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1 – 10 of 65Saqib Amin, Waqas Mehmood, Attia Aman-Ullah and Mujahid Ameen Khan
This study aims to measure whether admittance in the quarantine ward due to COVID-19 can affect one’s mental health. Nowadays, many countries worldwide are battling with the…
Abstract
Purpose
This study aims to measure whether admittance in the quarantine ward due to COVID-19 can affect one’s mental health. Nowadays, many countries worldwide are battling with the threat of the COVID-19 contagion, and it is difficult to understand how the pandemic leaves psychological impacts on one’s well-being.
Design/methodology/approach
This research used qualitative and quantitative approaches to assess the psychological impacts of quarantine due to COVID-19. Population of the present study were 250 patients who were admitted in quarantine centres of Pakistan. The data analysis was conducted through univariate analysis using (ANVOVA) software.
Findings
This study found that patients who were quarantined due to the COVID-19 infection displayed multiple psychological symptoms such as a lack of self-control, anxiety, low general health and vitality, depression and negative well-being.
Practical implications
There is an urgency to provide psychological treatments to each afflicted person and their family members to establish a healthy community.
Originality/value
This research investigates whether admittance in the quarantine ward due to COVID-19 can affect mental health in Pakistan.
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Waqas Mehmood, Anis Ali, Rasidah Mohd-Rashid and Attia Aman-Ullah
The purpose of this study is to look at how Shariah-compliant status and Shariah regulation affect the demand for initial public offerings (IPOs) in Pakistan. The…
Abstract
Purpose
The purpose of this study is to look at how Shariah-compliant status and Shariah regulation affect the demand for initial public offerings (IPOs) in Pakistan. The Shariah-compliant status, which is seen as a method that offers a credible signal to investors, may explain the anomaly in IPO demand.
Design/methodology/approach
This research used multivariate and quantile regression models to assess data from 85 IPOs issued on the Pakistan Stock Exchange between 2000 and 2019.
Findings
Shariah-compliant status has a considerable negative association with IPO demand. Nevertheless, there is a considerable positive association among Shariah regulation and IPO demand. Furthermore, the interaction among regulatory quality and Shariah-compliant status has a considerable strong influence on IPO demand. As a consequence, the findings show that Shariah-compliant firms might possibly attract the attention of investors. Investors were found to concur on the amicability of rigorous rules and permissible Shariah-compliance aspects.
Research limitations/implications
Future studies could analyse the financial ratio benchmark (cash and debt) to determine the Shariah-compliant status and Shariah regulation to better understand the problem of IPO demand in the context of Pakistan.
Practical implications
The outcomes of this research are useful for issuers and underwriters in comprehending the characteristics that influence high and early IPO success. Such knowledge may assist issuers and underwriters in responsibly planning and managing the IPO process.
Social implications
The results may be useful to investors looking for critical information in prospectuses to make the best choice when subscribing to IPOs in Pakistan.
Originality/value
This is one of the first studies to provide empirical data on the links among Shariah-compliant status, Shariah regulation and IPO demand in Pakistan. Furthermore, this research demonstrates the interaction impact of regulatory quality and Shariah-compliant status on IPO demand.
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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.
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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.
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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 stock…
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.
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Attia Aman-Ullah, Azelin Aziz, Waqas Mehmood, Aidar Vafin and Mohammad Hassan
The present study aims to investigate the relationship between innovative leadership and sustainable performance in the education sector. The present study also tested the…
Abstract
Purpose
The present study aims to investigate the relationship between innovative leadership and sustainable performance in the education sector. The present study also tested the moderation role of personality traits agreeableness, extraversion, emotional stability, conscientiousness and openness in the relationship.
Design/methodology/approach
Data for the present study were collected from 209 university teachers. The employed sampling technique was convenience, and the sample size was calculated through the Kerjis–Morgan method. Furthermore, a survey method using a questionnaire was used in this study. For the data analysis, SPSS and SmartPLS were used.
Findings
The present study found that innovative leadership has a significantly positive relationship with sustainable performance. Results also confirmed the moderating effects of personality traits such as agreeableness, extraversion, emotional stability, conscientiousness and openness.
Originality/value
The relationship between innovative leadership and sustainable performance for the first time in the education sector’s context. Secondly, this study contributed to the moderating role of personality traits such as agreeableness, extraversion, emotional stability, conscientiousness and openness between innovative leadership and sustainable performance, which was a yet-to-explored phenomenon. The study model was tested through the combination of the big five-factor model and the theory of planned behaviour, which is another novelty of the study.
