Department of Management Science
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Item Examining the Cash Flow Management Practices in the Construction Industry: A case of Pakistani Firms.(Library Information Services COMSATS University Islamabad Lahore Campus, 2020-02-08) Mohsin Bashir; SP17-RPM-009; LHR TP 6058; Dr. Ammar AbidCash flow management is very vital for the survival of any kind of firm but for a construction firm, its importance increases as a lot of firms are being bankrupted due to poor cash flow management. Construction firms are failing to deliver successful projects as they become shorthanded on cash due to irregular progress payments of projects from clients. The application of best cash flow management techniques are becoming more and more desirable for the project to be profitable and successful. So, the core objective of the study is to find the best ‘cash flow management practices’ applicable in the construction firms of Pakistan and effects of these practices on the project success. Data will be through a structured questionnaire focused towards the financial and project managers of 20 construction firms located in Punjab Province. Empirical data is tested by using SPSS technique and results are deduced. All the hypotheses of the study are validated. The results showed that cash flow management practices i.e. self-financing practices and debt-financing practices have a positive impact on success of a construction project. Performing cash flow forecasting increases the chances of getting successful project. Hence, Project Manager (PM) has to select best possible combination of cash flow management practices for keeping the balance between cash outflow and cash inflow, as he has highest authority while working on a projectItem Corporate Governance, Risk Governance and Performance of Banks: Evidence from Asian Economies(Library Information Services, COMSATS University Islamabad, Lahore Campus, 2019) Fauzia Saeed; SP17-RMS-002; Dr. Ammar Abid; LHR TP 5694Banks are important entities for growth of economy. Their opaque nature of business has focused the need to study their governance system. The aim of this study is to investigate the effect of corporate governance and risk governance on performance and risk of banks during period 2010 2017 for sample of Asian economies banks. The performance of banks is measured by ROA (return on assets), ROE (return on equity) and Tobin’s Q as used in prior studies. Three types of risks are investigated that are default risk, credit risk and liquidity risk. The results show positive relationship of institutional shareholdings and negative relationship of ownership concentration and CEO duality with performance and negative relationship of institutional shareholdings with risk of banks. Also risk governance is not effective in terms of performance but results suggests that small size of risk committee who meets frequently and chief risk officer that repots direct to board is of significant importance for the stability of banks, its credit risk and liquidity risk as well. The results also demonstrate that risk governance and corporate governance is not much effective for risk and performance of state owned banks than private banks. Islamic banks and conventional banks results suggest that risk governance and corporate governance practices impact conventional banks more effectively than Islamic banks. At the end, protection of investor’s right and enforcement of law also shows positive relationship with performance of banks and negatively related to risk than means countries with effective enforcement of law and where investor’s rights are protected, positively impact performance of banks and it decreases risk of banks. With effective protection of investor’s right and enforcement of law in any country, risk governance and corporate governance will have effective impact on performance and risk of banks as well. All these results hold when bank specific variables and country factors are controlled.Item The Impact of Transformational Leadership Style on Project Success through Teamwork; The Moderating Role of Inter-Organizational Relationships(Library Information Services, COMSATS University Islamabad, Lahore Campus, 2020) Muhammad Fahad Mateen; CIIT/FA17-RPM-007/LHR; Dr. Ammar Abid; LHR TP 6385In modern times, the number of projects is exponentially increasing and organizations are becoming more and more Project-oriented with every passing day. Project Success has become the ultimate target for every Organization and Project Manager. However, Project Success rates have not been as high as these organizations and managers would desire. Research is still being done to understand and identify the elements of project success and mitigate the probability of failure of projects. Till date, multiple components have been identified that influence project success including characteristics of a project manager, role of organization and inter-personal skill etc. The research is an attempt to further probe into the role of Project Manager, Project Team and Organization to understand their contribution in project success. Previous studies have proved that Teamwork and Transformational leadership have a significant impact on project success. This study extends the horizons of this relationship by including an external influencing factor i.e., Inter-organizational Relationship (IOR) to validate its influence on project success within public plus private sectors. A quantitative study was conducted considering the firms operating in Lahore, Pakistan as the subject population of the research. A sample size of 222 was considered and an approach of convenience sampling was adapted to collect data through questionnaires. Regression was applied on the primary data acquired from the respondents which proved that the Project Manager’s Transformational Leadership Style has a substantial and constructive effect on quality of teamwork, wherein teamwork acts as a mediator between project manager’s style of leadership and Project Success. Furthermore, the Inter-Organizational Relationship act as a moderator between the relationship of Project Manager’s Transformational Leadership style and Project Success. Through data collected from Project Managers of firms operating in Lahore, Pakistan, the study allows to express a bigger picture towards the role of Project Manager, Project Teams and Organization leading to Project Success. In theory, incorporation of external ix constraints like IOR and their