Financial Literacy and other Factors Influencing Individuals’ Investment Decision: Evidence from a Developing Economy (Pakistan)

This study is aimed at assessing the financial literacy of the individual investors in Pakistan. In addition, it examines the relationship between financial literacy and the influence of the factors that affect the investment decision.  A modified questionnaire has been used to collect the data containing questions related to demography of the investors, factors affecting the investment decisions and financial literacy level of the individual investors at Karachi Stock Exchange the biggest exchange of Pakistan. The data was collected from 154 respondents. The results indicate that the financial literacy level of the investors is below average. There is a significant difference in financial literacy was found between the respondents regarding age, gender, work activity and marital status of the respondents. Finally, the results indicate that there is a negative significant impact of financial literacy on the sum of investment factors at 10% significant level. The most affecting factor is condition of financial statements and Firm status in industry. The current study is being done for the first time in Pakistan. Keywords: Financial information, Literacy, Investments, Investors, Karachi Stock Exchange JEL Classification: G02, G1

Impact of Work-Life Balance on Job Satisfaction: A Case of Health Care Services in Pakistan

In this paper, the study is being conducted to examine and test an impact of work life balance and job satisfaction on person’s social life as well as personal life. This study uses large and representative section of data from the Service Sector (Hospitals) of Karachi. Furthermore, this research also shows that approximately 50% people are there who are not satisfied with their job and due to which they cannot have proper work life balance. Most of the people are there who want to reduce their working hours in order to have proper work life balance in their lives. The hours which employees want to decrease in their Working Time is due to balance the round–the–clock time in their life, so they can have the Work Life Balance. The study further illustrates that work life balance varies as the change of gender as well as marital status and it differs from person to person and status to status. Keywords: Job Satisfaction, Work Life Balance, Working Time Planning, Gender and Marital Status discrimination, Working Hours, Work Life Stabilit

Impact of Corporate Governance on Performance of a Firm: A Comparison between Commercial Banks and Financial Services Companies of Pakistan

There is vital role of corporate governance in the establishment of a competitive market; this is also suggested by the empirical studies that nations having good corporate governance practices tend to have strong growth in their corporate sectors. This study examines the impact of corporate governance on the performance of firm. The impact of Board attributes, Audit committee attributes and Ownership attributes was check on Return on Equity and Return on Assets of the Firms. The data related to the study was for Six years from 2009 to 2011 from 9 commercial banks and 9 financial service companies, listed in Karachi Stock Exchange based on convenience sampling. There were total 108 panel observations. Multiple regression (Panel least square) was used to analyze the data.The results show that Board Independence has significant impact on Return on Equity of the firm while Board size and Audit Committee Independence have significant impact on Return on Assets. Keywords:Board size, Audit Committee Independence, Board independence, Ownership Structure, Ownership concentration, Corporate governanc

Investment Behavior and Stock Preference of an Individual Investor: Evidence from Karachi Stock Exchange

The purpose of the research is to study the individual investor’s behavior in Karachi Stock Exchange. In this study data was collected from individual clients at Karachi Stock Exchange. Type of the study is descriptive and deductive approach was used.  The data was collected from 389 respondents at Karachi Stock Exchange with the help of designed questionnaire. The individual behavior is tested with the help of regression analysis. There are three regression models developed to study the relationship and impact of Independent variables (Accounting information & financial literacy, overconfidence, irrationality and biasness in decision making) on three different dependent variables (Preference of capital gain, preference of dividend and gambling). Results explain no relationship toward preference of capital gain but the significant relationships found toward preference of dividend and gambling. So it can be easily concluded that the investors at Karachi Stock Exchange do not prefer capital gain but they want better payout and speculation in the market. There were also studied that the accounting information & financial literacy increase the behavior toward preference of dividend and decrease toward gambling. There have been the evidences found that the investors at Karachi Stock Exchange have irrational behavior and this behavior influences the preference of dividend and gambling. Keywords:Investment behavior, Capital gain, Dividend, Gambling, Financial Literacy, Overconfidence, Irrationality and Biasness in Decision Making

Uloga potrošačeva povjerenja, kvalitete usluge i dimenzija vrijednosti pri određivanju zadovoljstva i lojalnosti: empirijsko istraživanje mobilne telekomunikacijske industrije u Pakistanu

