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The influence of market sentiments on the bankruptcy risk propensity of firms has been extensively explored in the literature. However, less attention has been paid to whether the corporate life cycle plays any role in this nexus. The purpose of this research is to unveil how the corporate bankruptcy risk propensity responds to market sentiments, and whether this sentiments–risk relationship varies over different stages of the corporate life cycle. Using a sample of 301 Pakistani non-financial listed firms for 2005–2014, we employ two-step generalized method of moments (GMM) regression estimation to address the issue of endogeneity. Empirical evidence reveals that managers tend to escalate a firm’s bankruptcy risk during high market sentiments. Further analysis indicates that during the period of positive market sentiments, introduction stage firms prefer to assume the highest bankruptcy risk followed by decline and growth firms, while mature firms continue to be risk-averse. This research contributes to the corporate finance literature by suggesting that managerial risk-taking is influenced by market sentiments and corporate managers show a different attitude towards risk at different stages of the corporate life cycle. Therefore, to ensure enterprise sustainability, capital market regulators should have a robust risk management framework in place to discipline the excessive risk-taking by firm managers over different stages of the corporate life cycle. Moreover, investors and creditors shall take into consideration the respective life cycle stage of the firm to minimize the risk exposure of their investment portfolios. Our results are robust to alternate econometric specifications and alternate variable specifications.
Minhas Akbar; Ahsan Akbar; Muhammad Azeem Qureshi; Petra Poulova. Sentiments–Risk Relationship across the Corporate Life Cycle: Evidence from an Emerging Market. Economies 2021, 9, 111 .
AMA StyleMinhas Akbar, Ahsan Akbar, Muhammad Azeem Qureshi, Petra Poulova. Sentiments–Risk Relationship across the Corporate Life Cycle: Evidence from an Emerging Market. Economies. 2021; 9 (3):111.
Chicago/Turabian StyleMinhas Akbar; Ahsan Akbar; Muhammad Azeem Qureshi; Petra Poulova. 2021. "Sentiments–Risk Relationship across the Corporate Life Cycle: Evidence from an Emerging Market." Economies 9, no. 3: 111.
China has emerged as the world’s second-largest economy due to its rapid industrial expansion and phenomenal economic growth in recent decades. Though, this exponential economic turnaround has been fueled by widespread energy consumption, making China among the largest pollutant emitters in the world. Chinese enterprises have come under greater scrutiny and the government has mandated Chinese companies to undertake environmental protection investment. However, little is known that how these mandatory environmental investments affect Chinese firms’ ability to undertake R&D expenditures. This study employs data of China’s A-share listed firms during 2008-2016 to examine the nexus between environmental protection investment and corporate innovation. Our findings conjecture the crowding-out effects of environmental investments on enterprise innovation-related expenditures. Furthermore, additional empirical testing reveals that R&D undertakings of state-owned and politically connected firms are not affected by environmental investments. Likewise, corporate innovation activities are not negatively influenced by environmental investments in polluting industries. The study findings offer fresh insights to regulators, corporate managers, and stakeholders. Our results are robust to alternate econometric specifications and alternate variable specifications.
Xinfeng Jiang; Ahsan Akbar; Eglantina Hysa; Minhas Akbar. Environmental Protection Investment and Enterprise Innovation: Evidence from Chinese Listed Companies. 2021, 1 .
AMA StyleXinfeng Jiang, Ahsan Akbar, Eglantina Hysa, Minhas Akbar. Environmental Protection Investment and Enterprise Innovation: Evidence from Chinese Listed Companies. . 2021; ():1.
Chicago/Turabian StyleXinfeng Jiang; Ahsan Akbar; Eglantina Hysa; Minhas Akbar. 2021. "Environmental Protection Investment and Enterprise Innovation: Evidence from Chinese Listed Companies." , no. : 1.
This research investigates the corporate social responsibility (CSR) reporting for banking industry in Nordic countries and China, and compares the convergence and disparity of disclosed CSR information across these two regimes. The study encompasses a sample of eight largest commercial banks by total assets in Nordic countries and China over a 5-year period of 2013–2017. We employ a disclosure index approach to assess the contents of CSR reporting based on eight categories and a total of 60 CSR indicators. The results indicate that Nordic banks have a higher overall disclosure level of CSR information than Chinese banks, and significantly ahead of their counterparts with respect to the international commitment, and a wider coverage of addressing stakeholders’ needs. In contrast, CSR reporting in Chinese banks put greater emphasis on national public policy and philanthropic activities. Nevertheless, all sample countries share a convergence on underlining the importance of complying with applicable laws and regulations. The study findings assert that the convergence and disparity of CSR reporting across countries is relevant to pre-existing socio-political institutions the firms can rely on. This research probes into an unexplored research territory by comparing the CSR reporting between banks from a so-called Nordic business-society model and a Confucian-tradition model. Hence, it entails some important policy prescriptions for the concerned administrators and corporate practitioners in the sample countries.
