Browsing by Author "Dr. Sajid Nazir"

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Corporate Social Responsibility Disclosure and Financial Performance: Moderating Role of Sub National Institutional Contingencies
(Library Information Services COMSATS University Islamaabad Lahore Campus, 2020) Muhammad Hamza Khan; FA18-RMS-015; LHR TP 6349; Dr. Sajid Nazir
Over the past few decades, the disclosure about corporate social responsibility (CSR) activities has increased due to increased awareness. This study investigates moderating role of sub national institutional contingencies on the relationship between corporate social responsibility disclosure (CSRD) and financial performance (FP) and the relationship between environmental disclosure (ED) and FP in context of Pakistan. The study uses OLS (ordinary least squares) technique to draw interference from data. We use CSRD index which consist 40 items under the five main themes and for environmental disclosure this study develop an environmental index based on 10 items. Sub-national institutional contingencies (SNIC) consists four factors, ownership concentration, developed & non- developed regions, family ownership and group affiliation. FP measure in two way accounting measure and market measure.We find positive association in CSRD and financial performance and also positive relationship between ED and FP. We find reliable evidence that SNIC (family ownership, ownership concentration and regional development) have negative and significant impact on CSRD and ED but group affiliation have no effect on CSRD and ED. Moreover, SNIC moderate the positive and relationship between CSRD and FP and also in ED and FP. The relationship is stronger in non F own firm, own-con, less developed region and G-Aff as compare to their counterparts. From a practical point of view, the study shows that decision makers, executives and managers should avoid “one-and-for-all” strategy. By contrast, They need to be evaluated immediately effect of family ownership, ownership concentration, regional development and group affiliation characteristics. Considering the weak performance by the firms in family owned firms, non ownership concentration, regional development and non-group affiliation firms, policymakers and governments should increase information transparency, enact stricter regulations, and encourage these companies to improve their corporate social and environmental disclosure. It also provided insights into other emerging economies, especially those with special government intervention.
Corporate Social Responsibility Disclosure and Financial Performance: Moderating Role of Sub National Institutional Contingencies
(Library Information Services, COMSATS University Islamabad, Lahore Campus, 2021) Muhammad Hamza Khan; FA18-RMS-015; Dr. Sajid Nazir; LHR TP 6349
Over the past few decades, the disclosure about corporate social responsibility (CSR) activities has increased due to increased awareness. This study investigates moderating role of sub national institutional contingencies on the relationship between corporate social responsibility disclosure (CSRD) and financial performance (FP) and the relationship between environmental disclosure (ED) and FP in context of Pakistan. The study uses OLS (ordinary least squares) technique to draw interference from data. We use CSRD index which consist 40 items under the five main themes and for environmental disclosure this study develop an environmental index based on 10 items. Sub-national institutional contingencies (SNIC) consists four factors, ownership concentration, developed & non- developed regions, family ownership and group affiliation. FP measure in two way accounting measure and market measure.We find positive association in CSRD and financial performance and also positive relationship between ED and FP. We find reliable evidence that SNIC (family ownership, ownership concentration and regional development) have negative and significant impact on CSRD and ED but group affiliation have no effect on CSRD and ED. Moreover, SNIC moderate the positive and relationship between CSRD and FP and also in ED and FP. The relationship is stronger in non F own firm, own-con, less developed region and G-Aff as compare to their counterparts. From a practical point of view, the study shows that decision makers, executives and managers should avoid “one-and-for-all” strategy. By contrast, They need to be evaluated immediately effect of family ownership, ownership concentration, regional development and group affiliation characteristics. Considering the weak performance by the firms in family owned firms, non ownership concentration, regional development and non-group affiliation firms, policymakers and governments should increase information transparency, enact stricter regulations, and encourage these companies to improve their corporate social and environmental disclosure. It also provided insights into other emerging economies, especially those with special government intervention.
