African Journal of Business Management

Published by Academic Journals
Online ISSN: 1993-8233
Publications
Article
This article applies frontier production function analysis to small farms in Nicaragua during 1998-2005 (Battese and Coelli, 1988). The objective of this study is to estimate an average function that will provide a picture of the shape of the organic fertilizer technology of an average firm (in our case, agricultural production units). Furthermore I present a best-practice of organic fertilizer against which the efficiency of the firms within the primary sector can be measured (Coelli, T: 1995). The results show an average of technical efficiency acceptable which the makers of public policy in Nicaragua must considerer for the future. It is imperative if we consider an economy activity indexes that have increased during this period.
 
Article
A partnership is the relationship existing between two or more persons or entities that join to carry on a trade or business. Each one contributes money, property, labor or skill, and expects to share in the profits and losses of the business. This paper aims to describe some types of partnerships between governments, communities, new social movements and firms.
 
Article
The paper is about application of evolutionary concept, particularly the application of natural selection process, to the study of movie industry. The importance of the application is that it allows for the heterogeneity and interdependency of market agents in analyzing the economic choice decision. This complexity always presents an obstacle to the study of market behavior, especially when one has to take into account the constant reinforcing effects among the variables, which often renders the problem elusive. The paper intends to explain the economic process, particularly the evolution of exhibition contract, taking into account this complexity through the use of evolutionary concept.
 
Article
Since leadership is a critical factor for improving organizational performance, failure or success of an organization highly depends on the efficiency of leadership at all levels. Scholars elaborated that leadership is the ability of influencing one's attitudes, aptitudes and beliefs, in the way that it will lead to meet organizational objectives. The main purpose of this study is to consider two domains of efficient leadership and women’s leadership style, in order to determine and elaborate the dimensions of the new concept of “Women’s Efficient Leadership”. We intend to describe the characteristics of women’s efficient leadership in state organizations in Iran by means of offering a logical pattern, in order to be able to propose a favorable pattern, leading to increased efficiency in governmental organizations of the country. Innovation of this study can be divided into two parts: one is theoretical contribution and developing the knowledge of efficient leadership as well as women’s leadership style, and the second one is scientific contribution and proposing a pattern for women’s efficient leadership in state organizations, using compound approach. The outcomes of this study show that women’s efficient leadership in state organizations consists of 7 subjects, 17 dimensions, and 85 components, which represent various characteristics in different periods of time. The thesis that women’s efficient leadership has an evolving nature was approved and that it consists of a combination of factors such as capability of team making, having vision, cognitive and psychological capabilities, able to bring continuous improvement of organizational performance, mentoring and making effective relations. In this study, the influence of mentioned factors on women’s efficient leadership has been investigated by means of questionnaires and has been approved.
 
Total employment in transport sector 1999-2005.
Transport share of Gross Domestic Product (GDP) at 1990 constant basic prices 2003 -2007 in naira millions.
Questionnaire responses rate.
One Sample Z-Test for the Hypothesis.
Article
The purpose of the paper is to determine the extent to which Nigeria's National Transport Policy (NTP) enhances economic sustainability in Nigeria and offer guidance to policy makers on effective ways to make progress towards sustainable transportation in Nigeria. This paper offers an analytical evaluation of the Policy, using both primary and secondary data. To do this quantitative survey method was adopted for the study and questionnaires were used for data collection instrument. A random of 127 (68.28%) transport companies were selected for the study, out of a population of 186 registered luxury bus and shipping companies in Nigeria in 2009. For a proper analysis, a sample of 400 non transport workers was included in the study. In total, 1670 questionnaires were administered to the respondents, out of which 1452 questionnaire were completed, which represents a response rate of 86.95%. The data analysis revealed that overall means score was 2.54, which was lower than expected value of 3.00 on 5-point Likert Scale. The test of hypothesis revealed that calculated Z was -27 .9590, with significant probability of 1.0000, which was greater than 0.05. The test was insignificant at 5% level of significance. Therefore, it was concluded that the extent to which the policy enhances economic sustainability in Nigeria, was not significantly above average. This implies that the policy had little influence in reducing negative economic impact emanating from Nigeria’s transport system. In this light, it is recommended that the policy should be modified so as to make it functional and goal oriented.
 
