Search results

This paper aims to investigate the impact of the revised Code of Corporate Governance 2017 (CCG-2017) clauses pertaining to board independence, mandatory inclusion of female directors, audit committee (AC) chair independence and directors’ expertise on earnings manipulation.

Using an unbalanced panel of 323 listed companies from 2015 to 2019, this study uses panel data regression models with a robust methodology called difference-in-differences to tackle the potential endogeneity.

This study’s findings show that, as compared to the pre-CCG-2017 period, board- and AC-related variables increased significantly in the post-CCG-2017 period. Furthermore, financial experts on the board and board independence have a negative effect on discretionary accruals (DAs), whereas female directors and DAs are positively related, as is real activity manipulation. The AC-related variables, such as AC independence, expertise in AC, and AC chair independence, are significantly different from the preperiod to the postperiod, whereas their relationship is not according to the hypotheses of the study. Moreover, these results are robust to additional analysis of the alternative proxies for female directorship and the endogeneity problem.

The findings of this study have implications for regulators and practitioners who are concerned with the functions of the board of directors (BOD). The findings of this research study show that earnings management (EM) may be reduced by independent and expert directors. However, board gender diversity is not reducing the EM. Therefore, the decision to appoint female directors to the board should be based on their business and professional attributes rather than simply filling quotas or blindly adhering to regulations. Moreover, the findings of this research may assist the regulator in encouraging listed firms to enhance board governance via independence, diversity and competency, which are useful for effective monitoring.

This study fills a gap in the literature by providing the first evidence of country-specific regulation (CCG-2017), concerning the BOD and AC-related clauses on EM in Pakistan, which is missing in the relevant literature general and in Pakistan in particular.

This paper aims to examine whether family business groups’ (FBG) having the same network auditor among their affiliates mitigates earnings manipulation (EM).

This paper used unbalanced panel data from the years 2010–2019. The sample of the study is composed of 327 nonfinancial listed Pakistan Stock Exchange firms, consisting of 187 FBG-affiliated firms and 140 nonaffiliated firms. The ordinary least square and generalized least square regressions have been used to check the hypothesized relationship. Furthermore, the propensity score matching technique is used to ascertain comparable companies’ features and to control the potential endogeneity problem. Finally, the results are robust to various measures of EM and FBG’ proxies.

The findings of the study show that the same network auditor is reducing EM in FBG affiliates. In addition, the BIG4 same network auditors are also instrumental in constraining EM as compared to non-BIG4 audit firms. Overall, the results of this study depict that the same network auditor in FBG’s affiliated firms significantly influences EM. These results are robust with respect to generalized least squares and the endogeneity problem.

This research study has two important implications for the interested parties. First, although the authors find in this research study that the same network auditor is negatively associated with EM in the FBG-affiliated firms, however, FBG-affiliated firms might use opportunistically the real activity manipulation. Second, regulators highlight the change in audit partner/firm rotation, though the study findings indicate that regulators and practitioners may consider the benefits associated with the same network auditors for FBG.

This research study adds a new investigation to previous literature by examining the role of the same network auditors in the EM of the FBG’ affiliates. To the best of the author’s knowledge, this is the first study to bring new knowledge by investigating the role played by the same network auditors along with the BIG4 same network audit firms in constraining EM in FBG.

The aim of the article was to focus on various peptides identified in the egg and their probable application as novel ingredients in the development of functional food products. Bioactive peptides of egg origin have attracted increasing interest as one of the prominent candidates for development of various health-promoting functional and designer foods.

Traditionally known as a source of highly valuable proteins in human nutrition, eggs are nowadays also considered as an important source of many bioactive peptides which may find wide application in medicine and food production. These specific protein fragments from egg proteins which, above and beyond their nutritional capabilities, have a positive impact on the body’s function or condition by affecting the digestive, endocrine, cardiovascular, immune and nervous systems, and may ultimately influence health.

Several peptides that are released in vitro or in vivo from egg proteins have been attributed to different health effects, including antihypertensive effects, antimicrobial properties, antioxidant activities, anticancer activity, immunomodulating activity, antiadhesive properties and enhancement of nutrient absorption and/or bioavailability. Extensive research has been undertaken to identify and characterize these biologically active peptides of egg origin which has changed the image of egg as a new source of biologically active ingredients for the development of functional foods with specific benefits for human health and treatment and prevention of diseases.

The paper mainly describes the above-stated properties of bioactive peptides derived from egg proteins.

