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Article
Publication date: 4 July 2024

Mubashir Ali Khan, Josephine Tan-Hwang Yau, Aitzaz Ahsan Alias Sarang, Ammar Ali Gull and Muzhar Javed

This study aims to examine the extent to which information asymmetry affects investment efficiency and whether the presence of blockholders moderate this relationship.

Abstract

Purpose

This study aims to examine the extent to which information asymmetry affects investment efficiency and whether the presence of blockholders moderate this relationship.

Design/methodology/approach

We employ the data of firms listed on the Malaysian stock exchange for the period 2010–2018, to compose our sample. Our final sample includes the 100 largest non-financial firms based on market capitalization. Collectively, these 100 companies contribute 84.2% to the total market capitalization (MYR 1,730bn) which is representative of the whole market. The ordinary least squares regressions were used as the main estimation technique. The system generalized method of moments, two-stage least squares and propensity score matching were also used, to address potential endogeneity concerns.

Findings

We document a positively significant association of information asymmetry with investment inefficiency. These results imply that information asymmetry reduces investment efficiency and enhances sub-optimal investments. We also document that blockholders negatively moderate the relationship of information asymmetry with investment inefficiency. Further analyses show that investment inefficiency is higher in low-growth firms than in high-growth firms because of higher information asymmetry.

Research limitations/implications

We focus on Malaysia, which is a predominantly common-law Anglo-Saxon country. Graff (2008) documented that the investors are treated differently across legal systems and there are differences between the continental European and Anglo-Saxon countries. La Porta et al. (1999) documented that investors tend to have more legal protection in Anglo-Saxon countries. Therefore, our results may not be generalized to countries with different legal systems.

Practical implications

An important implication of our findings is that stakeholders may encourage the presence of blockholders and give them a voice to weaken the positive relationship between information asymmetry and investment inefficiency.

Originality/value

This study contributes to the contingency literature by investigating the moderating effect of an important governance mechanism, i.e. the presence of blockholders on information asymmetry-investment efficiency nexus. Despite being important, this moderating effect has been largely overlooked in the literature. Our study contributes by providing an understanding of how blockholders can influence investment decisions, offering insights for academics, investors and policymakers focused on improving the efficacy of investment decisions and governance structure.

Details

Journal of Applied Accounting Research, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0967-5426

Keywords

Article
Publication date: 5 October 2022

Khalid Hussain, Muhammad Junaid, Muzhar Javed, Moazzam Ali and Asif Iqbal

This study aims to investigate the effect of healthy food advertising (HFA) in preventing obesity (measured using the healthy eating attitude and perceived self-regulatory…

Abstract

Purpose

This study aims to investigate the effect of healthy food advertising (HFA) in preventing obesity (measured using the healthy eating attitude and perceived self-regulatory success) through the meta-cognitive role of consumer wisdom (CW). The meta-cognitive role of CW to better promote healthy eating attitude and behavior is relevant and underexplored.

Design/methodology/approach

Data were collected from 310 young consumers through an online survey. Reliability and validity were established using confirmatory factor analysis, and hypotheses were analyzed through structural equation modeling using MPlus V8.3.

Findings

The results reveal that HFA has a positive influence on all dimensions of CW: responsibility, purpose, perspective, reasoning and sustainability. All dimensions but one augment a positive healthy eating attitude, but only responsibility and sustainability enhance consumers’ self-regulatory success. The findings show that HFA does not directly prevent obesity, but CW mediates the relationship between that advertising and obesity prevention. These findings show that CW establishes a mindful connection between HFA and obesity control.

Research limitations/implications

This research extends the theory of CW in the context of healthful eating and contributes significantly to the advertising, hospitality and obesity literature.

Practical implications

This study also has implications for multiple stakeholders, including consumers, restaurant operators, hospitality managers, brand managers, the government and society in general.

Originality/value

To the best of the authors’ knowledge, this study marks the first attempt to investigate the role of CW in preventing obesity. It is also the first study to examine the relationships of HFA with CW and a healthful attitude toward eating.

