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Article
Publication date: 12 July 2021

Shahzad Hussain, Muhammad Akbar, Qaisar Ali Malik, Tanveer Ahmad and Nasir Abbas

The purpose of this paper is to examine the impact of corporate governance, investor sentiment and financial liberalization on downside systematic risk and the interplay of…

Abstract

Purpose

The purpose of this paper is to examine the impact of corporate governance, investor sentiment and financial liberalization on downside systematic risk and the interplay of socio-political turbulence on this relationship through static and dynamic panel estimation models.

Design/methodology/approach

The evidence is based on a sample of 230 publicly listed non-financial firms from Pakistan Stock Exchange (PSX) over the period 2008–2018. Furthermore, this study analyzes the data through Blundell and Bond (1998) technique in the full sample as well sub-samples (big and small firms).

Findings

The authors document that corporate governance mechanism reduces the downside risk, whereas investor sentiment and financial liberalization increase the investors’ exposure toward downside risk. Particularly, the results provide some new insights that the socio-political turbulence as a moderator weakens the impact of corporate governance and strengthens the effect of investor sentiment and financial liberalization on downside risk. Consistent with prior studies, the analysis of sub-samples reveals some statistical variations in large and small-size sampled firms. Theoretically, the findings mainly support agency theory, noise trader theory and the Keynesians hypothesis.

Originality/value

Stock market volatility has become a prime area of concern for investors, policymakers and regulators in emerging economies. Primarily, the existence of market volatility is attributed to weak governance, irrational behavior of market participants, the liberation of financial policies and sociopolitical turbulence. Therefore, the present study provides simultaneous empirical evidence to determine whether corporate governance, investor sentiment and financial liberalization hinder or spur downside risk in an emerging economy. Furthermore, the work relates to a small number of studies that examine the role of socio-political turbulence as a moderator on the relationship of corporate governance, investor sentiment and financial liberalization with downside systematic risk.

Details

Journal of Asia Business Studies, vol. 16 no. 1
Type: Research Article
ISSN: 1558-7894

Keywords

Article
Publication date: 17 October 2016

Syed Jawad Hussain Shahzad, Memoona Kanwal, Tanveer Ahmed and Mobeen Ur Rehman

The assessment of interdependence between stock markets is an important aspect of international portfolio management. The purpose of this paper is to examine and highlight the…

Abstract

Purpose

The assessment of interdependence between stock markets is an important aspect of international portfolio management. The purpose of this paper is to examine and highlight the diversification potential of South Asian stock markets vis-à-vis developed and European stock markets.

Design/methodology/approach

The developed stocks markets include USA and UK, and South Asian stock markets include India, Pakistan and Sri Lanka while DJ STOXX 600 index is used to represent the European stock markets. Monthly data are used to examine long-run relationship through ARDL bound testing approach and estimates are obtained using DLOS. Short-term dynamics are captured through vector error correction-based Granger causality.

Findings

South Asian stock markets are closely linked with each other; similarly, developed/European markets are interlinked. US stock market not only impacts European stock markets, it also Granger cause South Asian stock markets. The findings suggest increase in comovement of South Asian stock markets with the global markets after financial crises of 2007-2008.

Practical implications

The diversification benefits of South Asian stock markets for international investors are still evident due to their low relationship (in both long and short run) with developed/European stock markets.

Originality/value

Given the emergence of South Asian stock markets, new insight on their relationship with developed stock markets can provide interesting findings for international portfolio diversification. The South Asian equity markets are an important source of investment because of their immense growth and weak correlation with international markets.

Details

South Asian Journal of Global Business Research, vol. 5 no. 3
Type: Research Article
ISSN: 2045-4457

Keywords

Article
Publication date: 26 May 2021

Ajid Ur Rehman, Tanveer Ahmad, Shahzad Hussain and Shoaib Hassan

The purpose of this paper is to investigate how corporate cash holdings changes across firm life cycle and how firms undergo heterogeneous dynamic cash adjustment as they advance…

Abstract

Purpose

The purpose of this paper is to investigate how corporate cash holdings changes across firm life cycle and how firms undergo heterogeneous dynamic cash adjustment as they advance from one stage to the next stage.