Surgery is predominantly a masculine profession worldwide and has largely excluded women in leadership positions. This paper aims to examine the representation of women surgeons in leadership positions in Pakistan.

Data were drawn from larger qualitative research examining the experiences of women surgeons in Pakistani hospitals. The data comprises in-depth interviews with ten doctors working in the Rawalpindi and Islamabad cities. The participants were selected by using the purposive sampling method and data were analyzed using thematic analysis.

This study included participants from diverse surgical specialties from different stages of their career with two having leadership experience. Based on participants’ perspectives several factors are responsible for this exclusion of women in leadership positions. The most prominent among these were long working hours for surgical leaders, greater responsibilities assigned to leadership positions, gender stereotypes and work–family conflict. Due to masculine hegemony, women were considered less capable and they were expected to have masculine traits to work as successful leaders. Interestingly, some participants had internalized such stereotypes and showed a lack of interest and lack of capabilities for surgical leadership as evident from their narratives.

The findings of this paper are drawn from the perspectives of ten women surgeons working in Islamabad and Rawalpindi cities of Pakistan who were selected using a convenient sampling method. Hence, the results cannot be generalized to the larger population of women surgeons working in other cities of the country. Nevertheless, this study is unique in the sense that it provides useful insight into the experiences of the women surgeons and their perspectives on surgical leadership in Pakistani hospitals. Academically, it contributes to the global debates on surgical leadership by providing empirical evidence from Pakistan.

This paper contributes to the larger debates on the under-representation of women in leadership positions in surgery by unveiling the experiences of female surgeons from Pakistan. It calls for the need for structural changes in health management and policy to accommodate women surgeons. Organizational efforts could minimize some hurdles and encourage more women to take on more formal leadership roles. The authors also call for an increasing number of women in surgery to pave the way for creating new leadership opportunities.

The purpose of this study is to elaborate mixed convection impact in stratified nanofluid flow by convectively heated moving surface. Rheological relations of second-grade fluid are used for formulation. Magnetic field, heat absorption/generation and convective conditions are considered for modeling.

Convergent solutions are achieved using homotopy procedure.

The authors found opposing behavior for radiation and thermal stratification variables against thermal field.

No such analysis has yet been reported.

This study aims to more deeply examine the various types of testing mediations and use the comparison test by using test-based mediation Sobel models and Bayesian approach. The purpose of this study are to apply the traditional (using indirect effect) and Sobel test, extend Yuan and MacKinnon (2009) work on Bayesian mediation analysis. Both analysis methods of mediation (Traditional, Sobel Test and Bayesian estimation) should apply in the research of management, by using structural equation modeling (SEM) in a structural model, with one mediation, one exogenous (independent) and one endogenous variable. The meta-analysis approximation has been used to investigate the job satisfaction as a mediation in the relationship between employee competence and performance (endogenous).

Data were collected from ten dissertations of students of the Management Doctoral Program at the Brawijaya University from 2009 until 2013; data were analyzed for the mediation variable of job satisfaction (M) in the relationship between employee competence (X) and employee performance (Y) (Muindi and Obonyo, 2015; Olcer, 2015; Sattar et al., 2015; Khan and Ahmed, 2015). A researcher can determine the mediating variable and whether it is complete or partial or if mediation exists in several ways.

The results of the above findings using meta-analysis showed that 60% of previous research states that job satisfaction is a partial mediation on relationship competence of the performance, 10% of previous research states that job satisfaction is a full mediation on relationship competence of the performance and 30% stated that job satisfaction is not pemediasi (pemediasi means Mediation variable) on the relationship between competence and performance. This research found that all three approaches provide similar conclusions for ten previous research.

The findings showed that the Sobel approach and the Bayesian approach provide results that are more sensitive than the traditional approach.

In my opinion, the rule to investigate the mediation variable should be completed with the conditions (1) q (theta) is not statistically significant, (2) α (alpha) and β (beta) are significant, and (3) q’ (theta) is significant, and increase when M is include as an additional predictor. This condition called partial mediation.

The traditional method is simpler and easy. The method is less sensitive and is not sufficient for investigating the mediating variables. In general, the method results in a mediation variable, but it cannot be used to determine either partial or complete mediation variables. So, investigation by Baron and Kenny Methods (in Hair et al., 2010), the rule or testing called Sobel Test and another approach such as Bayesian to determine the mediation variable is necessary.

