The Spillover Effect of Global Uncertainty on BRICS Stock Markets

Using monthly data spanning from 1993 to 2021 and employingthe DCC-GARCH model, this study examines the role ofEconomic Policy Uncertainty (EPU) as a potential exogenousfactor impacting the correlation of Brazil, Russia, India, andChina (BRIC) economies’ stock markets, which is new to theliterature. Further, this dynamic correlation series is used as adependent variable while EPU of BRIC and USA is used as anindependent variable by utilizing the autoregressive distributedlag (ARDL) model. The study finds a positive and significantshort-run as well as the long-run impact of Russia’s and theUS’s EPU on their stock markets. In other words, as the EPUof the USA increases, the correlation of BRIC with the USAStock Market and the World Stock Market increases, suggestingminimum diversification opportunities for the investors. Thestudy also recommends that investors diversify their portfoliosby considering cross borders assets avenues to gain maximumreturns and reduce portfolio risk.JEL Classification: E44, C32, E52, E60, E62, C58How to Cite:Nawaz, A. D., Bhutto, N. A., & Khan, S. (2023). The Spillover Effect of Global Uncertainty on BRICS Stock Markets. Etikonomi, 22(1), 45–64. https://doi.org/10.15408/etk.v22i1.24617

Decomposing the links between oil price shocks and macroeconomic indicators: Evidence from SAARC region

This study examines the impact of oil price shocks on key macroeconomic variables (i.e., real GDP, interest rate, inflation and exchange rate) for five SAARC countries (i.e., India, Pakistan, Bangladesh, Sri Lanka and Bhutan). For this purpose, we adopt contemporary macroeconomic policy modeling tool called impulse response function (IRF) and forecast error variance decomposition method (FEVDM) in the structural vector autorepression (SVAR) setting using time series data over the extended period from 1982 to 2014. In addition, Johansen and Juselius (1990) cointegration method is applied for long-run relationship. The results of cointegration test confirms the long-run equilibrium relationship between all the underlying variables. However, the empirical findings of IRF explained significant variation among all underlying macroeconomic variables in response to exogenous oil price shocks at different time horizons. It means the macroeconomic factors are sensitive to even small oil price shocks and possess various socio-economic implications in the region. The results of FEVDM evidence that each country in a study group responds differently to oil price shocks, it corresponds their independent policies, macroeconomic fundamentals, sector constructions and heterogeneity across the countries. The findings help governments to reform public policies in the region by controlling macroeconomic fluctuations due to oil price shocks

With Whom You Compare Yourself – Relationship of Social Comparison & Employee Work Outcomes - Leader Member Exchange (LMX) as Mediator

Purpose: This research contributes further into investigating the impact of Social Comparison (i.e. Negative Social Comparison (NSC) and Positive Social Comparison (PSC) and work attitudes (i.e. Overall Job Satisfaction- OJS and Affective Commitment – AC using Leader Member Exchange (LMX) as a potential mediator among the relationship of Social Comparison and work attitudes. Design / Methodology / Approach: This research is causal, descriptive and cross sectional in nature. Following positivist research paradigm data was collected from 232 employees of First tier commercial banks using a self-administrative survey. Factor Analysis, Multiple Regression Analysis, ANOVA, Pearson Correlation and Descriptive statistics were used to test the hypothesis of the study and provide conclusion about hypothesis. The mediation effects of Leader member exchange was also tested using the steps of Baron and Kenny (1986). Findings: The results exhibited that the Positive Social Comparison has positive association with Affective Commitment (AC) and overall job satisfaction (OJS). Further, NSC relationship was negatively significant with Affective Commitment and also it was found to have a significant negative relationship with Overall Job Satisfaction. LMX, Leader Member Exchange mediates the relationship among Social Comparison Negative and Positive Social Comparison. Originality/Value: These significant results have shown the importance of quality of Leader Member Exchange and its impact in yielding the positive organizational outcomes. As long as the managers pay a good attention towards the quality of relationship among them and their workers, the chances are that any type of comparison (Negative or Positive) will have less chance to affect the organizational outcomes, such as affective commitment and overall job satisfaction. These results are vital for HR practitioners and will assist in designing quality HPWPs in organizations

With Whom You Compare Yourself – Relationship of Social Comparison & Employee Work Outcomes - Leader Member Exchange (LMX) as Mediator

Purpose: This research contributes further into investigating the impact of Social Comparison (i.e. Negative Social Comparison (NSC) and Positive Social Comparison (PSC) and work attitudes (i.e. Overall Job Satisfaction- OJS and Affective Commitment – AC using Leader Member Exchange (LMX) as a potential mediator among the relationship of Social Comparison and work attitudes. Design / Methodology / Approach: This research is causal, descriptive and cross sectional in nature. Following positivist research paradigm data was collected from 232 employees of First tier commercial banks using a self-administrative survey. Factor Analysis, Multiple Regression Analysis, ANOVA, Pearson Correlation and Descriptive statistics were used to test the hypothesis of the study and provide conclusion about hypothesis. The mediation effects of Leader member exchange was also tested using the steps of Baron and Kenny (1986). Findings: The results exhibited that the Positive Social Comparison has positive association with Affective Commitment (AC) and overall job satisfaction (OJS). Further, NSC relationship was negatively significant with Affective Commitment and also it was found to have a significant negative relationship with Overall Job Satisfaction. LMX, Leader Member Exchange mediates the relationship among Social Comparison Negative and Positive Social Comparison. Originality/Value: These significant results have shown the importance of quality of Leader Member Exchange and its impact in yielding the positive organizational outcomes. As long as the managers pay a good attention towards the quality of relationship among them and their workers, the chances are that any type of comparison (Negative or Positive) will have less chance to affect the organizational outcomes, such as affective commitment and overall job satisfaction. These results are vital for HR practitioners and will assist in designing quality HPWPs in organizations