Purpose – The primary purpose of this study is to investigate the factors which influence customer satisfaction and customer loyalty in telecommunication services. Customer satisfaction and loyalty are considered to be major components ensuring effectiveness and growth in the services industry. Design/Methodology/Approach – The data of 406 respondents was gathered via an adapted questionnaire. The statistical techniques of reliability analysis, exploratory factor analysis (EFA), confirmatory factor analysis (CFA), and SEM Path analysis were employed to test the hypotheses. Findings and implications – The findings of the research study show that trust and satisfaction have a significant impact on customer loyalty, with satisfaction holding a strong position. Trust and service quality have a significant impact on customer satisfaction. Also, from the point of view of perceived value, emotional value and monetary value are significantly correlated to customer satisfaction. According to TRA, this shows that positive consumer attitude leads towards a strong intention to fulfil their belief. Limitations – The sample of the study may be one of the limitations. Cross-cultural comparison may be conducted in future to identify the differences among the cultures. Also, comparison between developed and under-developed countries may provide holistic results. Originality – The study focused on an examination of customer satisfaction and loyalty on the basis of perceived value determinants, trust, and service quality.Svrha – Primarna je svrha ovoga istraživanja ispitati i istražiti čimbenike koji utječu na zadovoljstvo i lojalnost potrošača telekomunikacijskim uslugama jer se oni smatraju glavnim komponentama za osiguranje učinkovitosti i rasta u industriji usluga. Metodološki pristup – Prikupljeni su podatci od 406 ispitanika putem prilagođenog upitnika. Statističke tehnike: analiza pouzdanosti, eksploratorna faktorska analiza (EFA), konfirmatorna faktorska analiza (CFA) i SEM Path analiza korištene su radi testiranja hipoteza. Rezultati i implikacije – Rezultati istraživanja pokazali su da povjerenje i zadovoljstvo imaju značajan utjecaj na lojalnost potrošača, a zadovoljstvo snažnu poziciju. Povjerenje i kvaliteta usluge imaju značajan utjecaj na zadovoljstvo potrošača. Isto tako, kad je u pitanju konstrukt percipirane vrijednosti, emocionalna vrijednost i novčana vrijednost značajno su povezane sa zadovoljstvom potrošača. Prema TRA-u, to pokazuje da pozitivan stav potrošača vodi prema snažnoj namjeri ispunjavanja njegova uvjerenja. Ograničenja – Uzorak istraživanja može biti jedno od ograničenja. U budućnosti se može provesti međukulturalna usporedba kako bi se vidjele razlike između kultura. Usporedba razvijenih i nedovoljno razvijenih zemalja isto tako može pružiti holističke rezultate. Doprinos – Istraživanje je usmjereno na razmatranje zadovoljstva i lojalnosti potrošača na temelju percipiranih odrednica vrijednosti, povjerenja i kvalitete usluge

Film Retakes in Digital and Conventional Radiography

Objective: To determine the film-retake rates and causes in digital radiography comparison to conventional X-rays method. Study Design: Comparative study. Place and Duration of Study: Radiology Department, Aga Khan University Hospital, Karachi, from January 2004 to December 2006. Patients and Methods: X-rays of different body parts, conducted during the year 2004, with conventional radiography (n=170300), and in 2006 with digital radiography (n=174550), were included in this study. Measurements were done for number of X-rays re-take due to different quality control reasons for both the conventional and digital radiography. Quality control reasons included underexposure, overexposure, positioning errors, patient movements, portable X-rays, grid cutoff, and others (i.e. equipment related) due to which X-ray quality was questionable. Results were expressed in percentages. Results: A total of 9423 X-rays (5.5%) were repeated in conventional radiography (n=170300) due to underexposure (38%), overexposure (28.5%), positioning errors (25%), portable procedures (4%), patient movement (2%), grid cut-off (0.5%), and others (2%). Underexposure was the most frequently responsible factor for the X-ray repetition as compared to other factors (p\u3c0.001). In digital radiography (n=174550), 1464 X-rays (1%) needed to be repeated, which was significantly less in comparison to X-ray repetition in conventional method of radiography (5.5%) [p\u3c0.001]. In digital radiography, the most frequent factor for X-ray re-take was positioning error (435, 30%). Conclusion: Digital radiography is associated with significantly lesser number of re-take X-rays as compared to conventional radiography, hence minimizes the exposure of the patients to unnecessary radiations due to re-take X-rays. Positioning error remains a problem even in digital radiography, emphasizing training need for technologists

Islamic Versus Conventional Mutual Funds Performance in Pakistan; Comparative Analysis Through Performance Measures and DEA Approach