Various methods for detecting mediating/intervening have been widely used in previous research as a method of measurement using indirect effect (Hair et al., 2010), and calculations have been performed using Sobel test (Baron and Kenny, 1986) and Bayesian approach (Enders, 2013). In this study, I wanted to more deeply examine the various types of testing mediations, and use the comparison test by using the test-based mediation Sobel models and Bayesian approach (Baron and Kenny, 1986; Enders, 2013). The statistical application should not be complicated and difficult, it but must rather be simple and easy, so that it is user-friendly. The traditional method is simpler and easier than the other methods, but how sensitive is it? This research is conducted to investigate this problem. The evaluation of mediating mechanisms has become a critical element of behavioral science research (Enders, 2013), especially in the field of management, not only to assess whether (and how) interventions achieve their effects but also, more, broadly, to understand the cause of behavioral change. Methodologists have developed mediation analysis techniques for a broad range of substantive applications. However, methods for estimating mediation mechanisms with various methods have been understudied. The purpose of this study is to apply the traditional (using indirect effect) and Sobel tests and extend Yuan and MacKinnon’s (2009) work on the Bayesian mediation analysis. Both analyses methods of mediation (traditional and Sobel test and Bayesian estimation) should apply in the research of management, by using structural equation modeling (SEM) in a structural model, with one mediation, one exogenous (independent) and one endogenous variable. The meta-analysis approximation has been used to investigate job satisfaction as the mediation in the relationship between employee competence and performance (endogenous). This study uses software R to complete the mediating effect (Enders, 2013). R is a language and environment for statistical computing and graphics. It is a GNU project which is similar to the S language and environment which was developed at Bell Laboratories (formerly AT&T, now Lucent Technologies) by John Chambers et al. R provides a wide variety of statistical analyses such as SEM and Mediation test. R provides an open source route for participation in that activity. The Bayesian estimation approach provides an R function and a macro that applies the method of mediation analysis.

The learning outcomes are as follows: what tasks are to be done by medical representatives in pharmaceutical industry? This study also highlights various competencies required to do effective selling in this industry; analyzes and discusses different unethical practices going on in the market; explains why ethical norms are necessary in sales context when sales targets are already achievable with unethical means; and develops and comments on strategies Flori Pharmaceutical can make to overcome on these unethical issues. What should be the response of Dahar to the email of Naveed khan? What course of action should be taken by Dahar in the deceitful reporting case of Mohsin Ali?

Flori is considered a leading and growing multinational organization in the highly competitive environment of Pakistan pharmaceutical industry with over 40 years of experience. The company aims to command a leading position in developing new health-care products as it offers a wide range of diabetic, cardiovascular, respiratory and vitamin products based on quality as a result of high research and examination. Recently, an email to Bilal Dahar on March 2017 from Flori’s star sales person Naveed Khan has forced management to take some strong decisions regarding ethical norms and values to be adopted by medical representatives of Flori pharmaceuticals. The email highlighted the issues related to sales pressure which are leading toward unethical sales practices. Dahar just not have to maintain Flori’s ethical code of conduct but he and his team also has to work hard to achieve more than 26% growth rate in sales revenue as compared to last year. Dahar knew that the highly competitive environment of pharmaceutical industry has led most of the stake holders to indulge in unethical behavior to achieve their individual targets. He knew that this is dangerous in long term for the multinational organizations such as Flori pharmaceuticals as if the similar behavior continues, the sales culture and values of the organization would be on stake. He also has to decide what decision to be taken against deceitful reporting issue of one of the top-performer territory managers, who was key person in helping Flori to close the sales year 2016 with the revenue of Rs. 6.4bn, a 26% growth over the last year. The case is rich enough to provide a platform regarding management of several ethical challenges in pharmaceutical selling and developing strategies based on them.

BBA, MBA final year.

Teaching Notes are available for educators only.

CSS 8: Marketing.

In this paper, using Monte Carlo simulations (MCSs) under the metropolis algorithm, the authors study the magnetic properties of the yttrium-based Heusler alloys: Y₂CrGa and YFeCrGa. In the first step, the authors elaborate and discuss the ground-state phase diagrams of the more stable configurations. It is worth to note that the full-Heusler alloy Y₂CrGa contains only one magnetic atom (Cr), while the quaternary Heusler alloy YFeCrGa has two magnetic atoms (Cr and Fe). This leads to modeling of the compound Y₂CrGa by a Hamiltonian containing only one magnetic spin moment (S = 2), while the quaternary Heusler alloy YFeCrGa is modeled by a Hamiltonian containing two magnetic spin moments (Q = 5/2 and s = 2). The results of the study reveal that the critical temperature increases when increasing the reduced crystal field for the two studied compounds. To complete this study, the authors elaborated the hysteresis cycles of the two yttrium-based Heusler alloys: Y₂CrGa and YFeCrGa.

