The impact of bank regulatory changes, bank specific factors, and systematic risk upon the off-balance-sheet activities in selected conventional commercial banks in South Asia

Risk diversification is among the crucial issue’s conventional banks face. The banking system in South Asia -, which is a diversified banking system, compriseding of local and foreign banks , is also engaged in off-balance sheet activities. Therefore, the prime objective of the current study is to investigate the impact of bank-specific factors, bank regulatory changes and systematic risks on the off-balance sheet activities in conventional commercial banks of selected countries in South Asia namely Bangladesh, India, Pakistan and Sri Lanka . Based on the research objectives, the study employeds two estimates, namely, fixed effects (FE) (time and country) and generalized method of momentum GMM (difference). Within the FE static methodology, the researchers estimated structure, comprising both country and time fixed effect in order to further account for financial shocks and other time-related events that affect each of the four countries. The majority of the findings show consistency with the market power theory, which indicates that the banks in South Asia consider the risks arising from the off-balance sheet activities and performance, as key determinants of off-balance sheet activities engagement. Banks in South Asia are also inclined to follow the market regulatory and tax theory, which claims that the increasing regulatory requirements in the form of capital requirement, provides banks with incentives to take excessive risks of off-balance sheet activities. The systematic risks arising from the macroeconomic factors also appear as a significant determinant of the off-balance sheet activities. The findings of the study have several practical implications that can be applied in the context of the bank-specific risks, regulatory pressure from regulatory restructuring and risks from the systemic factors. These implications are of great importance and will help the policymakers and practitioners to understand the issues related to the off balance sheet activities

Rewards Satisfaction, Perception about Social Status and Commitment of Nurses in Pakistan

This research is undertaken to approve or reject the general perception of masses about commitment of employees and to identify those factors, which effect commitment of employees in general and of nurses in particular. In previous research of Allen and Myere (1990), the factor of social status was not addressed. In this study target audience is nurses. Whereas, it is a proven fact that psychological perception effects individual’s attitudes and behaviors, so to see that how satisfaction with rewards/ benefits and perception about social status effect commitment of employees, this research was undertaken. Satisfaction level varies from person to person. The empirical results have proved that commitment of employees is affected due to satisfaction with rewards/ benefits and perception about social status

Rewards Satisfaction, Perception about Social Status and Commitment of Nurses in Pakistan

This research is undertaken to approve or reject the general perception of masses about commitment of employees and to identify those factors, which effect commitment of employees in general and of nurses in particular. In previous research of Allen and Myere (1990), the factor of social status was not addressed. In this study target audience is nurses. Whereas, it is a proven fact that psychological perception effects individual’s attitudes and behaviors, so to see that how satisfaction with rewards/ benefits and perception about social status effect commitment of employees, this research was undertaken. Satisfaction level varies from person to person. The empirical results have proved that commitment of employees is affected due to satisfaction with rewards/ benefits and perception about social status

Co-movement dynamics of US and Chinese stock market: evidence from COVID-19 crisis

This paper aims to examine the co-movement between the two economic powers, namely the USA and China. The authors are mainly interested in examining the dynamics of co-movements during, and in the pre-covid periods. Additionally, they have aimed to examine the volatility spillover between USA and China, during and in the pre-covid periods. In order to achieve the research-based objectives, advanced econometrics models have been applied to the data from July1, 2010, to April 30, 2021. The results show that the sample market is integrated in the long run. The results also indicate that the behaviour of the Chinese market is same as the US market, and offers negligible opportunities for investors for diversification during this time. The findings indicate that the Ganger Causality between the stock markets during crisis is significantly higher than the pre-crisis period. The results of EGARCH model confirm the presence of asymmetric volatility spillover effects between the US and Chinese markets, during the considered time periods. This study also examines the co-movement in China, grounded upon the robust approach that facilitates examining the dependence structure between the sample variables. The findings offer valuable understanding for investors who are looking for investment diversification opportunities worldwide

Combination of Microcredit and Micro-Training with Mediating Role of Formal Education: A Micro-Enterprise Success Formula

Purpose: The purpose of this study is to develop a distinctive formula (framework) for micro-enterprise success. As the success of micro-enterprise is under debate from many decades, however, the researchers and entrepreneurs are unable to find the unique factor to develop a comprehensive framework. Design/Methodology/Approach: The current study is based on conceptual framework. Prior studies are used to develop the framework and hypothesis. Moreover, conclusion is based on literature review. Findings: It is investigated that, microfinance factors (i.e., micro-credit and micro-training) has a positive relationship with micro-enterprise success. However, among all other microfinance factors (i.e., micro-saving, micro-insurance, social capital), micro-credit and micro-training have relatively higher effect on microenterprise performance followed by a level of education. Moreover, it is found that education mediates the relation between microfinance factors and micro-enterprise success. Implications/Originality/Value: This study contributed to the body of knowledge by developing a micro-enterprise success formula for researchers and entrepreneurs, which ultimately improve the performance of micro-enterprises. Hence, the current study is beneficial for microfinance institutions and other practitioners to enhance micro-enterprise success

