Industrial development, agricultural growth, urbanization and environmental Kuznets curve in Pakistan

The debate of environmental issues and their analysis is of vital interest for economic policies. Institutions are engaged in identifying and estimating the extent of environmental impact of determinants controllable via policy measures. Annual data from the on Carbon Dioxide emission, economic growth, consumption of energy, openness for foreign trade, urbanization, industrial growth and agriculture growth on Pakistan is used for 1971 to 2007. Augmented Vector Autoregression technique and cointegration analysis is implemented to test Granger causality. Gross domestic product significantly Granger causes emission of Carbon Dioxide and energy consumption. On the other hand emissions of CO2 affect economic growth, agriculture and industrial growth in the long run. It is also evident that energy consumption unidirectional Granger causes emission of Carbon Dioxide. Industrialization and urbanization bidirectional Granger causes each other. The results indicate the more careful industrial and energy policies to reduce emissions and control global warming.Pakistan, Carbon Dioxide emission, Environment, Energy Consumption, Economic Growth, Foreign Trade

The small and medium enterprises Act as catalyst for economic growth and development in Pakistan: Economic growth and development perspective

This paper explores the value of small and medium enterprises for the economic growth and development especially in Pakistan. Moreover, it assesses the usage of information technology in SMEs sector of Pakistan. According to the recent Census of Establishments conducted by the Federal Bureau of Statistics (FBS) there are about 3.2 million economic establishments in Pakistan. Out of these Small & Medium sized enterprises (SMEs) (with employment base up to 99) constitute 90% of all private enterprises employing approximately 78% of non-agriculture labor force1. SMEs contributed over 30% to GDP, 25% in export earnings besides sharing 35% in manufacturing value addition2. The paper suggests that SMEs act as a catalyst to economical growth and development where IT embedded in their operations, planning and decisions like Hong Kong, Denmark and USA. Many other societies also place great value on the small and medium enterprises and encourage their activity. In fact, wealth and a high majority of jobs are created by small & medium businesses in the world. As a result, many experienced business people, political leaders, economists, and educators believe that fostering a robust small and medium business culture will maximize individual and collective economic and social success on a local, national, and global scale. It is recommended that SMEs may be offered access to inexpensive capital, tax exemptions and management advice & experiences and IT infrastructure which further leads toward the economical growth & development. The economical growth and development in a country can brings happiness and prosperity to its nation

Fiscal Deficits and Debt Dimensions of Pakistan

Pakistan continues to suffer from a syndrome of high fiscal deficits and severe incidence of debt. Its annual fiscal deficit has stayed constantly at over 6 percent of GDP especially since 1990 [Pakistan (1997-98)]. The prevalence of such a high fiscal deficit over the years in a row has propelled increased borrowing from both internal and external sources to cover the resource gap. With inadequate improvement in the repayment capacity of the country debt has continued to accumulate at a massive rate. Serving as the cause and effect of each other, the volumes of both the fiscal deficit and debt have soared continuously. The most devastating consequence of high fiscal deficit and soaring debt has been the continuous accrual of massive debt-servicing. In fact, both the debt and debt-servicing have reached unaffordable limits. How to alleviate this situation has become the foremost issue of the country. While complete elimination of all the debt and thereby debt-servicing may not be easy to accomplish in the short run, efforts are needed to systematically bring the fiscal deficit down to a minimum affordable limit. What may be the minimum financeable level of fiscal deficit and how it may be reduced to that level are the issues addressed in this paper.

Risk Perception is a Mediator between Heuristic Bias and Risky Investment Decision; Empirical Evidence from Pakistan’s Equity Markets

Investors play a vital role in stock exchange. Sometimes the decisions are based on rational behavior and sometimes these decisions consist of irrational behavior. Traditionally researchers argued that investors behave like a rational agent. Objectives: This study explores the investor’s cognitive biases and how heuristic bias put effect on investor decision. At the same time due to globalization stock market situation is changed day by day even after few seconds. There are numerous biases which are putting effect on investor decisions but this study explores the effect of heuristic bias on risk perception, which is mediating variable and also examined the effect of heuristic bias on risky investment decision. Place of the Study: This study is conducted on Pakistan Stock Exchange. Subject and Method: As this study belongs to the behavior of investor so it comprise of primary data. For this purpose adapted questionnaire is used. 450 questionnaires are distributes out of which 400 questionnaires are returned. The data is run on SPSS. To check the reliability of questionnaire, Cronbach’s alpha is applied and the result of reliability is above than 0.7 which is considered to be fit tool for research. Results & Conclusion: The study finds a significant relationship heuristic and and risky investment decisions. There is  full mediation between heuristic and risky investment decision while risk perception is a mediating variable. Study also indicates that risk perception have also positive and significant relation with risky investment decisions

Transformational Leadership: Mediating Role of Green HRM and Moderating Role of Islamic Work Ethics

The current study investigated the impact of green transformational leadership on employee commitment towards the environment, keeping in view the mediating effect of Green Human Resource Management (GHRM) practices and the moderating effect of Islamic work ethics. For this purpose, data collected through a survey questionnaire from 524 hotel employees working in Lahore was analyzed. The analysis was carried out through Structural Equation Modelling (SEM) technique. It highlighted a significant impact of green transformational leadership on employee commitment towards the environment, while GHRM practices were found to partially mediate this relationship. Furthermore, it was also identified that the Islamic work ethics moderate the relationship between GHRM practices and employees’ commitment towards the environment. This study adds value to the literature by considering the mediation mechanism of GHRM practices and the moderating role of Islamic work ethics in the relationship between green transformational leadership and employees’ commitment towards the environment

Effect of Anchoring Bias on Risky Investment Decision. Evidence from Pakistan Equity Market

Study of behavioral finance shows the impact of psychology on the performance and abilities of investors and it is important to study because it shows the main factors behind market inadequacy. Investor’s decisions are reflected by the cognitive errors, feelings and emotions and these behavioral actions urge an investor to take decision. The aim of this paper is to check that if investors take their decisions on the basis of their prior piece of knowledge than how the behavior or decisions of an investor reflect. For this purpose primary data is used to collect the respond of an investor. This study is conducted in Karachi Stock Exchange, Islamabad Stock Exchange and Lahore Stock Exchange. Keyword: Anchoring, Risky Investment Decision, Stock Exchang

Effect of Anchoring Bias on Risky Investment Decision. Evidence from Pakistan Equity Market

Study of behavioral finance shows the impact of psychology on the performance and abilities of investors and it is important to study because it shows the main factors behind market inadequacy. Investor’s decisions are reflected by the cognitive errors, feelings and emotions and these behavioral actions urge an investor to take decision. The aim of this paper is to check that if investors take their decisions on the basis of their prior piece of knowledge than how the behavior or decisions of an investor reflect. For this purpose primary data is used to collect the respond of an investor. This study is conducted in Karachi Stock Exchange, Islamabad Stock Exchange and Lahore Stock Exchange