Violence against Women: A case of Sindhi Press

This study aims to identify the cases and nature of violence perpetrated against women to communicate information to the international community for creating a supportive environment and mobilizing social pressure to help end violence against women in Sindh. This analysis covers all cases reported for Sindh province, in major Sindhi Daily newspapers 'Kawish and Awami Awaz' in the year 2016. Findings show that out of the 858 cases reported most of the cases were of murders, 228 cases others included 199 abductions, 157 honour killings, , 108 rapes and 166 suicides. The weapon mostly used (in 60-70% of the cases) was the rifle or gun, followed by axe. The findings also provide support for the policy/law-making and institutional mechanism so that a strict implementation could be made in Pakistan to end violence against women

Reciprocation at work: the role of work to family enrichment and family role salience

This study investigated the main and conditional indirect effects of emotional and instrumental family related social supports from coworkers on person and task focused interpersonal citizenship behavior (ICBs). We incorporated work to family enrichment as mediator and family role salience as moderator in conditional indirect effect paths. Primary data were collected through the survey questionnaire in dyads from the employees and their immediate supervisors (N = 401). The results showed that the main and conditional indirect effects of emotional and instrumental family related social supports from coworkers were positive and significant on both ICBs (person and task focused). In comparison to instrumental support, the main effect of emotional support was more on person focused ICB. Whereas, in comparison to emotional support, the main effect of instrumental support was more on task focused ICB, as hypothesized. Work to family enrichment was found as mediator and family role salience as moderator in conditional indirect effect paths. This study establishes work family enrichment as a bridge in the social exchange process. The resources of emotional and instrumental family related support form coworkers’ engendered work to family enrichment, which in turn created the sense of obligation in the employees to reciprocate by performing person and task focused interpersonal citizenship behavior in the workplace. Further the employees high on family role salience experienced work to family enrichment more, due to support resources, and in turn reciprocated more interpersonal citizenship behaviors. Overall, this study contributed by examining a moderated mediation model, by testing work to family enrichment as mediator and family role salience as the boundary condition in relationship between two specific types of social support (i.e., emotional and instrumental) and two specific types of interpersonal citizenship behavior (i.e., person and task focused)

Impact of external debt and exchange rate volatility on domestic consumption. New evidence from Pakistan

This study has examined the impact of external debt and the volatility of exchange rate on domestic consumption in Pakistan by using the yearly data (1980–2014). We apply the bounds testing approach to cointegration and error-correction modeling to check their short run and long-run impact on the domestic consumption. The findings of this study has contributed to the existing literature in two ways: bound test results show that income, interest rate, exchange rate, volatility of exchange rate, and external debt have long-term relationship with domestic consumption and income, interest rate and exchange rate have positive impact whereas exchange rate volatility and external debt have negative impact on domestic consumption in the short run as well as in long run. Moreover, the coefficient of ECMt-1 is significantly negative and it shows that adjustment toward equilibrium from short run to long run takes more than half a year. Consumption is the major component of GDP so policymakers use its determinants to fine-tune the economy. This study proposes that policymakers should consider external debt and exchange rate volatility in devising the monetary policy of Pakistan

Impact of Earnings Management Practices on Stock Return

This paper investigates the impact of earnings management (real and accrual) on stock returns ofPakistan stock exchange (PSX) listed companies. The study is done by testing a separate relationship of accrual and real earnings management and their collective relationship with the stock return. The study is conducted on 3900 firm-year observations from the non-financial PSX listed companies for the sample period 2005-17. The findings of the study show that a significant and negative relationship exists between stock returns and real and accrual earnings management. Moreover, the combined impact of real and accrual earnings management on stock return is also found to be significantly negative. This paper could prove a valuable addition to the knowledge of investors because investors can more or less price accrual earning management

Behaviors also Trickle Back: An Assessment of Customer Dysfunctional Behavior on Employees and Customers

This study examined the trickle in, out, around and trickle back effect of dysfunctional customer behavior on employees and consequently employees’ incivility and service recovery efforts toward customers. Furthermore, this study has specifically tested the mediating effect of employee burnout to examine the trickle around and trickle back effect. To explore the multi-level trickle effect, this study has collected data from two sources, i.e., customers and employees. The data was analyzed with the help of AMOS. The results revealed that customer’s verbal aggression escalates employee’s burnout, which in turn affects employee’s incivility towards customers. However, the indirect paths from disproportionate customer demand toward service recovery efforts and employee’s incivility towards customers were found to be insignificant. This study addressed the existing gap in the literature by examining the trickle effect within and outside the boundaries of an organization. The results of this study laid down some useful managerial and theoretical implications

Behaviors also trickle back: An assessment of customer dysfunctional behavior on employees and customers

This study examined the trickle in, out, around and trickle back effect of dysfunctional customer behavior on employees and consequently employees’ incivility and service recovery efforts toward customers. Furthermore, this study has specifically tested the mediating effect of employee burnout to examine the trickle around and trickle back effect. To explore the multi-level trickle effect, this study has collected data from two sources, i.e., customers and employees. The data was analyzed with the help of AMOS. The results revealed that customer’s verbal aggression escalates employee’s burnout, which in turn affects employee’s incivility towards customers. However, the indirect paths from disproportionate customer demand toward service recovery efforts and employee’s incivility towards customers were found to be insignificant. This study addressed the existing gap in the literature by examining the trickle effect within and outside the boundaries of an organization. The results of this study laid down some useful managerial and theoretical implications