Article
This paper presents an overview of the theoretical and related empirical literature on the association between financial system development and economic growth. It describes the role of financial system development in economic growth at the macro level, both theoretically and empirically. It also describes briefly the relationship of corporate finance and firm performance. It finally concludes the review and presents some policy implications in view of the reviewed literature.
 
Article
Providing efficient query to XML data for ebXML applications in e-commerce is crucial, as XML has become the most important technique to exchange data over the Internet. ebXML is a set of specifications for companies to exchange their data in e-commerce. Following the ebXML specifications, companies have a standard method to exchange business messages, communicate data, and business rules in e-commerce. Due to its tree-structure paradigm, XML is superior for its capability of storing and querying complex data for ebXML applications. Therefore, discovering frequent XML query patterns has become an interesting topic for XML data management in ebXML applications. In this paper, we present an efficient mining algorithm, namely ebXMiner, to discover the frequent XML query patterns for ebXML applications. Unlike the existing algorithms, we propose a new idea by collecting the equivalent XML queries and then enumerating the candidates from infrequent XML queries in our ebXMiner. Furthermore, our simulation results show that ebXMiner outperforms other algorithms in its execution time.
 
Multi-dimensions of self
Cheating by a taxi driver vs. financial market driver 
Article
Both success and failure of free market economy could be explained through its understanding of human nature. Its great success in production comes from its principles based on “self-interested” human nature driven by animal souls and egoistic desires. The system achieves higher productivity by providing many incentives to motivate people whose goals are to maximize their interests. On the other hand, the failure of the free market system comes from its lack of moral principles to balance irrational and irresponsible decisions/behaviors of animal souls and ego. For that matter, the paper argues that the 2008 crisis was essentially a moral crisis of capitalism with its root going back as far as the Enlightenment. It suggests that during the crisis, the “invisible hand” of free market turned to “stealing hand” through market games driven by the irrational and irresponsible behaviors of politicians, creditors, and consumers. The paper concludes with few lessons learned from the crisis. First, the crisis created a great opportunity to acknowledge the need for moral values for efficient market system. Second, we should revise our assumptions of human nature and behaviors in economics and finance to include predictably irrational decisions of individuals. Third, we should include moral education in education system at K-12 levels, not at the college. Finally, we should revise our economic models to capture the importance of moral and spiritual capital as endogenous variables.
 
Regression analysis (model summary) for business performance.
Article
The importance of quality management in SME Sector of Pakistan as being catalyst for economic development is undeniable. Nevertheless it is unfortunate that despite this implication, little research is undertaken to comprehend the complex nature of SME. The purpose of this research is to measure impact of ISO 9000 certification on organizational performance of SMEs in Pakistan. The effect of five dimensions of ISO 9000 Standard was individually examined on the organizational performance. These five dimensions include management responsibility, documentation requirements of quality management system, resource management, product realization and measurement analysis and improvement. The findings of the research show positive relationship of ISO 9000 certification with organizational performance of SMEs.
 
Theory of Reasoned Action, (Ajzen and Fishbein, 1980; Fishbein and Ajzen, 1975).
Mean, standard deviation, correlation coefficients of TRA (1+2+3) and TPB (1+2+3+4) Model's variables.
Model Summary.
Coefficients (a).
Article
Because of efficiency and easiness that it provides, Information Technology (IT) usage has a vital meaning for all sectors. To derive benefits from IT completely, it has to be discovered in all aspects. The purpose of this study is to investigate the reasons behind accountants’ IT usage and in this context, compare two social psychology based theories; the Theory of Reasoned Action (TRA) and the Theory of Planned Behavior (TPB). The data, obtained through a questionnaire that was responded to by 437 accountants, shows that if an accountant has a positive attitude and Subjective Norms (SN) towards IT usage, his/her intention towards IT usage is also positive, and the degree of intention is in proportion to the degree of perceived behavioral control. According to the stepwise regression analysis, TPB has higher predictive power than TRA.
 
