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Investigating the Impact of COVID 19 Outbreak on Stock Market Returns: Evidence from Pakistan

Nazima Ellahia, Jamshaid ur Rehmanb, Numair Ahmad Sulehric, Muhammad Abrar Ahmadd, Tanzeela Qureshie, aAssociate Professor, Department of Economics & Finance, Foundation University Islamabad, Pakistan, bAssistant Professor, Department of Economics, Government College University Lahore, Pakistan, cAssistant Professor, Department of Business Administration, Foundation University Islamabad, Pakistan, dAssistant Professor, Department of History and Arts, Division of Arts and Social Sciences, University of Education, Lower Mall Campus, Lahore, eResearch Assistant, Department of Economics & Finance, Foundation University Islamabad, Email: anazimaellahi@yahoo.com, bjamshaidrehman@gcu.edu.pk, csulehri39@gmail.com, droyal_rana@hotmail.com, etanzeelaq@gmail.com

Since the world has entered the second wave of COVID 19, empirical studies discussing the Covid-19 outbreak and its impact on stock market returns and liquidity are very limited. This study expects to fill the gap and aims to find the impact of the COVID 19 pandemic on stock market returns and the relationship between market liquidity and Pakistan's stock market returns. In general, it finds that the spread of COVID-19 had a statistically negative impact on daily market returns and liquidity. Pages 1 to 9 

 

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A Comparative Analysis of Marketing Strategies among Public and Private Secondary Schools

Dr. Nazir Haider Shaha, Dr. Ghulam Nabib, Ms. Naveeda Zebc, Dr. Muhammad Naqeeb ul Khalil Shaheend, Ms. Nadia Nazire, Syed Javad Ahmad Gillanif, Sakina Jumanig aAssistant Professor, Department of Education, University of Kotli, AJ&K, b,cAssistant Professor, Department of Business Administration, University of Kotli AJ&K, dLecturer, Department of Education, University of Kotli AJ&K, eLecturer, Department of Education, Mohi-Ud-Din Islamic University, Nerian Sharif AJ&K, fM. Phil Scholar, Department of Education, Mohi-ud-Din Islamic University, Nerian Sharif, AJ&K, g Lecturer, Department of Education, University of Sufism and Modern Technology, Bhit Shah Singh

 Email: anazirshah786@gmail.com, bdr.ghulamnabi@uokajk.edu.pk, cnaveeda.zeb@uokajk.edu.pk, dnaqeeb.shaheen@gmail.com, enadianazir481@yahoo.com 

The main purpose of the present study was to compare the marketing strategies of public and private secondary schools. The study was descriptive in nature and survey method was applied for the collection of data. 347 secondary schools head teachers/principals working in 150 public and197 private secondary schools of Azad Jammu & Kashmir were the population of the study. 245 head teachers/principals were selected as a sample by using proportionate stratified random sample technique. A questionnaire on the five point Likert Scale was developed to collect data from head teachers/principals. The data was analysed through percentage and mean score. For the comparison of public and private school marketing strategies the researcher used independent sample t-test analysis. It was found that head teachers/principals of public schools were using marketing strategies of promotion, people, process, physical facilities, prominence, programs and that head teachers/principals of private schools were using marketing strategies of price, programs, promotion, prospectus, people, premium, process and physical facilities. It was found that head teachers/principals of private secondary schools were using better marketing strategies than public secondary schools. It is recommended that government may allow the public sector schools to utilise these strategies of Private sector schools. Pages 10 to 25

 

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Impact of Despotic Leadership on Organisational Citizenship Behaviour and Employee Performance: Interactive Effect of Islamic Work Ethics

Ms. Naveeda Zeba, Dr. Ghulam Nabib, Dr. Nazir Haider Shahc, Dr. Muhammad Naqeeb ul Khalil Shaheend, Dr. Faheem Ghazanfare, a,bAssistant Professor, Department of Business Administration, University of Kotli AJ&K, cAssistant Professor, Department of Education, University of Kotli AJ&K, dLecturer, Department of Education, University of Kotli AJ&K, eAssociate Professor, Department of Public Administration, University of Kotli AJ&K, Email: anaveeda.zeb@uokajk.edu.pk, bdr.ghulamnabi@uokajk.edu.pk, c*nazirshah786@gmail.com, dnaqeeb.shaheen@gmail.com, ff.ghazanfar@uokajk.edu.pk

