An Overview of Deforestation Causes and Its Environmental Hazards in Khyber Pukhtunkhwa

The current review study is design to highlight the facts, main causes and impacts of deforestation and forest degradation in Khyber Puthtunkhwa, Pakistan. This study is based on literature review. According to the findings of the current study the people are dependent on these forests and contribute to deforestation in one of different ways. The study shows that the extensive deforestation in Khyber Pukhtunkhwa occurred for household needs such as cooking, furniture, heating, earning etc. Another growing cause is the role of black marketing and stake holders on these forests. Meanwhile the ineffective management and ignorance of the forest department is one of the major contributing factors in deforestation. In addition to this, the nonscientific grazing is a key point in the deforestation. Unemployment and poverty is another attractive factor in the degradation of these forests. The most adverse impacts of deforestation in Pakistan are flooding, climatic changes, land sliding, land degradation, soil erosion and desertification. The underlying causes of deforestation in Pakistan need the attention of government authority to resolve these causes, implementing strong rules regulations in order to mitigate the adverse impacts of deforestation and save this ecosystem. Keywords: Deforestation, Causes, Environmental hazards, Khyber Pukhtunkhwa

Board Characteristics Impact on the Firm Performance in the Indian Context

The research aims to determine the impact of the board characteristics on the firm performance for 348 firms of the National Stock Exchange (NSE) 500 Index listed on the National Stock Exchange of India for the period 2012-2018 using (OLS) Ordinary Least Square (FEM) Fixed Effect Model and more robust (GMM) Generalized Method of Moments regression techniques. GMM regression technique also controls for the endogeneity as well as heteroscedasticity and heterogeneity in panel data. Further, the moderating effects of market capitalization are also observed considering the impact of board characteristics on the firm performance using the interaction effects technique. Lastly, the ideal board size was determined based on the classification of market capitalization including small, mid and large market cap. Board characteristics including board size and percentage of shares held by the promoters have a positive significant impact on the firm performance while the percentage of shares pledged by the promoters has a negative significant impact on the firm performance. The results show that market capitalization moderates the relationship between board characteristics and firm performance. Findings also suggest an ideal board size of 8 for mid-cap firms and a range of 7-18 for large-cap firms which show a similar result to the Kotak Committee Report (2017) recommendations with the ideal board size being a minimum of 6 directors on the board. The results cannot be generalized as only the manufacturing and services (excluding financial) industries are taken into account, but the results can be applied to the abovesaid industry sectors.   CITE THIS PAPER: Naim, Hamza; Aziz, Tariq (2022). "Board Characteristics impact on the Firm Performance in the Indian Context" Journal of World Economy: Transformations & Transitions (JOWETT) 2(05):19. DOI: https://doi.org/10.52459/jowett2519102

Symmetries of the Energy-Momentum Tensor: Some Basic Facts

It has been pointed by Hall et al. [1] that matter collinations can be defined by using three different methods. But there arises the question of whether one studies matter collineations by using the ${\cal L}_\xi T_{ab}=0$, or ${\cal L}_\xi T^{ab}=0$ or ${\cal L}_\xi T_a^b=0$. These alternative conditions are, of course, not generally equivalent. This problem has been explored by applying these three definitions to general static spherically symmetric spacetimes. We compare the results with each definition.Comment: 17 pages, accepted for publication in "Communications in Theoretical Physics

Corporate Social Responsibility and Firm Performance in the Indian Context

In this study, we examine the impact of Corporate Social Responsibility (CSR) as a measure of Corporate Governance on firm performance for 348 firms in the NSE 500 Index listed in the National Stock Exchange (NSE) of India for the period 2012-2019. The results show that the total amount spent on CSR by the firms has a negative impact on the firm performance as there is a significant difference between the total amount incurred to be spent on CSR as per amendments in the Companies Act, 2013 and the total amount actually spent on CSR by the firms. It’s concluded that the number of CSR meetings held had no significant impact on firm performance. Results also show that firm size moderates the relationship between CSR and firm performance.   CITE THIS PAPER: Hayat, Feeroz; Naim, Hamza; Aziz, Tariq (2022). "Corporate Social Responsibility and Firm Performance in the Indian Context" Journal of World Economy: Transformations & Transitions (JOWETT) 2(04):16. DOI: https://doi.org/10.52459/jowett2416092

A Reassessment of Oil Market Volatility and Stock Market Volatility: Evidence from Selected SAARC Countries

Volatility spillover informs whether the information in one market impacts the information in another. This paper examines whether oil market volatility spills over to the equity markets of selected SAARC countries. The study uses data from February 2013 to September 2019 to obtain updated evidence about the transmission of global oil price volatility to the equity markets of the SAARC member countries. The bivariate EGARCH model is used to test for volatility transmission from the oil market to the stock market. It is found that oil price shocks do not significantly impact equity market volatility, except in Bangladesh. Policymakers can use these findings when making policy decisions

