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Article
Publication date: 3 January 2017

Rashid Mehmood, Royston Meriton, Gary Graham, Patrick Hennelly and Mukesh Kumar

The purpose of this paper is to advance knowledge of the transformative potential of big data on city-based transport models. The central question guiding this paper is…

Abstract

Purpose

The purpose of this paper is to advance knowledge of the transformative potential of big data on city-based transport models. The central question guiding this paper is: how could big data transform smart city transport operations? In answering this question the authors present initial results from a Markov study. However the authors also suggest caution in the transformation potential of big data and highlight the risks of city and organizational adoption. A theoretical framework is presented together with an associated scenario which guides the development of a Markov model.

Design/methodology/approach

A model with several scenarios is developed to explore a theoretical framework focussed on matching the transport demands (of people and freight mobility) with city transport service provision using big data. This model was designed to illustrate how sharing transport load (and capacity) in a smart city can improve efficiencies in meeting demand for city services.

Findings

This modelling study is an initial preliminary stage of the investigation in how big data could be used to redefine and enable new operational models. The study provides new understanding about load sharing and optimization in a smart city context. Basically the authors demonstrate how big data could be used to improve transport efficiency and lower externalities in a smart city. Further how improvement could take place by having a car free city environment, autonomous vehicles and shared resource capacity among providers.

Research limitations/implications

The research relied on a Markov model and the numerical solution of its steady state probabilities vector to illustrate the transformation of transport operations management (OM) in the future city context. More in depth analysis and more discrete modelling are clearly needed to assist in the implementation of big data initiatives and facilitate new innovations in OM. The work complements and extends that of Setia and Patel (2013), who theoretically link together information system design to operation absorptive capacity capabilities.

Practical implications

The study implies that transport operations would actually need to be re-organized so as to deal with lowering CO2 footprint. The logistic aspects could be seen as a move from individual firms optimizing their own transportation supply to a shared collaborative load and resourced system. Such ideas are radical changes driven by, or leading to more decentralized rather than having centralized transport solutions (Caplice, 2013).

Social implications

The growth of cities and urban areas in the twenty-first century has put more pressure on resources and conditions of urban life. This paper is an initial first step in building theory, knowledge and critical understanding of the social implications being posed by the growth in cities and the role that big data and smart cities could play in developing a resilient and sustainable transport city system.

Originality/value

Despite the importance of OM to big data implementation, for both practitioners and researchers, we have yet to see a systematic analysis of its implementation and its absorptive capacity contribution to building capabilities, at either city system or organizational levels. As such the Markov model makes a preliminary contribution to the literature integrating big data capabilities with OM capabilities and the resulting improvements in system absorptive capacity.

Details

International Journal of Operations & Production Management, vol. 37 no. 1
Type: Research Article
ISSN: 0144-3577

Keywords

Content available
Article
Publication date: 7 June 2021

Tamoor Khan, Jiangtao Qiu, Ameen Banjar, Riad Alharbey, Ahmed Omar Alzahrani and Rashid Mehmood

The purpose of this paper is to assess the impacts on production of five fruit crops from 1961 to 2018 of energy use, CO2 emissions, farming areas and the labor force in China.

Abstract

Purpose

The purpose of this paper is to assess the impacts on production of five fruit crops from 1961 to 2018 of energy use, CO2 emissions, farming areas and the labor force in China.

Design/methodology/approach

This analysis applied the autoregressive distributed lag-bound testing (ARDL) approach, Granger causality method and Johansen co-integration test to predict long-term co-integration and relation between variables. Four machine learning methods are used for prediction of the accuracy of climate effect on fruit production.

Findings

The Johansen test findings have shown that the fruit crop growth, energy use, CO2 emissions, harvested land and labor force have a long-term co-integration relation. The outcome of the long-term use of CO2 emission and rural population has a negative influence on fruit crops. The energy consumption, harvested area, total fruit yield and agriculture labor force have a positive influence on six fruit crops. The long-run relationships reveal that a 1% increase in rural population and CO2 will decrease fruit crop production by −0.59 and −1.97. The energy consumption, fruit harvested area, total fruit yield and agriculture labor force will increase fruit crop production by 0.17%, 1.52%, 1.80% and 4.33%, respectively. Furthermore, uni-directional causality is correlated with the growth of fruit crops and energy consumption. Also, the results indicate that the bi-directional causality impact varies from CO2 emissions to agricultural areas to fruit crops.

Originality/value

This study also fills the literature gap in implementing ARDL for agricultural fruits of China, used machine learning methods to examine the impact of climate change and to explore this important issue.