Exploring the Barriers to sustainable product service system adaptation in the manufacturing industry
(Library Information Services, COMSATS University Islamabad, Lahore Campus, 2020) SABA; FA18-RBA-011; Dr. Sajid Nazir; LHR TP 6043
The main objective of this study is to examine the barriers which appear while implementing sustainable product service system in the manufacturing industry for their non-assembled products both from the perspective of customers and providers. Additionally it is been explore that to how the manufacturing companies can handle these barriers. The study is based on exploratory case-based study method with an abductive approach. 25 interviews were conducted from the individuals of different manufacturing industries and the nature of interview was qualitative. The interviews were split into two parts, the first phase was based on exploratory interviews and the second phase was based on semi-structured interviews, the accumulated data then analyzed with the proposed thematic analysis. The primary findings of this study is divided into five different overarching categories among which three categories were originated from the interview of provider’s perspective and other two from the customer perspective. The provider categories are: Features of manufacturing industry, customer and market awareness and exclusive information required, whereas the categories of customer comprises of fundamental management practices and customers’ perspective of servitization. The findings of the study suggest that some theories in literature review cannot be transferred to products that are not assembled. Later, the study provide the clarity about how multiple barriers could be managed which are absent from the today’s literature of PSS
Financial Literacy, Emotional Intelligence and Cognitive Biases Shaping Investor Behavior: Mediating Role of Risk Perception and Moderating Effect of Personality Traits
(Library Information Services, COMSATS University Islamabad, Lahore Campus, 2022) Muhammad Ishfaq; FA18-PMS-004; Dr. Sajid Nazir; LHR TP 8010
The stock market behaves according to investors' rational decisions and is reflected by the available market information. Contrary, prospect theory (1979) stated that the irrational behavior of an investor effect the investment decision. Investors are concerned about maximizing their profit at minimum cost. This study primarily focuses to check investors' behavior in the short and long-term investment intentions. This study is unique because it investigated how financial literacy, emotional intelligence, and cognitive biases (Overconfidence, disposition effect, and heuristic bias) affect investment intentions via the intervening effect of risk perception and the moderating role of personality traits. This study also examines the direct and indirect effects (via investors’ risk perception) of cognitive biases on the investor's intentions. 528 questionnaires are correctly entered and the results are generalized to the whole population related to the investors of the Pakistan Stock Exchange. For getting the responses from the target population, convenience base sampling is used. AMOS is applied as statistical software for validity and inferential concerns. Confirmatory factor analysis and exploratory factor analysis are used for the confirmation and extraction of items. Moreover, Validity is applied through Discriminant and Convergent validity. Process Macro, proposed by Hayes (2017) applied to check the mediation and moderation results. Questionnaires are distributed to investors registered on Pakistan Stock Exchange. The results show that neurotic investor behavior moderates the overconfidence, heuristic and investment intention during the short term period. But other personality traits having no moderation under the short-term period. Results also add in the literature that the relationship between the disposition effect and investment intention does not impact under long-term investment. The finding of this study recommended that other behavioral biases can also impact decision-making so those biases should be used as independent variables. It is also recommended that the study must be done on the commodity market and comparison should occur between the behavior of stock exchange and commodity market investors.
Formation of Resilience to Mitigate Risk and Moderating Effect of Supply Chain and Supply Base Complexity
(Library Informtion Services, CUI Lahore, 2019) Maheen Abdul Sattar; CIIT/FA17-RBA-004/LHR; Dr. Sajid Nazir; LHR TP 5678
Introduction: In the past few decades supply chains have become vulnerable to risks which are causing numerous losses both physical and financial to organizations. Resilience is considered as a strategy to deal with risks. It is the ability of an organization to mitigate risks and in case of exposure return to original performance in shortest span of time. Resilience building is dependent on development of capabilities which are termed as Resilience Enablers and Integration in this study. Resilience Enablers and Integration form Resilience which in turn helps in mitigation of risk. This process might get affected by the complexity of supply chains which is increasing day by day. Complexity can affect the performance of resilience as more complex supply chains are difficult to handle and may bring more risks.This study takes Supply Chain Complexity and Supply Base Complexity as moderators to analyze their effect on the performance of Resilience Enablers in building Resilience and that of Resilience in mitigating Risks. Method: This study is quantitative in nature and data was collected using questionnaire