A Combination of Micro-Credit and Micro-Training with mediating role of Formal Education: A Micro-Enterprise Success Formula

This study aims at giving an overview of the emerging research field of microfinance in a phase that is still very fluid in micro-enterprises. The ultimate objective of this study is to develop a distinctive formula (framework) for micro-enterprise success.As the success of micro-enterprise is under debate from many decades, but the researchers and entrepreneurs are unable to find the unique factor to develop a comprehensive framework. Previous research studies on relationship of different success factors and small business success are missing by comprehensive framework.It is important to identify the measure of success which is still undefined. Four hypotheses are proposed concerning the relationship of micro-enterprise success and microfinance factors (i.e., micro-credit, micro-training) with mediating role of formal education. These hypotheses predicting a positive relationship between micro-enterprise success and microfinance factors. However, among all other microfinance factors (i.e., micro-saving, micro-insurance, social capital), micro-credit and micro-training has relatively higher effect on microenterprise performance followed by level of education. Hence, this study contributing in the body of knowledge by developing a micro-enterprise success formula for researchers and entrepreneurs, which ultimately improve the performance of microenterprises

Project selection for group decision making: a multiple project perspective from Pakistan

Decision making is one of the primary functions of management. Making strategic decisions are important to achieve organisational efficiency and effectiveness. In the selection of projects, it is necessary for organisations to prioritise their projects due to limited resources. Therefore, the selection of projects that bring value and substantial impact on the organisation is very important to ensure that they can compete in the dynamic external environment and meet the goals and objectives. From the case study, the result suggests that the Analytical Hierarchy Process (AHP) method can contribute significantly to the identification of sources that need further clarification of attributes and criteria and at the same time it can provide a systematic analytical tool in making a group decision. This method allows the organisation to prioritize its projects based on certain criteria as it is a quantitative decision support tool. In conclusion, AHP is the best and efficient method for decision makers to consider all facts, weigh the pluses and minuses, reach, reevaluate and communicate their decisions

Mortality from gastrointestinal congenital anomalies at 264 hospitals in 74 low-income, middle-income, and high-income countries: a multicentre, international, prospective cohort study

Summary Background Congenital anomalies are the fifth leading cause of mortality in children younger than 5 years globally. Many gastrointestinal congenital anomalies are fatal without timely access to neonatal surgical care, but few studies have been done on these conditions in low-income and middle-income countries (LMICs). We compared outcomes of the seven most common gastrointestinal congenital anomalies in low-income, middle-income, and high-income countries globally, and identified factors associated with mortality. Methods We did a multicentre, international prospective cohort study of patients younger than 16 years, presenting to hospital for the first time with oesophageal atresia, congenital diaphragmatic hernia, intestinal atresia, gastroschisis, exomphalos, anorectal malformation, and Hirschsprung’s disease. Recruitment was of consecutive patients for a minimum of 1 month between October, 2018, and April, 2019. We collected data on patient demographics, clinical status, interventions, and outcomes using the REDCap platform. Patients were followed up for 30 days after primary intervention, or 30 days after admission if they did not receive an intervention. The primary outcome was all-cause, in-hospital mortality for all conditions combined and each condition individually, stratified by country income status. We did a complete case analysis. Findings We included 3849 patients with 3975 study conditions (560 with oesophageal atresia, 448 with congenital diaphragmatic hernia, 681 with intestinal atresia, 453 with gastroschisis, 325 with exomphalos, 991 with anorectal malformation, and 517 with Hirschsprung’s disease) from 264 hospitals (89 in high-income countries, 166 in middleincome countries, and nine in low-income countries) in 74 countries. Of the 3849 patients, 2231 (58·0%) were male. Median gestational age at birth was 38 weeks (IQR 36–39) and median bodyweight at presentation was 2·8 kg (2·3–3·3). Mortality among all patients was 37 (39·8%) of 93 in low-income countries, 583 (20·4%) of 2860 in middle-income countries, and 50 (5·6%) of 896 in high-income countries (p<0·0001 between all country income groups). Gastroschisis had the greatest difference in mortality between country income strata (nine [90·0%] of ten in lowincome countries, 97 [31·9%] of 304 in middle-income countries, and two [1·4%] of 139 in high-income countries; p≤0·0001 between all country income groups). Factors significantly associated with higher mortality for all patients combined included country income status (low-income vs high-income countries, risk ratio 2·78 [95% CI 1·88–4·11], p<0·0001; middle-income vs high-income countries, 2·11 [1·59–2·79], p<0·0001), sepsis at presentation (1·20 [1·04–1·40], p=0·016), higher American Society of Anesthesiologists (ASA) score at primary intervention (ASA 4–5 vs ASA 1–2, 1·82 [1·40–2·35], p<0·0001; ASA 3 vs ASA 1–2, 1·58, [1·30–1·92], p<0·0001]), surgical safety checklist not used (1·39 [1·02–1·90], p=0·035), and ventilation or parenteral nutrition unavailable when needed (ventilation 1·96, [1·41–2·71], p=0·0001; parenteral nutrition 1·35, [1·05–1·74], p=0·018). Administration of parenteral nutrition (0·61, [0·47–0·79], p=0·0002) and use of a peripherally inserted central catheter (0·65 [0·50–0·86], p=0·0024) or percutaneous central line (0·69 [0·48–1·00], p=0·049) were associated with lower mortality. Interpretation Unacceptable differences in mortality exist for gastrointestinal congenital anomalies between lowincome, middle-income, and high-income countries. Improving access to quality neonatal surgical care in LMICs will be vital to achieve Sustainable Development Goal 3.2 of ending preventable deaths in neonates and children younger than 5 years by 2030

