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The determinants of innovation output in empirical literature were extensively investigated by considering diverse sets of variables. Still, the impact of economic policy uncertainty on innovation output is yet to unleash. To mitigate the existing research gap, the study investigated the association between EPU and innovation output, considering a panel of 22 countries over 1997–2018. The study employed a dynamic panel quantile regression and system-GMM specification causality test for discovering elasticity and directional association both in the long-run and the short-run. Study findings disclosed negative statistically significant effects running from EPU to innovation output except innovation measured by R&D. Moreover, institutional quality and FDI exposed positive and statistically significant association with innovation output. In terms of directional causality, unidirectional causality running from EPU and FDI to innovation output was established, whereas bidirectional causality was established between institutional quality and innovation output.
Qamruzzaman; Tahar Tayachi; Ahmed Mehta; Majid Ali. Do International Capital Flows, Institutional Quality Matter for Innovation Output: The Mediating Role of Economic Policy Uncertainty. Journal of Open Innovation: Technology, Market, and Complexity 2021, 7, 141 .
AMA StyleQamruzzaman, Tahar Tayachi, Ahmed Mehta, Majid Ali. Do International Capital Flows, Institutional Quality Matter for Innovation Output: The Mediating Role of Economic Policy Uncertainty. Journal of Open Innovation: Technology, Market, and Complexity. 2021; 7 (2):141.
Chicago/Turabian StyleQamruzzaman; Tahar Tayachi; Ahmed Mehta; Majid Ali. 2021. "Do International Capital Flows, Institutional Quality Matter for Innovation Output: The Mediating Role of Economic Policy Uncertainty." Journal of Open Innovation: Technology, Market, and Complexity 7, no. 2: 141.
Purpose Economic risk plays a vital role in firm's cash holdings. We aim to determine the impact of economic risk on the firm's cash holdings. Design/methodology/approach The data is collected from the DataStream from 2002 to 2018, which covers 552 listed firms in the manufacturing sector of Pakistan, Sri Lanka, India and Bangladesh. We apply a two-step dynamic panel estimation to analyze the results. Findings We use the variance of inflation and variance of interest rate as proxies of economic risk. Our results show that variance of inflation has a significant and negative effect while the variance of interest rate has a significant and positive effect on firms' cash holdings in selected countries. Furthermore, we find economic risk negatively affects the firm's cash holdings in the country-wise analysis. Firms should maintain a reasonable amount of cash reserves to handle uncertain situations. Originality/value This study may provide insights to financial decision-makers of a firm for better cash management according the economic conditions of the country.
Ahmed Imran Hunjra; Tahar Tayachi; Rashid Mehmood; Anwaar Hussain. Does economic risk affect corporate cash holdings? Journal of Economic and Administrative Sciences 2021, ahead-of-p, 1 .
AMA StyleAhmed Imran Hunjra, Tahar Tayachi, Rashid Mehmood, Anwaar Hussain. Does economic risk affect corporate cash holdings? Journal of Economic and Administrative Sciences. 2021; ahead-of-p (ahead-of-p):1.
Chicago/Turabian StyleAhmed Imran Hunjra; Tahar Tayachi; Rashid Mehmood; Anwaar Hussain. 2021. "Does economic risk affect corporate cash holdings?" Journal of Economic and Administrative Sciences ahead-of-p, no. ahead-of-p: 1.
PurposeThe authors examine the impact of credit, liquidity and operational risks on the financial performance of commercial banks of South Asia.Design/methodology/approachData are extracted from DataStream of 76 commercial banks of four countries, i.e. Pakistan, India, Bangladesh and Sri Lanka for the period 2009–2018. The generalized method of moments (GMM) is used to analyze the results.FindingsAll three risks are significantly associated with financial performance. The authors find that Z-score positively affects the bank performance, whereas the nonperforming loans (NPLs) ratio has a negative impact on financial performance of bank. Liquidity risk analyses show the current and loan-to-deposit (LTD) ratios positively and negatively, respectively, affect financial performance. While operational risk positively affects financial performance. The authors further present the significant effects of joint occurrence of credit and liquidity risks on financial performance.Practical implicationsFor managing credit risk, banking management should ensure the policies for granting loans and timely reimbursement of the loan installments from customers. Bank managers should regularly monitor the liquidity position by maintaining the necessary levels of loans and deposits. Management should retain a healthy capital charge to meet operational risks.Originality/valueCredit, liquidity and operational risks are considered the most important categories of risk which are faced by financial institutions. To the best of the authors’ knowledge, this is the first study which investigates the impact of these risks on banks’ financial performance in selected South Asian countries. The results of this study have relevance and probable generalizability about the impact of risks on the performance of banks in emerging markets.