In this paper, the authors study the magnetic properties and the critical behavior of the yttrium-based Heusler alloys, Y₂CrGa and YFeCrGa, using MCSs under the metropolis algorithm. In the first step, the authors elaborate and discuss the ground-state phase diagrams of the more stable configurations for the both structures at null temperature (T = 0). On the other hand, for non-null temperature (T ≠ 0), the authors investigate the critical behavior of these two yttrium-based Heusler alloys: Y₂CrGa and YFeCrGa. It is worth to note that the full-Heusler alloy Y₂CrGa contains only one magnetic atom (Cr), while the quaternary Heusler alloy YFeCrGa has two magnetic atoms (Cr and Fe). Hence, the compound Y₂CrGa can be modeled by a Hamiltonian containing only one magnetic spin moment (S = 2), while the quaternary Heusler alloy YFeCrGa is modeled by a Hamiltonian containing two magnetic spin moments (Q = 5/2 and s = 2). Moreover, the results of the study reveal that the critical temperature increases when increasing the reduced crystal field for the two studied compounds. To complete this study, the authors elaborated the hysteresis cycles of the two yttrium-based Heusler alloys: Y₂CrGa and YFeCrGa.

The authors elaborate the ground-state phase diagrams of the more stable configurations. It is worth to note that the full-Heusler alloy Y₂CrGa contains only one magnetic atom (Cr), while the quaternary Heusler alloy YFeCrGa has two magnetic atoms (Cr and Fe). This leads to modeling of the compound Y₂CrGa by a Hamiltonian containing only one magnetic spin moment (S = 2), while the quaternary Heusler alloy YFeCrGa is modeled by a Hamiltonian containing two magnetic spin moments (Q = 5/2 and s = 2). The results of the study reveal that the critical temperature increases when increasing the reduced crystal field for the two studied compounds. To complete this study, the authors elaborated the hysteresis cycles of the two yttrium-based Heusler alloys: Y₂CrGa and YFeCrGa.

The authors elaborate the ground-state phase diagrams of the more stable configurations. It is worth to note that the full-Heusler alloy Y₂CrGa contains only one magnetic atom (Cr), while the quaternary Heusler alloy YFeCrGa has two magnetic atoms (Cr and Fe). This leads to modeling of the compound Y₂CrGa by a Hamiltonian containing only one magnetic spin moment (S = 2), while the quaternary Heusler alloy YFeCrGa is modeled by a Hamiltonian containing two magnetic spin moments (Q = 5/2 and s = 2). The results of the study reveal that the critical temperature increases when increasing the reduced crystal field for the two studied compounds. To complete this study, the authors elaborated the hysteresis cycles of the two yttrium-based Heusler alloys: Y₂CrGa and YFeCrGa.

The authors elaborate the ground-state phase diagrams of the more stable configurations. It is worth to note that the full-Heusler alloy Y₂CrGa contains only one magnetic atom (Cr), while the quaternary Heusler alloy YFeCrGa has two magnetic atoms (Cr and Fe). This leads to modeling of the compound Y₂CrGa by a Hamiltonian containing only one magnetic spin moment (S = 2), while the quaternary Heusler alloy YFeCrGa is modeled by a Hamiltonian containing two magnetic spin moments (Q = 5/2 and s = 2). The results of the study reveal that the critical temperature increases when increasing the reduced crystal field for the two studied compounds. To complete this study, the authors elaborated the hysteresis cycles of the two yttrium-based Heusler alloys: Y₂CrGa and YFeCrGa.

The authors elaborate the ground-state phase diagrams of the more stable configurations. It is worth to note that the full-Heusler alloy Y₂CrGa contains only one magnetic atom (Cr), while the quaternary Heusler alloy YFeCrGa has two magnetic atoms (Cr and Fe). This leads to modeling of the compound Y2CrGa by a Hamiltonian containing only one magnetic spin moment (S = 2), while the quaternary Heusler alloy YFeCrGa is modeled by a Hamiltonian containing two magnetic spin moments (Q = 5/2 and s = 2). The results of the study reveal that the critical temperature increases when increasing the reduced crystal field for the two studied compounds. To complete this study, the authors elaborated the hysteresis cycles of the two yttrium-based Heusler alloys: Y₂CrGa and YFeCrGa.