The Paradox of Managerial Dividend Policy in Corporate Malaysia

The prime objective of this paper is to survey the managers of Bursa Malaysia listed non-financial firms and to divulge their views regarding the significance of various potential factors that may affect dividend decisions. In addition to that, we are also interested in highlighting that how managerial perception about the importance of these factors varies from country to country. Our next objective is to know the level of importance, Malaysian managers give to dividend processes and pattern, firm value. Dividend policy (DP) and residual dividend policy (RDP). Finally, we are interested in measuring the level of support that Malaysian managers provide for different justifications for the payment of dividends. Survey instrument including a cover letter was mailed to chief finance officers (CFO) and finance managers of 493 Bursa Malaysia listed firms in October 2017. In the cover letter, a request was made to all respondents that in case of their non-involvement in dividend decision the letter must be forwarded to concerned authority involved in dividend decisions. The response rate of the current study is 40.09 percent (202 out of 493 firms). The study has used a mail survey of Bursa Malaysia listed non-financial firms that have paid at least one cash dividend during the period of 2013-2016 as a primary means of collecting data. No single pattern in rankings of factors among different countries has emerged. However, like their American, Canadian and Indonesian counterparts, According to Malaysian managers, dividend decisions have a significant effect on firm value. Although, a great deal of support has already been established with all dividend theories, however clientele and agency theory has proven to be the strongest one

Revisiting the agency conflicts in family owned pyramidal business structures: A case of an emerging market

The agency problem strikes as an ethical, practical, and economic issue in equal measures. The principal objective of the current research is to trace the nature of the agency conflicts in the family-owned pyramidal business groups of corporate Malaysia and how they affect the firm value. It is argued that the principal͐–principal (PP) conflict is more severe in family-owned business firms. To achieve the objectives of the current study, the GMM and the fixed effect estimates are used. In addition, to find the difference between family-owned firms and family-owned firms in the pyramidal business, we have employed the Mann–Whitney test. The null hypothesis is accepted which indicates that the impact of the PP conflict among family firms is different from those in pyramidal business groups. The final sample of 420 firms listed on the Bursa Malaysia is chosen for the analysis. The results of the current study provide support to the hypothesized results that the PP conflict is severe in family-owned groups and has a significant effect on firm value. The findings of the current study also provide support that the PP conflict is prevalent in Malaysia, supporting the earlier evidence regarding the expropriation of minority shareholders rights reported in the studies carried out on samples of Malaysian non-financial firms. This is also in line with our measure of PP conflict severity, which is high in pyramidal family firms. Overall, the results provided support to the expropriation hypothesis. Thus, the findings of this study also confirm the view that in family-owned Malaysian firms, the ethical dilemmas of wealth expropriations do exist and are more intense in the pyramidal family-owned business structures. Instead of relying on traditional methods, the current study employed a synthetic measure to gauge the PP conflict. The study which is among the pioneer on the expropriation of minority shareholders will be helpful for policymakers, researchers and finance professionals in understanding the issues related to principal-principal conflict, and firm value in family-owned pyramidal business groups of Malaysia