Comparative Study of Pair Trading Techniques in Pakistan’s Financial and Non-Financial Sector

Purpose: This study attempts to empirically investigate the pair trading performance of financial and non-financial firms in Pakistan. Methodology: Daily data from 2008 to 2017 was collected for nine years. Cointegration and the distance approach were the two major analytical techniques used to evaluate the profitability of pair trading. The financial and non-financial sectors of the Pakistan Stock Exchange were used to build the pairs. Findings: Results showed that the top 5 pairs of portfolios exhibited the highest average excess returns of 0.0698, and Jensen's alpha is 0.0947 for the top 5 pairs. All pairs of firms showed significant and positive risk-adjusted performance. In the non-financial sector, the Top 10 pairs of portfolios had the highest average excess returns of 0.0789, and Jensen's alpha under the co-integration method for non-financial firms for all pairs 5, 10, 15, and 20 of the portfolios is also substantial and positive for risk-adjusted performance, with 0.0046, 0.0618, 0.0577, and 0.0493, respectively. Finally, pair trading under both techniques showed profitability. However, the co-integration technique exhibited better performance than the distance method. Conclusion: The study concluded that both pair trading techniques, particularly the co-integration technique, exhibited profitable pair trading performance that can assist investors and fund managers to earn positive returns on their investments regardless of market direction

Corporate Social Responsibility through Collaboration in the Supply Chain: Insights into a More Sustainable Economy

Purpose The purpose of this study is to explore and analyze corporate social responsibility (CSR) as a helpful tool in solving significant societal concerns in countries where there is a greater desire for social and economic growth, such as Pakistan. Methodology In order to examine the current issues on supply chain collaboration for sustainability, this paper used a triangulation research method. In order to determine indicators in a CSR-intensive environment, data, and literature, the energy sector publications on EUR-Lex, international and European official papers, and the online site of the European Commission data sources were analyzed in this study. The indicators were divided into groups based on their sources (sets of standards and guidelines, council frameworks, document series, tools, and comprehensive legislation), as well as their intended uses (financial, social, and environmental). Findings The findings state that supply chain collaboration completely fulfills CSR for a viable economy. It focuses on three leading fashion brands and assesses their impact using open-source data, past research, and their official websites. It also highlights how, in comparison to global corporations, Pakistani business satisfies their corporate social responsibility.  Conclusion It is concluded that a supply chain can help companies minimize the environmental impact of their supply chain processes. Further, CSR is a part of the supply chain that helps businesses determine their social and economic responsibilities by focusing on environmental aspects to add to a more sustainable economy

Analysis of Sectoral Energy Demand in Pakistan

Purpose This research aims to estimate the energy demand for different sectors, including commercial, industrial, residential, transportation, and agriculture. For this purpose, various factors affecting the demand for energy in each sector have been analyzed. Methodology The adopted methodology is box Jenkins a systematic approach of identification, estimation, diagnostic checks, and forecasting of the model. This model is appropriate for time series data of medium to long-term length. Findings The data analysis outcomes specified that Pakistan's energy demand mainly depends on five fuel types. Within each sector, the consumption of fuel varies. Results show that 86% of energy consumption share is held by transport oil, industrial gas, industrial coal, residential gas, and residential electricity. Conclusion The major issue in the energy sector is the demand-supply gap primarily caused by the gas and electricity deficit. Conclusively, sectoral demand increases in each sector where commercial, residential, and industrial energy demand has higher growth. Moreover, the price effect is negative for all variables except coal, making it a Giffen goo

IMPACT OF FEMALE LABOR FORCE PARTICIPATION IN ECONOMIC DEVELOPMENT OF PAKISTAN

Purpose This paper tries to examine whether the labor force participation of the female population affects the growth of the economy. Methodology The sampling data was collected from the World Bank’s website from 1971 to 2018. The Johansen co-integration test and VECM model were used to examine the relationship between female labor force participation and economic development. Findings The result of the Johansen and Juselius Co-integration test showed the long-term relationship between Female Labor Force Participation and Economic Development. The finding also indicated that female labor force participation had a negative impact on GDP. The CUSUM stability test was used for the short-run stability adjustments. Results of the CUSUM stability test showed that the coefficients of ECM (-1) speed of adjustment were stable at a 5 percent significance level, there were no oscillations outside the critical level, and the CUSUM curve was above the origin line, which indicated the significance of our short-run dynamics. Conclusion The study concludes that female labor force participation has a significant negative impact on Pakistan’s GDP, this is due to societal and cultural norms as well as the religious dignity of women

A REVIEW OF EDUCATIONAL PROBLEMS IN RURAL AREAS OF SINDH WITH ROLE OF PRIVATE NGOs

Purpose: No country can fulfill its objectives without a well-educated labor force, and that is why education is such an important part of national growth and development. Education is a strong weapon for social transformation, but depriving it of fundamental necessities shows that it has failed. This study has been carried out just to know the education concerns of rural areas of Sindh with the important role of NGOs plays in a country's growth for the development of its citizens' moral, social, and cultural creativity. Methodology: The literature review has been done in the formation of this study while the approach taken in this literature review was motivated by the work of Suikkala and Leino-Kilpi (2001) and Evans (2002). The Google search engine and the Google Scholar database were used to discover articles and books published between January 1999 and January 2022. Only works first published in English were considered. Findings: Physical distance to school, teacher hiring in rural area, spotty internet access, poverty and non-entrepreneurial teachers are the challenges of the education system. Conclusion: Problems of education in rural areas exist not only in Pakistan but throughout the world while supporting role of private NGOs is the dire need of education system in rural Sind