Leadership is said to be the attitude of an individual to influence their followers who are the source of an organisation’s performance. The intention of this study was to check the impact of despotic leadership on employee performance and organisational citizenship behaviour (OCB) with the moderating effect of Islamic work ethics (IWE).  The researchers collected data from various organisations operating in the banking and education sectors located in Rawalpindi and Islamabad. The study sample consisted of the 300 employees and respondents belonging to different managerial levels which  ranged from entry-level clerical staff to high management positions.  Data were collected through self-administered questionnaires by using the convenient sampling technique. The results indicated that Islamic work ethics moderated in despotic leadership and performance relationship. Whereas in case of organisational citizenship behaviour no moderation was observed. It is recommended that practitioners may add a personality test in the process of selection and recruitment and the organisation also can find out the efforts of employees which ultimately assert the job satisfaction among employees. Pages 26 to 41

 

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The Effect of Sustainable Asymmetric Market Conditions on Returns & Volatility in Stock Markets during a Global Financial Crisis

Majid Imdad Khan1, Aftab Ahmad2*, Rana Shahid Imdad Akash3, Asif Mahmood4, Ayyaz Ahmad5 and Shagufta Yasmin6, 1Department of Management Sciences, COMSATS University Islamabad, Lahore Campus, Lahore, Pakistan, 2Department of Electrical Engineering, NFC Institute of Engineering and Fertlizers Research (NFC-IEFR), Faisalabad, Pakistan,  3School of Business Management, NFC Institute of Engineering and Fertlizers Research (NFC-IEFR), Faisalabad, Pakistan, 4Department of Business Studies, Namal Institute, Mianwali, Pakistan, 5Department of Industrial and Systems Engineering, University of Hail, Hail, Saudi Arabia, 6School of Social Sciences and Humanities, University of Technology Management (UMT), Lahore, Pakistan, Email: 1scc.ranamajid@gmail.com, 2*aftabahmadrao@gmail.com, 3shahid.imdad@yahoo.com, 4asif.mahmood@namal.edu.pk, 5ay.ahmad@uoh.edu.sa, 6s2018262012@umt.edu.pk;

Sustainable asymmetric market conditions’ development and volatility in stock returns play a vital role in investment decisions during a global financial crisis. Rational investment decisions and portfolio diversification can have the optimum returns. However, portfolio diversification through Islamic stock returns is perceived as a model of safer flight than that of conventional stocks. In the present study, the GARCH (1,1) - (Mean and Variance equations) has been employed to predict the impact of asymmetric market conditions on returns and volatility of Islamic stock markets (Dow Jones Islamic Market Malaysia (DJIM), Dow Jones Islamic Market Indonesia (JKII) and Dow Jones World Islamic Index (DJWI) Benchmark), and Conventional stock markets (Shanghai Stock Exchange (SSE-China), Bombay Stock Exchange (BSE-India) and Pakistan Stock Exchange (PSE-Pakistan), during the global financial crisis. The analysis reveals that the bullish effect was higher in all stock markets. Overall results suggested that Islamic stock markets have a sustainable impact of asymmetric market conditions on returns and volatility of Islamic stock markets & conventional stock markets during the global financial crisis. The asymmetric market conditions in stock markets are strongly recommended for economic globalisation during a global financial crisis. Pages 42 to 56

 

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Enhancing Organisational Productivity: Dependence of Transformational Leadership on Organisational Culture and Organisational Justice

Dr. Irfan Ullah Khan1, Dr. Muhammad Idris2, Dr. Tariq Mehmud3, 1Department of Public Administration, Gomal University, Dera Ismail Khan, KP, Pakistan, 2Department of Education, Abdul Wali Khan University Mardan (AWKUM), Pakistan, 3Deputy Director ORIC, Abdul Wali Khan University Mardan (AWKUM), Pakistan, Email: 1irfanullah@gu.edu.pk