Ecosystem Services: Linking ecohydrology with economic valuation

Economic valuation of ecosystem services has become a dominant model for environmental management at local, regional and global scales. However, policy-makers at all scales take these value estimates with a pinch of salt. Their concerns are the uncertainties accompanying value estimates, which arise from a wide variety of methods and datasets involved, underlying assumptions to capture complex ecosystem processes, and use of less accurate valuation methods in the data-scarce regions. These challenges call for bracing up the valuation methodology to yield sufficiently rational, scientifically valid and politically-acceptable estimates. This thesis, on the one hand, addresses methodological inconsistencies in the valuation approach and, on the other, develops and demonstrates the techniques to make valuation results more appropriate for incorporation into decision-making processes. The first chapter of my thesis redefines ecosystem services, reviews valuation methods, and poses research questions. In Chapter 2, I present a comprehensive methodology for valuation of ecosystem services at watershed scale, and apply it to assess the value of four ecosystem services in response to long term land use changes in the Grand River watershed, Ontario, Canada. Unlike existing valuations of watersheds, my methodology takes into account the traditionally unvalued ecosystem services from agricultural land uses. The results show a decline in the total value of ecosystem services due to agricultural expansion, but that reforestation helps regain some of the lost value. To emphasize the use of different economic methods for valuation of consumptive and non-consumptive services, I demonstrate their different responses to the land use change in the watershed. My results suggest that locally-relevant unit values significantly reduce the variation in the total value of the watershed. In Chapter 3, I establish a framework to distinguish the value of ecosystem services provided by different wetland types. Using this framework, I develop wetland value functions for water filtration service and apply these to four major wetland types present in southern Ontario. The results of this study show that fens are the least valued type for water filtration; a bog, a marsh and a swamp are 1.72, 2.66 and 1.56 times more valuable, respectively, than an equal size fen. Further, the cost-effectiveness analysis for phosphorus removal shows that human-made infrastructures are very costly options to replace these wetlands. Chapter 4 determines the veracity of value estimates that are based on the value transfer method and different datasets. I use two global, one regional, and one local dataset on unit values ($/ha/year); the local dataset serves as a baseline. The findings show that the regional dataset gives a better estimate than the global datasets. Therefore, this study recommends developing and using regional datasets to better influence policy-making. In this chapter, I also assess the impact of land use resolution on the total value of a watershed. The results indicate that a higher resolution of land use data results in a higher value and vice-versa. In Chapter 5, I use a phenomenological model — Co$ting Nature — to capture the realized ecosystem services in southern Ontario, Canada. This model maps realized ecosystem services as scalar indices between 0 and 1. I rescale these indices locally and conform them for use in economic valuation. My results show that the value of realized ecosystem services is 50% of the value of potential ecosystem services in the selected region. Additionally, the resulting map can guide future investments in natural infrastructure to locate hotspots that matter for human well-being. Finally, Chapter 6 concludes research presented in this thesis, and sets directions for future research

Does herding exist in lottery stocks? Evidence from the Indian stock market

In this paper, we investigate the presence of herd behaviour among lottery stocks using Max, skewness and idiosyncratic volatility in the Indian stock market during the period January 2000 to December 2018. We demonstrate that the herd behaviour is non-existent across proxies of lottery-stocks MAX and skewness and find that the herd behaviour is present among highly idiosyncratic stocks. This sheds light on why herding is not detected in the prior studies as it may be concentrated among stocks with certain characteristics. Further, it provides evidence of adverse herding

The impact of brand familiarity, perceived trust and attitude on investors’ decision-making in Islamic stock market

Purpose: This paper aims to investigate the influence of investors’ attitudes on their decision-making. Two subjective perception factors, brand familiarity and perceived trust, were proposed to influence investors’ attitudes and decision-making. This paper also suggests the potential mediating effect of attitude on decisions on Islamic stock investment. Design/methodology/approach: Data were collected using a primary data collection method. Questionnaires were used and distributed to a sample size of 250 Malaysian investors in the Klang Valley aged between 25 and 50 years old. Data were analysed using SPSS and Structural Equation Modelling–Partial Least Squares. Findings: Seven hypotheses were proposed, and six were supported. The findings show that brand familiarity and perceived trust have a significant relationship with attitude. Brand familiarity and attitude have a significant relationship with investment decision behaviour. The relationship between perceived trust and attitude also reveals significant findings. However, perceived trust was found to have an insignificant relationship with investment decision behaviour. Mediation analysis shows that attitude mediates the relationship between brand familiarity and investment decision behaviour. Attitudes are also found to mediate the relationship between perceived trust and investment decision behaviour. Practical implications: It is recommended that publicly listed companies emphasize and devote extra efforts to enhancing investors\u27 familiarity with and favour their brand. In addition, to build an investor’s trust, a company must be consistent in dividend payments. Such action may improve the probability of the company’s stock being chosen for investment. Originality/value: Subjective perceptions of investors\u27 decision-making in Islamic stock investment have yet to be thoroughly explored in the literature, especially in the Malaysian context. In this paper, the indirect relationship between brand familiarity and perceived trust in attitude is tested. This paper contributes to consumer behaviour and marketing of Islamic stock investment research area