups, this study examines the performance of business groups in Pakistan for a relatively long period from 2003 to 2018.

The study uses 3,821 firm-year observations from non-financial firms listed on the Pakistan Stock Exchange (PSX). For the estimation, pooled ordinary least squares (OLS) with industry- and year fixed effects and two-step system generalized methods of moments (GMM) are used.

The study finds that group-affiliated firms outperform independent firms in accounting performance, while underperform in market performance. The outperformance is mainly driven by medium-sized business groups, while underperformance is driven by small and large business groups. Further, the study documents that the underperformance in terms of market performance of firms affiliated with small and large groups is greater before the economic downturn, while outperformance in terms of the accounting measure of firms affiliated with medium-sized groups is greater during the economic downturn. These findings support our time-driven concerns. Overall, the authors' findings are consistent with institutional and transaction cost theories.

Business groups are important channels to reduce market inefficiencies. Business groups may enhance the affiliated firms' resources and resistance capacity through active utilization of the internal capital market, specifically when market conditions are not ideal for affiliates. However, effective utilization of internal capital markets depends on group size. Therefore, investors should deliberate on the size of business groups and diversification within business groups.

The authors extend the literature by providing fresh evidence related to the performance of business groups in the Pakistani context while accounting for the role of the size of business groups.

Investor sentiment (optimism or pessimism) may influence investors to follow others (herding) while taking their investment decisions. Herding may result in bubbles and crashes in the financial markets. The purpose of the study is to examine the presence of herding and the effects of investor sentiment on herding in China and Pakistan.

The investor sentiment is captured by five variables (trading volume, advance/decline ratio, weighted price-to-earnings ratio, relative strength index and interest rates) and a sentiment index developed through principal component analysis (PCA). The study uses daily prices of 2,184 firms from China and 568 firms from Pakistan for the period 2005 to 2018.

The study finds that herding prevails in China while reverse herding prevails in Pakistan. Interestingly, as investors become optimistic, herding in China and reverse herding in Pakistan decrease. This indicates that herding and reverse herding are greater during pessimistic periods. Further, the increase in herding in one market reduces herding in the other market. Moreover, optimistic sentiment in the Chinese market increases herding in the Pakistani market but the reverse is not true.

Considering the greater global financial liberalization, and better opportunities for emotion sharing, this study has important implications for regulators and investors. Market participants need to understand the prevalent irrational behavior before trading in the markets.

Since individual proxies may depict different picture of the relationship between sentiment and herding therefore the study also develops a sentiment index through PCA and incorporates this index in the analysis. Further, this study examines cross-country effects of herding and investor sentiment.

This study aims at testing the relationship between corporate real estate (CRE) investment and firm performance of nonfinancial firms in the context of an underdeveloped market, Pakistan.

This study uses a sample of 307 nonfinancial firms listed at the Pakistan Stock Exchange from 2010 to 2020. This study adopts a rigorous methodological approach and employs ordinary least square, fixed effect, generalized method of moments system regressions and the propensity score matching technique to account for potential heteroskedasticity, effects of unobserved variables and endogeneity.

This study finds that as the investment in CRE increases, the firm’s performance decreases. The findings are robust to alternative proxies of CRE investment and alternative methodologies. Furthermore, the findings hold for financially constrained and financially unconstrained firms, high- and low-growth firms and safe and financially distressed firms.

This study extends the evidence about CRE investment in an underdeveloped market and suggests potential avenues for future research.

The findings of this study warrant investors, managers and directors be cautious about CRE investment in firms.

This study uses a new proxy of CRE investment, which is more inclined toward the asset management and financial perspective of CRE investment. Furthermore, to the best of the authors’ knowledge, this is the first attempt to investigate the role of CRE investment in an underdeveloped market.

By taking the theory of entrepreneurial legacy as the baseline, this study explores the various aspects of succession planning in indigenous family businesses especially the role of female family members in succession and conflicts in family businesses.