Minghui Yang; Petra Maresova; Ahsan Akbar; Paulo Bento; Weixi Liu. Convergence or Disparity? A Cross-Country Analysis of Corporate Social Responsibility Reporting for Banking Industry in Nordic Countries and China. SAGE Open 2021, 11, 1 .
AMA StyleMinghui Yang, Petra Maresova, Ahsan Akbar, Paulo Bento, Weixi Liu. Convergence or Disparity? A Cross-Country Analysis of Corporate Social Responsibility Reporting for Banking Industry in Nordic Countries and China. SAGE Open. 2021; 11 (3):1.
Chicago/Turabian StyleMinghui Yang; Petra Maresova; Ahsan Akbar; Paulo Bento; Weixi Liu. 2021. "Convergence or Disparity? A Cross-Country Analysis of Corporate Social Responsibility Reporting for Banking Industry in Nordic Countries and China." SAGE Open 11, no. 3: 1.
China has emerged as the world’s largest pollutant emitter due to rapid industrialization and a remarkable economic upsurge in recent decades. Rising carbon emissions have exerted more social and regulatory pressure on Chinese corporations to undertake environmental protection investments. However, the implications of such investments on the financial fundamentals of a firm remain unclear. Especially, little is known about how environmental protection investments affect the performance of financially constrained firms. This study explores the mediating role of financial constraints in the nexus between corporate environmental protection investment and the accounting and market performance of Chinese listed firms during 2009–2016. The empirical outcomes of the generalized method of moments (GMM)-based regressions reveal that environmental investments of non-constrained firms have a positive impact on the accounting and market performance of such firms as measured by ROA and Tobin’s q, respectively. Interestingly, environmental protection investments have a significant negative association with both (i.e., the accounting and market) performance proxies of firms that are facing financial constraints. These findings imply that in pursuit of environment preservation and pollution abatement, regulators shall provide more financial flexibility and enabling environment to financially constrained firms to optimize their role in pollution abatement. Besides, financially non-constrained firms shall be assigned greater environmental responsibility to undertake a proportionately higher environmental investment than financially constrained firms.
Ahsan Akbar; Xinfeng Jiang; Muhammad Azeem Qureshi; Minhas Akbar. Does corporate environmental investment impede financial performance of Chinese enterprises? The moderating role of financial constraints. Environmental Science and Pollution Research 2021, 1 -11.
AMA StyleAhsan Akbar, Xinfeng Jiang, Muhammad Azeem Qureshi, Minhas Akbar. Does corporate environmental investment impede financial performance of Chinese enterprises? The moderating role of financial constraints. Environmental Science and Pollution Research. 2021; ():1-11.
Chicago/Turabian StyleAhsan Akbar; Xinfeng Jiang; Muhammad Azeem Qureshi; Minhas Akbar. 2021. "Does corporate environmental investment impede financial performance of Chinese enterprises? The moderating role of financial constraints." Environmental Science and Pollution Research , no. : 1-11.
Foreign students’ satisfaction with the service quality of Chinese universities is essential for the sustainable internationalization of China’s higher education system. The present study employs a survey research method to bring in the foreign students’ perspective of the various aspects of service quality in seven key Chinese universities. Accordingly, 618 valid questionnaires were analyzed using descriptive statistics, principal component analysis (PCA), and analysis of variance (ANOVA). The study findings posit that, although foreign students affirm that teachers are supportive and well qualified, they have concerns about the English proficiency of instructors. Likewise, foreign students were not satisfied with the frequency of formal research meetings with their advisers and the assistance with research techniques and relevant literature sources. Overall, female foreign students were less satisfied than their male counterparts. Moreover, foreign students reported higher satisfaction from teaching services and learning resources, moderate satisfaction from advisory services, and meager satisfaction from the administrative and support services of their respective Chinese institutions. Besides, we found significant differences between sample Chinese universities on various constructs of service quality. Likewise, arts and social sciences students were less satisfied with the service quality of the institution as compared to their natural sciences and engineering counterparts. The policy implications of this research for various stakeholders are discussed.
Fakhra Yasmin; Shengbing Li; Yan Zhang; Petra Poulova; Ahsan Akbar. Unveiling the International Students’ Perspective of Service Quality in Chinese Higher Education Institutions. Sustainability 2021, 13, 6008 .
AMA StyleFakhra Yasmin, Shengbing Li, Yan Zhang, Petra Poulova, Ahsan Akbar. Unveiling the International Students’ Perspective of Service Quality in Chinese Higher Education Institutions. Sustainability. 2021; 13 (11):6008.
Chicago/Turabian StyleFakhra Yasmin; Shengbing Li; Yan Zhang; Petra Poulova; Ahsan Akbar. 2021. "Unveiling the International Students’ Perspective of Service Quality in Chinese Higher Education Institutions." Sustainability 13, no. 11: 6008.