Frequency distribution
Relationship between customer and the product determines customer loyalty.
Article
Customer loyalty always remains a prime concern for business organization. The purpose of this is to identify key factors which influence customer loyalty around the globe in general and in Pakistan in particular. This study investigates the correlation between these factors and customer loyalty through hypotheses testing. The study was carried out by taking a sample of 150 respondents. Data were collected through questionnaire containing 14 items and analyzed in SPSS. Results of the study indicate a positive relationship among customer satisfaction, customer relationship, image of the product, trustworthiness and customer loyalty. This study concludes that long-term success and sustainable reputation of an organization depends on customer loyalty. The study recommends that the ‘customer is always right’ is a golden principle to attain customer loyalty.
 
Article
The job satisfaction has got tremendous attention in organizational research. The focus of this study is to determine the impact of various human resource management practices like job autonomy, team work environment and leadership behavior on job satisfaction. It also investigates the major determinants of job satisfaction in Pakistani banking sector. This study further evaluates the level of difference in job satisfaction among male and female employees. The sample of the study consisted of 450 employees working in different banks of Rawalpindi, Islamabad and Lahore through the questionnaire, of which 295 were returned and processed. SPSS was used to analyze the data, using Independent Sample T Test, Correlation and regression analysis. There is a positive and significant link between job satisfaction and human recourse management practices like team work environment, job autonomy and behavior of leadership. From the findings of the study, it is also inferred that male and female workers have significantly different level of job satisfaction.
 
Article
This paper tried to analyze the performance of the investment companies listed in Tehran Stock Exchange that had active portfolio management from 2006 to 2010 by Sharp, Treynor, and Sortino ratios. For more profound study of their performances, this research used some of the measures, including turnover, liquidity, size and diversification of portfolio. After gathering needed test data and relevant statistical tests as Kolmogorov-Smirnov and Shapiro-Wilk, the results showed the distribution of data was not normal. Therefore, the hypothesis was tested by nonparametric tests. The results of the first hypothesis about the three mentioned above ratios and with Freidman and Wilcoxen tests showed the companies had better controls on systematic risk than other components. The result of the second hypothesis by using combined Anova and Multiple Anova showed portfolio turnover in the companies had positive and significant affect in the companies performances than other measures. It is possible for anyone to be able to find a company that has a high level of portfolio turnover and a high level of performance than other companies while it has a lower level of other measures.
 
Article
Workplace bullying represents persistent behaviors that are both overt and covert. There is an increasing need for understanding this construct for the reason that it is directly linked to bringing the victim to a state of long lasting emotional distress. Alarmingly, such aggression usually is invisible and difficult to identify. This provides a rationale for elucidating the concept of bullying in the workplace at length through an extensive review of the existing literature. Various facets of workplace bullying have been highlighted in this paper in order to show its detrimental effects on the health of targets working in any occupational or organizational setting. Drawing on well-established theories and findings of various researchers, the concept of workplace bullying is systematically linked with how it can evolve into mental health problems. In addition, few hypotheses are also presented for future research purpose.
 
Article
This paper evaluated the feasibility of optimum currency areas (OCAs) in East Asia by benchmarking the characteristics of 16 East Asian economies and India against those of the dollarized countries and the European Economic and Monetary Union (EMU), according to criteria that are most frequently studied in OCA literature, namely synchronization in real business cycle, volatility in real exchange rate, and synchronization in real interest rate cycle. Backed by literature, the U.S. dollar was set to be the reference currency. Data series were divided into different time periods to capture different economic circumstances. A ‘dynamic’ benchmarking technique was used to ensure robustness of results. Results suggested that the region as a whole does not constitute an OCA at the moment. Nonetheless, a subregional union of a high potential ‘Southeast Asian’ bloc was put forward. Results serve to be an important reference for both public and private policymakers on matters pertaining to regionalization and international business management.
 