The qualities of a transformational leader are neither enough nor suffice the creation of leadership impacts on organisational productivity, rather they need support of the organisational culture and justice system. While having the requisite organisational culture and justice for transformational leadership, the leader has less to do. However, it also suggests that introducing transformational leadership in the organisation begins with a lot of efforts on the part of leaders in developing the required background of organisational culture and prevalence of justice as a just culture is helpful in building organisational justice. The leaders’ success is first to create this kind of work-environment emerging in the form of a line of transformational leaders across the organisational hierarchy. The current study, thus, measures the support of the organisational culture and justice, once created, for the relationship between leadership and organisational productivity. The results surprisingly show that despite the significant relationship between the transformational leadership and organisational productivity, both the mediators (organisational culture and justice) disconnect this link and take over the whole responsibility of generating positive variation in organisational productivity. While adopting the transformational-leadership style, the findings are helpful to the managers and administrators of higher education. Pages 57 to 70

 

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Social Entrepreneurship Looks at Poverty Reducing Policy of Rural Support Programs in Sindh, Pakistan

Syed Muneer Ahmed Shaha, Shoukat Ali Maharb, Nazar Hussainc, Mujeeb ur Rehmand, Abdul Shakoore, a,b,c,Department of Public Administration SALU Khairpur Mirs, Pakistan, dDepartment of Media and Communication Studies SALU Khairpur Mirs Pakistan, eDepartment of Sociology SALU Khairpur Mirs, Pakistan, Email: cnazar.hussain@salu.edu.pk

Social entrepreneurship is a tool to handle social issues by developing innovative ideas that are carried out by organisations to achieve their goals and objectives. So function of social entrepreneurship in Sindh Rural Support Organisation (SRSO) is seen in reducing poverty in Khairpur District. In this research random sampling was used by applying Krejcie and Morgan table. It is concluded that SRSO is going to maintain this intention and it works at great extend in poverty alleviation in Khairpur, Sindh, Pakistan. In this regard, research objectives, research questions and hypotheses were discussed in light of regression analysis that is comprised of model summary, Anova and Coefficient, further Pearson Correlation was applied to see the relationship of social entrepreneurship with poverty alleviation. Hence it is investigated that social entrepreneurship related with poverty reduction and it also positively and significantly worked in reducing poverty. Pages 71 to 81

 

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Outstretching Feminism and Rerouting the Course of Society: A Pakistani Perspective

Ali Ammara, Saima Yasinb, aAssistant Professor (English), Govt. Gordon College, Rawalpindi, bLecturer, Department of English, University of Jhang, Email: aaliammar26812@gmail.com, bsaimayasin@uoj.edu.pk

The current paper focuses its attention on the theorising of feminism; activism based on these theories and politics within. It holds the hypothesis that the off-shoots of contemporary feminist theories have become common and established clichés to challenge the established principles that are beneficial for both sexes. Current feminist agenda has fallen prey to its internal politicising and extreme activism in different spheres of life which has disturbed the essential appropriateness of social institutions and needs to be revised with peaceful minds in order to avoid the already deteriorating harmony in roles of sexes and the extremists positioning of biases of both sexes. Applying textual analysis on the currents of feminist theory, its activism and politics within, the paper probes into the practical manifestations of feminist politics activism from Pakistani society and places it in juxtaposition with the evolution of feminist theories to enumerate the gap between the theory and practicalities which seems to be evermore increasing. The results of this exploration try to establish the concept that in finding their freedom and equality, feminist theorists have boarded on an extremist agenda which has harmed them more politically, socially and psychologically than putting them at par with male sex in different spheres of life. Pages 82 to 89

 

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Consumers’ Attitudes Towards the Purchase of Counterfeit Fashion Products in Pakistan

Bahadur Ali Soomroa Nadia A. Abdelmegeed Abdelwahedb, aDepartment of Economics, Federal Urdu University of Arts, Sciences and Technology, Karachi, Pakistan, bBusiness Management School, King Faisal University, Saudi Arabia,

This study examines the constructs that predict the consumers’ attitudes towards counterfeit fashion products in Pakistan. This study confirms these predictions by using a survey questionnaire to collect responses from 396 consumers of Pakistan. We employed structural equation modeling to ensure the proposed relationships. The study's findings found a positive and significant impact of value consciousness, brand consciousness, materialism, and social influence on consumers’ attitudes towards counterfeit fashion products (ATCFP). However, the perceived risk has an insignificant impact on consumers’ ATCFP. Further, among the respondents, ATCFP has a positive and significant impact on their intentions to purchase such products. This study’s findings provide industrialists and retailers with guidelines in developing better policies and designs to attract and capture new consumers and, more particularly, in the context of a developing country. The study theoretically extends the understanding of consumer attitudes to purchasing counterfeit fashion products in developing countries and consumers purchase intention and reasons to buy counterfeit fashion products. Besides, this study’s results may help the manufacturers of original fashion brand products to comprehend that a developing country’s consumers are affected by others. The innovative sellers of branded fashion products should be ambitious in connecting with their consumers and attaining word-of-mouth recommendations. Pages 90 to 111