China has emerged as the world’s largest pollutant emitter due to rapid industrialization and a remarkable economic upsurge in recent decades. Rising carbon emissions have exerted more social and regulatory pressure on Chinese corporations to undertake environmental protection investments. However, the implications of such investments on the financial fundamentals of a firm remain unclear. Especially little is known about how environmental protection investments affect the performance of financially constrained firms. This study explores the mediating role of financial constraints in the nexus between corporate environmental protection investment and the accounting and market performance of Chinese listed firms during 2009–2016. The empirical outcomes of the generalized method of moments (GMM) based regressions reveal that environmental investments of non-constrained firms have a positive impact on the accounting and market performance of such firms measured by ROA and Tobin's q respectively. Interestingly, environmental protection investments have a significant negative association with both the accounting and market performance proxies of firms that are facing financial constraints. These findings imply that in pursuit of environment preservation and pollution abatement, policymakers shall provide more financial flexibility and enabling environment to financially constrained firms to optimize their role in pollution abatement.
Ahsan Akbar; Xinfeng Jiang; Muhammad Azeem Qureshi; Minhas Akbar. Does Corporate Environmental Investment Impede Financial Performance of Chinese Enterprises? The Moderating Role of Financial Constraints. 2021, 1 .
AMA StyleAhsan Akbar, Xinfeng Jiang, Muhammad Azeem Qureshi, Minhas Akbar. Does Corporate Environmental Investment Impede Financial Performance of Chinese Enterprises? The Moderating Role of Financial Constraints. . 2021; ():1.
Chicago/Turabian StyleAhsan Akbar; Xinfeng Jiang; Muhammad Azeem Qureshi; Minhas Akbar. 2021. "Does Corporate Environmental Investment Impede Financial Performance of Chinese Enterprises? The Moderating Role of Financial Constraints." , no. : 1.
This research investigates the impact of working capital management (WCM) on the profitability and market performance of firms that constitute an Islamic market index (Karachi Meezan Index [KMI-30]) in Pakistan during 2002–2013. The data have been divided into three parts, that is, preglobal (2002–2007), during (2007–2008), and postglobal financial crisis period (2008–2013), to examine the proposed relationship in different macroeconomic settings. Net trade cycle (NTC) and its components are used to measure the WCM efficiency, while NTC square is used to proxy the impact of excessive holdings of working capital on corporate performance. The econometric models are calculated in a generalized method of moments (GMMs)-based regression environment to ensure the robustness of empirical outcome. The results reveal that, as opposed to conventional businesses, KMI-30 firms are more ethical in their short-term financial management. Besides, such firms adopted a conservative WCM policy during the global financial crisis of 2007–2008. Furthermore, we confirm the presence of a concave relationship between working capital levels and firm performance as NTC is positively, whereas NTC square is negatively, related to firm performance. This article makes a significant contribution to the extant literature as it evaluates the impact of WCM on the profitability and market performance of Islamic market indexed firms under varying macroeconomic conditions.
Minhas Akbar; Ahsan Akbar; Muhammad Umar Draz. Global Financial Crisis, Working Capital Management, and Firm Performance: Evidence From an Islamic Market Index. SAGE Open 2021, 11, 1 .
AMA StyleMinhas Akbar, Ahsan Akbar, Muhammad Umar Draz. Global Financial Crisis, Working Capital Management, and Firm Performance: Evidence From an Islamic Market Index. SAGE Open. 2021; 11 (2):1.
Chicago/Turabian StyleMinhas Akbar; Ahsan Akbar; Muhammad Umar Draz. 2021. "Global Financial Crisis, Working Capital Management, and Firm Performance: Evidence From an Islamic Market Index." SAGE Open 11, no. 2: 1.
Increasing interest in sustainability performance (environmental, social, and governance pillar performance [ESGP]) and corporate financial performance (CFP) is noteworthy. However, we do not find any all-inclusive study that employs both individual components of environmental, social, and governance pillars (ESG) as well as the cumulative ESG score on both the accounting and market performance of firms. Furthermore, we do not find any study that puts forth “best practices” in the ESGP-CFP nexus. Therefore, our study intends to provide additional empirical evidence in this debate by including all three pillars of ESG as well as the overall ESG score by employing a unique sample of “100 best corporate citizens” in the United States declared by 3BL Media during 2009 to 2018. For this purpose, we employ panel vector auto regression (PVAR) that allows us to overcome the methodological challenges faced by some earlier empirical studies. The core findings are: (a) for market-based financial performance (market-to-book ratio [MTB] and Tobin’s Q), our results only confirm ESGP–CFP relationship and suggest that sustained higher commitment to the environmental pillar, consistent socially responsible conduct, and rationalized governance mechanism of the sampled firms are perceived value additive by the market players. (b) For accounting-based financial performance (return on equity [ROE] and return on assets [ROA]), we find a mix of ESGP–CFP and CFP–ESGP relationship for ROE only. Furthermore, factor error variance decomposition (FEVD) analysis reveals that environmental, social, and overall ESG performances of the sampled firms are quite good predictors of future CFP in the market. These findings assert that actively pursuing ESG endeavors can assist firms in achieving superior financial performance.
Muhammad Azeem Qureshi; Minhas Akbar; Ahsan Akbar; Petra Poulova. Do ESG Endeavors Assist Firms in Achieving Superior Financial Performance? A Case of 100 Best Corporate Citizens. SAGE Open 2021, 11, 1 .