The study is qualitative in nature and adopts narrative inquiry to explore the aspects of succession planning. In doing so, the study utilizes an in-depth interviewing technique with nine participants who run their family-owned firms which are mostly in their second or third generation for analysis.

The findings are concurrent with the literature that indicates a lack of strategic succession planning although ordinary or natural succession does occur in some firms. The study also reports a lack of consideration for female members in succession, daughters in particular, for traditional family firms (FFs) in contrast to entrepreneurial FFs.

The study has many implications for family-owned firms in Pakistan as they need to align their family business with the theory of entrepreneurial legacy and its three strategic activities in order to ensure the longevity of their business.

Exploring how succession planning takes place in family indigenous family businesses and what is the role of female family members in succession and conflicts in family businesses are original contributions of this study.

This study investigates the moderating role of complaint handling between ideological incompatibility, symbolic incongruity, negative past experience and corporate social irresponsibility on brand hate.

The study employs the Duplex Hate theory which assumes that hate is the manifestation of multiple factors. A survey-based self-administered questionnaire was used to collect data from 400 smartphone users at Rawalpindi and Islamabad, Pakistan.

The findings suggest that ideological incompatibility, symbolic incongruity, negative past experience and corporate social irresponsibility contributes to brand hate. The complaint handling (moderator) weakens the effects of ideological incompatibility and symbolic incongruity on brand hate.

The research provides insights into the cancel culture and clarifies how brand hate can be controlled.

Empirical study on the antecedents of brand hate remains insufficient. The current study contributes to the brand hate literature by providing an understanding of the phenomenon of brand hate and by empirically examining the different antecedents responsible for causing the behavior. The study has also provided an additional determinant of brand hate, which is corporate social irresponsibility. The role of moderators for controlling brand hate is greatly ignored in the existing literature. The current work also extends previous studies by investigating a moderating factor for reducing brand hate, which is complaint handling.

This study aims to extend the body of knowledge on brand hate and further examine its significant antecedents and consequences to investigate how brand hate affects consumers’ behavioural responses.

This study used a questionnaire to collect data from 403 consumers of Pakistan’s mobile telecommunication industry. Smart partial least square was then used to analyse the data.

This study provides insights into the conception of brand hate in the context of Pakistani consumers. This study’s findings indicate that “neuroticism”, as a consumer-related antecedent, “perceived price unfairness”, “poor product/service quality” and “post-purchase service failures” as company-controlled determinants have significant impacts on brand hate. This, in turn, leads to brand avoidance and brand retaliation. Managerial implications and avenues for future research are also discussed. This study provides insights into the conception of brand hate in the context of Pakistani consumers.

The original findings of this work can thus provide meaningful guidance for companies to mitigate the spread of brand hate among consumers.

The existence of intense competition in turbulent markets confirms the importance of using ethical employee practices in knowledge sharing behaviour (KSB) to ensure organisational growth. This is especially applicable in developing countries' markets where this intensive competition usually results in organisations following illicit practices. This paper aims to examine the relationship between the Big Five personality traits (i.e. openness to experience, conscientiousness, extraversion, agreeableness, and neuroticism) and KSB using Islamic work ethics (IWE) as the moderator.

A quantitative research method using a survey instrument collected 182 responses from employees in the Pakistani telecommunication industry. The partial least squares structural equation model (PLS-SEM) was used to analyse the collected data.

The results found that IWE has a positive impact on KSB and a positive moderating impact on the relationship between the Big Five personality traits except neuroticism and KSB. Also, openness to experience and agreeableness positively impacted KSB.

This paper contributes to the field of human resource (HR) management by helping managers in the hiring process or developing employee's personalities. Additionally, policymakers are encouraged to create Islamic values platforms to increase KSB amongst employees.

This study indicates the importance of IWE in boosting the impact of personality on KSB and provides insights into IWE's role in enhancing an organisation's competitive advantages in turbulent markets.