The Effects of Cultural Dimensions and HR Practices on Organisational Commitment: An Empirical Evidence from the Telecom Sector of Pakistan

The study was aimed to acquire the effects of cultural dimensions and HR practices on organizational commitment of the fastest growing telecom sector in Pakistan. A questionnaire was used and distributed to 200 correspondents among the telecom sector in the equal ratio and from which 149 were received back. The research tools were collectivism and power distance, rewards, psychological empowerment, performance evaluation and organizational commitment respectively, questionnaires of Dortman and Howell’s, Al-Nsour, Spreitzer, Cook and Crossman, and Porter were used. The study revealed that power distance, rewards, psychological empowerment and performance evaluation bore the significant impact, whereas collectivism showed insignificant impact on the organizational commitment Keywords: Collectivism, Power Distance, Rewards, Psychological Empowerment, Performance Evaluation, Organizational Commitment

UTJECAJ OBITELJSKOG VLASNIŠTVA NA INVESTICIJSKE ODLUKE: KOMPARATIVNA ANALIZA OBITELJSKIH I NEOBITELJSKIH TVRTKI KOJE KOTIRAJU NA BURZI U KARACHIJU (PAKISTAN)

The current study attempts to investigate the impact of family ownership structure on investment decisions of firms listed at the Karachi Stock Exchange (KSE) of Pakistan. For distinguishing family owned business (FOB) from non-family (NFOB), two threshold points of ownership structure (25% & 50%) were used. Panel data forms ranging from the period 2002-2013 were collected from different sources such as annual reports of firms, Financial statements, business recorder, stock exchanges, telephone calls, emails and balance sheet analyses of joint stocks. Generalized Method of Moments (GMM) was applied to estimate the coefficients of variables of interest. Empirical results revealed that there was stronger positive impact of cashflow on investment in NFOBs in comparison with FOBs. Conversely, family firms have lower investment-cashfl ow sensitivity even when blockholder’s effect was taken in consideration. The estimated coefficients confirmed less investment-cash flow sensitivity in those firms comparatively where professional manager serves as a chief executive officer (CEO). It was also revealed that family firms alleviate financial constraints as well as free cash flow problems. It was concluded that broader investment horizons, corporate governance mechanism and flexibility to manage financial constraints make family firms capable of reducing investment-cash flow sensitivity.Cilj ovog rada je istražiti utjecaj obiteljske vlasničke strukture na investicijske odluke poduzeća koja kotiraju na burzi u Karachiju (Pakistan). Kako bi se razlikovala obiteljska od neobiteljske vlasničke strukture, u radu su korištena dva praga u vlasničkoj strukturi (25% i 50%). Panel podaci iz razdoblja 2002.-2013. prikupljeni su iz različitih izvora poput godišnjih izvješća poduzeća, financijskih izvješća, business recordera, s burzi, putem telefonskih razgovora, elektroničkom poštom te analiziranjem bilanci dioničkih društava. Uopćena metoda momenata (Generalized Method of Moments - GMM) primijenjena je na procjenu koeficijenata varijabli od interesa. Empirijski rezultati otkrili su kako postoji jači pozitivan utjecaj novčanog tijeka na ulaganje u neobiteljskim tvrtkama od obiteljskih. Suprotno tome, obiteljske tvrtke imaju slabiju osjetljivost u odnosu između ulaganja i novčanog tijeka, čak i kad se uzme u obzir utjecaj velikih ulagača. Procijenjeni koeficijenti su potvrdili slabiju osjetljivost u odnosu između ulaganja i novčanog tijeka u tim poduzećima s obzirom na ona u kojima profesionalni menadžer djeluje kao glavni izvršni direktor (CEO). Također se pokazalo da obiteljske tvrtke ublažavaju financijska ograničenja i probleme slobodnog novčanog tijeka. Zaključak je da širi ulagački vidici, mehanizmi korporativnog upravljanja i fleksibilnost u upravljanju financijskim ograničenjima mogu omogućiti obiteljskim tvrtkama da umanje osjetljivost u odnosu između ulaganja i novčanog tijeka

Impact of Wheat Breeding Research on Punjab Economy

With the rapidly growing population of Pakistan there is emerging need of food to keep pace with it. Different research institutions are working for it. The current study was launched to see the impact of current wheat breeding programs impact on Punjab economy. For this secondary data from crop reporting services was taken. Only for the years of 2000-2006 the complete set of data regarding variety area and production was available. Results revealed that among all the major factors contributing towards yield improvement, the Varity role was about 12 percent. It was great contribution of wheat breeding

Ownership structures as determinants of financial decisions: evidence from Pakistani family owned listed firms

The current study aims to inspect the investment policy as well as financing policy with respect to ownership structure. Two threshold points of ownership structure (25% & 50%) were used to distinguishing family owned business (FOB) from the non-family (NFOB) ones. The data sample of 280 listed firms at Karachi Stock Exchange (KSE) was collected from different sources like annual reports, financial statements and balance sheet analyses ranging for the period 2002-2013. Among many advance econometric techniques, Generalized Method of Moments (GMM) was found appropriate to estimate the coefficients of variables. The empirical results showed that the FOBs had lower investment-internal fund sensitivity than NFOBs. However, the blockholder’s effect on investment-internal fund sensitivity was found statistically insignificant. Furthermore, the weak application of Pecking Order Theory and higher payout ratio in FOBs as compared to NFOBs were revealed. Also, It was concluded that the lower agency and information asymmetry problems in FOBs comparatively