Design/methodology/approach

This study uses an extensive data set of 2,994 Chinese A-listed firms. The authors use generalized method of moments (GMM) and Fisher Panel unit root testing to investigate the targeting behavior of Chinese firms.

Findings

The uni-variate investigation reveals that firms in the growth stage exhibits the highest cash levels and firms in the decline stage report the lowest cash levels. As growth firms have high investment needs, they may require raising external capital to meet investment needs. To avoid the costly external financing, firms in growth stage tend to hold more cash. The GMM estimation reveals that along all the phases of firm life cycle there are evidences of trade-off behavior of corporate cash holdings. The authors report that adjustment rate increases as firms enters into the growth stage.

Practical implications

The findings provide both theoretical and practical insight to align cash policies with the available strategic choices along firm life cycle in an emerging market characterized by market imperfections.

Originality/value

The study is unique from the context that it is applying robust methodology to one of rarely investigated area in corporate cash policy. The peculiar Chinese study setting characterized by higher information asymmetry, high cost of external financing and heterogeneous access to financing sources provide theoretical and empirical underpinnings to investigate and gain insight about how corporate cash policy can be aligned with strategic choices available across different stages of life cycle.

Details

Journal of Asia Business Studies, vol. 15 no. 4
Type: Research Article
ISSN: 1558-7894

Keywords

Article
Publication date: 6 November 2017

Syed Jawad Hussain Shahzad, Peter Josef Stauvermann, Ronald Ravinesh Kumar and Tanveer Ahmad

This study aims to examine the impact of terrorism on return and systematic risk of Pakistan’s equity industries. Daily data from 1 January 2000 to 31 December 2014 for 12…

Abstract

Purpose

This study aims to examine the impact of terrorism on return and systematic risk of Pakistan’s equity industries. Daily data from 1 January 2000 to 31 December 2014 for 12 industries based on the specific types of companies listed on Karachi Stock Exchange are used for the empirical analysis.

Design/methodology/approach

A multiplicative (additive) term is introduced in the standard capital asset pricing model to examine the change in systematic risk (industry returns) in response to the terrorist activities. The authors use the multiscale beta approach (Yamada, 2005) and the maximal overlap discrete wavelet transform (MODWT) to test the heterogeneous market hypothesis.

Findings

Terrorism activities increase the systematic risk for most of the industries and the negative impact on returns of banks and the financial industry. It is noted that terrorism positively impacts (increases) the industrial systematic risk mainly in short-run (between two and four days-time horizon).

Originality/value

The paper examines the impact of terrorism on a broad list of industries’ (banks, basic materials, chemicals, construction, consumer goods, consumer services, financials, industrials, minerals, oil and gas, textile and utilities) risk and return in Pakistan, using the multiscale beta approach (Yamada, 2005) and the MODWT methods.

Details

Accounting Research Journal, vol. 30 no. 4
Type: Research Article
ISSN: 1030-9616

Keywords

Article
Publication date: 22 December 2022

Sabeeh Ullah, Muhammad Haroon, Shahzad Hussain and Ajid Ur Rehman

Islamic label of an organization attracts Muslims for investment. There is a rising concern with a huge profile of corporate governance related to the Islamic rules (principles)…

Abstract

Purpose

Islamic label of an organization attracts Muslims for investment. There is a rising concern with a huge profile of corporate governance related to the Islamic rules (principles). In this context, this study aims to examine the effect of Islamic labelling on corporate governance in the Pakistani setting.

Design/methodology/approach

This study used a panel data set comprising 120 non-financial Shariah-compliant and non-Shariah-compliant Islamic firms listed on the Pakistan Stock Exchange over the period 2013–2020. For analysis, this study used static panel data estimation techniques. Moreover, for robustness check, this study also applied the system generalized method of movements procedure.

Findings

The findings deduced from empirical estimations reveal that Islamic labelling is positively associated with corporate governance. Overall, results indicate that Islamic labelling promotes corporate governance practices in Pakistan.