Article
Petrochemical industry as one of the largest and most important sectors is in need of the application of new managerial tools for strategic planning. There are different models and tools for strategic planning. The model of balanced scorecard (BSC) has been noticed by various organizations in recent years due to its special attention to intangible assets of organization like customer, internal processes, growth and learning in addition to financial indexes. Moreover, it is considered as one of the new methods of strategic planning. This research aims at developing a strategy for Mobin Petrochemical Company with a BSC attitude. The present research from the viewpoint of goal is an applied research and in respect of data collection, it uses a qualitative research method (focal group). For the purpose of learning about strategies of Mobin Petrochemical Company, while reviewing texts and literature related to strategic management, the views of senior petrochemical managers was used in the process of focus groups. During various focus meetings held in the presence of senior management body of the organization, the mission and vision of company were determined. Then identifying external opportunities and threats and determining internal weaknesses and strengths of organization and evaluating the IFE and EFE matrixes, the SWOT matrix was formed and strategies of Mobin Petrochemical Company were determined. The motifs of the company strategy were classified from the four main perspectives of BSC model. Afterwards, for determining the process of creation of value and cause and effect relation between strategic goals of organization, the strategy map of Mobin Petrochemical Company was drawn. Finally, the strategic pivots of Mobin Petrochemical Company were determined with regard to financial, customer, internal processes, growth and learning. In order to render strategies and determine objectives and performance measures in BSC system, various meeting were held in different units of the company. Reviewing the details of performance and method of implementation in each part, proper measures and their method of formation were determined. Having the confirmation of senior managerial body of Mobin Petrochemical Company, strategic plans and measures were adopted.
 
Descriptive statistics of research variables.
Statistical results of second secondary hypothesis testing.
Statistical results of third secondary hypothesis testing.
Statistical results of fourth secondary hypothesis testing.
Statistical results of sixth secondary hypothesis testing.
Article
One of the major factors influencing a company’s performance is undoubtedly the level of risk-taking. As owners of a great deal of company stock, institutional investors can play an important role in determining this level. Therefore, this study has investigated the influence of institutional ownership on the risk-taking behavior of companies that are listed in the Tehran stock exchange. The study has used the standard deviation of monthly return and systematic risk (β) as market risk criteria, and research and development expense and capital expenditure as company risk criteria. This research includes 58 companies from 2004 to 2008, in which ordinary least squares regression models (panel data) and a tobit model have been used. The results show that no meaningful relationship exists between the percentage and concentration of institutional ownership by stockholders and risk-taking behavior.
 
Mean 15-min returns.  
Article
This study investigates intraday effects in the Istanbul Stock Exchange (ISE) during the latest period of financial turmoil which began in August 2007 and extended to February 2010. We tested for the possible existence of intraday anomalies using both return and volatility equations, empirically applying GARCH (p,q) models. The unique data set we utilized was compiled from 15-min intraday values of the ISE-100 Index which are formed by averaging historical ten-second tick data. This study contributes to the current literature in three distinct ways. Firstly, the basic characteristics of the unique data used in this research were investigated in detail. Secondly, four range-based volatility measures, namely Garman Klass (GK), Yang-Zhang (YZ), Rogers-Satchell (RS) and Parkinson (PK), were employed to take more precise measurements of volatility for intraday data analysis in order to identify the changes in general market sentiment using opening, closing, high and low prices. Thirdly, we estimated the relative efficiency of GK, YZ, RS and PK by applying GARCH (p,q) models. The results are quite promising, indicating that strong opening price jumps are present for daily and morning calculations. They illustrate that the YZ estimator has relatively more power in generating tolerable volatility patterns.
 
Article
This paper develops a general continuous-time evolutionary finance model with time-dependent strategies. It is shown that the continuous model, which is a limit of a general discrete model, is well-defined and if there exists one completely diversified strategy in the market, then there is no sudden bankruptcy. After that a deterministic evolutionary bond market is studied in detail. It is certified that a bond market is evolutionary stable, which is equal to arbitrage-free if and only if the total returns defined in this paper across all the assets are the same, or each bond is evaluated by an improper integral in which the integrand is a discounted value of the dividend payoff with the discount rate being market consumption parameter. Last an approach to compute the benchmark interest rate is provided.
 