AMA StyleMuhammad Azeem Qureshi, Minhas Akbar, Ahsan Akbar, Petra Poulova. Do ESG Endeavors Assist Firms in Achieving Superior Financial Performance? A Case of 100 Best Corporate Citizens. SAGE Open. 2021; 11 (2):1.
Chicago/Turabian StyleMuhammad Azeem Qureshi; Minhas Akbar; Ahsan Akbar; Petra Poulova. 2021. "Do ESG Endeavors Assist Firms in Achieving Superior Financial Performance? A Case of 100 Best Corporate Citizens." SAGE Open 11, no. 2: 1.
Using the assumptions of Sternberg (2003) Duplex Theory of Hate, the present study reveals the combined effects of similar competitor offer and narcissistic personality on brand equity through the underlying mechanism of brand hate. Specifically, we hypothesize that brand hate mediates the relationship between similar competitor offer and brand equity. Moreover, we propose that similar competitor offer and brand hate relationship are stronger for narcissistic individuals. By employing a multi-wave time-lagged research design, we collected data from a sample of (N = 338) dairy product consumers in Pakistan. The findings of moderated-mediation regression analyses indicate that (a) Brand hate mediates the relationship between similar competitor offer and brand equity; and (b) Narcissistic personality moderates a similar competitor offer and brand hate relationship such that a high similar competitor offer led to greater brand hate when narcissism was high. Furthermore, conditional indirect effects reveal that brand hate mediates the relationship between similar competitor offer and brand equity only with individuals exhibiting narcissistic personality traits. The current study offers great insights to managers that by managing similar competitor offer, they can manage the development of brand hate, which can subsequently effect brand equity. Moreover, by profiling customers on the basis of their personalities, marketing managers can effectively invest only in customers with positive tendencies. The current study is unique in that it highlights new avenues in existing research by extending the nascent domain of brand hate in consumer–brand relationships.
Mudassir Husnain; Zanxin Wang; Petra Poulova; Fauzia Syed; Ahsan Akbar; Muhammad Waheed Akhtar; Minhas Akbar; Muhammad Usman. Exploring Brand Hate and the Association Between Similar Competitor Offer and Brand Equity: A Moderated-Mediation Model. Frontiers in Psychology 2021, 11, 1 .
AMA StyleMudassir Husnain, Zanxin Wang, Petra Poulova, Fauzia Syed, Ahsan Akbar, Muhammad Waheed Akhtar, Minhas Akbar, Muhammad Usman. Exploring Brand Hate and the Association Between Similar Competitor Offer and Brand Equity: A Moderated-Mediation Model. Frontiers in Psychology. 2021; 11 ():1.
Chicago/Turabian StyleMudassir Husnain; Zanxin Wang; Petra Poulova; Fauzia Syed; Ahsan Akbar; Muhammad Waheed Akhtar; Minhas Akbar; Muhammad Usman. 2021. "Exploring Brand Hate and the Association Between Similar Competitor Offer and Brand Equity: A Moderated-Mediation Model." Frontiers in Psychology 11, no. : 1.
Corporate investment efficiency (CIE) is an imperative factor influencing the smooth functioning and financial sustainability of an enterprise. The role of a firm life cycle on risk and performance fundamentals has been extensively explored in the literature. However, it remains unclear as to whether the life cycle stages of a firm have any impact on corporate investment efficiency. This paper investigates the role of firm life cycle stages (FLCS) in determining the investment efficiency of 351 Pakistani non-financial listed firms over the course of 12 years (2005–2016). It used panel data fixed effects and ordinary least squares (OLS) techniques to empirically examine the proposed relationship. By employing Dickinson’s FLCS measure, we found that CIE was lower during the introduction and decline stages and higher at the growth and maturity stages of a firm’s life cycle. Moreover, the results of regression analysis revealed that mature firms enjoyed the highest level of investment efficiency followed by the growth firms. Overall, CIE exhibited an inverted U-shaped trend across FLCS. In addition, the findings corroborated the idea that the sample firms could not sustain their investment efficiency when they moved along different stages of the life cycle. Thus, policymakers are suggested to customize their investment policies for each stage of FLC to attain sustainable financial performance throughout the life of a firm.
Bilal Ahmed; Minhas Akbar; Tanaza Sabahat; Saqib Ali; Ammar Hussain; Ahsan Akbar; Xie Hongming. Does Firm Life Cycle Impact Corporate Investment Efficiency? Sustainability 2020, 13, 197 .
AMA StyleBilal Ahmed, Minhas Akbar, Tanaza Sabahat, Saqib Ali, Ammar Hussain, Ahsan Akbar, Xie Hongming. Does Firm Life Cycle Impact Corporate Investment Efficiency? Sustainability. 2020; 13 (1):197.
Chicago/Turabian StyleBilal Ahmed; Minhas Akbar; Tanaza Sabahat; Saqib Ali; Ammar Hussain; Ahsan Akbar; Xie Hongming. 2020. "Does Firm Life Cycle Impact Corporate Investment Efficiency?" Sustainability 13, no. 1: 197.
