Impact Of Board Characteristics On Corporate Social Responsibility Disclosure

The purpose of this study is to explore the link between corporate governance characteristics and corporate social responsibility disclosure of listed companies in the Pakistan stock Exchange (PSX), Pakistan. A sample of 179 companies from financial and non-financial sectors are studied from 2009 to 2015. The data is collected from their annual reports and websites. Binary logistic regression analysis is employed to test the models. The results reveal that board size, number of meetings and board independence are significant corporate governance characteristics to establish the link with corporate social responsibility disclosure. This study also explore that the trend of CSR disclosure is increasing in financial as well as non-financial sector. Additionally, the companies disclose their CSR activities lead in financial performance as compare to their counterpart. This study adds in the literature to explore the influence of board characteristics on corporate social responsibility disclosure from a developing country’s perspective

Female presence in corporate governance, firm performance, and the moderating role of family ownership

Assessing the role of diversity in corporate governance has attracted growing interest. In addition, significant relationships are expected between diversity dimensions and firm performance. This research aims to analyze the relationships between female presence in corporate board-firm financial performance and the extent to which such influence is moderated by family ownership. The study’s sample, based on the listed firms on the Pakistan Stock Exchange (PSX), represents the nonfinancial sector from 2008 to 2019 with 2087 firm-year observations. Fixed-effect regression analysis was applied to examine the proposed hypothesis. The study’s findings indicate that the presence of women in corporate governance is positively associated with firm financial performance. Simultaneously, the mentioned relationship is less pronounced when family ownership is a moderator. The empirical findings of the study support the argument that the presence of women in corporate boards is positively associated with financial performance and supports the reforms made by codes of corporate governance (CCG) that make the presence of female directors’ mandatory on the corporate boards. Additionally, the study findings partially confirm that a higher proportion of women on the board increases firm performance. This study offers insights for policymakers to implement legislation for a diverse gender placement in the board of directors and exploit the potential benefits of the gender-balanced board, which generally improves firm performance

Role Of Board Size In Corporate Governance And Firm Performance Applying Pareto Approach, Is It Cultural Phenomena?

This paper examines the relationship between board size and firm performance. This relationship is tested in the light of Pareto Approach for Pakistani banking sector. For this purpose a sample of fourteen listed commercial banks of Pakistan are taken for analysis from 2008-2012 on the basis of their performance. Different econometric models are applied to test the relationship between bank performance variables and corporate governance practices in these banks. The results of this study are contradictory with the existing literature of corporate governance variables and firm performance. The most prominent result of this paper is the significant positive relationship between board size and bank performance. It is concluded in the findings that a large board size can enhance the bank performance in Pakistani scenario

The Role Of LMX In Employees Job Motivation, Satisfaction, Empowerment, Stress And Turnover: Cross Country Analysis

We investigated the effect of Leader Member Exchange (LMX) quality relationship on employee motivation, stress, turnover, satisfaction and Psychological Empowerment with a sample of 1500 employees across four countries. As expected, we found that high quality relationship positively associated with the employee motivation, satisfaction, Psychological Empowerment and lowers the employee stress, turnover. The study also sheds lights on relationship between employee motivation and employee turnover and stress

Volatilidade do mercado de ações do Paquistão: uma comparação de modelos do tipo Garch com cinco