Article
The purpose of this paper is to demonstrate the concept of global branding, what it stands for being socially responsible, and what its link with leverage is. It also highlights the range of social responsibility issues with reference to Pakistani brands and explores the relevant issues and deep insights from strategic corporate social responsibility (CSR) literature and global branding literature in the context of Pakistani organizations. It also suggests future implications for theorists, practitioners and academicians with reference to effective strategic CSR and global branding. This paper embarks on the intellectual journey with the concept of CSR and global branding in local context of Pakistan, while reviewing the relevant literature and addressing the issue of complexity in Pakistani context. This study gives insights about the issue of complexity at the time of strategically integrating CSR into global band and sorts out three strands of complexity namely, 1) issue complexity, 2) organizational complexity, and 3) communication complexity in the context of Pakistan. The limitation of this paper is due to the limited academic literature, giving insights about how global organizations in corporate CSR initiatives for the development of brands, and insights dealing with the issues needed to be taken into account at the time of integrating into branding strategies. This paper gives fresh enquiry to the issue complexity, organizational complexity and communication complexity with reference to global brands and CSR activities in the context of Pakistan which has been applied so far.
 
Article
The work desires to determine the optimum level of batch size in bottleneck facility and to analyze the effect of common processes on throughput and cycle time in a production system under uncertain situations created by machine breakdown and quality variation. Few simulation models are developed based on a live case from a company. The models are verified and validated with the historical data from the company and by face validity. Taguchi approach for orthogonal array is used in designing experiments. The experimental settings are executed in WITNESS, a simulation package. It is observed that the variation in level of common process in the system has significant impact on the production quantity and cycle time. The main contribution of this research is determination of the optimal level of batch size in a bottleneck resource under imperfect quality of product and resources breakdown uncertainties. This approach can be generalized to any multistage production system, regardless of the precedence relationships among the various production stages in the system.
 
Research model. 
Article
This study examines the relationship among environmental uncertainty, effectiveness of budgetary control and propensity to create budgetary slack in public organizations. For this purpose, the data collected from 460 public organizations’ managers via questionnaire. Results of analyses show that negative and statistically significant relationship is found between environmental uncertainty and effectiveness of budgetary control and between effectiveness of budgetary control and propensity to create budgetary slack. However, environmental uncertainty has statistically significant and positive impact on propensity to create budgetary slack. It is also found that budgetary control has partial mediation effect on the relationship between environmental uncertainty and propensity to create budgetary slack.
 
Matrices correlation among the variables.
Descriptive statistics.
Regression results of the sub-sample (2001-2008).
System GMM results.
Article
Several empirical studies have reported that the level of short-term financing is higher in firms operating in developing countries. Short-term financing increases risk of default as it matures quickly and leaves little room for the borrowing firm to manage its cash flows. But if the firm has a cash buffer, it can avoid such a risk. If firms in developing countries have higher level of short-term debts, do they carry larger cash balances too? Do firms in Pakistani match the maturity of assets with the maturity of their debts? In this study, we investigate these questions using a sample of 380 listed firms over a period of 1996 to 2008. The descriptive statistics show that cash-to-total assets ratio of the sampled firms is almost the same as reported in other empirical studies for developed countries such as US and UK. This finding raises an important question of how firms in Pakistan with more short-term financing carry relatively smaller balances of cash. As an answer, this study puts forward several explanations, which have important implications for capital market and firm financing. Results of panel data models indicate that cash-to-total assets ratio increases with growth opportunities, size of a firm, dividends ratio, and decreases with debt-maturity and conversion cycle. To allow for the possibility that cash-to-total assets ratio is adjusted gradually over time by firms in an attempt to reach optimal ratio, the study also employs a partial adjustment model by using the generalized methods of movements (GMM).
 
Article
The nonlinearity and accompanying concept, namely the chaos receive great attention from researchers. This study employs nonlinearity and chaos theories to examine the behavior of the Istanbul Stock Exchange (ISE) all share equity indices. The main purpose was to explore the existence or nonexistence of nonlinearity and chaotic behavior in the ISE market. Therefore, the efficient markets’ characteristics, which are the random behavior of asset prices and nonlinear chaotic dynamics, were contrasted and the probabilistic and deterministic behaviors of the asset prices were compared. Our results based on BDS, Hinich Bispectral, Lyapunov Exponent and NEGM tests reject the efficient market hypothesis that the index series examined in this study is not random, independent and identically distributed (i.i.d).
 
