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The purpose of this paper is to provide new insights about investment-cash flow sensitivities (ICFS) as a representative of financial constraints, by examining panel data consisting of 288 listed firms in Pakistan.

This study uses a panel data methodology and first difference generalized method of moments to control the problems of heterogeneity and endogeneity. By five different criteria, estimations are made for full and pre-classified sub-samples. Sargan test and Arellano-Bond serial correlation statistic are used for identification and validation of instruments and model.

According to the results, the ICFS has increased monotonically with the level of financial constraints. Further, the results depict that ICFS for the constrained group is much higher as compared to the unconstrained group. Overall, the result illustrates positively significant ICFS.

This study confirms signs of imperfections in the capital market, which leads to financial markets inaccessibility preceded by high under-investment costs and low social and economic development. Thus, proper policy designing and instigation are necessary for the subsidies, taxation, and foreign direct investment and later for financial market development and promotion of private corporate investment.

Previous studies have mostly focused on developed countries where large listed companies work in well-developed financial markets and do not face severe financial constraints because of the greater market integration (Bekaert et al., 2011, 2013) and superior investor protection laws (Djankov et al., 2008; La porta et al., 1998). However, this study focuses on listed companies from the emerging Pakistani market, which will bring forth the interesting aspects of ICFS and will enhance the existing literature effectively.

Emergency health and humanitarian nonprofits work under volatile circumstances that strain nonprofits' financial resources. This study investigates the impact of revenue composition on the financial health of these nonprofits and the impact of financial health on the likelihood of financial distress.

A sample of 11,335 emergency nonprofits from 2003 to 2020 was obtained through form 990 data and studied through a difference generalized method of moments (GMM) approach for the impact of revenue composition on financial health. The impact of financial health on financial distress was studied through panel logistics regression.

Revenue diversification adversely affects the financial health of nonprofit emergency health and humanitarian organizations contrary to the implications of modern portfolio theory. The financial health of nonprofit emergency health and humanitarian organizations is persistent through the significant positive effect of lags in most cases.

The emergency health subsector of nonprofits was studied separately due to the unique nature of the sectors' operations and operating environment. The impact of revenue composition was investigated on key dimensions of financial health. Omitted variable bias, simultaneity and dynamic endogeneity were handled through difference GMM.

The learning outcomes are as follows:• demonstrate an understanding of the fruit farming process;• compare the pros and cons of farming different fruits;• understand the general characteristics of entrepreneurs and identify the issues they face;• compare the risk and returns from two types of investments;• apply capital budgeting techniques to ascertain the best available investment option; and• perform sensitivity analysis based on different anticipated situations for a new business.

Since his birth, Mr Bashir Khan, a 45-year-old father of four, lived as a farmer in Kallar Kahar, Pakistan. He owned 15 acres of land which he used to cultivate wheat and millet. He decided to start fruit farming after harvesting wheat in April 2021 to satisfy his long-standing desire to own a garden. He recently met a friend who was earning well from grape farming, who suggested that Khan set up a vineyard farm which could become a profitable venture for him. At the same time, Khan learned that the government had declared the Potohar region of Pakistan an olive valley, and was giving massive subsidies on olive cultivation. Khan now had a choice of fruits to plant on his land. One of his relatives, Omar Khayam, was an accountant at a firm. Khayam offered to conduct a feasibility analysis for Khan, to provide the relevant data, and help Khan select a high profit-yielding fruit farm.

Introductory finance courses at the undergraduate and postgraduate levels as well as executive training courses focused on the agri-finance discipline.

Teaching notes are available for educators only.

CSS 1: Accounting and Finance.

This paper aims to investigate the influence of picking sequence, weave design and weft yarn material on the thermal conductivity of the woven fabrics.