for testing hypotheses. Data was collected from supply chain/logistics/procurement managers and assistant managers of FMCG firms. Five hypotheses were tested based on the conceptual model. For testing and analyzing hypothesis various statistical tests were performed like descriptive, correlation, Confirmatory Factor analysis, and were conducted in SPSS and Warp PLS software’s. Conclusion: The results of the analysis showed that specified set of Enablers do not play role in formation of Resilience but Integration plays a positive role in formation of Resilience. Resilience role in mitigation of risk is also supported by results. Moreover SBC negatively moderates the relation between Enablers and Resilience but SCC does not moderate the relation between Resilience and Risk. Key words: Resilience Enablers, Supply Chain Resilience, Supply Chain Risks, Integration, Supply Base Complexity (SBC), Supply Chain Complexity (SCC
Impact of Corporate Governance on Capital Structure: Mediating Role of Cost of Capital
(Library Informtion Services, CUI Lahore, 2017) Aisha Javaid; CIIT/FA15-RMS-014/LHR; Dr. Sajid Nazir; LHR TP 4759
ix ABSTRACT Impact of Corporate Governance on Capital Structure: Mediating Role of Cost of Capital This study contributes to the existing literature of capital structure by extending the empirical work on the established relationship between the corporate governance and capital structure by analyzing the mediating role of cost of capital. Using five major attributes of corporate governance i.e. board size, board composition, CEO/Chairman duality, managerial ownership and institutional ownership as explanatory variables and weighted average cost of capital as mediator, we attempt to analyze the implication of good governance practices on the effectiveness and value relevance of capital structure decisions. However, debt to asset ratio was used to measure the leverage ratio of the firm considered as the dependent variable of the present study. The sample for this study is 76 non-financial firms listed on the Pakistan Stock Exchange (formerly Karachi Stock Exchange) for the period of 2004-2015. The analysis of present study has been disintegrated at four levels. Firstly, we have studied the relationship between corporate governance and capital structure, secondly, the relationship between corporate governance and cost of capital, thirdly, the relationship between cost of capital and capital structure and lastly, the indirect effect of cost of capital in the existing relationship between corporate governance and capital structure as the mediator. As the data is cross- sectional-time series, pooled and panel data analysis techniques (i.e. fixed effect and random effect) are used for inferential purposes, after performing regression diagnostics tests such as linearity, normality and heteroskedasticity. In order to choose between fixed and random effect model results, Hausman test was performed which is the indication of appropriateness of obtained results for interpretation. Our findings provide evidence for the explanatory power of corporate governance and the partial mediating role of cost of capital in determining the optimal capital structure. Additionally, we concluded that board composition, CEO/Chair duality and managerial ownership are significant in determining the capital structure decisions of the firm while, institutional ownership and board size are not significant in the financing decisions of the firm. Moreover, somex conventional determinants of capital structure including tangibility and return on assets are also significant in deciding the optimal financial mix of the non-financial firms of Pakistan stock exchange.
Impact of Empowering Leadership on Project Success: Mediating Effect of Knowledge Acquisition and Knowledge Sharing in Software Industry of Pakistan
(Library Informtion Services, CUI Lahore, 2017) Qaisar Hafeez; CIIT/FA15/RMS/010; Dr. Sajid Nazir; LHR TP 4866
Foreign Direct Investment (FDI) is to be considered very important factor for economic growth of any country. FDI brings with it employment, managerial skills, superior technology and economic development & growth. Most developing countries take FDI as an important tool to bridge the gap between their capitals and development programs. It also helps to acquire skills, new technology, organizational and managerial practices. However Multinational Enterprises considered many factors before investing in any country and corporate tax rate is one of them. The literature has provided many evidences that the MNEs invest in the lower corporate tax rate countries. The other considerable factors are availability of natural resources, infrastructure, skilled labor, political stability and business easiness etc. These are all location specific advantages. We examined the impact of corporate tax rate on attracting FDI in Pakistan In addition we also check the impact of terrorism, energy shortfall, skilled labor, infrastructure, degree of openness, corruption and political stability on FDI. The time series data of 28 years from 1989 to 2016 is considered for the study and a dummy representing three political regimes i.e. 1989 to 1999, 2000 to 2008 and 2009 to 2016 is also included. Johansen cointegration test, error correction model, granger causality and vector error correction model is used to evaluate the data. The result of the study shows that there is significant negative relationship between FDI and corporate tax rate, terrorism, energy shortfall, labor, infrastructure & degree of openness. In ganger causality test energy shortfall and FDI both have positive and significant relationship.