Profile of respondents.
Priorities resulted from AHP method for five categories and inconsistency ratio.
Article
This paper is aimed to determine factors influencing international postgraduate students in choosing university in Malaysia. Factors such as programs offered, fees, promotion, facilities, prominence, environment, convenience, and scholarship were utilized. A total of 135 international postgraduate students were involved in this study through a direct survey. The percentage technique to extract the information of respondents’ demography was used. Then, the analytic hierarchy process was employed to evaluate the level of importance of each factor. The study found that “programs offered” is the number one factor which influences overall international students’ choice to opt for a postgraduate study in Malaysia universities. There were some differences between students from Asian and Western countries in ranking the importance of those factors. Overall categories of respondents selected “tuition prices”, “facilities”, and the “academic staff prominence” as the preceding factors to follow the “programs offered” factor in a sequential level of importance. In general, the result reflects the awareness of prospective students towards the expected standard of education required from the higher education industry.
 
Article
The internet is playing great roles in the dissemination of information by companies. This study was conducted to analyse all the firms listed on the Ghana Stock Exchange in terms of its ability to communicate both financial and non financial information using the internet as the medium. The results show that twenty seven (77.14%) had web sites and eight (22.86%) did not have web sites or the web sites were not accessible. The results of the multiple regression analysis show that profitability and leverage are important determinants of internet financial reporting. Thus the hypotheses; H1. There is a positive association between internet financial reporting index and firm's profitability and H4. There is a positive association between internet reporting index and leverage, were upheld. Firm size, Liquidity and Auditor size are not significant explanatory variables for the internet reporting index.
 
Pulpwire report -Gap. 
Extent of required disclosures and the gap between the actual disclosures. 
Pulpwire report -"Required high disclosure companies" and the gap. 
Article
Much has been debated on the necessity of the better corporate disclosures on the issues affecting the stakeholders. This research provides an insight into the disclosures of plantation companies on the environmental preservation in relation to the earth, water and air (EWA). The study gauged the actual level of the corporate environmental disclosure (CERD) using National Annual Corporate Report Award (NACRA) checklist. We used the total land bank area occupied by a company to calculate the concentration of plantation activities in order to determine the extent of CERD required from the companies. This approach discards the “one size fits all” approach to solve disclosure problem. Pulpwire tool developed in this research can identify gaps in the required disclosure of the plantation companies and alert the companies to take necessary corrective actions.
 
Article
Many studies have reported teacher stress as a complex phenomenon induced by various stressors. Among these, lack of self-efficacy remains one of the most significant stressor. Besides, self-efficacy plays a moderating role in controlling stress. Stress over a significant period of time leads to burnout, characterized by feelings of depersonalization, lack of accomplishment, and emotional exhaustion. This review encapsulates the major theoretical developments in the area of teacher stress and the concept of self-efficacy as a tool for coping with stress. In this review we found that literature within the sphere of teachers’ self-efficacy and its relationship with stress-coping is still in its infancy, lacking good empirical support in terms of sound methodologies and measurement tools. This paper concludes with implications for future research in relation to the limitations of the existing studies.
 
OLS-Regression estimates.
Article
The present study investigates the impact of institutional ownership and growth opportunities on dividend policy based on the sample of 120 Listed Companies of Karachi Stock Exchange (KSE), Pakistan, during 2002 to 2007. The estimated results, using OLS and Tobit regression models, suggest that dividend payouts are positively affected by growth opportunities, proportion of shares held by insurance companies and profitability and negatively affected by leverage. However, no significant impact of ownership by Modarbah, NIT and miscellaneous institutions on dividend payout is observed. Large companies are less likely to pay high dividends but the relationship of size with dividend payout is insignificant. Estimated results are robust to alternative proxy of dividend policy that is, Dividend Intensity.
 