IMPACT OF FAMILY OWNERSHIP ON FINANCING DECISIONS: A COMPARATIVE ANALYSIS OF COMPANIES LISTED AT THE KSE

The current study attempts to investigate debt and dividendpolicies under the umbrella of capital structure’s theories in bothorganizational types i.e. family owned business (FOB) and non-familyowned business (NFOB). Two threshold points of ownership structure(25% & 50%) were used to distinguishing FOB from NFOB. A sampleof 280 listed firms at the KSE was collected for the period 2002-13.Generalized Method of Moments (GMM) was applied on paneldata to estimate the coefficients of variables. The empirical resultsindicated the weak application of pecking order theory and higherpayout ratio in family firms comparatively. The study providedexplanation regarding speedier rebalancing the target capitalstructure of family firms due to easier access to debt and long termpresence of the family in the firm. However, FOBs smooth dividends tolesser extent than their counterpart NFOBs indicate lower agencyand information asymmetry problems in them. SECP as well as stockexchanges are advised to bring required changes in corporate lawsto ensure lucid and verifiable disclosure regarding dividend policyin their reports, prospectus and websites et

Key Factors Affecting GDP in Pakistan Over the period 1975-2011

The main objective of this study was to investigate the impact of key factors like agriculture, industrial, the services sectors output, exchange rate and the trade openness on the economic growth in Pakistan. To fulfill the objective of the study, time series data spreading over the last 37 years (1975-2011) were collected from World Development Indicator (WDI). The empirical analysis started by analyzing the time series property of the data which was followed by checking the stationarity of all dependent and independent variables. The Johansen VAR-based Co-integration approach was applied to examine the sensitivity of real economic growth to changes in the explanatory variables in the long-run. The estimated coefficients of agriculture, services, industrial output, trade openness and the exchange rate positively and significantly affected the real GDP by 0.05, 0.42, 0.35, 0.025, and 0.062 percent respectively. The most significant factor identified, having impact upon the real GDP was the industrial output. It was contributing 0.42 % toward the real GDP. Key words: Johansen Co-integration, GDP, agriculture, industrial, the services sectors, trade opennes

Determinants of Super Store Customer Satisfaction in Pakistan

Trend in retails selling has been changed in the European countries and getting change in the developing countries. The old fashion of small retail shops has been changed to the super stores where customer can move around and pick the desired products. In Pakistan trend of super stores is emerging recently and a number of new stores of are opened in big cities of Pakistan. This study focuses on the dimensions which create satisfaction in the customer of the retails super stores and attract new customers. Study concluded that Physical environment, Personal interaction, problem solving ability, policy are the major determinants of customer satisfaction of retail super stores. For this study RSQS measure was used. Keywords:Retail Super Stores, Customer Satisfaction, Personal Interaction, Polic

Determinants of Super Store Customer Satisfaction in Pakistan

Trend in retails selling has been changed in the European countries and getting change in the developing countries. The old fashion of small retail shops has been changed to the super stores where customer can move around and pick the desired products. In Pakistan trend of super stores is emerging recently and a number of new stores of are opened in big cities of Pakistan. This study focuses on the dimensions which create satisfaction in the customer of the retails super stores and attract new customers. Study concluded that Physical environment, Personal interaction, problem solving ability, policy are the major determinants of customer satisfaction of retail super stores. For this study RSQS measure was used. Keywords: Retail Super Stores, Customer Satisfaction, Personal Interaction, Polic

Does Corporate Entrepreneurship matter for Organizational Learning Capability? A Study on Textile Sector in Pakistan

The paper aims to investigate the relationship between corporate entrepreneurship and organizationallearning capability. A survey method was undertaken to collect data from 240 middle level managersworking in textile industry through convenience sampling method. Results indicate a positive andsignificant relationship between variables. Practical implications of the study are that if any organizationwhich tends to be more innovative and risk taking has the more learning capability. Furthermore,entrepreneurship training programs could lead to enhancing competences which are important forentrepreneurship.Key Words: Corporate entrepreneurship, Organizational Learning Capability, Textile Sector, Pakistan

Two-Tier Corporate Governance Model for Pakistan

The main purpose of this study was to formulate a model of corporate governance suitable for the Pakistani environment. For this the corporate governance models like Anglo-US, German and Japanese working for the companies of developed and developing nations were critically reviewed. After studying the pros and cons of these models, a hybrid model for Pakistani companies was proposed. According to this model, two-tier boards’ i.e. supervisory board and management board have been suggested instead of one-tier board. Entire supervisory board will be comprised of non-executive directors (NEDs) whereas management board will consist of only executive directors (EDs). These boards will together constitute a joint board headed by a chairman (an INED) who will also head the supervisory board and management boards. Supervisory board will conduct its affairs with the help of subcommittees. The hybrid model would aim to fill the board room in the sense of ensuring the balance of representation, talents, power and attitude which is the prime source of poor corporate governance in Pakistan. Keywords: Corporate Governance, Two-tier boards, hybrid CG model, Pakista