Testing the Monthly Calendar Anomaly of Stock Returns in Pakistan: A Stochastic Dominance Approach

In this paper, we first examine the presence of monthly calendar anomaly in Pakistan Stock Exchange (PSX) using aggregate and firm-level monthly stock returns. Secondly, we classify the sample firms into low-beta, medium-beta, and high-beta firms to examine the monthly anomaly of stock returns for firms having different level of systematic risk. By considering the stochastic dominance approach (SDA), we employ the simulation based method of Barrett and Donald (2003) to identify the dominant month over the period from January 2000 to December 2017. We find significant evidence of the existence of the January effect in both firm and market stock returns. We also find that the January effect exists more prominently in both low-risk and high-risk firms categorised based on their systematic risk. On the other end of the continuum, for moderately risky firms, there is strong evidence of the presence of the December effect. One of possible explanations of the January effect is the yearend bonus received in the month of January. Such bonuses are generally used to purchase stocks, causing the bullish trend of stock prices in January. However, the evidence of the January anomaly in both low-beta and high-beta portfolios returns is puzzling, suggesting that investors may invest in both low- and high-risk stocks when enthusiastically investing in stock market. The findings of the paper suggest that investors may get abnormal returns by forecasting stock return patterns and designing their investment strategies by taking into account the January and December effects and the level of systematic risk associated with the firms. JEL Classification: G02, G12, G14 Keywords: Behavioural Finance, Stochastic Dominance Approach, Monthly Anomaly, January Effect, December Effect, TOY Anomaly, Abnormal Returns, KS Type Test, PS

Exploring Resource-Based Actor Engagement in Microfinance Institutions: The Service-Dominant Logic Perspective

Actor engagement is an emerging area of research in service-dominant logic yet equated with the traditional view of customer engagement. The narrow explanation of cognitive and emotional perspectives obstructs the theory building to further understand the resource-based perspective of actor engagement, thus warranting an inductive inquiry. The interrelated categorization is also a missing link in the literature, and this study fills this gap.  This qualitative study explores antecedents of actor engagement with a resource-based perspective at pre, core, and post-service encounters. While adopting the qualitative Gioia methodology, twenty-five customers of microfinance institutions were interviewed to explore the phenomenon. Our study reveals that in the pre-resource integration phase, the value fit and actors\u27 dexterity are the antecedents that bring actor engagement. The alignment of integrated resources and service interaction disposition ensures engagement at the resource-integration phase, whereas, in the post-integration phase, actor engagement is affected by the service outcome. Furthermore, the actors\u27 association with networks influences the engagement, and information gateways interconnect all three phases. This study offers four unique propositions to explain interrelated resource-based actor engagement. Microfinance institutions moving towards digital banking can adopt the study findings to redesign engaging strategies at an actor-to-actor level to ensure brand loyalty and commitment. Researchers can quantitatively test the proposed propositions for further conceptual advancement

Configuración mística velada de recursos operativos ágiles para la rentabilidad en empresas familiares de Pakistán

Resources act as an arm which often facilitates firm’s sustainable performance in volatile business markets. Few studies have emphasized the agile operant resources that propel family-owned firm’s profitability. The aim of this article is to show the concealed role of agile operant resources of firm owners that expedite family-owned businesses in profitability to ensure a firm’s sustainability. This research uses relativistic perspective based on interpretive worldview. For data collection, purposive sampling is used. While directing interviews, open-ended questions (interview guide) along with observations are used. Abductive research accompanied by Gioia methodology has been utilized for broader themes of discussion. The findings indicated relationship proneness, reputational resources, religious resources, agile soft skills, performance efficiency and excellency as hidden agile intangible resources which facilitate family firms of catering profitability. The paper presents a conceptual framework that highlights how family-owned firms can ensure profitability. The proposed research framework contributes to the present literature of family-owned firms by inspecting the mystical role of agile resources. It opens new avenues for practitioners to work on these resources that support to enhance profitability.Los recursos funcionan como un arma que a menudo facilita el rendimiento sostenible de las empresas en un mercado empresarial volátil. Pocos estudios han enfocado los recursos operativos ágiles que impulsan la rentabilidad de las empresas familiares. El objetivo de este artículo es mostrar el papel oculto de los recursos operativos ágiles de los propietarios de empresas que aceleran la rentabilidad de las empresas familiares para garantizar la sostenibilidad de las empresas. Esta investigación se basa en una perspectiva relativista e interpretativa a nivel mundial. Para la recopilación de datos, se utiliza un muestreo intencional/judicial. Durante las entrevistas, se emplea un cuestionario abierto (guía de entrevistas) junto con observaciones. Se ha utilizado una investigación abductiva acompañada de la metodología de Gioia para ampliar los temas de discusión. Los resultados indicaron que la propensión a las relaciones, los recursos reputacionales, los recursos religiosos, las habilidades blandas ágiles, la eficiencia y excelencia en el rendimiento son recursos intangibles ágiles ocultos que facilitan la rentabilidad de las empresas familiares. Este artículo propuso un marco conceptual que guía a las empresas familiares para lograr rentabilidad. El marco propuesto contribuye a la literatura actual sobre empresas familiares al examinar el papel místico de los recursos ágiles y recomendar a los profesionales pulir estos recursos que ayudan a mejorar la rentabilidad, lo que lleva a la sostenibilidad de las empresas familiares

Minimizing Asymmetric Information in Online Markets through Knowledge Management

This article is about the role of knowledge management in minimizing the asymmetric information in online business. The asymmetry of information is the prime concern in online markets where consumer and seller are located in distant locations and they cannot see each other.  The success of ecommerce business depends heavily on the minimization of asymmetric information between the seller and buyers. As the online business is done through codified knowledge and it is easy to manage the codified knowledge so by efficient use of KM principles and processes it has now become easy to minimize the asymmetric information among the seller and buyers. The article discusses the types of asymmetric information which can ne be minimized through use of codified online knowledge. 

