Effect of market orientation, learning orientation and entrepreneurial orientation on sme's performance in the Pakistan context

This study aims to investigate the effect of Market Orientation (MO), Entrepreneurial Orientation (EO), Learning Orientation (LO) and Performance (P). The study was greatly motivated by the inconsistent findings and the gaps indicated in the contemporary literature regarding those relationships. First there were contradictory findings between EO and Performance, MO and Performance and LO and Performance relationships. Second, the three strategies; MO, EO and LO were not investigated together within the context of Small and Medium Enterprises (SMEs). Data were collected from SMEs operating in the Punjab Province, Pakistan. By using questionnaire survey, and a random sampling was used for sample selection. 380 questionnaires were distributed to SME owner/managers but only 330 of them were returned, giving a response rate of 83 percent. Only 318 useable questionnaires were used for further analysis. The findings revealed that EO, MO and LO were significantly related to performance. The findings of this study provided significant insights for both managers and researchers to further understand the effects of implemented strategies on performance. Finally, limitations of study and necessary recommendations for future research were discussed

AN APPROPRIATE INVESTMENT PORTFOLIO FOR STOCK MARKET INVESTORS: EVIDENCE FROM PAKISTAN

The study is based on two main objectives. First, it aims to identify a portfolio of stocks as the most appropriate investment portfolio (AIP) for investors, specifically in the context of Pakistan. Second, this research intends to identify the characteristics of the portfolio which forms AIP. For this purpose, the researcher has formed sixteen time series portfolios, using Fama and French five factor model (2015). Beside marker factor, four risk factors have been constructed which include SMB, HML, RMW, and CMA. The results show that five portfolios which are BHRA, BLRA, BLRC, BHRC, and SHRA are appropriate investment portfolios for investors in Pakistan. Amongst these portfolios, BHRA earns highest monthly average returns of 1.17% having standard deviation of 9.13%, followed by BLRA with average monthly returns of 1.05% with standard deviation of 7.59%.  The average return of BHRA is 11.4% higher than BLRA, whereas standard deviation of BHRA is almost 20% larger than the standard deviation of BLRA. Both, the average per month return and risk of BHRA are highest amongst all higher returns portfolios. Contrarily, the excess return of BLRA is not considerably low from BHRA but the incremental risk per unit return of BHRA is almost double of BLRA. Therefore, amongst all five appropriate portfolios, BLRA is justifiably the most appropriate investment portfolio which has the highest adjusted R-square of 77.106 %, the highest average returns of 1.053 % per month, and minimum risk of 7.5%.  The results, therefore, suggests all investors to include big, low book/market, robust profitable, and aggressive investment stocks in their portfolios to earn above average returns with minimum risk

AN APPROPRIATE INVESTMENT PORTFOLIO FOR STOCK MARKET INVESTORS: EVIDENCE FROM PAKISTAN

The study is based on two main objectives. First, it aims to identify a portfolio of stocks as the most appropriate investment portfolio (AIP) for investors, specifically in the context of Pakistan. Second, this research intends to identify the characteristics of the portfolio which forms AIP. For this purpose, the researcher has formed sixteen time series portfolios, using Fama and French five factor model (2015). Beside marker factor, four risk factors have been constructed which include SMB, HML, RMW, and CMA. The results show that five portfolios which are BHRA, BLRA, BLRC, BHRC, and SHRA are appropriate investment portfolios for investors in Pakistan. Amongst these portfolios, BHRA earns highest monthly average returns of 1.17% having standard deviation of 9.13%, followed by BLRA with average monthly returns of 1.05% with standard deviation of 7.59%.  The average return of BHRA is 11.4% higher than BLRA, whereas standard deviation of BHRA is almost 20% larger than the standard deviation of BLRA. Both, the average per month return and risk of BHRA are highest amongst all higher returns portfolios. Contrarily, the excess return of BLRA is not considerably low from BHRA but the incremental risk per unit return of BHRA is almost double of BLRA. Therefore, amongst all five appropriate portfolios, BLRA is justifiably the most appropriate investment portfolio which has the highest adjusted R-square of 77.106 %, the highest average returns of 1.053 % per month, and minimum risk of 7.5%.  The results, therefore, suggests all investors to include big, low book/market, robust profitable, and aggressive investment stocks in their portfolios to earn above average returns with minimum risk

ATRIAL FIBRILLATION AS A PREDICTOR OF IN-HOSPITAL MORTALITY IN PATIENTS WITH ISCHEMIC STROKE.

