Recompensa, um motorista para a criatividade; papel mediador das avaliações de recompensa entre auto eficácia e desempenho criativo

The purpose of this dyadic study was to explore the insight that trigger the creative performance. For such purpose self-efficacy and rewards in shape of challenge and threat appraisal were used. A Survey was conducted to collect the data from the public and private sector organizations related to technical education in Punjab. Sample was the faculty member working on positions of instructors, senior instructor and lectures. A total of 302 respondents were analyzed. The results of the analysis show that there is significant relationship among self-efficacy and creative performance. The mediation analysis also shows that challenge appraisal of rewards for creativity and threat appraisal of reward also worked as mediator. Consequently, we reached at the point that having high level of self-efficacy, individuals in technical education organizations appraises the reward as a challenge and perform creatively. And on the other side having low level of self-efficacy, but appraising the Reward as a threat, tends to impact negatively on creative performance.El propósito de este estudio diádico fue explorar la información que desencadena el rendimiento creativo. Para tal fin se utilizaron la autoeficacia y las recompensas en forma de desafío y evaluación de amenazas. Se realizó una encuesta para recopilar los datos de las organizaciones del sector público y privado relacionadas con la educación técnica en Punjab. La muestra fue el miembro de la facultad que trabaja en posiciones de instructores, instructor senior y conferencias. Se analizaron un total de 302 encuestados. Los resultados del análisis muestran que existe una relación significativa entre la autoeficacia y el rendimiento creativo. El análisis de la mediación también muestra que la evaluación desafiante de las recompensas por la creatividad y la evaluación de la amenaza de recompensa también funcionó como mediador. En consecuencia, llegamos al punto en que, al tener un alto nivel de autoeficacia, los individuos en las organizaciones de educación técnica valoran la recompensa como un desafío y se desempeñan de manera creativa. Por otro lado, tiene un bajo nivel de autoeficacia, pero evaluar la recompensa como una amenaza, tiende a tener un impacto negativo en el rendimiento creativo.O objetivo deste estudo diádico foi explorar a percepção que aciona o desempenho criativo. Para esse propósito, a auto-eficácia e as recompensas em forma de desafio e avaliação de ameaça foram usadas. Uma pesquisa foi realizada para coletar os dados das organizações do setor público e privado relacionadas à educação técnica em Punjab. Amostra foi o membro do corpo docente trabalhando em posições de instrutores, instrutor sênior e palestras. Um total de 302 respondentes foi analisado. Os resultados da análise mostram que existe uma relação significativa entre autoeficácia e desempenho criativo. A análise da mediação também mostra que a avaliação de recompensas de recompensas por criatividade e avaliação de ameaças de recompensa também funcionou como mediador. Consequentemente, chegamos ao ponto em que, tendo alto nível de autoeficácia, indivíduos em organizações de educação técnica avaliam a recompensa como um desafio e realizam de forma criativa. Por outro lado, ter baixo nível de autoeficácia, mas avaliar a recompensa como uma ameaça, tende a impactar negativamente no desempenho criativo

Effect of Corporate Governance and Financial Leverage on Market value Added in Pakistan

This paper examines the impact of corporate governance rules and regulations and financial leverage on the market value added in Pakistan. Market value added (MVA) is our dependent variable and corporate governance and financial leverage are our independent variables and examine their combined effect on the market value added. This study will help the Pakistani firms who are going to lever their firms and going to practicing the corporate governance rules and regulations. For this purpose we have taken the listed non-financial companies of Pakistan from 2006-2015 because they are actively practicing the corporate governance rules and regulations. The results indicate that the proxy variable of corporate governance which is board size also have the significant and negative impact on the MVA in Pakistan. Interest coverage ratio indicates that if the firm's ability to pay its interest expenses increases as results MVA also increases. Debt ratio is the proxy variable of financial leverage which is our next independent variable. By the help of our regression model we concluded that Debt also have the positive significant effect on the market value added on the firms in Pakistan. It means if a firm wants to increase their market value they should go for the debt instead of equity. Debt will help firms in Pakistan to increase their market value

Investor Sentiments and Trading Volume’s Asymmetric Response: a Non-linear ARDL Approach Tested in PSX