 

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Impact of Participative Leadership on Proactive Work Behaviour:  The Mediating Role of Psychological Capital Evidence of Higher Educational Institutions Pakistan

Dr. Nagina Gula*, Rabia Qurbanb, Dr. Muhammad Anwerc, Dr. Niamatullahd, Dr. Safdar Hussaine, aAssistant Professor, Department of Management Sciences, Faculty of Management Sciences, Balochistan University of Information Technology, Engineering & Management Sciences, (BUITEMS) Quetta 87650, Pakistan, bPh.D. Scholar  Department of Management Sciences, Faculty of Management Sciences, Balochistan University of Information Technology, Engineering & Management Sciences, (BUITEMS) Quetta 87650, Pakistan, cPrincipal Special Education Department Gilgit-Baltistan Pakistan, dAssistant Professor Department of Education, Faculty of Education LUAWMS Uthal, Balochistan, Pakistan, eDepartment of Educational Development, Karakoram International University, Gilgit. Pakistan. Email: a*nagina.gul@buitms.edu.pk, bmeeltingsnow@gmail.com, cdr.manwer19@gmail.com, dniamat.edu@luawms.edu.pk, esafdar_tla@yahoo.com

This study explores the role of leadership style as an effectivemotivational mechanism in recent  years that the effect mechanism of leadership will become a warm situation in organisational behaviour and management fields. The paper used structural equation modelling and go-sectional layout to test suggestion hypotheses based totally on the empirical statistics accrued from 378 contributors inside the higher schooling group of Quetta. The results of this  found out the fine and essential impact of the mediating role of psychological capital in the relationship between participative leadership and proactive work behaviour. The findings highlighted the mediating role of psychological capital in the relationship between participative leadership and proactive work conduct. Through  participation, the organisation may also improve the personnel’ proactive work behaviour because the observation supported this argument. The examination has contributed to growing the relationship between the participative management and worker overall performance by including an unexplored moderator, that is – positive psychological capital – in an overlooked social setting of the social public area organisation. Pages 112 to 131

 

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Quality of Work Life among Faculty Members in Saudi Arabia Based on the Walton Model

Soad Alfrahana, Eman I Ahmedb, a,bDepartment of Educational Administration, College of Education, Imam Abdulrahman bin Faisal University, Dammam, Saudi Arabia.

The aim of this study was to determine the quality of work life (QoWL) among faculty members working in the college of education at Imam Abdulrahaman bin Faisal University in Saudi Arabia. The QoWL scale is based on Walton model and was used to gather the responses from 62 faculty members. Means, standard deviations, t-test and one-way Anova tests were used to analyse the data. Of the seven categories of QoWL, "social integration in the work organisation" had the highest mean (M=3.18), while '' adequate and fair compensation'' had the lowest mean (M=2.42). The results also indicated that no significant differences were found among averages of the research sample estimates regarding the level of QoWL attributed to the research variables of gender, academic rank, and years of service. Several recommendations were proposed to enhance the QoWL of the faculty members. Pages 132 to 146

 

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The Impact of Fiscal Decentralisation on Economic Growth in Indonesia and Pakistan: A Comparative Study between Central Sulawesi and Balochistan

Mir Hassana, Nagina Gulb*, Saubia Ramzanc, Muhammad Anwerd, Dr. Niamatullahe aMS. Scholar, School of Government & Public Policy (SGPP) Indonesia, bAssistant Professor, Department of Management Sciences, Faculty of Management Sciences, Balochistan University of Information Technology, Engineering & Management Sciences, Quetta (BUITEMS), cDean, Faculty of Management Sciences, Business and IT, University of Balochistan Quetta, dPrincipal Special Education Department Gilgit-Baltistan Pakistan, eAssistant Professor Department of Education, Faculty of Education LUAWMS Uthal, Balochistan, Pakistan