Ahmed Imran Hunjra; Asad Mehmood; Hung Phu Nguyen; Tahar Tayachi. Do firm-specific risks affect bank performance? International Journal of Emerging Markets 2020, ahead-of-p, 1 .
AMA StyleAhmed Imran Hunjra, Asad Mehmood, Hung Phu Nguyen, Tahar Tayachi. Do firm-specific risks affect bank performance? International Journal of Emerging Markets. 2020; ahead-of-p (ahead-of-p):1.
Chicago/Turabian StyleAhmed Imran Hunjra; Asad Mehmood; Hung Phu Nguyen; Tahar Tayachi. 2020. "Do firm-specific risks affect bank performance?" International Journal of Emerging Markets ahead-of-p, no. ahead-of-p: 1.
Banks not only rely on the traditional way of generating income, they also opt for non-interest income (NII) to survive in a competitive environment. Banks in South Asia are diversifying their income from interest to non-interest sources in order to reduce risk and generate high returns. This study examines the impact of non-interest income (NII) and revenue concentration on banks’ risk in South Asian countries such as Pakistan, Sri Lanka, India and Bangladesh. Panel data for eighty-five banks from 2009 to 2018 is used. Generalized Method of Moments (GMM) is employed to analyze the data. The study finds that non-interest source income and revenue concentration significantly affect bank risk in the overall analysis. The study finds different results depending on the regulations and application of the regulatory system in each country. Non-interest income reveals a significant impact on bank risk for Pakistan, India and Bangladesh, but insignificant for Si Lanka. Revenue concentration has a significant effect on bank risk in Pakistan and India, however, it does not affect bank risk in Sri Lanka and Bangladesh. This study recommends that bank managers focus on different sources of revenue generation in order to minimize their level of risk through a diversification strategy to enhance efficiency. This study contributes to the banking sector literature of South Asian markets.
Ahmed Imran Hunjra; Qasim Zureigat; Tahar Tayachi; Rashid Mehmood. Impact of non-interest income and revenue concentration on bank risk in South Asia. Banks and Bank Systems 2020, 15, 15 -25.
AMA StyleAhmed Imran Hunjra, Qasim Zureigat, Tahar Tayachi, Rashid Mehmood. Impact of non-interest income and revenue concentration on bank risk in South Asia. Banks and Bank Systems. 2020; 15 (4):15-25.
Chicago/Turabian StyleAhmed Imran Hunjra; Qasim Zureigat; Tahar Tayachi; Rashid Mehmood. 2020. "Impact of non-interest income and revenue concentration on bank risk in South Asia." Banks and Bank Systems 15, no. 4: 15-25.
Environmental sustainability is a major concern of contemporary societies, businesses, and governments. However, there is a lack of knowledge as to how countries can achieve the goal to end poverty, whilst protecting the planet. It is the objective of our study to examine the moderating role of institutional quality on the financial development and environmental quality nexus in South Asia. Our sample consists of panel data of five South Asian countries (India, Bangladesh, Nepal, Sri Lanka and Pakistan) from 1984 to 2018. We find that financial development increases CO2 emissions in this region, implying that countries in South Asia have utilized financial development for capitalization, instead of improving production technology. Institutional quality moderates the negative impact of financial development on environmental sustainability. An implication of our findings is that efforts to improve institutional quality may help to promote sustainable development in South Asia.
Ahmed Imran Hunjra; Tahar Tayachi; Muhammad Irfan Chani; Peter Verhoeven; Asad Mehmood. The Moderating Effect of Institutional Quality on the Financial Development and Environmental Quality Nexus. Sustainability 2020, 12, 3805 .
AMA StyleAhmed Imran Hunjra, Tahar Tayachi, Muhammad Irfan Chani, Peter Verhoeven, Asad Mehmood. The Moderating Effect of Institutional Quality on the Financial Development and Environmental Quality Nexus. Sustainability. 2020; 12 (9):3805.