Details

International Journal of Climate Change Strategies and Management, vol. 13 no. 2
Type: Research Article
ISSN: 1756-8692

Keywords

Content available
Article
Publication date: 23 August 2021

Waqas Mehmood, Rasidah Mohd-Rashid, Chui Zi Ong and Yasir Abdullah Abbas

The objectives of this study are twofold. First, it intends to investigate the symmetric link between initial public offering (IPO) variability and the determinants of the…

Abstract

Purpose

The objectives of this study are twofold. First, it intends to investigate the symmetric link between initial public offering (IPO) variability and the determinants of the stock market index, treasury bill rate, inflation, GDP growth rate and foreign direct investment. Second, this study intends to examine the asymmetric link between IPO variability and the aforementioned determinants, namely the stock market index, treasury bill rate, inflation, GDP growth rate and foreign direct investment.

Design/methodology/approach

Data from 1992 to 2018 were gathered from the country of Pakistan in order to achieve the above objectives. Augmented Dickey–Fuller (ADF) and Phillips Perron (PP) unit root tests were employed to determine the data's stationarity properties. The Auto Regressive Distributive Lags (ARDL) model was utilized to examine the symmetric links, and the Non-Linear Auto Regressive Distributive Lag Model (NARDL) was employed to determine the asymmetric links. While the long-run co-integration was examined using the ARDL bound test, the short-run dynamics were tested using the error correction method (ECM).

Findings

The macroeconomic variables of the stock market index, treasury bill rate, inflation, GDP growth rate and foreign direct investment are found to pose significant short-run and long-run symmetric and asymmetric effects on IPO variability. These results indicate the significance of the aforementioned variables in enhancing IPO variability. The findings also demonstrate the typical reactions of inflation, GDP and FDI towards negative and positive shocks in IPO variability and inflation. This evidence implies that Pakistan's poor capital market development is reflected in the country's weak macroeconomic factors. At the same time, the reduced IPO variability in the country also reflects the lack of confidence among prospective issuers and investors due to Pakistan's weak macroeconomic indicators.

Originality/value

This is the first study of its kind to properly investigate the symmetric and asymmetric effects of the macroeconomic variables on Pakistan's IPO variability.

Details

Journal of Economics, Finance and Administrative Science, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2077-1886

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Article
Publication date: 25 March 2021

Ahmed Imran Hunjra, Tahar Tayachi, Rashid Mehmood and Anwaar Hussain

Economic risk plays a vital role in firm's cash holdings. We aim to determine the impact of economic risk on the firm's cash holdings.

Abstract

Purpose

Economic risk plays a vital role in firm's cash holdings. We aim to determine the impact of economic risk on the firm's cash holdings.

Design/methodology/approach

The data is collected from the DataStream from 2002 to 2018, which covers 552 listed firms in the manufacturing sector of Pakistan, Sri Lanka, India and Bangladesh. We apply a two-step dynamic panel estimation to analyze the results.

Findings

We use the variance of inflation and variance of interest rate as proxies of economic risk. Our results show that variance of inflation has a significant and negative effect while the variance of interest rate has a significant and positive effect on firms' cash holdings in selected countries. Furthermore, we find economic risk negatively affects the firm's cash holdings in the country-wise analysis. Firms should maintain a reasonable amount of cash reserves to handle uncertain situations.

Originality/value

This study may provide insights to financial decision-makers of a firm for better cash management according the economic conditions of the country.

Details

Journal of Economic and Administrative Sciences, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1026-4116

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Article
Publication date: 12 August 2020

Ahmed Imran Hunjra, Mahnoor Hanif, Rashid Mehmood and Loi Viet Nguyen

The purpose of this paper is to investigate the impact of diversification, corporate governance and capital regulations on bank risk-taking in Asian emerging economies.

Abstract

Purpose

The purpose of this paper is to investigate the impact of diversification, corporate governance and capital regulations on bank risk-taking in Asian emerging economies.

Design/methodology/approach

The authors applied the generalized method of moments to analyze a sample of 116 listed banks of ten Asian emerging economies for the years 2010–2018.

Findings

The authors found that diversification, board size, CEO duality and board independence, block holders and capital regulations significantly affect bank risk-taking. In particular, nontraditional income sources such as noninterest income and adoption of diversification strategies minimize bank risk-taking.

Practical implications

It is expected that the outcomes of this study can be used by banks in Asian emerging economies that seek to reduce risk-taking by managing the diversification of their income streams and managing the impacts of capital regulation and implementing sound corporate governance features in monitoring their operations. This study suggests practical risk minimizing strategies for banks. First is the sourcing of nontraditional income and adoption of diversification strategies. Second, maintaining nonexecutive directors on the board would enhance monitoring of business activities. Third, maintaining deposit insurance would reduce bank’s risk. Government provides insurance to depositors to motivate them to deposit their funds into the banks. This, in return, facilitates banks to overcome risk. However, banks need to be cautious of any increase in capital ratio, as channeling funds into risky investments would increase risk.