Originality/value

It is of utmost importance in terms of both theoretical and empirical context that Pakistan is a Muslim country having a 96.5% Muslim population, and it is evident that Muslims are allowed to execute their business under the guidance of Shariah principles. This study is unique because most of the previous literature provides empirical support related to the impact of corporate governance on capital structure, profitability and firm performance in conventional and Islamic firms. Practically, there is scarce literature on this issue.

Details

Journal of Islamic Accounting and Business Research, vol. 14 no. 6
Type: Research Article
ISSN: 1759-0817

Keywords

Open Access
Article
Publication date: 12 December 2018

Ghulam Ayehsa Siddiqua, Ajid ur Rehman and Shahzad Hussain

The purpose of this paper is to investigate the asymmetric adjustment of cash holdings in Pakistani firms for above and below target firms.

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Abstract

Purpose

The purpose of this paper is to investigate the asymmetric adjustment of cash holdings in Pakistani firms for above and below target firms.

Design/methodology/approach

The study employs generalized method of moments (GMM) to investigate the adjustment of cash holdings.

Findings

The study found that the firms which hold cash above the optimal level of cash holdings have higher speed of adjustment than the firms which hold cash below the optimal level. Financially constrained (FC) firms also adjust their cash holdings faster than financially unconstrained (FUC) firms but high speed of downward adjustment does not remain persistent after financial constraints are controlled. Findings of this study reveal this asymmetric adjustment in above and below target firms and extend these results in FC and FUC Pakistani listed firms, respectively.

Research limitations/implications

The conclusion of this study has been derived under certain limitations. There is a vast space to extend this study in different dimensions. Firms operating in capital-intensive industries may provide different results for financial constraints because their policy designing would be quite different from other firms.

Originality/value

This study contributes to cash holdings research in Pakistan by exploring the adjustment behavior of cash holdings across Pakistani non-financial firms using econometric modeling. Downward adjustment rate is supposed to be higher than upward adjustment rate and this rate is tested using dynamic panel data model. Similarly, it is inferred that this relationship holds for above target firms even after including the financial constraints in the presented model.

Details

Journal of Asian Business and Economic Studies, vol. 26 no. 1
Type: Research Article
ISSN: 2515-964X

Keywords

Article
Publication date: 11 September 2017

Syed Jawad Hussain Shahzad, Safwan Mohd Nor, Nur Azura Sanusi and Ronald Ravinesh Kumar

The purpose of this paper is to identify the arbitrage opportunities between US industry-level credit and stock markets with a focus on dynamic lead-lag relationships given that…

Abstract

Purpose

The purpose of this paper is to identify the arbitrage opportunities between US industry-level credit and stock markets with a focus on dynamic lead-lag relationships given that these markets involve heterogeneous agents operating over various time horizons.

Design/methodology/approach

The authors use daily data of 11 US industries stock markets and their credit counterparts to model the dynamic dependence and casual nexuses using time-frequency approach, namely, wavelet squared coherence (WTC).

Findings

The WTC estimation results show that credit and stock markets are out of phase (counter cyclical) and stock markets lead their credit counterparts. The coherence between two markets increases during financial crises. The banks (utilities) industry credit and stock markets have relatively high (low) dependence.

Research limitations/implications

The casual nexuses between stock and credit markets have multilateral dimensions. Greater interest in examining the relationship between stock markets and credit default swap (CDS) spreads emerged as an important albeit a complex area of research, and gained prominence especially at the onset and following the global financial crises of 2007-2008 which clearly showed that the positive views of CDSs contribution in creating a resilient and efficient financial sector was nothing further from the truth.

Practical implications

The arbitrage and hedging opportunities between stock and credit markets are industry dependent and vary over investment time horizons. The utilities industry seems attractive for the investment with the objective to exploit arbitrage, but not for hedging.

Originality/value

The paper, for the first time, employs time-frequency approach to assess the arbitrage opportunities between US industry-level credit and stock markets.