Objective; To determine the frequency of in – hospital mortality in atrial fibrillation patients having ischemic stroke at a tertiary care hospital. Study design; Cross-sectional study. Setting; Department of Medicine, Nishtar Hospital, Multan. Material and methods; All the cases of ischemic stroke having atrial fibrillation (171), fulfilling inclusion criteria was recruited from indoor and outdoor of Department of General Medicine, Nishtar Hospital Multan from May 2018 to May 2019. These patients were investigated for the presence of atrial fibrillation, diabetes, hypertension, smoking and obesity and data was analyzed by SPSS version 18. Results; A total of 171 patients with ischemic stroke having atrial fibrillation were taken. Of these 171 patients, 112 (65.5%) were male patients while 59 (34.5%) were female patients. Mean age of our patients was 58.32 ± 12.06 years, ranging from 41 to 81 years while 54 (31.6%) were aged up to 50 years and 119 (69.6%) were aged more than 50 years. Of these 171 patients, 52 (30.4%) were from rural and 119 (69.6%) from urban areas, 87 (50.9%) belonged to poor families and 84 (49.1%) belonged to middle income families. Sixty-six (38.6%) were diabetic and 106 (62%) were hypertensive. Mean body mass index was 25.39 ± 3.81 kg/m2 with obesity was present in 46 (26.9%) while 66 (38.6%) were smokers and all smokers were male patients. Mortality was noted in 72 (42.1%) in ischemic stroke patients having atrial fibrillation. Conclusion; Frequency of mortality was high in our study among patients with ischemic stroke having atrial fibrillation. Mortality was significantly associated with male gender, smoking. diabetes, hypertension and obesity. Keywords; Ischemic stroke, atrial fibrillation, risk factors. DOI: 10.7176/JMPB/55-06 Publication date:May 31st 201

HYPERTENSION AS A PREDICTOR IN-HOSPITAL MORTALITY AMONG PATIENTS HAVING CONGESTIVE HEART FAILURE

Background; Hypertension remains an important risk factor which contributes towards the worsening of the outcomes, consisting of cardio-renal anemia syndrome and its impact in heart failure remains to be complex and multifactorial. The current study was done to evaluate the role of hypertension on mortality among patients having congestive heart failure. Material and methods; This study included a total of 115 patients with congestive heart failure presenting at Nishtar Hospital Multan. These patients were followed till discharge to document in-hospital mortality during current hospitalization. All the sociodemographic distribution and other relevant information such as age, gender, area of residence, diabetes, hypertension,  obesity, smoking, hyperlipidemia and mortality were noted in the proforma and data was entered and analyzed by SPSS version 22 for descriptive statistics and tests of significance. hypertension was cross-tabulated against in-hospital mortality using two by two table and chi-square test was applied at level of significance of 0.05. Results; Among our 115 patients with congestive heart failure, 75 (65.2%) were males and 40 (34.8%) were females. Mean age of our patients with CHF was 57.17 ± 11.65 years ranging from 34 to 80 years. Although males were younger than female patients with congestive heart failure but this difference was not statistically significant (p=0.140). Seventy five (65.2%) were from rural areas, 40 (34.8%) were poor, 70 (60.9%) from middle income families and only 5 (4.3%) belonged to rich families. Mean body mass index (BMI) of patients with congestive heart failure was 26.12 ± 2.93 kg/m2 and 35 (30.4%) were obese. Twenty five (21.7%) were smokers. Forty five (39.1%) had diabetes and 55 (47.8%) had hypertension. In-hospital mortality in patients with congestive heart failure was 12 (10.4%) and of these 12 mortalities, hypertension was noted in 11 (92 %) patients. Conclusion; Our study results have documented high frequency of hypertension among patients with congestive heart failure and hypertension was significantly associated with in – hospital mortality. Keywords; Congestive Heart Failure, hypertension, in-hospital mortality. DOI: 10.7176/JMPB/55-07 Publication date:May 31st 201

Scope of Social Work Practice in Childcare Social Welfare Institutions: Policies, Practices and Problems