Organizational Productivity: A Critical Analysis of the Impact of Employee Motivation

Purpose: The main objective of this research was to examine the importance of training and development in the workplace. Methodology: Several dimensions of employee performance were analyzed, including productivity, job satisfaction, employee satisfaction, employee commitment, and decision-making. An adopted five Likert scale questionnaire was adopted for the online data collection from 100 respondents from the telecommunication industry. Convenience sampling was used for sampling and the PLS-SEM was the main technique for data analysis using smart PLS software. Findings: The results suggest that organizational performance and employee performance in the telecommunication sector in Pakistan increase if there is a significant relationship between employees and decision-making. Similarly, employees with a high level of job satisfaction and affective commitment will ultimately have a higher potential for productivity and career satisfaction. Conclusions: The study concluded that employee performance improves as teamwork increases. Teamwork within the company is very valuable; it directly affects the performance of employees. When an employee gets enough teamwork possibilities, his performance will automatically develop

Diversity Management and Organizational Performance in Pakistan

Purpose The main purpose of research is to examine the relationships between diversity management and organizational performance along with the fostering role of leadership dimensions. Methodology Diversity management practices have been measured using the EPDMP scale on a sample of 514 employees from organizations across Pakistan and data were collected from employees of universities. The PLS-SEM was used as the main technique for data analysis. Findings Results show that higher workforce diversity does not automatically produce inclusive climate-specific diversity inclusive leadership dimensions are required to support diversity environment where employees feel valued and appreciated. Further, the results confirm that the diversity-inclusive leadership dimensions moderate the relationship between diversity management and organizational performance. Conclusions The study concluded that diversity management has a positive and significant direct impact on organizational performance. Therefore, policymakers need to devise human resource statutes, rules, regulations, policies, and practices that promote a heterogeneous workforce in organizations and offer equal opportunities to all employees unrestricted by individual employee identities such as gender, race, ethnicity, education, religion, function, and abilities. Practical implications The findings are very helpful for HR managers for effective diversity management to enhance their organizational performance. Originality/value: The study explains the association of diversity management practices and organizational performance and moderating role of diversity leadership dimensions

Impact of Audit Quality on Real Earnings Management: Moderating Role of Corporate Governance

Purpose: This study aims to examine the effectiveness of audit quality in restricting earnings management in the presence of country’s governance system. Methodology: The data was collected from 195 Pakistani-based and 150 UK based non-financial companies. The sampling period is ten years from 2010 to 2019. To test the hypotheses, the Generalized Method of Moments was applied. Findings: The results showed that firms switch from accrual earnings management to real earnings management in developed economies which are characterized by strong governance mechanism. Moreover, the negative association between governance mechanism and earnings management is increased in the presence of Big-4 auditor. Conclusion: It is concluded that audit quality restricts the firms to use real earnings management especially in those countries where governance mechanism is strong

Where you end and I begin: A new scale development on intimate co-creation

Purpose: Built upon the theories of psychological ownership, personal intimacies, and interpersonal relationship; the concept of intimate co-creation was conceptually theorized in the recent management literature. Intimate co-creation typically occurs at the dyadic level often for the creative task engagements and has a spillover effect on groups and teams. However, there is no measurement scale on intimate co-creation available in the management literature. Methodology: The current study has addressed this literature gap by developing a new measurement scale on intimate co-creation. Best practices for new measurement scale development as available in the management literature were followed. A qualitative study was conducted first to determine the dimensional structure of intimate co-creation and an initial pool of 72 items. Scale development experts’ review of the measurement scale, exploratory factor analysis (EFA), and confirmatory factor analysis (CFA) abetted in finalizing a 14 items measurement scale with four dimensions of intimate co-creation. Findings: This new measurement scale development is a milestone for further empirical research on intimate co-creation as it is the first-ever measurement scale on intimate co-creation. Conclusion: This is the first-ever measurement scale on intimate co-creation that is available for future researchers to empirically validate the concept of intimate co-creatio

A Multi-Source Diary Study on The Job Resourcefulness, Job Satisfaction, and Task Performance: Will Perceive Organizational Support Moderate

Purpose: This multilevel diary study examined the association between day-level job resourcefulness and day-level task performance of employees of tour and travel. Based on the job demands and resources (JD-R) model, we tested the mediating effect of day-level job satisfaction between job resourcefulness and task performance with the moderating effect of perceived organizational support. Methodology: We collected data for five consecutive days with the help of structured questionnaires. Employees (n = 180) rated their general perceived organizational support, daily job resourcefulness, and daily job satisfaction, whereas their immediate supervisors (n = 18) rated their daily task performance. It was a two-level study with days nested in individuals (no. of observations=900). Findings: Multilevel structural equation modeling (MSEM) results show a positive association between job resourcefulness and supervisor-rated task performance with the partial mediation of job satisfaction at the day level, while the cross-level interaction effect of the perceived organizational support was non-significant. Our hypothesized framework was never tested, which is a unique contribution to job resourcefulness literature and, in this way, for tourism-related entrepreneurs. Conclusion: SMEs are highly dependent on their employees for competitiveness and performance but at the same time face resource-constrained problems. We argue that the employees' job resourcefulness might help achieve work-related goals such as task performance through enhanced job satisfaction daily, where organizational support does not provide the necessary job resources