Reducing the environmental impact of surgery on a global scale: systematic review and co-prioritization with healthcare workers in 132 countries

Abstract Background Healthcare cannot achieve net-zero carbon without addressing operating theatres. The aim of this study was to prioritize feasible interventions to reduce the environmental impact of operating theatres. Methods This study adopted a four-phase Delphi consensus co-prioritization methodology. In phase 1, a systematic review of published interventions and global consultation of perioperative healthcare professionals were used to longlist interventions. In phase 2, iterative thematic analysis consolidated comparable interventions into a shortlist. In phase 3, the shortlist was co-prioritized based on patient and clinician views on acceptability, feasibility, and safety. In phase 4, ranked lists of interventions were presented by their relevance to high-income countries and low–middle-income countries. Results In phase 1, 43 interventions were identified, which had low uptake in practice according to 3042 professionals globally. In phase 2, a shortlist of 15 intervention domains was generated. In phase 3, interventions were deemed acceptable for more than 90 per cent of patients except for reducing general anaesthesia (84 per cent) and re-sterilization of ‘single-use’ consumables (86 per cent). In phase 4, the top three shortlisted interventions for high-income countries were: introducing recycling; reducing use of anaesthetic gases; and appropriate clinical waste processing. In phase 4, the top three shortlisted interventions for low–middle-income countries were: introducing reusable surgical devices; reducing use of consumables; and reducing the use of general anaesthesia. Conclusion This is a step toward environmentally sustainable operating environments with actionable interventions applicable to both high– and low–middle–income countries

Moderating Role of Network Competency Between Composition Based Strategy Components and Firm Performance: Evidence from Retail Stores in Pakistan

This paper investigates the relationship between the components of the composition based strategy and firm performance. The study further examines the moderating relationship of network competency on different components of the composition-based strategy (CBV) and financial performance. The study collects the data from 134 owners/managers of retail stores in Lahore, Pakistan. The data were analyzed with confirmatory factor analysis and hierarchical linear regression. The findings reveal that compositional competition and compositional capability positively relate to firm performance. The study only finds the significant moderating role of network competency between compositional capability and firm performance. This study advances the extant research in the strategic management literature by amalgamating resource utilization and a relationship-driven approach. This study further supports the notion that the composition-based view is an alternative strategic perspective for small firms. Future research work may advance the findings of this study by considering other measures of firm performance and replicating the study in different contexts

Misalignment of Actor’s Resources Leading to Value Co-destruction: A Systematic Literature Review for Future Research Frontier

The research frontier of Service-Dominant logic has elicited the etymological debate on the phenomenological nature of value. To date, the literature has shown a biased and myopic view of value co-creation as an outcome of service interaction. Leading journals have given prominent space to value co-creation. Still, value co-destruction is yet least explored though it is also a realistic view of a service interaction. Value co-creation manifests the wellness of actors, but not all service interactions result in positive outcomes causing value co-destruction.  The researchers have started the debate on value co-destruction relating to its conceptual description; still, the literature is fragmented. This article is a systematic literature review that explores the epistemological, theoretical, and contextual understanding of value co-destruction to synthesize fragmented literature from 2010 to date. This article provides an overview of value co-destruction seminal work, theoretical underpinnings, leading antecedents, and coping strategies in particular contexts. The systematic selection of literature affirms value co-destruction as a decline in the wellbeing of actors during service exchange due to the misalignment of actors’ resources and a mirror image of value co-creation. This article offers co-existence, the role of context, contextual antecedents, the temporal nature of co-destruction, and exclusively the ISPAR model as theoretical support for value co-destruction as future research directions

EXPLORING THE ROLE OF AGILE OPERANT RESOURCES IN FACILITATION OF BUSINESS MODEL INNOVATION: CASE OF FAMILYOWNED BUSINESSES IN PAKISTAN: Mehreen Waheed, Dr. Abdul Rashid Kausar, Dr. Yasir Rashid

Resources act as the armaments for innovation in today’s volatile business world where catering competitiveness has become the biggest challenge. To the best of the author's knowledge, no study has been done specifically in the context of Family-Owned Businesses (FOBs) in Pakistan regarding the owner’s possessed agile operant resources. This paper explores how agile operant resources possessed by owner of family firms facilitate business model innovation. An abductive research approach using the Gioia methodology has been used to develop broader themes for discussion. Purposive sampling is used for data collection; while conducting interviews through open-ended questionnaires of family owners. Finding depicts that agile entrepreneurial phronesis and agile structure approach are two operant resources possessed by family owners that facilitate in business model innovation. The authors have proposed a conceptual model that highlights on the pertinence of agile operant resource which drives the Family firm’s competitive performance. This study proposes a framework for FOBs operating in Pakistan by providing novel insights for establishing competitive firm performance. Each FOB may adapt these resources to ensure business model innovation. It also opens new avenues of innovation and growth for FOBs by determining the primitive significant role of FOB Owners Operant Resources. This study can be applied to all FOB

Thigh-length compression stockings and DVT after stroke

Controversy exists as to whether neoadjuvant chemotherapy improves survival in patients with invasive bladder cancer, despite randomised controlled trials of more than 3000 patients. We undertook a systematic review and meta-analysis to assess the effect of such treatment on survival in patients with this disease