Article
Value crisis in corporate world around the globe significantly increased the need to find new management paradigm to deal with existing ethical dilemma. This study investigates inherent flaws of the contemporary corporate management in general and Value Based Management (VBM) in particular. This study identifies that weaknesses of current corporate management stem from two main factors first lack of values and ethics and loss of leadership integrity. This study investigates correlations among independent and dependent variables by observing an existing conditions or state of affairs in non-contrived settings. These correlations are explained through hypotheses testing. A questionnaire containing 50 items was developed and validated. Study was carried out by taking a sample of 302 managers from manufacturing and service sectors of Pakistan. Data was processed and analyzed in SPSS. Results of the study indicate that there is significant and positive relationship among values and ethics, managerial performance and organizational value. Findings suggest that management by example is a better management paradigm to curb many ethical ailments of modern enterprise. This study developed ‘Islamic VBM Score’ to assess VBM practices in an organization from Islamic perspective. Furthermore, results suggest that Islamic work ethics take the organization towards ‘total value based management’ through ensuring value for shareholders, employees, customers and society at large.
 
Weekly summary statistics of 34 industries listed at KSE from 1998 to 2011.
Regression results using lag lengths from one week up to five weeks of the industry returns.
Regression results using lag lengths from six week up to 10 weeks of the industry returns.
Regression results where we control for the sizes of the industries and trading volumes of the industries and the market.
Article
The slow diffusion of information hypothesis has emerged as a more convincing explanation for lead-lag patterns in assets returns compared to traditional explanations such as non-synchronous or thin trading, liquidity factor, or size factor, etc. We provide further support to slow diffusion of information hypothesis from an emerging market. We use a rich data set of weekly returns of 34 industries listed at the Karachi Stock Exchange over the period 1998 to 2011. In a separate regression for each industry, we regress KSE-100 Index current returns on the lagged industry returns and a set of control variables. Our results indicate that a large number of industries predict the market returns up to 3 weeks. The predictive power of industries decreases as we increase the prediction horizon. These findings are robust even after we control for known predictors of market return such as size of an industry, trading volume of an industry, and the lagged trading volume of the market. Our results support the slow diffusion of information hypothesis.
 
Countries Service Network (2006 Data). Illustration of the position of countries in the exchange network services in 2006. The green nodes represent the countries of the core (24 of them), the yellow nodes are the semiperiphery (six countries) and the lilac nodes are the 116 peripheries countries. It may be noted that the green nodes (core) tend to have a more central position in the network, followed by countries in semiperiphery (yellow) and periphery (lilac). 
Contd. 
Article
In this study, we aimed to evaluate how the positioning of the country in the world economic system influences economic development (per capita income) and social development (HDI). Taking exchange of services as a reference point, through social network analysis and panel data, we found that the positioning of the country in more central positions, i.e., the core and semiperiphery, and capacity for betweenness positively interfere with economic development, but not with social development. However, we did observe that those countries with greater outsourcing of services to other countries tend to enjoy greater social development.
 
Article
A forward looking monetary policy rule has been estimated for the time period from 1991 to 2010 for Pakistan, an emerging economy. The estimated model explains a very clear shift in monetary policy objective across the sample period. State Bank of Pakistan, from 2000 onwards, seems to take insufficient measures for curtaining inflationary pressure. We also simulate a new Keynesian model to investigate the impact of such monetary policies. We show that policies in near past had a destabilizing effect on economy.
 
Article
The paper investigates the presence of a sense of emotional intelligence (EI) in human beings and the potential it can offer in organizational settings. The results are based upon a critical review of the available literature. The study indicates the presence of a sense of EI in human beings. It reveals a positive role of EI in our professional lives. It shows that employees’ EI contributes positively to enhance their job performance while they are working on assignments individually, jointly in teams and/ or in leadership roles.
 
Article
There is a general consensus that developing economies need better infrastructure to foster economic growth and hence they need wider tax bases. The problem is how the tax base can be broadened. Traditionally, deterrence models have placed more emphasis on punitive choices to increase tax collections. However, these models have failed to yield desired results, especially in countries where governance mechanisms and legal frameworks are weak. In recent times, the attention has been diverted to the role of intrinsic motivation of taxpayers in increasing the tax base. In this paper, we discuss several marketing tactics that can be used to enhance tax morale. In doing so, we draw on existing theories and available empirical research in the domains of marketing and taxation.
 