Impact of Political and Terrorist Events on Stock Market Returns: A Comparative Study of South Asian Countries
(Library Informtion Services, CUI Lhr, 2017) Adeel Akram; CIIT/FA15/RMS/002; Dr. Sajid Nazir; LHR TP 4871
Efficient Market Hypothesis (EMH) suggests that markets are rational and reflect all information. So, no investor can beat the market by generating abnormal returns. But it is found that stock markets deviate (anomalies) and contradicts the rule of EMH. To investigate this issue in this event study political and terrorist events are considered as the external information. Political and terrorist events create uncertainty and risk for the investors in the capital markets. These events have been increasing dramatically in the last decade by which investors face hesitation and fear while investing in a politically unstable and unsafe country. The stock markets in our study includes Pakistan Stock Exchange (Pakistan), Bombay Stock Exchange (India), Chittagong Stock Exchange (Bangladesh) and Colombo Stock Exchange (Sri Lanka). This comparative study is the effort to find the answer of whether political and terrorist events have any impact on the Stock Market returns on the financial markets of South Asian countries. Event study methodology is used in the study. By using Market Model, we analyzed 47 terrorists and 45 political events in all four countries of our study during 2005-2016. The empirical result shows that the political and terrorist events have significant impact on stock market returns. Moreover, the results shows that the stock markets of South Asian countries are inefficient on 15-day event window. While the results on 2 day event windows are insignificant. The noisy information does not absorb by the markets shows the contradiction to the assumptions of efficient market hypothesis (EMH). Key words: Efficient market hypothesis, Market Anomalies, Event Study Methodology
Impact of Risk Management Practices on Project Success: A Comparative study of Conventional and BOT Projects in Pakistan
(Library Information Services, COMSATS University Islamabad, Lahore Campus, 2018) Muhammad Ahsan; FA15-RPM-005; Dr. Sajid Nazir; LHR TP 5210
With the growing demand of public infrastructure projects, it is necessary to clearly identify, evaluate and manage the risk associated with the project. The study of this thesis aims to identify and compare the best practices of risk management in build operate transfer projects and conventional projects. This approach also combines aspects of soft and hard skills. This methodological approach involves a literature review to underpin the conceptual framework and a survey to identify the best practices of risk management in build operate transfer projects and conventional projects in Pakistan by using structural survey form. It is a quantitative research. A self-administrated questionnaire comprising of two parts: closed ended questions were asked about gender, age, organization, service, employment type and project. Other variables taken and used within study are linked with 5 points likert scale so that the respondents could select them according to their experiences and attitude towards the variables. The data was analyzed based on sample survey forms collected from reputed companies of Pakistan such as NHA, FWO and NESPAK. The fieldwork involved interviews with project managers and the professionals working on build operate transfer and conventional projects. The total sample size comprises of 70 respondents and the sampling technique that is used is simple random sampling. Further-more data is analyzed by using independent sample t-test. The structural model presented herein provides a means for correlating the hard and soft sides of risk management understanding the best practices of risk management in build operate transfer and conventional projects in Pakistan. The results of the study reveal the best practices of risk management in conventional and BOT projects and its impact on the project success.