Environmental quality has become a growing concern for Chinese society since the last 2 decades in China. The large contribution of different pollutants severely affected the environmental quality that untimely affects life expectancy in the country. In this backdrop, the present study investigates the impact of environmental quality and public spending on the environment for life expectancy in China using the period 1999Q1–2017Q4. We employ nonlinear autoregressive distributed lag model (ARDL) approach for the empirical assessment. The outcomes of the study reveal the existence of a long‐run relationship between environmental quality, public spending on the environment and life expectancy in China. The empirical finding reported that life expectancy reacts differently in response to positive and negative shocks of environmental quality both in the long‐ and short‐run. Environmental quality and spending on the environment increase the life expectancy, furthermore, population has a positive and significant association with life expectancy only in short run while in long run it does not affect. Hence, the government needs to roll out policies to enhance environmental quality and ensure adequate funding for environmental preservation, to achieve both longevity of society and sustainability of the eco‐system.
Muhammad Haroon Shah; Nianyong Wang; Irfan Ullah; Ahsan Akbar; Karamat Khan; Kebba Bah. Does environment quality and public spending on environment promote life expectancy in China? Evidence from a nonlinear autoregressive distributed lag approach. The International Journal of Health Planning and Management 2020, 36, 545 -560.
AMA StyleMuhammad Haroon Shah, Nianyong Wang, Irfan Ullah, Ahsan Akbar, Karamat Khan, Kebba Bah. Does environment quality and public spending on environment promote life expectancy in China? Evidence from a nonlinear autoregressive distributed lag approach. The International Journal of Health Planning and Management. 2020; 36 (2):545-560.
Chicago/Turabian StyleMuhammad Haroon Shah; Nianyong Wang; Irfan Ullah; Ahsan Akbar; Karamat Khan; Kebba Bah. 2020. "Does environment quality and public spending on environment promote life expectancy in China? Evidence from a nonlinear autoregressive distributed lag approach." The International Journal of Health Planning and Management 36, no. 2: 545-560.
Accelerating demand for energy and its consumption has become a credible threat to the sustainable ecosystem due to the exploitation of scarce natural resources and environmental hazards. The adoption of renewable energy sources for sustainable development has been gaining traction among researchers and practitioners alike. Considering its hot climate, Pakistan has a huge potential to meet its energy requirements by tapping into renewable energy resources, especially through the use of solar photovoltaic (SPV) technologies. However, the adoption rate of this technology remains still quite scant among consumers. In this regard, the present research explores the factors that affect households’ purchase intention of SPV technology in Pakistan. The study has developed a comprehensive research framework by decomposing the technology acceptance model (DTAM) into second-order sub-constructs. Afterward, Structural equation modeling (SEM) was employed to analyze the data by decomposing perceived usefulness (PU) into social, economic, and environmental usefulness and perceived ease of use (PEOU) into discomfort and insecurity and to assess their cumulative effects on consumer attitude. Moreover, the moderating role of policy and propaganda was also investigated. Empirical results assert that PU and PEOU positively and significantly shape the consumer attitude toward SPV adoption. Subsequently, consumer attitude has a positive and significant impact on the actual purchase intention of SPV technology. Furthermore, the moderating role of governmental policy and propaganda between the consumer attitude and actual purchase intention was also confirmed. The policy implications of these results are discussed. Finally, the limitations and future directions of the research are also elaborated.
Saqib Ali; Petra Poulova; Ahsan Akbar; Hafiz Muhammad Usama Javed; Muhammad Danish. Determining the Influencing Factors in the Adoption of Solar Photovoltaic Technology in Pakistan: A Decomposed Technology Acceptance Model Approach. Economies 2020, 8, 108 .
AMA StyleSaqib Ali, Petra Poulova, Ahsan Akbar, Hafiz Muhammad Usama Javed, Muhammad Danish. Determining the Influencing Factors in the Adoption of Solar Photovoltaic Technology in Pakistan: A Decomposed Technology Acceptance Model Approach. Economies. 2020; 8 (4):108.
Chicago/Turabian StyleSaqib Ali; Petra Poulova; Ahsan Akbar; Hafiz Muhammad Usama Javed; Muhammad Danish. 2020. "Determining the Influencing Factors in the Adoption of Solar Photovoltaic Technology in Pakistan: A Decomposed Technology Acceptance Model Approach." Economies 8, no. 4: 108.
Information availability, firm performance, idiosyncratic volatility and bankruptcy-risk vary across the Corporate Life Cycle (CLC) stages. The purpose of this paper is to examine whether CLC stages explain firm’s propensity to engage in both accrual base and real earning management practices in the context of China. Panel data of 3250 non-financial Chinese listed firms spanning from 2009 to 2018 is used to investigate the proposed relationship. CLC stages were captured through Dickinson’s model, while earnings management is measured by employing both techniques, i.e., accruals-base earnings management and real earnings management. The data were analyzed through Panel data fixed-effects and random-effects techniques. Results reveal that, when compared to shakeout phase, managers’ response to use both earnings management practices is significantly higher during introduction and decline phases, and lower during growth and mature stages of CLC. It suggests that introductory and later-staged firms distort their factual financial information from creditors to obtain loans without strict debt covenants. Our results are robust to alternate measures and specifications. The core contribution of this research is to add a fresh perspective to the CLC research by uncovering its imperative role in influencing the earning management behavior of corporate managers.