Article
Publication date: 1 September 2017

Ghulam Hussain, Wan Khairuzzaman Wan Ismail and Muzhar Javed

The purpose of this paper is to compare the applicability of transformational leadership and substitutes-for-leadership theories in Malaysia’s and Pakistan’s work settings.

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Abstract

Purpose

The purpose of this paper is to compare the applicability of transformational leadership and substitutes-for-leadership theories in Malaysia’s and Pakistan’s work settings.

Design/methodology/approach

This study employed a survey-based approach using professional employees in both countries as respondents. In total, 215 responses to a web-based survey in Malaysia and 523 responses to a survey administered using personal methods in Pakistan were used for the analysis.

Findings

The results revealed that Malaysia’s leaders were rated high on the dimensions of transformational and transactional leadership. The transformational leadership dimensions produced desirable effects on subordinates’ outcomes in both samples, but the contingent punishment dimension of transactional leadership produced especially undesirable effects on subordinates’ outcomes. Substitutes for leadership also independently affected subordinates’ outcomes and produced similar effects on subordinates’ outcomes in both samples. In general, the effects in the Malaysian sample are larger than those in the Pakistani sample.

Research limitations/implications

The results suggest that the transformational leadership style is effective in both cultures, but the transactional leadership style is culturally contingent. While leaders in collectivist cultures like Malaysia and Pakistan should practice more transformational leadership than transactional leadership, leaders in Pakistan should be particularly careful while practicing transactional leadership because of the society’s high level of collectivism and moderately high-power distance orientation.

Practical implications

The results suggest that the transformational leadership style is effective in both cultures, but the transactional leadership style is culturally contingent. While leaders in collectivist cultures like Malaysia and Pakistan should practice more transformational leadership than transactional leadership, leaders in Pakistan should be particularly careful while practicing transactional leadership because of the society’s low power distance orientation.

Originality/value

Since this study is the first to compare the applicability of western theories in collectivist cultures that differ significantly in their power distance orientation, it contributes meaningfully to the cross-culture leadership field.

Details

Cross Cultural & Strategic Management, vol. 24 no. 4
Type: Research Article
ISSN: 2059-5794

Keywords

Article
Publication date: 11 April 2022

Mudassir Husnain, Fauzia Syed, Khalid Hussain, Qingyu Zhang, Muhammad Usman and Muzhar Javed

Brand hate as a distinct phenomenon of consumer negativity has attracted considerable research attention in recent years. However, scant attention has been paid to explain the…

Abstract

Purpose

Brand hate as a distinct phenomenon of consumer negativity has attracted considerable research attention in recent years. However, scant attention has been paid to explain the underlying mechanism of brand hate. Therefore, the present study aims to unveil how brand hate stirs in embarrassing situations and what repercussions it ignites that deteriorate the consumer–brand relationship.

Design/methodology/approach

The present study follows a mixed-method research design by conducting in-depth interviews with 16 consumers and then collecting three waves of time-lagged data from 217 respondents of two different countries. The reliability and validity have been established through confirmatory factor analysis, and hypotheses were analyzed using structural equation modeling and moderated-mediated models.

Findings

The results of both qualitative and quantitative investigations reveal that brand embarrassment instigates brand hate, and brand hate leads to brand detachment. Brand hate also mediates the relationship between brand embarrassment and brand detachment. Consumer vanity enhances the strength of brand embarrassment's effects on brand hate. This relationship further depicts the moderated mediation pattern as consumers with high vanity traits express extreme emotions of hate and detachment from the embarrassing brands. In addition, the findings demonstrate that the moderating role of consumer vanity is more pronounced among young consumers.

Originality/value

The study marks an initial attempt to explain the whole process of brand hate by incorporating brand embarrassment, brand detachment, consumer vanity and age in an integrated moderated mediation model. The study enhances brand managers' understanding of the severity of the consequences of embarrassing situations and devising preventive strategies.