Impact of Risk Management Practices on Project Success: A Comparative study of Conventional and BOT Projects in Pakistan
(Library Informtion Services, CUI Lahore, 2018) Muhammad Ahsan; CIIT/FA15-RPM-005/LHR; Dr. Sajid Nazir; LHR TP 5210
With the growing demand of public infrastructure projects, it is necessary to clearly identify, evaluate and manage the risk associated with the project. The study of this thesis aims to identify and compare the best practices of risk management in build operate transfer projects and conventional projects. This approach also combines aspects of soft and hard skills. This methodological approach involves a literature review to underpin the conceptual framework and a survey to identify the best practices of risk management in build operate transfer projects and conventional projects in Pakistan by using structural survey form. It is a quantitative research. A self-administrated questionnaire comprising of two parts: closed ended questions were asked about gender, age, organization, service, employment type and project. Other variables taken and used within study are linked with 5 points likert scale so that the respondents could select them according to their experiences and attitude towards the variables. The data was analyzed based on sample survey forms collected from reputed companies of Pakistan such as NHA, FWO and NESPAK. The fieldwork involved interviews with project managers and the professionals working on build operate transfer and conventional projects. The total sample size comprises of 70 respondents and the sampling technique that is used is simple random sampling. Further-more data is analyzed by using independent sample t-test. The structural model presented herein provides a means for correlating the hard and soft sides of risk management understanding the best practices of risk management in build operate transfer and conventional projects in Pakistan. The results of the study reveal the best practices of risk management in conventional and BOT projects and its impact on the project success. Comment
Impact of Shareholders’ Activism on Governance Practices and Firm Performance in Pakistan: A Response for Family Controlled Firms
(Library Information Services, COMSATS University Islamabad, Lahore Campus, 2019) Ayesha Amjad; FA17-RMS-008; Dr. Sajid Nazir; LHR TP 5696
This study has set out to empirically examine the impact of one of the monitoring mechanism of corporate governance on the overall performance of the firm. Call of previous researches stimulate this study to respond by taking sample of 150 nonfinancial firms listed on PSX to investigate impact of ownership structure on performance of the firms while taking into account multiple dimensions. The study has taken firm performance as it dependent variable which is measured through two proxies: Return on Assets and Tobin’s Q. The independent variable of the study is Ownership Structure of corporate governance measured through five proxies: Institutional Ownership, Family Ownership, Family Control, Group Affiliation and Institutional Activism. The study has employed System GMM econometric technique to investigate the relationship. According to computed results, Family Ownership puts positive and highly significant impact on market performance of the firm. Similarly, there exists strong and significant relation among Family Control and market value of firm. There is highly significant association among Group Affiliation (GA) and market performance of the firm but in negative direction. Similarly, Institutional Ownership (IOS) is significantly related to accounting and market performance of the firm. Moreover, joint impact of Institutional and Family Ownership (IOSxFOS) is positively and significantly related to accounting performance of the firm. Finally, Institutional Activism (Inst_Act)is positively and significantly related to accounting performance of firm. Keywords: Firm Performance, Return on Assets (ROA), Tobin’s Q, Corporate Governance, Ownership Structure, Family Ownership (FOS), Family Control (FC), Group Affiliation (GA), Institutional Ownership (IOS), Institutional Activism (Inst_Act).
Impact of Shareholders’ Activism on Governance Practices and Firm Performance in Pakistan: A Response for Family Controlled Firms
(Library Information Services, CUI Lahore, 2019) Ayesha Amjad; CIIT/FA17-RMS-008/LHR; Dr. Sajid Nazir
With deep gratitude I would like to offer my thankfulness to Dr. Sajid Nazir, my supervisor, for constant guidance and direction that enabled me in completing my thesis. His analytical approach and critical eye assisted me in improving my work and helped me in giving final shape to my thesis.
Impact of Shareholders’ Activism on Governance Practices and Firm Performance in Pakistan: A Response for Family Controlled Firms
(Library Informtion services, CUI Lahore, 2019) Ayesha Amjad; CIIT/FA17-RMS-008/LHR; Dr. Sajid Nazir; LHR TP 5696
This study has set out to empirically examine the impact of one of the monitoring mechanism of corporate governance on the overall performance of the firm. Call of previous researches stimulate this study to respond by taking sample of 150 nonfinancial firms listed on PSX to investigate impact of ownership structure on performance of the firms while taking into account multiple dimensions. The study has taken firm performance as it dependent variable which is measured through two proxies: Return on Assets and Tobin’s Q. The independent variable of the study is Ownership Structure of corporate governance measured through five proxies: Institutional Ownership, Family Ownership, Family Control, Group Affiliation and Institutional Activism. The study has employed System GMM econometric technique to investigate the relationship. According to computed results, Family Ownership puts positive and highly significant impact on market performance of the firm. Similarly, there exists strong and significant relation among Family Control and market value of firm. There is highly significant association among Group Affiliation (GA) and market performance of the firm but in negative direction. Similarly, Institutional Ownership (IOS) is significantly related to accounting and market performance of the firm. Moreover, joint impact of Institutional and Family Ownership (IOSxFOS) is positively and significantly related to accounting performance of the firm. Finally, Institutional Activism (Inst_Act)is positively and significantly related to accounting performance of firm.