This work includes the development of 36 woven samples with two weave designs (1/1 plain and 3/1 twill), three picking sequences (single, double and three pick insertion) and six different weft yarn materials (cotton, polyester having 48 filaments, polyester with 144 filaments, spun coolmax having Lycra in core and coolmax in sheath, filament coolmax and polypropylene). The thermal conductivity was measured using ALAMBETA tester.

The results showed that weft yarn material, weave design and picking sequence have a meaningful impact on the thermal conductivity of woven fabric. The value of thermal conductivity was lowest for the fabrics with three pick insertion and 3/1 twill weave in all weft yarn materials.

Plain woven fabric with single pick insertion is feasible for summer wear to enhance the comfort of wearer. By changing the warp yarn grouping and material, improved thermal conductivity/resistance can also be achieved.

The authors have studied the combined effect of different weft yarn materials with different picking sequences and different weave designs on thermal conductivity of the woven fabrics.

The purpose of this paper is to investigate the impact of leadership styles on different organizational outcomes and value structure such as: overall business performance, working style, motivation and trust of employees, management efficiency and corporate culture in the context of Vietnamese small and medium enterprises (SMEs).

The authors perform a qualitative analysis and gather data by conducting conversational semi-structured interviews with 51 SME managers from different industries. Data were analyzed using a step-by-step approach following Creswell.

The study explores the effects of leadership styles on various organizational outcomes. Given the features of SMEs, it sheds light on the significance of leadership styles in changing work environment, increasing staff retention, and promoting the viability of SMEs. It also discusses the selection of leadership styles in accordance with Vietnamese culture.

This study has practical implications on human resource management in the context of SMEs. SME managers, training providers and support agencies may utilize the research outcomes to raise the awareness of SMEs leaders. Based on the research findings, appropriate training programs should be developed to assist managers in tackling major problems.

Although several previous studies have tried to investigate the influence of leadership styles on organizational outcomes, this is the first research to explore the topic in the context of SMEs and in conjunction with the Vietnamese culture.

The purpose of this study, thermal radiation and viscous dissipation impacts on double diffusive convection on peristaltic transport of Williamson nanofluid due to induced magnetic field in a tapered channel is examined. The study of propulsion system is on the rise in aerospace research. In spacecraft technology, the propulsion system uses high-temperature heat transmission governed through thermal radiation process. This study will help in assessment of chyme movement in the gastrointestinal tract and also in regulating the intensity of magnetic field of the blood flow during surgery.

The brief mathematical modelling, along with induced magnetic field, of Williamson nanofluid is given. The governing equations are reduced to dimensionless form by using appropriate transformations. Numerical technique is manipulated to solve the highly nonlinear differential equations. The roll of different variables is graphically analyzed in terms of concentration, temperature, volume fraction of nanoparticles, axial-induced magnetic field, magnetic force function, stream functions, pressure rise and pressure gradient.

The key finding from the analysis above can be summed up as follows: the temperature profile decreases and concentration profile increases due to the rising impact of thermal radiation. Brownian motion parameter has a reducing influence on nanoparticle concentration due to massive transfer of nanoparticles from a hot zone to a cool region, which causes a decrease in concentration profile· The pressure rise enhances due to rising values of thermophoresis and thermal Grashof number in retrograde pumping, free pumping and copumping region.

To the best of the authors’ knowledge, a study that integrates double-diffusion convection with thermal radiation, viscous dissipation and induced magnetic field on peristaltic flow of Williamson nanofluid with a channel that is asymmetric has not been carried out so far.

This study aims to investigate two important research questions. First, this research examines the impact of real earnings management on investment inefficiency of the non-financial listed firms in Pakistan. Second, this research further explores the moderating role of short-term debt on the nexus between real earnings management and investment inefficiency. This study attempts to highlight an important research problem i.e. the jinx of real earnings management from the context of an emerging economy.

This study employs the data from non-financial listed firms in Pakistan over the period from 2008 to 2018. The study uses panel data methodologies with firm and year fixed-effects to examine the proposed hypotheses. The results are robust to the use of sensitivity analysis, different estimation techniques and endogeneity issues (using two-stage least squares (2SLS) and generalized method of moments (GMM) techniques).