influence on Project Success completely changes the dimensions of previous studies and articulates the fact that Projects are an open-system rather than a closed-system and should be studied as is, in order to achieve more accurate results.Item CEO Power and Systemic in Banks: Role of Corporate Governance and Risk Governance Mechanisms(Library Information Services COMSATS University Islamabad Lahore Campus, 2023-02-09) Tabraiz Khalid; SP22-RMS-001; Dr. Ammar Abid; LHR TP 8765The study investigates the impact of CEO Duality, CG (corporate governance) and RG (risk governance) mechanisms on the systemic risk along with investigating the moderating role of CG and RG on the relationship between CEO power and systemic risk by using a sample of 88 large listed commercial banks from 11 Asian countries namely Pakistan, China, India, Bangladesh, Bahrain, Jordan, Philippines, Saudi Arabia, Turkey, Thailand and UAE. The study utilizes OLS (ordinary least square), random effect and fixed effect models and evidences the negative influence of CEO Power, CG and RG mechanisms on the systemic risk, only a few positively influencing the systemic risk such as CRO Presence and RMC (Risk management Committee) meetings. The findings show that a few CG and RG mechanisms significantly moderate the relationship between CEO power and systemic risk such as board size, RMC meetings, CRO (chief risk officer) presence. The influence of CEO power, CG and RG mechanisms is also investigated using the GMM approach to tackle endogeneity issues. The results of OLS, random effect, fixed effect are consistent with the GMM. Moreover, the moderation results of CG and RG mechanisms on the relationship between CEO power and systemic risk are also improved. CG mechanisms board size, board independence and board meetings significantly moderate the relationship between CEO power and systemic risk. RG mechanisms RMC presence, RMC size, CRO presence and CRO independence also significantly moderate the relationship between CEO power and systemic risk.Item Beyond gender diversity: Two shades of women directors and bank cash holdings(Library Information Services, COMSATS University Islamabad, Lahore Campus, 2023) Ahmed Younas; SP21-RMS-002; Dr. Ammar AbidThe study examines the impact of women directors on bank cash holdings for a sample of 187 listed commercial banks from 14 countries namely Bangladesh, India, China, Pakistan, Malaysia, Saudi Arabia, Sri Lanka, Thailand, Turkey, UAE, Jordan, Philippines, Oman and Indonesia. The study uses both fixed and random effect specifications and documents a negative association between women directors and cash holdings. The results indicate women directors support agency motive, instead of precautionary. Further, it examines the role of critical mass of women directors and documents that presence of three or more results in lower level of cash reserves. Moreover, it investigates the role of educational women experts (highly educated women directors and business women directors) and women financial experts in shaping cash policy. From these shades, results show business women directors increase cash holdings level supporting precautionary savings hypothesis instead of agency. The impact of women directors on bank cash holdings is examined using two-step system GMM approach in order to address endogeneity issue. Regression results are same as reported under fixed effect and random effect specifications i.e. a negative and significant relation. Regarding highly educated women directors, GMM estimations show that such women lower cash levels. Business women directors are significantly and negatively related to cash to total asset ratio. Interestingly, the women financial experts are found to increase the level of excess reserves, supporting the argument that such women directors on board think that holding excess reserves provide cushion against potential risks and uncertainties, thus are supporting precautionary motive.Item Board Gender Diversity and Risk Taking: Evidence from European Banks(Library Information Services, COMSATS University Islamabad, Lahore Campus, 2023) Farva Ali; FA19-RMS-007; LHR TP 8128; Dr. Ammar AbidThe focus of this study is to examine the impact of board gender diversity on the risk – taking activities of the banks. The research investigates the impacts of various aspects of gender diversity in boards on the risk relevant decisions taking European countries into account. Out of assorted types of risk that a bank faces credit risk, operational risk, insolvency risk and the liquidity risk have been highlighted. Also, various aspects of corporate governance that gained the popularity as the aftermath of global financial crisis like women leadership or their demographical attributes have been taken into account in the context of risk management of the banks. The results show that women on board significantly reduce the bank risks. These results implicate that when women are given the top positions in the hierarchy, they place their impact on the risk assessments and afterwards in the selection of the riskier opportunities and bar the overdue risk acceptance. The study is made on a comprehensive sample of listed banks across 21 European countries covering all its cardinal directions during 2010 – 2018. The opaqueness of banks’ business makes this entity distinct from the corporate industry and hence it is studied in a separate research line. This study will be an attempt to abate the disparity found in the research line that caters the banking industryItem Climate Risk, Foreign Direct Investment and Private Participation Projects’ Profitability in Infrastructure Development(Library Information Services, COMSATS University Islamabad, Lahore Campus, 2022) Akasha Javed; SP19-RPM-019; Dr. Ammar Abid; LHR TP 7668The earth and its habitant are facing the consequences of climate change – manifested by capricious and frequently occurrence of extreme weather events i.e., wildfires, heatwaves floods, and droughts across the world. Although it has been established that climate risks have a negative impact on the execution and operations of the projects. But there is still a need to specifically investigate the effects of inevitable climate uncertainties on profitability of Private Participation Infrastructure (PPI) projects. Therefore, in this study, the impact of climate related uncertainties on the profitability of PPI projects, has been investigated. The moderating effects of the ownership of the host government has also