Ammar Hussain; Minhas Akbar; Muhammad Kaleem Khan; Ahsan Akbar; Mirela Panait; Marian Catalin Voica. When Does Earnings Management Matter? Evidence across the Corporate Life Cycle for Non-Financial Chinese Listed Companies. Journal of Risk and Financial Management 2020, 13, 313 .
AMA StyleAmmar Hussain, Minhas Akbar, Muhammad Kaleem Khan, Ahsan Akbar, Mirela Panait, Marian Catalin Voica. When Does Earnings Management Matter? Evidence across the Corporate Life Cycle for Non-Financial Chinese Listed Companies. Journal of Risk and Financial Management. 2020; 13 (12):313.
Chicago/Turabian StyleAmmar Hussain; Minhas Akbar; Muhammad Kaleem Khan; Ahsan Akbar; Mirela Panait; Marian Catalin Voica. 2020. "When Does Earnings Management Matter? Evidence across the Corporate Life Cycle for Non-Financial Chinese Listed Companies." Journal of Risk and Financial Management 13, no. 12: 313.
The present research aims to inspect the bidirectional association among healthcare expenditures, carbon dioxide (CO2) emissions, and human development index (HDI). For this purpose, we employ a balanced panel data set of 33 OECD countries for the period 2006–2016. A newly developed econometric approach known as panel vector autoregression based on the generalized method of moments estimations is employed to test this relationship. The key empirical findings reveal that (1) all of the three main variables namely healthcare expenditures, CO2 emissions, and HDI exhibit a causal relationship, (2) there exists bidirectional causality between healthcare expenditures and CO2 emissions which suggests that CO2 emissions significantly escalate the healthcare expenditures in OECD countries. Likewise, healthcare investments also increase emissions due to higher use of energy, (3) positive bidirectional causation between healthcare expenditures and HDI entails that investments in health infrastructure lead to improvement in the overall quality of living in these countries. Moreover, a higher HDI reinforces the governments to increase their healthcare spending, and (4) there is a unidirectional negative causality between CO2 emissions and HDI which implies that carbon emissions significantly deteriorate human health and wellness in these countries. Based on these empirical outcomes, the policy prescriptions are discussed for the relevant authorities to curtail emission and enhance the quality of living of the masses.
Minhas Akbar; Ammar Hussain; Ahsan Akbar; Irfan Ullah. The dynamic association between healthcare spending, CO2 emissions, and human development index in OECD countries: evidence from panel VAR model. Environment, Development and Sustainability 2020, 23, 10470 -10489.
AMA StyleMinhas Akbar, Ammar Hussain, Ahsan Akbar, Irfan Ullah. The dynamic association between healthcare spending, CO2 emissions, and human development index in OECD countries: evidence from panel VAR model. Environment, Development and Sustainability. 2020; 23 (7):10470-10489.
Chicago/Turabian StyleMinhas Akbar; Ammar Hussain; Ahsan Akbar; Irfan Ullah. 2020. "The dynamic association between healthcare spending, CO2 emissions, and human development index in OECD countries: evidence from panel VAR model." Environment, Development and Sustainability 23, no. 7: 10470-10489.
Unraveling the Dynamic Nexus Between Trade Liberalization, Energy Consumption, CO2 Emissions, and Health Expenditure in Southeast Asian Countries
Ahsan Akbar; Alam Rehman; Irfan Ullah; Muhammad Zeeshan; Fakhr E Alam Afridi. Unraveling the Dynamic Nexus Between Trade Liberalization, Energy Consumption, CO2 Emissions, and Health Expenditure in Southeast Asian Countries. Risk Management and Healthcare Policy 2020, ume 13, 1915 -1927.
AMA StyleAhsan Akbar, Alam Rehman, Irfan Ullah, Muhammad Zeeshan, Fakhr E Alam Afridi. Unraveling the Dynamic Nexus Between Trade Liberalization, Energy Consumption, CO2 Emissions, and Health Expenditure in Southeast Asian Countries. Risk Management and Healthcare Policy. 2020; ume 13 ():1915-1927.
Chicago/Turabian StyleAhsan Akbar; Alam Rehman; Irfan Ullah; Muhammad Zeeshan; Fakhr E Alam Afridi. 2020. "Unraveling the Dynamic Nexus Between Trade Liberalization, Energy Consumption, CO2 Emissions, and Health Expenditure in Southeast Asian Countries." Risk Management and Healthcare Policy ume 13, no. : 1915-1927.