Details

Kybernetes, vol. 52 no. 10
Type: Research Article
ISSN: 0368-492X

Keywords

Article
Publication date: 9 February 2021

Muzhar Javed, Muhammad Waheed Akhtar, Khalid Hussain, Muhammad Junaid and Fauzia Syed

Drawing on stakeholder theory, this study examines the relationship between responsible leadership and its macro-, meso- and micro-level outcomes. Further, this study investigates…

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Abstract

Purpose

Drawing on stakeholder theory, this study examines the relationship between responsible leadership and its macro-, meso- and micro-level outcomes. Further, this study investigates the moderating role of authenticity on the relationship between responsible leadership and its multi-level effects, i.e. relational social capital, corporate social performance and community citizenship behaviour among employees.

Design/methodology/approach

The authors conducted four field studies using the quantitative methodology to test the hypotheses. In study 1 (N = 236), by adopting a multi-wave and multi-source research design, the authors examine the relationship between responsible leadership, authenticity and relational social capital. In study 2 (N = 203), by adopting a multi-wave research design, the authors examine the relationship between responsible leadership, authenticity and corporate social performance. In study 3 (N = 203), by adopting a multi-wave and multi-source research design, the authors examine the relationship between responsible leadership, authenticity and employees' community citizenship behaviour. In study 4 (N = 257), by adopting a multi-wave and multi-source research design, the authors capture the impact of responsible leadership on outcomes (social capital, corporate social performance and community citizenship behaviour) with a boundary condition of authenticity.

Findings

The authors find that responsible leadership enhances relational social capital, improves a firm's social performance and develops community citizenship behaviour among employees. Further, the study finds that authenticity positively moderates the relationship between responsible leadership and its multi-level outcomes.

Originality/value

First, it is a maiden study to investigate the multi-level outcomes of RL in a series of three empirical studies. Second, it contributes to RL literature by testing a unique moderating role of authenticity between RL and its multi-level outcomes of relational social capital, corporate social performance and employees' community citizenship behaviour. This study also provides empirical evidence for the multi-level implications of stakeholder theory.

Details

Leadership & Organization Development Journal, vol. 42 no. 3
Type: Research Article
ISSN: 0143-7739

Keywords

Article
Publication date: 20 October 2020

Muhammad Waheed Akhtar, Muzhar Javed, Fauzia Syed, Muhammad Kashif Aslam and Khalid Hussain

Drawing on the role theory, this study examines how responsible leadership invokes whistleblowing intentions in employees by intervening through “trust in leader” and…

Abstract

Purpose

Drawing on the role theory, this study examines how responsible leadership invokes whistleblowing intentions in employees by intervening through “trust in leader” and “person-organization fit.”

Design/methodology/approach

Using the Hayes (2013) approach, the authors tested the model by collecting a multi-wave data from banking sector employees.

Findings

Results of the study show that responsible leadership kindles whistleblowing intentions in banks' employees. Further, the results reveal that both “trust in leader” and “person-organization fit” individually mediate the relationship between responsible leadership and whistleblowing intentions. Moreover, we found that the relationship between responsible leadership and whistleblowing intentions is serially mediated through “trust in leader” and “person-organization fit.”

Originality/value

The current study contributes to whistleblowing intentions and responsible leadership literature by suggesting “trust in leader” and “person-organization fit” as process through which responsible leaders kindle employee's outcomes.

Details

International Journal of Manpower, vol. 42 no. 5
Type: Research Article
ISSN: 0143-7720

Keywords

Article
Publication date: 4 May 2020

Muzhar Javed, Hafiz Yasir Ali, Muhammad Asrar-ul-Haq, Moazzam Ali and Syed Ali Ashiq Kirmani

Drawing on stakeholder theory and contingency theory, this study empirically investigates the relationship between responsible leadership (RL) and each dimension of…

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Abstract

Purpose

Drawing on stakeholder theory and contingency theory, this study empirically investigates the relationship between responsible leadership (RL) and each dimension of triple-bottom-line (TBL) performance. Moreover, we tested the mediating effect of corporate reputation (CR) and innovation between RL and TBL performance.

Design/methodology/approach

Perceptual data were collected from 227 senior-level Pakistani managers using a questionnaire survey. Structural equation modeling (SEM) was used to test the direct and mediating effect hypotheses.