Originality/value

This study is the first to investigate the impacts of corporate governance, diversification and regulation on bank’s risk-taking in a cross-country setting of ten Asian emerging economies.

Details

Journal of Financial Reporting and Accounting, vol. 19 no. 1
Type: Research Article
ISSN: 1985-2517

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Article
Publication date: 25 March 2021

Hafiz Zahoor, Rashid Mehmood Khan, Ahsan Nawaz, Muhammad Ayaz and Ahsen Maqsoom

Earned Value Management (EVM) is widely used as a project performance measurement and forecasting technique. Nonetheless, it has not been fully explored in Pakistani…

Abstract

Purpose

Earned Value Management (EVM) is widely used as a project performance measurement and forecasting technique. Nonetheless, it has not been fully explored in Pakistani construction industry; where conventional progress reporting methodology (CPRM) is being followed having certain confines. It reports only the financial progress of a project, expresses feeble association between the duration and cost of activities, and forecasts flawed schedule and completion cost. This research implements EVM on under-construction building projects in Pakistan, and compares its upshots with the projects' actual records and with the outcomes of CPRM.

Design/methodology/approach

To assess the implementation of EVM on building projects, a set of specific criteria was established. Work Breakdown Structure, Organization Breakdown Structure and Control Points were established. The study has compared the EVM metrics with CPRM outcomes on three under-study building projects, and has deliberated on their mutual differences as well as their relationship with actual cost and schedule performance. Monthly figures of actual spending and completed activities were periodically recorded and compared with planned values for status indication. The graphs were generated to observe the correlation between the results of EVM and CPRM. The data was then extrapolated to forecast the schedule and cost values at completion.

Findings

The study discovered that trends of EVM in quantifying the project's cost and schedule performance were strongly correlated and were closer to the actual progress. It has also verified the EVM's soundness in forecasting the cost and schedule, required for project's completion. Contrarily, CPRM metrics could not precisely visualize the current and future, cost and schedule performance.

Originality/value

The case study concludes that EVM's incorporation in progress reporting regime can revolutionize the assessment procedures in Pakistan by rightly indicating the project's current status as well as visualizing the future performance. The study's methodology can also be extrapolated in other countries having similar work environment and economic conditions.

Details

Engineering, Construction and Architectural Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0969-9988

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Article
Publication date: 26 August 2021

Waqas Mehmood, Rasidah Mohd-Rashid, Abd Halim Ahmad and Saqib Amin

The purpose of this paper was to examine whether or not the sponsor lock-up ratio, lock-up period, regulation changes and interaction variable (oversubscription [OSR]…

Abstract

Purpose

The purpose of this paper was to examine whether or not the sponsor lock-up ratio, lock-up period, regulation changes and interaction variable (oversubscription [OSR]) affected initial public offering (IPO) initial return.

Design/methodology/approach

A complete sample of 111 listed IPOs in Pakistan stock exchange from 1996 to 2018 was incorporated. Based on the cross-section data, this paper estimated using ordinary least square and quantile least square for robustness. In addition to that, this paper estimated the data using stepwise least square to inspect the signalling aspect of the lock-up ratio, lock-up period and regulation changes on IPO initial return.

Findings

This study showed that the lock-up ratio, lock-up period and regulatory changes had a positive impact on the IPO’s initial return. Furthermore, the assertion of interaction variable (regulation changes × OSR) and (lock-up period × OSR) was a negatively significant factor in influencing the IPO’s initial return. The results of this paper were robust to endogeneity bias.

Practical implications

The finding of this study proposed that sponsors of IPOs can be a strong signal of risk or quality, which was consistent with the signalling theory prediction. Concurrently, investors must be aware of the total proportions of lock-up ratio so that they can estimate the chances of getting the highest initial return on IPOs. From the regulators’ point of view, it is suggested that the lock-up ratio and the lock-up period should be determined with a deeper understanding and incorporated into the equity guidelines as it is evident that these factors are priced by the market.

Originality/value

Studies on the effect of sponsors have always been centred on well-recognized firms. Therefore, using the IPO samples listed in Pakistan, this paper contributes to the IPO literature by investigating the lock-up ratio of the sponsor, the lock-up period and the regulatory changes to the initial IPO return. Additionally, OSR has been introduced as an interaction variable among the sponsors’ lock-up period and regulations changes to explain the ongoing IPO initial return phenomenon.