This study conducts empirical analyses modeling the volatility of Pakistani stock market over the period of 1st January 2008 to 30th June 2018 via different GARCH type Model; Symmetric (GARCH & GARCH-M) and Asymmetric (EGARCH & TGARCH) with five different Distribution Techniques such as Normal Distribution (Norm), Student’s t Distribution (Std.), Generalized Error Distribution (GED), Student’s t Distribution with fix the degree of freedom (Std. with fix DOF) and Generalized Error Distribution with fix parameters (GED with fix parameters). The results are shown in GARCH (1, 1) lagged conditional variance and squared disturbance which effects conditional variance is significant in all distribution. GARCH-M (1, 1) depicts a positive significant at 1% results in Std. and GED which indicates the existence of risk premium and insignificant in rest of the distribution on. EGARCH and TGARCH both are found to leverage effect significant at 1% level. In determining the accuracy and adequacy of forecasting density and choice of volatility model the results on simulated data indicates choice of conditional distribution appear as a more dominant factor. EGARCH model with Student’s t the distribution technique is delivered satisfactory results as compare to other models which censored by statistical tools of maximum Log Likelihood, minimum AIC, and SIC. The previous study of Pakistani Stock Market is limited to GARCH family models with one or two distributions. This study covers the limitations and also contributes existing literature in this regard. This research is considered important for investors, policymakers, and researchers.Este estudio realiza análisis empíricos que modelan la volatilidad del mercado de valores pakistaní durante el período del 1 de enero de 2008 al 30 de junio de 2018 a través de diferentes modelos de tipo GARCH; Simétrico (GARCH & GARCH-M) y Asymmetric (EGARCH & TGARCH) con cinco técnicas de distribución diferentes, como la distribución normal (Norm), la distribución t de Student (Std.), La distribución de errores generalizada (GED), la distribución t de Student con la corrección del grado de libertad (Std. con corrección DOF) y Distribución de errores generalizada con parámetros de corrección (GED con parámetros de corrección). Los resultados se muestran en GARCH (1, 1) varianza condicional retrasada y perturbación al cuadrado, lo que afecta a la varianza condicional es significativo en toda la distribución. GARCH-M (1, 1) muestra un resultado positivo significativo al 1% en la norma. y GED, que indica la existencia de prima de riesgo e insignificante en el resto de la distribución en. Tanto EGARCH como TGARCH tienen un efecto de apalancamiento significativo al nivel del 1%. Al determinar la precisión y la adecuación de la densidad de pronóstico y la elección del modelo de volatilidad, los resultados en datos simulados indican que la elección de la distribución condicional aparece como un factor más dominante. El modelo EGARCH con la técnica de distribución de Student se entrega con resultados satisfactorios en comparación con otros modelos que están censurados por las herramientas estadísticas de máxima probabilidad de registro, mínimo AIC y SIC. El estudio anterior de la Bolsa de Valores de Pakistán se limita a los modelos de la familia GARCH con una o dos distribuciones. Este estudio cubre las limitaciones y también aporta la literatura existente en este sentido. Esta investigación se considera importante para los inversores, los responsables políticos y los investigadores.Este estudo realiza análises empíricas modelando a volatilidade do mercado de ações paquistanês no período de 1º de janeiro de 2008 a 30 de junho de 2018 através de diferentes modelos do tipo GARCH; Simétrico (GARCH & GARCH-M) e Assimétrico (EGARCH & TGARCH) com cinco diferentes Técnicas de Distribuição, como Distribuição Normal (Norm), Distribuição t de Student (Padrão), Distribuição de Erro Generalizada (GED), Distribuição t de Student com correção do grau de liberdade (Std. com correção de DOF) e distribuição de erros generalizada com parâmetros de correção (GED com parâmetros de correção). Os resultados são apresentados na variância condicional defasada GARCH (1, 1) e na perturbação quadrada que afeta a variância condicional em todas as distribuições. GARCH-M (1, 1) representa um significante positivo com resultados de 1% em Std. e GED que indica a existência de prêmio de risco e insignificante em resto da distribuição em. EGARCH e TGARCH ambos são encontrados para alavancar o efeito significativo ao nível de 1%. Ao determinar a precisão e a adequação da densidade de previsão e a escolha do modelo de volatilidade, os resultados em dados simulados indicam que a escolha da distribuição condicional aparece como um fator mais dominante. O modelo EGARCH com Student t a técnica de distribuição apresenta resultados satisfatórios quando comparado a outros modelos que foram censurados por ferramentas estatísticas de máxima Likelihood, mínima AIC e SIC. O estudo anterior do mercado de ações paquistanês é limitado a modelos de família GARCH com uma ou duas distribuições. Este estudo cobre as limitações e também contribui com a literatura existente a esse respeito. Esta pesquisa é considerada importante para investidores, formuladores de políticas e pesquisadores

The Integration of Conventional Equity Indices with Environmental, Social, and Governance Indices: Evidence from Emerging Economies