The research paper entitled “Investor sentiments and trading volume’s asymmetric response: A non linear ARDL approach tested in PSX” is an attempt to investigate the dynamic linkages between trading volume and investor sentiments for Pakistan Stock Exchange (PSX) 100 index. Two sentiments indicators have been used to enlighten the linkages. These indicators are overconfidence and net optimism and pessimism. Trading volume has been used as a proxy for the measurement of market liquidity. Non-Linear Asymmetric Autoregressive Distributed Lag (NARDL) as well as Dynamic Conditional Correlation (DCC) GARCH have been used to explain the dynamic linkages between trading volume and investor sentiments. Empirical findings suggested an asymmetric long-term market liquidity reaction to investor sentiment as well as upcoming three-year correlation have been forecasted between the trading volume and investor sentiments. In the short term, stock market liquidity reacts rapidly and asymmetrically to changes in overconfidence sentiment while the net optimism and pessimism sentiment have insignificant short-term impact on trading volume

Predicting Bankruptcy Using Z-Score and Z Double Prime (Z”): A Study of Pakistan Stock Exchange

Due to the unprecedented happenings and dynamic conditions of international economic system, firms are always at the verge of bankruptcy no matter how sound they are, their sustainability is always in jeopardy. Besides, lenders are continuously raising red flags and giving consistent warnings about possible perils of corporate failure due to fragile economic conditions and increasing debt levels in both corporate and individual businesses these days. Hence there was an exigency to ‘develop indicators for monitoring long term progress and sustainability of companies. Thereof it would contribute in illustrating to business analysts, firm stakeholders about the relevance of embracing these active checks for predicting bankruptcy as a sustainable business practice. This created a bizarre cult to look into the matter seriously. For this there is no mantra, no clever feats, sure-fire quick strategies. Instead there are well-defined, simple, systematic and sophisticated models to assess sustainability of companies. Thus, to avoid the tide of massive/substantial corporate failure and any future catastrophe; there is a dire need to identify the most suitable and preeminent model that can truly forecast the likelihood of default ahead of time in given circumstances. And, mainstay of this study is to provide an answer of question in hand by comparing two most venerable model choices i.e. Altman’s Z-score and Z double prime (Z”)

Bidirectional Relationship between Stock Market Decline and Liquidity: A Study of Emerged & Emerging Economies

Purpose: This study intends to examine the nature & direction of relationship between stock market movements, particularly market decline, and its liquidity in 14 selected emerged and emerging economies (G8+5 and Pakistan) for January 2001 through December 2017 by applying Autoregressive Distributed Lag (ARDL) Bounds test and Granger-causality test. Trading value and turnover ratio are employed to measure market liquidity. Methodology: The study is conducted on a sample of 14 economies (G8 + 5 emerging economies, and Pakistan) for January 2001 through December 2017. Daily basis data for all variables is collected from data stream and Economic Indicator website. Market Liquidity is measured by trading value and turnover ratio Findings: Results of trading value Granger-causality test highlight the evidence of no causality in Germany & India. Bi-directional causality exists in Pakistan only. Uni-directional causality subsists only in Russia at 10% significance level from trading value to market return. However, from market return to trading value, results demonstrate the presence of uni-directional causality at 5% significance level for Brazil, Japan. Canada, China, France, Italy, UK, USA, South Africa and Mexico. Negative returns are used to represent the notion of market decline. Implications: Study summarizes the stock market movements of emerging and emerged countries which will be helpful for future researchers and policy makers in their projects

Impact of Behavioral Biases and Decision Analysis Methods on Investment Performance of Individual Investors at PSX

Purpose: Market bubbles and crashes remain unexplainable by classical finance theories. Because the history of the Pakistan Stock Exchange has been marked by occasional market bubbles and crashes, a behavioral study is conducted to investigate the impact of investor’s behavioral biases on investment performance. Design/Methodology/Approach: Our research investigates behavioral biases and examines the role of such biases in the selection of investment decision methods. We then investigate the direct impact of behavioral biases on investors' investment performance, as well as how investment analysis methods play a role in mediating the impact of behavioral biases on investment performance. We identified 11 irrational behavior biases based on existing literature and in-depth interviews with brokers, and two decision analysis methods are used: fundamental and technical. Findings: Our findings show that PSX investors exhibit moderately high levels of irrational behavior. Despite their moderately high level of irrationality, investors can use fundamental analysis to make better decisions and achieve better results. Since they use fundamental analysis method, they are boundedly rational rather than completely irrational. Implications/Originality/Value: The fundamental analysis does not fully mediate three determinants of irrationality, namely anchoring, control, and overconfidence. Individual investors and brokers are concerned about reducing the impact of these three biases in order to achieve optimal performance. Brokerage firms and fund managers are recommended to consider the behavioral aspects of investors to predict the future because behavioral factors of investors can not only shape the investment trend of individuals but also the market at large