The authors elaborate the ground-state phase diagrams of the more stable configurations. It is worth to note that the full-Heusler alloy Y₂CrGa contains only one magnetic atom (Cr), while the quaternary Heusler alloy YFeCrGa has two magnetic atoms (Cr and Fe). This leads to modeling of the compound Y₂CrGa by a Hamiltonian containing only one magnetic spin moment (S = 2), while the quaternary Heusler alloy YFeCrGa is modeled by a Hamiltonian containing two magnetic spin moments (Q = 5/2 and s = 2). The results of the study reveal that the critical temperature increases when increasing the reduced crystal field for the two studied compounds. To complete this study, the authors elaborated the hysteresis cycles of the two yttrium-based Heusler alloys: Y₂CrGa and YFeCrGa.

Road freight transportation companies need to take advantage of information and communication technologies to develop capabilities. This study proposes a framework to guide road freight transportation companies to achieve data visibility in their operations by developing such capabilities. By proposing this framework, this research contributes to literature and practice, highlighting the capabilities and the respective supporting technologies for improved data visibility in road freight transportation.

A mixed-method approach is used to develop the framework, considering three methodological steps. In phase 1, the capabilities are identified in the literature and validated by experts. In phase 2, an empirical assessment of cause–effect relationships between capabilities is performed using a multiple case study and DEMATEL. Lastly, in phase 3, an analysis of the cause model and significant associations is conducted to enable the development of the framework. In addition, the proposed framework was validated by the experts interviewed.

The results provide a framework that explains the link between the technology-enabled data visibility capabilities in road freight transportation operations. In addition, a pathway was established that road freight transportation companies could follow to achieve data visibility in their operations by developing such capabilities.

This work develops the first framework that provides a path for data visibility in road freight transportation operations from adopting certain technologies. The insights are compelling for researchers and practitioners to optimize the decision-making process for adopting technologies and developing capabilities related to data visibility.

This paper aims to enhance the existing literature on adaptive market hypothesis (AMH) as this study first time links the month of Ramadan with AMH that permits the performance of well-known Ramadan effect to fluctuate over time.

To fulfill the purpose, the authors inspect the daily returns of 107 individual firms listed at Pakistan Stock Exchange over the period of 20 years. To explore the varying degree of return predictability during Ramadan, the authors use four different subsamples comprising equal length of observations of five years each. The authors use a GARCH (1,1) regression model which facilitates for time varying nature of volatility in equity returns. To facilitate the non-normal nature of stock return data, the authors use Kruskal–Wallis test statistic.

The authors find that behavior of Ramadan effect evolves over time, as performance of this effect varies from time to time and consistent with AMH. Finally, the paper proposes that AMH is well elucidation of behavior of Ramadan effect than traditional efficient market hypothesis.

First limitation is related to the choice of sub-sample as the study uses a sub-sample of five years. Second, the authors ignore transection cost (commissions, fee and taxes) as it is freely negotiated and varies between 4 and 10% (Khan, 2013). Due to such varying information we ignore the transaction cost. It is suggested that a sub-sample analysis of long period may be a more appropriate method to elucidate the idea of AMH in future research and suggest the current method could be adapted and helpful to examine other calendar and market anomalies in different equity markets.

The paper includes implications for investors to choose a better model for investment. Investors can exploit greater returns in future month of Ramadan periods. Furthermore, the researchers can easily extend the methodology used in the study to address multiple issues like adaptive behavior of returns from bonds, real estate investment trusts, cryptocurrencies and trading rules of strategies.

Study confirms from sample t-test and GARCH (1,1) model that Ramadan effect is present in the full and in certain sub-samples; therefore, based on these discrepancies investors can earn abnormal returns by developing specific investment strategies as investors usually make investments in share according to the religious context of Islamic Calendar. The results provide good references for suitable time of investment in stock market. The findings of this study will be helpful to investors and brokers as well as portfolio managers to capture favorable returns across the Islamic calendar.

The paper identified need to study why behavior of Ramadan effect varies over time. The data set comprises daily returns of 107 individual companies over the period of 20 years to better investigate the varying nature of anomalous effect of month of Ramadan. The findings are valuable for international investors and portfolio managers.