Islamic mutual funds are different from conventional mutual funds because both have different characteristics. Islamic mutual funds act upon the Shariah guidelines and rules. This study investigates the performance of Islamic and conventional mutual funds for the period of 8 years from January 01, 2010 to December 2017. For the purpose of analysis 30 Islamic mutual funds and 30 conventional mutual funds are selected as sample of the study. Study evaluates the performance of Islamic and conventional mutual funds based on different ratios like Sharpe ratio, Treynor ratio and Jensen Alphen along with data envelopment analysis technique. Sharpe and Teynor ratios of Islamic mutual funds are higher than the conventional mutual funds which shows the better performance of Islamic mutual fund as compared to conventional mutual funds. Whereas the results of Jenson Alpha showed opposing results with Treynor and Sharpe ratios in which the value of Jenson Alpha of Islamic mutual fund is lower than conventional mutual funds. Results of data envelopment analysis showed higher efficiency of Islamic mutual funds as compared to conventional mutual funds. Ultimately, it is concluded that financial performance of Islamic mutual funds is superior as compared to conventional mutual funds in Pakistani mutual fund market for the period of 2010 to 2017

Islamic Versus Conventional Mutual Funds Performance in Pakistan; Comparative Analysis Through Performance Measures and DEA Approach

Islamic mutual funds are different from conventional mutual funds because both have different characteristics. Islamic mutual funds act upon the Shariah guidelines and rules. This study investigates the performance of Islamic and conventional mutual funds for the period of 8 years from January 01, 2010 to December 2017. For the purpose of analysis 30 Islamic mutual funds and 30 conventional mutual funds are selected as sample of the study. Study evaluates the performance of Islamic and conventional mutual funds based on different ratios like Sharpe ratio, Treynor ratio and Jensen Alphen along with data envelopment analysis technique. Sharpe and Teynor ratios of Islamic mutual funds are higher than the conventional mutual funds which shows the better performance of Islamic mutual fund as compared to conventional mutual funds. Whereas the results of Jenson Alpha showed opposing results with Treynor and Sharpe ratios in which the value of Jenson Alpha of Islamic mutual fund is lower than conventional mutual funds. Results of data envelopment analysis showed higher efficiency of Islamic mutual funds as compared to conventional mutual funds. Ultimately, it is concluded that financial performance of Islamic mutual funds is superior as compared to conventional mutual funds in Pakistani mutual fund market for the period of 2010 to 2017

Determination of risk factors for hepatitis B and C in male patients suffering from chronic hepatitis

<p>Abstract</p> <p>Background</p> <p>Hepatitis B and C is common in Pakistan and various risk factors are attributable to its spread.</p> <p>One thousand and fifty consecutive male cases suffering from chronic liver disease (327 HBV and 723 HCV) were selected from the OPD of public sector hospital and a private clinic dealing exclusively with the liver patients. To compare the results 723 age and gender matched controls were selected from the blood transfusion services of the public sector hospital. A standard questionnaire was filled for all patients and controls which included the information on possible risk factors.</p> <p>Findings</p> <p>Family history of liver disease was significantly higher (43% and 34%) in HBV and HCV positive cases as compared to 5% in controls [odds ratio 15.6; 95% Confidence Interval CI: 10.1 -- 24.1, 10.9; 95% Confidence Interval CI: 7.3 -- 16.4] and same trend was seen for death due to liver disease in the family. Majority 74% hepatitis B positive cases had their shaves done at communal barbers but this practice was equally prevalent amongst controls (68%), thus negating it as a possible risk factor, but there is a significant risk with p < 0.05 associated with HCV in male that get their shave in barber. Very strong association of the disease was found with history of dental treatment (38% HCV 36% HBV and 21% controls) [Odd ratio 2.3; 95% CI: 1.8-3.0, Odd ratio 2.1; 95% CI: 1.5-2.8], surgery (23% HCV cases,14% HBV cases and 12% controls), history of blood transfusion was significantly higher in HCV (6%) as compared to controls (2.1%) [Odd ratio 2.9; 95% CI: 1.5-5.5]. History of taking injections for various ailments by the general practitioners (over 90% patients in both hepatitis B and C cases) was significantly higher as compared to 75% in controls [Odds ratio 3.8, 6.9; 95% CI: 2.4-6.1, 4.5-10.4] but hospitalization was not significant in HBV and HCV cases.</p> <p>Conclusion</p> <p>Injections, surgery and dental treatment appear as major risk factors for the transmission of hepatitis B and C in the community. Massive health care awareness drives need to be done for both health care providers and the public to reduce this menace.</p