This study investigates the integration of environmental, social, and governance (ESG) equity indices with conventional indices in Brazil, Russia, India, China, and South Africa (BRICS) individually and across all BRICS countries to better understand regional economic cooperation. Accordingly, we look at daily returns from 13 July 2013 to 28 February 2018 for the Morgan Stanley Capital International (MSCI) ESG indices and MSCI composite indices of the respective countries. To analyze the integration between the ESG equity indices of the sampled countries with their regional and across regional conventional counterparts, the Johansen Co-integration test is employed in this study. Further, the vector error correction model (VECM) is applied to test the causality between the sampled time-series. The impulse response function analysis further explains the impulse responses of each country’s MSCI ESG returns to one standard deviation of innovations to MSCI composite returns of the same country and across countries. Finally, the extent of the MSCI composite returns’ impact on the MSCI ESG returns in the same country indices, and cross-regional indices is examined with variance decomposition analysis. The results suggest that all ESG equity indices are integrated with conventional indices in all BRICS countries. Furthermore, there is a short-or long-run causality between MSCI ESG and MSCI composite equity indices of China and South Africa. Moreover, the study finds only short-run causality between conventional and non-conventional equity indices of Brazil and Russia, whereas we find only long-run causality between India’s non-conventional and conventional equity indices. Finally, the study finds that the all-individual country MSCI ESG equity indices shows a long-run causality with MSCI composite equity indices of all other BRICS countries. The findings also confirm the economic and financial cooperation between the BRICS countries

Food Allergen Sensitisation Patterns in Omani Patients with Allergic Manifestations

Objectives: This study aimed to evaluate the relationship between food allergen sensitisation patterns and allergic manifestations in Omani patients and highlight the importance of specific immunoglobulin E (IgE) testing. Methods: This retrospective study included all patients referred due to allergic manifestations to the Sultan Qaboos University Hospital (SQUH), Muscat, Oman, from November 2012 to November 2016. Specific IgE blood testing was performed to determine sensitisation to common foods known to cause allergic reactions. Results: A total of 164 patients were referred to SQUH over the study period, with 35.4% presenting with one allergic manifestation, 48.8% with 2–3 and 15.9% presenting with more than three manifestations. There was a family history of allergies in 70.7% of patients. Eosinophil counts and total and specific IgE levels were elevated in 18.9%, 54.9% and 73.2% of patients, respectively. Patients demonstrated sensitisation to cow milk (47.6%), wheat (41.5%), chicken eggs (34.8%), mixed tree nuts (34.1%), lentils (33.5%), peanuts (32.9%), soy (32.3%), shrimp (23.2%) and fish (15.2%). Overall, 19.5% were sensitised to a single allergen, 14% were sensitised to 2–3 and 39.6% were sensitised to more than three allergens. Almost one-third (29.3%) of patients suffered from food-induced anaphylaxis, of which 85.4% were prescribed self-injectable adrenaline. Conclusion: To the best of the authors’ knowledge, this study is the first to describe food allergen sensitisation patterns among Omani patients with allergic manifestations. In conjunction with clinical symptoms, the correct interpretation of specific IgE levels is important to diagnose food allergies and make safe decisions about reintroducing foods. Keywords: Hypersensitivity; Food Allergies; Anaphylaxis; Urticaria; Atopic Dermatitis; Asthma; Immunoglobulin E; Oman

Synthesis of nitrogen-doped Ceria nanoparticles in deep eutectic solvent for the degradation of sulfamethaxazole under solar irradiation and additional antibacterial activities

© 2020 Elsevier B.V. In this study, highly crystalline, mesoporous, small sized, stable, and efficient nitrogen-doped (N-doped) Ceria nanoparticles were synthesized using deep eutectic solvent (DES) and used for the photocatalytic degradation of sulfamethaxazole (SMX), a widely used human medication and emerging water contaminant. The N-doped Ceria resulted in 96% removal of SMX versus 59% by Ceria under solar irradiation at 150 min time using [SMX]0 = 10 mg/L and [Ceria]0 = [N-doped Ceria]0 = 0.5 g/L. The solar irradiation of the photocatalysts produced [rad]OH which was proved with electron spin resonance (ESR) spectroscopy and radical scavenger studies and the resulting [rad]OH caused the degradation of SMX. The [rad]OH showed high second-order rate constant with SMX, e.g., 4.9 × 109 M−1 s−1. The photocatalytic degradation of SMX was influenced by pH, concentrations of SMX and photocatalysts, inorganic anions, and natural organic matter. The kinetics of the photocatalytic degradation of SMX was found to be pseudo-first-order. The SMX degradation resulted into several products which were identified by UPLC-MS/MS and the resulting products were used to establish degradation pathways of SMX. The synthesized Ceria and N-doped Ceria also showed good antimicrobial activities towards Staphylococcus aureus and Escherichia coli. The treatment of SMX showed high reusability of N-doped Ceria, low leaching of cerium ions into reaction solution, and high decline in toxicity of SMX which suggests high potential of the synthesized nanoparticles towards SMX degradation