Findings

The results revealed that RL significantly and positively affects each dimension of TBL performance. Further, innovation mediated the relationship between RL and each dimension of TBL performance. However, CR did not mediate the relationship between RL and environmental performance.

Originality/value

This is maiden study to empirically investigate the effect of RL on meso-level outcome. Further, this study would be among the few ones to use TBL as a measure of corporate performance. Moreover, it will be the first study to test the mediating role of CR and innovation in the above-mentioned relationship and will also validate contingency theory.

Details

Leadership & Organization Development Journal, vol. 41 no. 4
Type: Research Article
ISSN: 0143-7739

Keywords

Article
Publication date: 1 June 2020

Muhammad Waheed Akhtar, Fauzia Syed, Muzhar Javed and Mudassir Husnain

This study, based on the moderated-mediation model, investigates the indirect effect of facades of conformity in the relationship between supervisor ostracism and unethical work…

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Abstract

Purpose

This study, based on the moderated-mediation model, investigates the indirect effect of facades of conformity in the relationship between supervisor ostracism and unethical work behaviour. Furthermore, this study tested the moderating role of perceived organizational obstruction in the aforementioned relationship through facades of conformity.

Design/methodology/approach

Employing a multi-wave and two-source data from employees and peers (n = 264) of the services sector in Pakistan, the authors tested the proposed framework using Hayes and Preacher moderated-mediation technique.

Findings

The findings reflect that supervisor ostracism encourages unethical behaviour at the workplace. Further, results revealed that facades of conformity mediated this direct relationship. Moreover, the authors found that perceived organizational obstruction moderated the relationship between supervisor ostracism and facades of conformity. Results also confirm that perceived organizational obstruction moderates the mediated relationship.

Research limitations/implications

The paper concludes with a discussion, managerial implications, limitations and directions for future research.

Originality/value

This study added value in the literature of supervisor ostracism, facades of conformity, unethical work behaviour and perceived organizational obstruction.

Details

Leadership & Organization Development Journal, vol. 41 no. 5
Type: Research Article
ISSN: 0143-7739

Keywords

Article
Publication date: 25 July 2019

Muhammad Usman, Muhammad Umar Farooq, Junrui Zhang, Nanyan Dong and Muhammad Abdul Majid Makki

The purpose of this paper is to investigate the crucial question of whether gender diversity in boardroom is associated with CEO pay and CEO pay-performance link.

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Abstract

Purpose

The purpose of this paper is to investigate the crucial question of whether gender diversity in boardroom is associated with CEO pay and CEO pay-performance link.

Design/methodology/approach

The authors used the data of companies listed on the Pakistan Stock Exchange for a sample consisting of KSE-100 index companies for the period of five years. The authors used the ordinary least square regression technique to test the developed hypotheses. The authors also used the two-step Heckman selection model, two-stage least square regression and propensity score matching method to control the problem of endogeneity.

Findings

The authors find reliable evidence of a negative association between gender diversity and CEO pay and of board gender diversity’s strengthening the relationship between CEO pay and firm performance. The authors also find that women director are more effective in setting the optimal contract in non-family-owned firms and firms with dispersed ownership structure as compared to family-owned firms and firms with concentrated ownership structure. Moreover, results also reflect that the influence of board diversity on both CEO pay and CEO pay-performance link is stronger when gender diversity goes beyond tokenism.

Practical implications

The findings have implications in terms of providing the basis for policy makers to accord the same level of importance to gender diversity in the boardroom as well as contributing to the current debate on the desirability of mandating or recommending gender diversity on boardrooms.

Originality/value

This study is among the few studies which investigate the moderating role of boardroom gender diversity on the CEO pay-performance link. In addition, this study contributes to the institutional theory by providing the empirical evidence that the effect boardroom gender diversity on CEO pay and CEO pay-performance link varies by type of ownership.

Details

International Journal of Manpower, vol. 40 no. 7
Type: Research Article
ISSN: 0143-7720

Keywords

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