Details

Journal of Economic Studies, vol. 44 no. 4
Type: Research Article
ISSN: 0144-3585

Keywords

Book part
Publication date: 2 March 2023

Radosław Malik and Michał Siczek

This chapter applies science mapping analysis (SciMat) and literature review as research methods to examine literature about higher education institutions (HEIs) during the…

Abstract

This chapter applies science mapping analysis (SciMat) and literature review as research methods to examine literature about higher education institutions (HEIs) during the Covid-19 pandemic. User acceptance, satisfaction, and perception are identified as the most productive research themes in the sample of 561 Web of Science (WoS) indexed articles about HEIs during the pandemic. The literature review of the top themes reveals that user acceptance is influenced by the perceived usefulness of online learning and ease of using online tools. The level of satisfaction among students in online learning is relatively high and linked with the perceived benefits of online courses. Conditions influencing user acceptance and perceived satisfaction differ between students and lecturers. Technology-related themes appeared to be relatively under-researched as standalone themes, but technological aspects turned out to be important components of the most prolific research themes identified.

Details

Moving Higher Education Beyond Covid-19: Innovative and Technology-Enhanced Approaches to Teaching and Learning
Type: Book
ISBN: 978-1-80382-518-2

Keywords

Book part
Publication date: 6 November 2023

Stephen Okumu Ombere and Agnetta Adiedo Nyabundi

Due to the Coronavirus 2019 (COVID-19) pandemic, education has been disrupted right from kindergarten to University. Globally, states are advocating for online learning. The…

Abstract

Due to the Coronavirus 2019 (COVID-19) pandemic, education has been disrupted right from kindergarten to University. Globally, states are advocating for online learning. The COVID-19 pandemic had led to the closure of universities and it was not clear how long this would last. e-Learning was crucial. Lecturers were asked to complete their syllabuses and continue to teach and administer tests remotely. So far, there is a dearth of information on how Kenya’s higher education responded to the pandemic through online learning. This qualitative study utilized online platforms (zoom and Skype) for interviews. This study employed a constructivist approach to explore the faculty officials’ perception of online learning in Kenya’s institutions of higher education. Approximately 45 faculty officials from public universities were involved in this study. The study was carried out in three public universities in Western Kenya. The participants argued that online education was beneficial and primarily promoted online research and enabled them to connect with other practitioners in the global community. There were challenges associated with online learning for instance unreliable internet. This study’s results are hoped to inform the ministry of education and higher learning policies on making online effective and efficient to both the students and the lecturers. This will also be a fairer spring-ball for Kenya toward the realization of Vision 2030.

Details

Higher Education in Emergencies: International Case Studies
Type: Book
ISBN: 978-1-83797-345-3

Keywords

Article
Publication date: 28 February 2024

Mushahid Hussain Baig, Jin Xu, Faisal Shahzad and Rizwan Ali

This study aims to investigate the association of FinTech innovation (FinTechINN) and firm performance (FP) by considering the role of knowledge assets (KA) as a causal mechanism…

Abstract

Purpose

This study aims to investigate the association of FinTech innovation (FinTechINN) and firm performance (FP) by considering the role of knowledge assets (KA) as a causal mechanism underlying the FinTechINN – FP association.

Design/methodology/approach

In this study, the authors consider panel data of 1,049 Chinese A-listed firm and construct a structural model for corporate FinTech innovation, knowledge assets and firm performance while considering endogeneity issues in analyses over the period of 2014–2022. The modified value added intellectual capital (VAIC) and research and development (R&D) expenses are used as a proxy measure for knowledge assets, considering governance and corporate performance measures.

Findings

According to the findings of this study FinTech innovation (FinTechINN) has a positive significant effect on firm performance. Particularly; the findings disclose that FinTech innovations has a link with knowledge assets, FinTech innovations indirectly affects firm performance, and the association between FinTech innovation and firm performance is partially mediated by knowledge assets (MVAIC and R&D expenses).

Originality/value

Rooted in the dynamic capability and resource-based view, this study pioneers an empirical exploration of the association of FinTech innovation with firm performance. Moreover, it introduces the novel dimension of knowledge assets (on firm-level), acting as a mediating factor with in this relationship.

Details

International Journal of Innovation Science, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1757-2223

Keywords

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