Does Ethical Leadership Contribute towards Organizational Commitment? A Mediational Study of Employees in Hotel Industry

Purpose: This study assesses how perceived corporate social responsibility by employees’ functions as a mediator between organizational commitment and moral leadership. Design/Methodology/Approach: According to the social exchange theory, there is reciprocation between an employee and their employer, and how an employer conducts business shapes the perspective of its employees. Employees follow the same activities and behaviors that the corporation does. 348 front-line hotel employees in Pakistan provided the information. To test the data, structural equation modeling was used. Findings: The findings show that a leader's moral and ethical behavior influences how employees view a firm's CSR and how committed they are to the organization. Results exhibit that when workers witness their supervisors performing ethically, it affects their attitudes and makes them more dedicated to their businesses. Implications/Originality/Value: The study is distinctive in that by utilizing employee views of CSR as a mediator, the relationship between leadership and commitment was explored. The study has essential management and organizational ramifications, particularly for increasing employee engagement

How Does Participative Leadership Influences Employee Engagement via the Mediational Effect of Employee Perceived Corporate Social Responsibility? An Analysis of Front-line Employees of Hotels

Over the course of the year, the study of engaged employees has drawn increased attention. In accordance with the social learning theory, people pick up skills from verbal, symbolic, and living role models through their behaviors. Through the use of employee perceptions of corporate social responsibility as a mediator, this research seeks to inspect the connection between participatory leadership and engagement of employees. The study is unusual because it examines the underlying mechanism between participatory leadership and commitment using employee perceived CSR as a mediator for the first time in literature. The 348 replies were gathered from hotel industry workers. The outcomes were analyzed using a structural equation modelling approach. The findings demonstrated a strong correlation between participatory leadership and employee engagement. Employee perception of CSR plays a factor in mediating the influence of participatory leadership on engagement of employees. This article explores the responsibilities of participative leaders and their influence on employee engagement using motivational and multilevel perspectives, with the mediation function of employee perception of CSR. This study has important ramifications for businesses and managers, particularly in terms of increasing employee engagement

Human Capital and Endogenous Growth: Incorporating the Role of Unemployment in Determining Returns

This study reported the returns to Human Capital in Pakistan. The main purpose of this study is to estimate the returns to human capital. In Pakistan, the level of output is dependent on manpower. Human Capital is a significant contributor in the way to betterment in the economic condition. In this study, time series data is used, and co-integration is applied for the empirical estimation. Gross Domestic Product (GDP), education, mortality, enrolment, unemployment, and age are the core variables of the research. Education has a positive impact on productivity. An increase in education level raises the female labor force participation in Pakistan. The presence of children decreases the early age participation in the labor market. The result shows that when the education level is increased, it boosts the economic activity, and the female labor force participation is the main reason that is increasing its likelihood. It is recommended that government should provide better facilities of education to enhance the female force participation in the labor market in the case of developing countries, by providing the best grades and tasks to the human beings both male and female, thus the level of returns by human capital utilization may increase

Gauging the Sustainability of Corporatized State-Owned Enterprises (SOEs) in Pakistan

Purpose: In accordance with the Washington Consensus, most developing countries were forced to privatize state-owned enterprises (SOEs). Corporatization and partial privatization emerged as two alternative possibilities for any government in circumstances where full privatization was not practicable. Pakistan followed suit and began the partial privatization and corporatization of SOEs working in its economy. This research examines whether Pakistan's corporatization or partial privatization policies have improved the profitability of these state-owned enterprises. Design/Methodology/Approach: If so, what variables contributed to this improvement in profitability, as measured by Return on Assets and Earnings per Share. The paper used data from 1990 to 2015 of thirteen SOEs, largely from the energy sector, that have been corporatized by partial privatization through stock market or other mechanisms. Findings: Results exhibit that the primary criteria strongly related with increased performance of corporatized SOEs, according to our findings, are the appointment of non-government directors by companies and persistently positive Gross Domestic Product of the economy. On the other hand, debt commitments, ownership, and size of an SOE are all weak or insignificant variables in determining whether an SOE should be corporatized. Implications/Originality/Value: Due to their strategic significance, the energy industry should continue to be governed and regulated by the government, but with a greater percentage of non-nominated members on their boards of directors to maintain corporate governance.                                                   &nbsp