The results of the research are twofold. First, consistent with the theoretical arguments, the findings reveal that real earnings management increases investment inefficiency and results in over-investments by the firms. Second, short-term debt attenuates the relationship between real earnings management and investment inefficiency. It implies that a higher level of short-term debt weakens the adverse effects of real earnings management on the investment efficiency of the firm.

This study offers original findings on the issues pertaining to the quality of accounting and financial reporting in an emerging economy like Pakistan, where the implementation of regulations is weak in the corporate world and management frequently exploits shareholders' wealth for the short-term benefits.

This paper aims to contribute to the corporate social responsibility (CSR) literature by providing holistic insights into financial analysts’ personal values, perceived behavioural risk and investment decisions relating to the social aspects of CSR. Specifically, this paper examines whether analysts’ personal values, such as religiosity, spirituality and social consciousness, influence their investment decisions relating to a highly profitable firm that is alleged of exploiting labour rights. This study also examines the mediating role of analysts’ perceived behavioural risk between personal values and investment decisions.

Data were collected, using a scenario-based survey, from 145 financial analysts at both public and private companies in Pakistan.

The results show that analysts’ values, including religiosity, spirituality and social consciousness, have a significant negative impact on their investment decisions. The results also demonstrate that perceived behavioural risk mediates the relationship between these values and investment decisions.

This study has implications for the globalised business world, regulators and researchers for incorporating personal and ethical values into risk and investment decision-making.

This study establishes the importance of analysts’ personal values in risky investment decision-making.

This paper aims to suggest a novel modified Laplace decomposition method (MLDM) for MHD flow over a non-linear stretching sheet with slip condition by suitable choice of an initial solution.

The governing partial differential equations are converted into dimensionless non-linear ordinary differential equation by similarity transformation, which is solved by MLDM. The method is based on the application of Laplace transform to boundary layers in fluid mechanics. The non-linear term can be easily handled by the use of He's polynomials.

The series solution of the MHD flow of an incompressible viscous fluid over a non-linear stretching sheet subject to slip condition is obtained. An excellent agreement between the MLDM and HPM is achieved. Convergence of the obtained series solution is properly checked by using the ratio test.

Stretching surface is an important type of flow occurring in a number of engineering processes such as heat-treated materials travelling between a feed roll and a wind up roll, aerodynamic extrusion of plastic sheets, glass fiber and paper production, cooling of an infinite metallic plate in a cooling path, manufacturing of polymeric sheets are few examples of flow due to stretching surfaces. This work provides a very useful source of information for researchers on this subject.

Such flow analysis is even not available yet for the hydrodynamic fluid. The series solution for MHD boundary layer problem with slip condition by means of MLDM is yet not available in the literature.

Knowledge sharing has become necessary for organizations as it is a source of competitive advantage. Therefore, this study aims to investigate how empowering leadership through psychological empowerment encourages employees’ knowledge-sharing (KS) behavior. This study further explores the moderating role of learning goal orientation (LGO) between psychological empowerment and KS behavior.

This study collected data from 423 employees working in manufacturing and service organizations in two waves on convenience basis to tackle common method variance. The data were analyzed through structural equation modeling.

The results revealed that empowering leadership helps employees modify their KS behavior both directly and indirectly in the presence of psychological empowerment. Moreover, individuals high in LGO are more likely to involve in KS behavior when psychologically empowered.

This study used a cross-sectional design and suggests management focus on their working environment to enhance knowledge sharing among employees, which is possible through empowering leaders. The study further suggests management not ignore individual attributes during recruitment.

Drawing upon job characteristics model and social exchange theory, this study explores the mediating role of psychological empowerment between empowering leadership and KS behavior and the moderating role of LGO on the association between psychological empowerment and KS behavior.