Measuring Project Success and Business Competitive Advantage through Incorporation of Sustainability Principles and Sustainability Disclosure: Moderating Effect of Stakeholder Pressure
(Library Information Services COMSATS University Islamabad Lahore Campus, 2020-02-03) Irfa Noor; SP19-RPM-006; LHR TP 6394; Dr. Sajid Nazir
Sustainability is without a doubt, one of the most important challenge of our time. Recently many researchers have been trying to link sustainability with project management as there is very little guidance available on what is meant by sustainable project management and the responsibilities of the project management to disclose their sustainability activities. Organizations are trying to incorporate sustainability in their business strategies, marketing and communication. Sustainability is receiving more and more attention and the link between sustainability and project management is still being built and is underdeveloped. The main objective of this study is to investigate the impact of sustainability principles and sustainability disclosure on project success in the presence of competitive advantage as a mediator and stakeholder pressure as moderator. 314 valid responses were collected from project-based organization across Pakistan. Hayes process and IBM SPSS were utilized for data analysis. The study finds that sustainability principles and sustainability disclosure have significant positive impact on project success. The study also finds that competitive advantage significantly mediates the relationship between sustainability principles and project success and also mediates the relationship between sustainability disclosure and project success. The findings of the study have managerial and theoretical contribution and will be helpful for the organizations to gain competitive advantage and project success through incorporation of sustainability principles and practicing sustainability disclosure.
The Effects of Corporate Governance, Voluntary Disclosures and Information Asymmetry on Agency Cost: A Moderated Mediation Examinatio
(Library Information Services, COMSATS University Islamabad, Lahore Campus, 2021) Samya Tahir; FA13-PMS-015; Dr. Sajid Nazir; LHR TP 7860
In light of many financial scandals during the last four decades (e.g., Enron, Parmalat, and Crescent Standard Investment Bank Limited), companies are paying more attention to resolve management's opportunistic behaviors in the form of fund expropriation, empire building, and suboptimal investments. Managers are presumed to possess additional information on a firm’s current performance and future prospects, which leads to increase information asymmetry and agency costs. Therefore, the implementation of an appropriate system of corporate governance to reduce information asymmetry constrains agents from behaving opportunistically and, as a result, reduces agency costs. Moreover, effective voluntary disclosures play an additional role in monitoring managerial activities by providing more transparency and understanding to investors and creditors about the company. Based on these arguments, this study aims to investigate the fundamental role that information asymmetry plays as a mediator in the relationship between corporate governance and agency cost. The study further evaluates the role of voluntary disclosures in moderating the mediated relationship between corporate governance and agency cost through information asymmetry. The sample of the study is selected from the non-financial firms (listed on the Pakistan Stock Exchange) during the period from 2009 to 2015. The moderated mediation is applied using PROCESS Macro to construct bootstrap confidence intervals at the 95% level to estimate the model and a “simple slope analysis” to visualize the model. The direct relationship shows that despite increasing corporate governance mechanisms, the agency cost of overinvestment is rising. However, the indirect relationship suggests that the corporate governance mechanism promotes transparency by exerting pressure on management to produce information that investors and other stakeholders can use. This creates a monitoring channel that reduces information asymmetry, thus reducing the ability of management and majority shareholders to expropriate the firm’s resources, which mitigates the overinvestment of free cash flow. The positive effect of corporate governance on agency cost in the direct relationship becomes negative in the indirect relationship, xi contingent on increased voluntary disclosures by means of an additional controlling mechanism that mitigates the agency cost. Additionally, a high level (vs. low) of voluntary disclosure index and sub-indices are better able to negatively moderate the mediated relationship. The results support the agency cost hypothesis that states that managers and dominant shareholders make suboptimal investments when disclosure quality is reduced. Despite the efforts of academia, professionals, and regulatory bodies, the disclosure of value relevant information is limited. The insights provide implications for the Pakistan Institute of Corporate Governance to ensure the effective execution of the governance rules. Likewise, it is important to set voluntary reporting standards in response to calls for additional control devices (i.e., voluntary disclosures).