been studied. In order to conduct the study, the PPI data set for the period of 2007 to 2019 published by World Bank has been utilized while techniques of Logistic & Ordinary Least Square (OLS) regression analyses have been used to carry out the study. The data pertaining to Global Climate Risk Index (CRI) prepared and issued by German watch has been utilized. Moreover, an analysis to investigate the impact of climate risks on FDI inflows has also been conducted for the region of South Asia particularly as the developing countries of this region are amongst the most affected countries due to climate risks or extreme weather events and FDI can play a crucial and vital role for economic growth of the developing countries of the region. It is evident from the results that profitability of the project is affected negatively due to climate risks. The climate risk has also adverse impact on FDI inflows. The ownership of the host government has not shown any moderating impact on the dependent variables in this study.Item Effects of Project Related Factors and Project Innovation on Project Financial and Environmental Performance: A study across the Construction Sector in Pakistan(Library Information Services COMSATS University Islamabad Lahore Campus, 2020-01-30) Hafiz Muhammad Bilal; FA17-RPM-002; Dr. Ammar Abid; LHR TP 6059Construction projects are escalating rapidly day by day. Therefore, evry organization need a successful completion of the project with the growth of financial performance. The success is the most important part of the project for the existence of the organization as well as the other stakeholders and the employees of the firm. Once in a while, the project implementation do not come up the success. There are plenty of grounds behind the cost overrun or delays. It consists of the factors like managetial discretion, project innovation, institutional pressure or lack of environmental awareness. Present day researchers are designating the significance of the project innovation towards performance growth. The study used a quantitative method for making the scence of the relation among the PRF and PI, plays a significant role. A research model was equating the project innovatoion on the project financial and environmental performance respectively, with the moderating effect of institutional pressure and environmental awareness was examining the association. The association was examined by 208 respondents of the construction firms of Lahore, Pakistan. Statistical inference showed that project related factors (PRF) had signicant association with project innovation (PI), project innovation had the effect on project financial and environmental performance respectively. The reseach will lead the organizations and other stakeholders of the construction projects towards high gain in the financial and environmental performance by adopting the latest technologies to avoid the pollution, and project innovative behavior.Item Examining the Cash Flow Management Practices in the Construction Industry: A case of Pakistani Firms.(Library Information Services COMSATS University Islamaabad Lahore Campus, 2020) Mohsin Bashir; SP17-RPM-009; Dr. Ammar Abid; LHR TP 6058Cash flow management is very vital for the survival of any kind of firm but for a construction firm, its importance increases as a lot of firms are being bankrupted due to poor cash flow management. Construction firms are failing to deliver successful projects as they become shorthanded on cash due to irregular progress payments of projects from clients. The application of best cash flow management techniques are becoming more and more desirable for the project to be profitable and successful. So, the core objective of the study is to find the best ‘cash flow management practices’ applicable in the construction firms of Pakistan and effects of these practices on the project success. Data will be through a structured questionnaire focused towards the financial and project managers of 20 construction firms located in Punjab Province. Empirical data is tested by using SPSS technique and results are deduced. All the hypotheses of the study are validated. The results showed that cash flow management practices i.e. self-financing practices and debt-financing practices have a positive impact on success of a construction project. Performing cash flow forecasting increases the chances of getting successful project. Hence, Project Manager (PM) has to select best possible combination of cash flow management practices for keeping the balance between cash outflow and cash inflow, as he has highest authority while working on a project.Item The Nexus between Corporate Governance, Stock Liquidity, and Corporate Cash Holdings: Evidence from Emerging Economy(Library Information Services, COMSATS University Islamabad, Lahore Campus, 2021) Ali Murtaza; SP18-RMS-004; Dr. Ammar Abid; LHR TP 7225Corporate cash holdings (CCH) have captivated a lot of research in past years and continue to be eminent in the corporate finance literature. CCH literature identifies three preeminent motives for corporations to hold cash; “transactional, precautionary and speculative motive” (Bates, Kahle, & Stulz, 2009; Opler, Pinkowitz, Stulz, & Williamson, 1999; Ozkan & Ozkan, 2004). This study aims to explore the relationship between stock liquidity (LIQ) and corporate cash holdings (CCH). This study also explores the moderating impact of Corporate Governance (CG) on the relationship between stock liquidity (LIQ) and corporate cash holdings (CCH) in Pakistan. The study uses a generalized least square (GLS) random effects (RE) model to draw inferences from data. The study uses two proxies of liquidity (LIQ), Amihud(2002) illiquidity measure and turnover rate (TR). We use the corporate governance index (CGI), which consists of 3 sub-indices namely, (1) board structure index (BODI), (2) ownership structure index (OWNI), and (3) disclosure structure index (DISCI) as a moderator. The findings of the study reveal that companies with liquid stocks hold less cash after controlling for various firm characteristics. The findings of this study show that the coefficient of Amihd(2002) illiquidity measure is not significant, hence we do not find any relation between Amihud(2002) illiquidity measure and corporate cash holdings (CCH) and (CGI) do not moderate their relationship. We find a negative association between turnover rate (TR) and corporate cash holdings (CCH) and corporate governance index (CGI) moderate their relationship.