Details

Pacific Accounting Review, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0114-0582

Keywords

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Article
Publication date: 5 July 2021

Waqas Mehmood, Rasidah Mohd-Rashid, Ahmad Hakimi Tajuddin and Hassan Mujtaba Nawaz Saleem

This study aims to investigate the effect of Shariah-compliant status and Shariah regulation on initial public offering (IPO) underpricing in Pakistan.

Abstract

Purpose

This study aims to investigate the effect of Shariah-compliant status and Shariah regulation on initial public offering (IPO) underpricing in Pakistan.

Design/methodology/approach

Besides the ordinary least square’s method, this study used quantile least squares as a robust approach and stepwise regression for further analysis to investigate the underpricing phenomenon in Pakistan. Data of 84 IPOs listed on Pakistan Stock Exchange from January 2000 to December 2018 were collected to determine the impact of Shariah-compliant status and Shariah regulation on IPO underpricing.

Findings

Results of the study show that Shariah-compliant status has a negative relationship but Shariah regulation has a positive relationship with IPO underpricing. Hence, it is contended that Shariah-compliant firms have lower asset volatility and uncertainty than non-Shariah-compliant firms because of less information asymmetry, resulting in lower underpricing. These Shariah-compliant firms provide signals of high-quality IPOs as they must comply with the strict guidelines issued by the Securities Exchange Commission of Pakistan in addition to being considered as amicable by investors. Further, this study suggests that investors are more attracted to Shariah-compliant firms than non-Shariah-compliant ones.

Research limitations/implications

This study’s offers limited consideration of nonfinancial and financial characteristics that could influence the decision of investors to subscribe to IPOs. Besides, future studies could consider the screening benchmarks; for instance, debt and cash may explain the intensity of IPO initial return in Pakistan.

Originality/value

The present work empirically investigated the influence of Shariah-compliant status and Shariah regulation on IPO underpricing in Pakistan’s IPO market, which has been scarcely covered in the existing literature.

Details

International Journal of Islamic and Middle Eastern Finance and Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1753-8394

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Article
Publication date: 29 April 2021

Waqas Mehmood, Rasidah Mohd-Rashid, Abd Halim Ahmad and Ahmad Hakimi Tajuddin

The present study investigated the influence of country-level institutional quality on IPO initial return using World Bank Governance indices.

Abstract

Purpose

The present study investigated the influence of country-level institutional quality on IPO initial return using World Bank Governance indices.

Design/methodology/approach

This study analysed 84 IPOs listed on Pakistan Stock Exchange between 2000 and 2017 using cross-sectional data. The impact of country-level institutional quality on IPO initial returns was examined using ordinary least square, robust least square, stepwise least square and quantile regression.

Findings

Empirically, the values of political stability, government effectiveness and regulatory quality were positively significant, whereas rule of law and control of corruption were negatively significant in explaining the intensity of IPO initial return. The results also show the presence of significant risk in the market. Hence, investors were compensated with higher initial returns for weak country-level institutional quality. The results also reveal that improving country-level institutional quality would improve the financial market transparency, thereby reducing IPO initial returns.

Originality/value

No studies have been conducted regarding the influence of country-level institutional quality on IPO initial return in Pakistan. This study is a pioneering study that seeks to give insights into the link between these variables in the context of Pakistan.

Details

South Asian Journal of Business Studies, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2398-628X

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Article
Publication date: 26 August 2020

Waqas Mehmood, Rasidah Mohd-Rashid, Norliza Che-Yahya and Chui Zi Ong

This study investigated the effect of pricing mechanism and oversubscription on the heterogeneity of investors' opinions on initial public offering (IPO) valuation.

Abstract

Purpose

This study investigated the effect of pricing mechanism and oversubscription on the heterogeneity of investors' opinions on initial public offering (IPO) valuation.

Design/methodology/approach

Besides the ordinary least square method, this study incorporated robust least square, stepwise least square and quantile regression methods to investigate the aftermarket behaviour of investors using the price range on the first day of trading of 82 IPOs listed on the Pakistan stock exchange.

Findings

The aftermarket behaviour of investors was found to be significantly influenced by the pricing mechanism, oversubscription, financial leverage, political stability and the risk of IPO, whereas control of corruption showed an insignificant impact. Concurrently, the findings showed that pricing mechanism and oversubscription played a crucial role in determining the intensity of investors' heterogeneous opinions at high levels of significance.

Originality/value

Pricing mechanism and oversubscription not only signal the quality of IPOs but also provide an important means for reducing the information asymmetry associated with new listings. Based on the literature review, it was found that both the pricing mechanism and oversubscription have yet to be explored in investigating the aftermarket behaviour of investors using the price range in the Pakistan IPO market. This study suggests that book building pricing mechanism and oversubscription are associated with lower heterogeneity in investors’ opinions at a high level of significance.

Details

Review of Behavioral Finance, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1940-5979

Keywords

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