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Yasir Abdullah Abbas, Nurwati A. Ahmad-Zaluki and Waqas Mehmood
This paper examines the relationship between the extent and quality of the four dimensions of corporate social responsibility disclosure (CSRD) namely community, environment…
Abstract
Purpose
This paper examines the relationship between the extent and quality of the four dimensions of corporate social responsibility disclosure (CSRD) namely community, environment, workplace and marketplace with the long-run share price performance of Malaysian initial public offering (IPO) companies.
Design/methodology/approach
This study utilised secondary data by the content analysis of the annual reports and Datastream of 115 IPOs listed from 2007 to 2015 in Malaysia. The IPO’s performance was determined by calculating the return measures under the equally weighted and value-weighted schemes of the mean abnormal returns and buy-and-hold abnormal returns covering the three years post-listing using the event-time approach.
Findings
The findings demonstrate that Malaysian IPOs experience substantial overperformance and underperformance when both the IPO performance measures are benchmarked against the matched companies and market. The results indicated that the extent and quality of the community and environment CSRD dimensions are positively and significantly correlated to the IPO’s performance. On the other hand, the extent and quality of the workplace and marketplace CSRD dimensions are negatively and significantly correlated to the IPO performance.
Practical implications
Malaysian regulators could benefit from these findings in their endeavour to carry out a reform process on CSRD to improve its quality. The results of this study are important to investors, regulators, non-government organisations, communities and policymakers. They also enhance the understanding of companies about the importance of disclosing greater CSR information to improve their performance and profitability.
Originality/value
To the researchers' best knowledge, this study provides new insights into the association between CSRD and the performance of Malaysian IPO companies, which is considered important.
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Attia Aman-Ullah, Azelin Aziz, Hadziroh Ibrahim, Waqas Mehmood and Attiqa Aman-Ullah
This research aimed to study the impact of compensation on employee retention and turnover intentions among healthcare employees. The study also tested the mediation role of job…
Abstract
Purpose
This research aimed to study the impact of compensation on employee retention and turnover intentions among healthcare employees. The study also tested the mediation role of job satisfaction in the relationship.
Design/methodology/approach
In the present study, self-administrated questionnaires were distributed among 600 doctors working in public hospitals of Pakistan, following stratified sampling. The data analysis was conducted through SPSS and smart-PLS.
Findings
Results of the present study supported all the hypotheses (H1–H7), such as the significant relationship of compensation with employee retention and turnover intentions. Results further confirmed the mediation effect of job satisfaction between compensation and employee retention as well as compensation and turnover intentions.
Practical implications
This study is useful for policymakers and organizational managers since the study provides guidelines on employee retention and high turnover intentions and how these factors are influenced by improved compensation.
Originality/value
This study sheds light on the relationship of compensation together with employee retention and turnover intentions through the mediating role of job satisfaction in healthcare context, which was overlooked in the existing literature.
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Attia Aman-Ullah, Azelin Aziz, Hadziroh Ibrahim, Waqas Mehmood and Yasir Abdullah Abbas
The purpose of this study is to determine the impact of job security on doctors’ retention, with job satisfaction and job embeddedness as the mediators. In doing so, the authors…
Abstract
Purpose
The purpose of this study is to determine the impact of job security on doctors’ retention, with job satisfaction and job embeddedness as the mediators. In doing so, the authors seek to contribute to the existing literature by providing additional empirical evidence on the links between job security, job satisfaction, job embeddedness and employee retention by using social exchange theory.
Design/methodology/approach
An empirical study was conducted on doctors working in public hospitals in Pakistan. Data from selected public hospitals were collected using semi-structured questionnaires. The simple random sampling method was applied for participant selection and partial least squares-structural equation modelling was used for data analysis purposes.
Findings
The findings confirmed the direct and mediation relationships. Thus, all of this study’s hypotheses are supported. The results indicate that job security can improve doctors’ retention. Further, job satisfaction and job embeddedness play crucial roles in mediating the direct relationship.
Originality/value
This study elaborates job security in health-care sector of Pakistan and also provides empirical evidence of the antecedents and mediators of doctors’ intention to continue working in the health-care industry.
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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.
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