This paper examines the impact of fiscal decentralisation on economic growth in Central Sulawesi, Indonesia, and Balochistan, Pakistan. Within the framework of a Pooled OLS (Ordinary Least Square), the fixed-effect model and random effect model were employed in this thesis on a set of dynamic panel data models with latent variables from 1990 to 2019 in Central Sulawesi, Indonesia, and from 1992 to 2019 in Balochistan, Pakistan. There are two indicators of fiscal decentralisation, namely local revenue and local expenditure, which were used to estimate the impact of fiscal decentralisation. Data for this study came from secondary sources; BPS (Badan Pusat Statistik) Indonesia and PBS (Pakistan Bureau of Statistics). The empirical findings of this study suggest that two fiscal decentralisation indicators and employment (LFPR) have a significant positive impact on economic growth in Central Sulawesi, Indonesia. However, human capital (education) is negatively correlated with economic growth in Central Sulawesi, Indonesia. On the other hand, the empirical findings of this study also suggest that two fiscal decentralisation indicators and human capital (education) have a significant positive impact in Balochistan, Pakistan. However, employment (LFPR) is negatively correlated with economic growth. Finally, there is a high consensus on the relationship between fiscal decentralisation and economic growth in Central Sulawesi, Indonesia, and Balochistan, Pakistan. Pages 147 to 164

 

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The Impact of Organisational Commitment and Job Embeddedness on Employee Turnover Intention in the Hotel Industry of Pakistan: The Mediating Impact of Job Satisfaction

Abuzar Khana, Syed Muneer Ahmed Shahb, Nazar Hussainc, Sanaullah Abrod ,Shoukat Ali Mahare, aSchool of Management Science QAU Islamabad, Pakistan, b,c,d,eDepartment of Public Administration SALU Khairpur, Pakistan, Email: cnazar.hussain@salu.edu.pk

This quantitative research study, based on primary data, aims to identify the relationship and signification of the job embeddedness and organisation commitment on employees’ turnover intention in the hotel industry in Pakistan. The data was collected from five hotels based in twin metropolitan cities of Pakistan (Rawalpindi and Islamabad), and equal opportunity to participate was provided to both males and females. The convenience random dappling strategy was used to opt the data. The current study identified that organisational commitment has a significant relationship with job satisfaction, showing data as (ΔR2  = .736 at p < 0.01), while a significant and positive relationship of job embeddedness and job satisfaction has been identified, with highly correlated values between the variables. There has been mediation impact supported by the results of the study, which says that organisational commitment and job embeddedness is significant and highly inverse with (β=-0.396 at p< 0.05) against employees’ turnover intention. Thus, in the hotel industry of Pakistan, job satisfaction highly mediates the prelateship of the embeddedness and commitment with the turnover intention. Pages 165 to 178

 

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Too Busy, Too Bad? Grey, Outside, Busy and Overlap Directors and Financial Performance in Pakistan

Muhammad Rizwan Ullaha*, Ahmed Chandb, Sadaf Akramc, Aamir Inam Bhuttad, Muhammad Ahmede, a,d,eLyallpur Business School, Government College University, Faisalabad, Pakistan. bDepartment of Commerce and Finance, Superior University, Lahore, Pakistan. cDepartment of Commerce, Government College Women University, Faisalabad, Pakistan, Email: a*mrizwanullah77@gmail.com, bahmedchand186@gmail.com, csadafakramgcwuf@gmail.com, daamirinam@gcuf.edu.pk, eraianjum@gmail.com 

Regardless of the belief of reformers that a greater percentage of independent directors on a corporate board is better for good governance, it is relatively unknown whether the enhanced focus on independence of a board is able to increase firm performance in the current framework of corporate governance. Thus, this study analyses the impact of grey, outside, busy and overlap directors on firm performance in Pakistani listed firms, using data for the period 2014-2019. The study uses grey directors, outside directors, busy directors and overlap directors as explanatory variables, while firm performance is used as the main outcome variable. The potential ways for interactions between directors and firm performance (FP) are built on the basis of theories and past empirical findings. In line with theories and code of corporate governance standards, the study draws conclusion that grey, outside and busy directors (overlap directors) positively (negatively) contribute to improving FP. The study suggests increasing (decreasing) the ratio of grey, outside and busy directors (overlap directors). Pages 179 to 196

 

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