A strategy chart for a typical SME.  
Some details of the strategy charting.
The causes of manufacturing strategy implementation events.
Article
This paper investigate the process of formation of manufacturing strategy in six Iran manufacturing small and medium-sized enterprises (SMEs). Realized manufacturing strategy can be considered to be the pattern formed in the stream of actions taken within a firm’s manufacturing function. The research aims to locate the source of that stream by identifying the causal origins of strategic manufacturing actions using a strategy charting method. The findings indicate that, for these companies, realized manufacturing strategy is predominantly formed through a bottom-up emergent process, arising from the preferences of personnel within the manufacturing function. For most strategic manufacturing actions, there is no demonstrable link to business strategy. As such, these firms are not following best-practice manufacturing strategy literature, which advises that manufacturing strategy be derived from business strategy in a top-down deliberate process. This is the case despite differences in the size, products, customers, owner-ship structures and histories of the companies. The paper speculates that, in Iran SMEs, more widely, manufacturing strategy may similarly not arise from the pursuit of business objectives. This may be because the concept of manufacturing as a potential strategic weapon is absent in the SME community, or because the formalized top-down deliberate process of developing manufacturing strategy associated with this concept is inappropriate in the dynamic environments in which most SMEs operate
 
Article
Most of the empirical works have focused on the causal relationship between exports and economic growth in the case of Pakistan, whereas terms of trade have been neglected. This paper investigates the nature of relationship between the exports, terms of trade and economic growth by using the Autoregressive Distributed Lag (ARDL) approach and rolling window regression method. The empirical findings indicate that long run relationship exist when real Gross Domestic Product (GDP) and real exports are dependent variables
 
Islamic management model. 
Holistic management approach.
Article
Managing an organization is a skilful job. Today, globally operated organizations are faced with numerous challenges. How corporate leaders should approach their obligations is one of the important queries at the desk of business researchers. This paper provides Islamic management model; where leaders first surrender their authorities to ‘divine’ instructions and then gain knowledge and practices from those instructions for a holistic approach to organizational management. Surrendering to ‘divine’ instructions inculcates humility, responsibility and self accountability among organizational leaders to fulfill their duties at their best. Holistic approach to organizational management provides corporate leaders with more options to deal with issues innovatively. This article concludes that Islamic management model is flexible enough to adapt according to the circumstances for maximum outcome of the organization.
 
Evolutionary stages of performance measurement (modified from Gomes et al., 2004). 
The SMART system (Cross and Lynch, 1991).
The balanced scorecard (Kaplan and Norton, 1992).
The performance prism (Neely et al., 2001).
Article
Performance measurement has been defined and redefined over the years. Researchers have tried to explain this important area of management control with respect to their area of specialty. However, very few researches have tried to adopt a multi-disciplinary approach. This has resulted in a departure from a generalist understanding of performance measurement to a specialty focus. This study tries to build a general understanding of definition, characteristics and evolution of performance measurement through the review of literature. It also points out some of the issues in the more recently developed “integrated” performance measurement systems. The discussion is concluded by explaining briefly the need for empirical studies in the area and extension in focus from strategy to performance measurement at operational and lower level of the organization.
 
Article
This paper is a theoretical exploration of the critical realist paradigm of Roy Bhasker in the light of project management. We present a case that the critical realist paradigm is a way forward and a mechanism to get closer to the reality in which projects are conceived and implemented. The “noumenal” world of Kant, which has previously been considered unattainable and therefore ignored from further debate, is repositioned as one that we can come close to understanding via a closer understanding of the “phenomenal” world if a critical realist stance is adopted. The paper then moves to explore the changing stance of project management research and heeding calls of the project management research community for explorations in the complexity, social process, value creation, broader conceptualization of projects, reflective practice and presents a case for how the critical realist philosophy and case study methodology can be helpful in achieving these goals.
 
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