Children deprived of their primary care are among the most vulnerable segments of the society exposed to violence, exploitation, trafficking, discrimination and all other types of abuse. United Nations Convention on the Rights of Children (1989) acknowledges the rights of such children and hold member states responsible for provision of alternative care considering the best interest of the children in accordance with their national laws. United Nations’ guideline on alternative care were also adopted by UN General Assembly for effective implementation of international instruments regarding the shelter, protection, development, and rehabilitation of children deprived from their primary care. Pakistan, being a member state and signatory to these UN treaties, is bound to reflect the provisions of these international instruments in the domestic policies and execute the same in true letter and spirit.  Evidences prove that if not professionally managed, children living and growing up in institutions face difficulties in learning and developing social skills. In Punjab province, different institutions in public & private sectors are providing residential services to children deprived of their primary care. However, the performance of these institutions has been questioned repeatedly due to the constantly reported child abuse cases. Present study aims to explore factors responsible for the current state of affairs by getting views of both practitioners and the beneficiaries. Following a qualitative perspective of research, in-depth interviews were conducted using a semi-structured interview guide with management and resident children of childcare institutions. The findings of the study identified multiple policy and administrative issues affecting the working of these institutions and helped in understanding the existing situation of these institutions in Punjab Province. This study will be helpful in determining the needs and issues faced by the case managers as well as the children to serve their best interest

Digital transformation of value-based intermediation - a risk-based perspective

Islamic Finance has a strong base from Maqasid al Shariah perspective to really develop a system on social justice & environmental wellbeing to further establish a sustainable value based economic system. Islamic Banks on this very value based system can flourish and lead the banking industry.Financial stability is the goal of every organization but adding to it sustainable ecosystem, modern technological product & services and proper utilization of the resources broaden the horizon for Financial institutions. Luckily, Islamic Finance has these attributes inherited in their principles and legal classical fiqh maxims.We focused on the digital transformation and the risk arising from it while adopting those innovative technology products and services. We will come up with the mechanism to mitigate those risks and evaluate it from Maqasid al Sharia’h perspective in value based intermediation.Good attributes in the overall culture of the organization is important and it can be the core value. It must consist of integrity, maintaining high moral standards, fairness & justice and transparency. All these attributes are already existing in Islamic economics theory. The modern organization to adopt these attributes in digital transformation can lead them to a value based system which can be trustworthy and sustainable. The Maqasid’s guidance can further strengthen this system and make it more reliable and sustainable with the concept of realism which can better contribute to the people, profitability of the organization and our planet a healthy place to live

Accrual Reversals And Company Performance: Analysis Of Emerging Market

This is a pioneering study on total accrual reversals, i.e. long-term reversals and their role in company performance in an emerging market. This study observes the impact of total accrual reversals on company performance more exclusively. The sample consists of 100 non-financial companies listed on the Pakistan Stock Exchange (PSE). The purpose is to examine the role of long-term reversals in the performance of companies by observing the impact of total accrual reversals for the current period as well as the previous period on the earnings as it is used as a proxy for company performance. The Pooled OLS Robust method with Driscoll-Kraay standard errors is used. The result indicates that total accrual reversals of the previous and current period affect the earnings of companies positively. This result rejects the perception that accrual reversal does not predict the earnings in the long-term perspective. The study concludes that the role of reversals of total accruals in the performance of companies is positive, which is beneficial for growing companies in an emerging market. Hence, companies should increase the total accrual reversals to enhance their performance and attract foreign investors

Social Inclusion of Disabled Persons: Role of a Professional Social Worker in Pakistan

This paper aims to explore the role of professional social workers in the social inclusion of disabled persons in Pakistan. This paper highlights the present scenario of social work practice with the disabled community and how professional social workers are bringing social inclusion of disabled persons by working effectively in the field. The data for this study was collected through qualitative approach. The semi-structured interview guide was used to collect data through in-depth interviews from thirteen professional social workers who are working for the social inclusion of persons with disabilities in Pakistani community. Thematic analysis was used to analyze the data. The data revealed that social workers have enough abilities to create a bridge between disabled persons with their community. There are different sources present in the community which can be utilized by professional social workers to enable disabled persons to live a normal life. Unawareness of common people and government towards the roles of social workers has been observed in this study. Enhancement and encouragement of social work practice in the field of disability is particularly needed