Bankruptcy risk is a fundamental factor affecting the financial sustainability and smooth functioning of an enterprise. The corporate bankruptcy risk‒return association is well founded in the literature. However, there is a dearth of empirical research on how this association prevails at different stages of the corporate life cycle. The present study aims to investigate the bankruptcy‒risk relationship at different stages of corporate life cycle by employing Hierarchical Linear Mixed Model (HLMM) regression estimation on the data of listed non-financial Pakistani firms from 12 diverse industrial segments. We grouped the firms into introduction, growth, mature, shake-out, and decline stages of the life cycle using Dickinson’s model. Empirical results assert that corporate risk-taking at the introduction stage yields superior financial performance in the future, while risk at the growth stage positively contributes to a firm’s current performance. Moreover, because of risk-averse and non-diversified managerial behavior, bankruptcy risk at the mature stage is negatively associated with both current and future performance. Likewise, risk-taking at the decline stage has significant negative implications for firm performance as the managers of such firms undertake heavy investments in a turnaround attempt; however, owing to the risk-averse behavior, they may indulge in negative net present value (NPV) projects. The study findings imply that managers synchronize a firm’s risk exposure with the corresponding life cycle stage to avoid going bankrupt. Moreover, excessive risk-taking during the mature and decline stages can considerably harm the financial sustainability of an enterprise. Hence, investors should exercise a degree of caution when investing in highly indebted later-stage (mature and decline) firms. Overall, bankruptcy risk‒return resembles an inverted U-shaped relationship. Our results are robust and can apply to various econometric specifications.
Minhas Akbar; Ahsan Akbar; Petra Maresova; Minghui Yang; Hafiz Muhammad Arshad. Unraveling the Bankruptcy Risk‒Return Paradox across the Corporate Life Cycle. Sustainability 2020, 12, 3547 .
AMA StyleMinhas Akbar, Ahsan Akbar, Petra Maresova, Minghui Yang, Hafiz Muhammad Arshad. Unraveling the Bankruptcy Risk‒Return Paradox across the Corporate Life Cycle. Sustainability. 2020; 12 (9):3547.
Chicago/Turabian StyleMinhas Akbar; Ahsan Akbar; Petra Maresova; Minghui Yang; Hafiz Muhammad Arshad. 2020. "Unraveling the Bankruptcy Risk‒Return Paradox across the Corporate Life Cycle." Sustainability 12, no. 9: 3547.
Environmental degradation and rapid climate change have forced researchers and practitioners to find sustainable practices to save the world. Increasing energy demand is not only consuming scarce natural resources, but also damaging the climate and overall ecosystem. In this regard, biogas technology is beneficial in two ways—by meeting the energy demand and saving natural resources. Pakistan is an agricultural country and has a high potential for producing energy through biogas technology. Therefore, this study aims to find farmers’ intentions of adopting biogas technology in Pakistan by employing the extended norm activation model. Furthermore, the moderating role of social media was explored. Purposive sampling was used to collect data from farmers and results were extracted by using Partial least square structural equation modelling software. The results suggest that awareness of consequences, ascription of responsibility, environmental concern and perceived consumer effectiveness positively and significantly influence personal norms of the farmers. Consequently, personal norms affect farmers’ intentions of adopting biogas technology in Pakistan. The moderating role of social media was also confirmed by the results. This study considers the notable insights of biogas technology adoption in Pakistan. Finally, the limitations of the study and suggestions for future research are discussed.
Zanxin Wang; Saqib Ali; Ahsan Akbar; Farhan Rasool. Determining the Influencing Factors of Biogas Technology Adoption Intention in Pakistan: The Moderating Role of Social Media. International Journal of Environmental Research and Public Health 2020, 17, 2311 .
AMA StyleZanxin Wang, Saqib Ali, Ahsan Akbar, Farhan Rasool. Determining the Influencing Factors of Biogas Technology Adoption Intention in Pakistan: The Moderating Role of Social Media. International Journal of Environmental Research and Public Health. 2020; 17 (7):2311.
Chicago/Turabian StyleZanxin Wang; Saqib Ali; Ahsan Akbar; Farhan Rasool. 2020. "Determining the Influencing Factors of Biogas Technology Adoption Intention in Pakistan: The Moderating Role of Social Media." International Journal of Environmental Research and Public Health 17, no. 7: 2311.
The purpose of this study is to examine the impact of working capital management (WCM) and working capital strategy (WCS) on firm’s financial performance across different stages of the corporate life cycle (CLC). We use Pakistani non-financial listed firms nested in 12 diverse industries over a period of 2005–2014 as the research sample and employ the hierarchical linear mixed (HLM) estimator, which can process multilevel data where observations are not completely independent. The empirical findings reveal that, overall, WCM is negatively associated with firm performance. However, this association is not static across different stages of a firm’s life cycle. For example, a negative association is more pronounced at the introduction stage followed by growth and decline stages, whereas WCM does not significantly impact the performance of mature firms. Likewise, WCS also causes varying effects on the financial performance across the CLC. A conservative strategy at the introduction, growth, and decline stages negatively affects firm performance, suggesting that these firms should adopt an aggressive strategy. Nevertheless, management of sample firms did not account for the respective life cycle stage while formulating a WCM strategy, which can seriously compromise their financial sustainability. These findings suggest that firms require customized WCM policies and WCS to attain sustainable financial performance at each stage of firm life cycle. Thus, managers should not overlook the significant role of CLC stages in their financial planning to ensure the sustainable functioning of the enterprise.
Zanxin Wang; Minhas Akbar; Ahsan Akbar. The Interplay between Working Capital Management and a Firm’s Financial Performance across the Corporate Life Cycle. Sustainability 2020, 12, 1661 .
AMA StyleZanxin Wang, Minhas Akbar, Ahsan Akbar. The Interplay between Working Capital Management and a Firm’s Financial Performance across the Corporate Life Cycle. Sustainability. 2020; 12 (4):1661.
Chicago/Turabian StyleZanxin Wang; Minhas Akbar; Ahsan Akbar. 2020. "The Interplay between Working Capital Management and a Firm’s Financial Performance across the Corporate Life Cycle." Sustainability 12, no. 4: 1661.
Environmental and health problems have increased the interest of researchers and practitioners in investigating the factors that affect organic food consumption. However, little attention has been paid to the actual organic food buying behavior, particularly in developing countries like Pakistan. Therefore, the aim of the present study is to determine the actual buying patterns of consumers. For this purpose, a conceptual model based on green perceived value framework which predicts consumer’s purchase intention and purchase behavior has been empirically tested. Likewise, moderating role of food neophobia has also been explored. Data is collected from millennials that are under rated but constitute the most important consumer segment in Pakistan. Structural Equation Modeling (SEM) is employed to analyze the data. Results from 221 university students reveal that functional value, social value, emotional value, and conditional value positively influence the consumer purchase intention. Moreover, purchase intention is positively linked to the consumer purchase behavior of organic food. Furthermore, the study findings also confirm the moderating role of food neophobia between purchase intention and consumption of organic food. This paper depicts some noteworthy insights of consumer behavior for organic food producers, marketers, and researchers. At the end, limitations and recommendations for future research are elaborated.
Ahsan Akbar; Saqib Ali; Muhammad Azeem Ahmad; Minhas Akbar; Muhammad Danish. Understanding the Antecedents of Organic Food Consumption in Pakistan: Moderating Role of Food Neophobia. International Journal of Environmental Research and Public Health 2019, 16, 4043 .
AMA StyleAhsan Akbar, Saqib Ali, Muhammad Azeem Ahmad, Minhas Akbar, Muhammad Danish. Understanding the Antecedents of Organic Food Consumption in Pakistan: Moderating Role of Food Neophobia. International Journal of Environmental Research and Public Health. 2019; 16 (20):4043.
Chicago/Turabian StyleAhsan Akbar; Saqib Ali; Muhammad Azeem Ahmad; Minhas Akbar; Muhammad Danish. 2019. "Understanding the Antecedents of Organic Food Consumption in Pakistan: Moderating Role of Food Neophobia." International Journal of Environmental Research and Public Health 16, no. 20: 4043.
This research is carried out in the backdrop of increasing product quality and environmental degradation scandals associated with Chinese Pharmaceuticals in recent years. We examined the data of 125 Chinese Pharmaceuticals between 2010–2016 to investigate the impact of overall corporate social responsibility (CSR) performance as well as the performance on five unique aspects of CSR such as shareholders, employees, customers and suppliers, environmental practices, and the society to gauge the impact of these individual dimensions on the firm’s financial performance. The Hexun rating system is used to gauge a firm’s CSR performance on various stakeholder dimensions as it is one of the widely accepted CSR measurement criteria in China. The firm performance is measured by Tobin’s Q, return on assets (ROA), return on equity (ROE), and earnings per share (EPS) ratios. The outcome of the panel-based regression models reveals that the overall CSR score has a positive and significant influence on a firm’s financial indicators. Moreover, although all the CSR dimensions relate positively to firm performance, the environmental aspect of CSR has the most profound impact on firm performance followed by customers and suppliers, and employees. However, the shareholders and social dimensions have a relatively lesser influence on firm performance. These results imply that Chinese Pharmaceuticals shall further optimize each aspect of CSR performance as it can not only create a favorable brand image for various stakeholders but also results in sustainable financial performance.
Minghui Yang; Paulo Bento; Ahsan Akbar. Does CSR Influence Firm Performance Indicators? Evidence from Chinese Pharmaceutical Enterprises. Sustainability 2019, 11, 5656 .
AMA StyleMinghui Yang, Paulo Bento, Ahsan Akbar. Does CSR Influence Firm Performance Indicators? Evidence from Chinese Pharmaceutical Enterprises. Sustainability. 2019; 11 (20):5656.
Chicago/Turabian StyleMinghui Yang; Paulo Bento; Ahsan Akbar. 2019. "Does CSR Influence Firm Performance Indicators? Evidence from Chinese Pharmaceutical Enterprises." Sustainability 11, no. 20: 5656.