Chicago/Turabian StyleAhmed Imran Hunjra; Tahar Tayachi; Muhammad Irfan Chani; Peter Verhoeven; Asad Mehmood. 2020. "The Moderating Effect of Institutional Quality on the Financial Development and Environmental Quality Nexus." Sustainability 12, no. 9: 3805.
Bridging global economic inequalities calls for effective financial alternatives such as awqāf banks to better attend to the needs of the poor and underprivileged. This is expected to address the root causes of poverty and ensuing economic gaps, improving much of the living standards whether pertaining to education, health, shelter, employment or basic social services while reducing the state’s economic and financial burden. We envision awqāf banks as institutions which are established through cash awqāf and which operate multiple awqāf funds alongside an assortment of financial instruments. The main use of their awqāf funds are the issue of low-cost credit to the poor, economically disadvantaged and underprivileged, instead of focusing solely on generating and maximizing shareholder profits. This is to support the economy through of steady and sustainable growth, effectively raising the lower bar on per capita income and lifting multitudes out of poverty and need. This paper explores how low-cost credit can be provided to the poor or lower income demographics through awqāf banks, while addressing relevant issues such as Shari’ah compliance, services rendering, investment and awqāf distribution. This paper also examines current studies on awqāf in relation to finance and banking, the basic functions, and characteristics of the Shari’ah-compliant awqāf bank, as well as evaluations of awqāf banks. Current studies show that there is a legitimate need for Shari’ah-compliant awqāf banks which not only providing services for its beneficiaries but also manage investments and awqāf funds that contribute to overall national development and economic growth. This study would be of high relevance to experts, practitioners, financial managers, regulators, and policy makers in the fields of awqāf, banking and finance.
Hanan Gabil; Benaouda Bensaid; Tahar Tayachi; Faleel Jamaldeen. The Need for Shari’ah-Compliant Awqāf Banks. Journal of Risk and Financial Management 2020, 13, 76 .
AMA StyleHanan Gabil, Benaouda Bensaid, Tahar Tayachi, Faleel Jamaldeen. The Need for Shari’ah-Compliant Awqāf Banks. Journal of Risk and Financial Management. 2020; 13 (4):76.
Chicago/Turabian StyleHanan Gabil; Benaouda Bensaid; Tahar Tayachi; Faleel Jamaldeen. 2020. "The Need for Shari’ah-Compliant Awqāf Banks." Journal of Risk and Financial Management 13, no. 4: 76.
We examine the profitability of the momentum and contrarian strategies in three South Asian markets, i.e., Bangladesh, India, and Pakistan. We also analyze, whether credit risk influences momentum and contrarian return for these markets from 2008 to 2014. We use default risk that relates to non-payments of debts by firms as a measure of credit risk. For that purpose, we use distance to default (DD) by Kealhofer, McQuown, and Vasicek (KMV) model as a proxy of credit risk. We calculate the credit risk and form the momentum and contrarian strategies of the firms based on high, medium, and low risk. We find that in all three markets, the momentum and contrarian returns are significant for medium and high credit risk portfolios and no momentum and contrarian returns for low credit risk portfolios.
Ahmed Imran Hunjra; Tahar Tayachi; Rashid Mehmood; Sidra Malik; Zoya Malik. Impact of Credit Risk on Momentum and Contrarian Strategies: Evidence from South Asian Markets. Risks 2020, 8, 37 .
AMA StyleAhmed Imran Hunjra, Tahar Tayachi, Rashid Mehmood, Sidra Malik, Zoya Malik. Impact of Credit Risk on Momentum and Contrarian Strategies: Evidence from South Asian Markets. Risks. 2020; 8 (2):37.
Chicago/Turabian StyleAhmed Imran Hunjra; Tahar Tayachi; Rashid Mehmood; Sidra Malik; Zoya Malik. 2020. "Impact of Credit Risk on Momentum and Contrarian Strategies: Evidence from South Asian Markets." Risks 8, no. 2: 37.
The implementation of an effective risk management policy is necessary for the survival and success of banks. Ownership structure changes the risk-taking behavior of banks. Therefore, we analyze the impact of the ownership structure on risk-taking behavior of banks in emerging markets (i.e., Pakistan, India, and Bangladesh). We take public, private and foreign ownership of banks in this study. We collect the data from 64 banks of selected countries from 2011 to 2018. We measure risk-taking as capital adequacy, leverage coverage ratio, non-performing loan ratio, and return volatility. We use two-step system dynamic panel estimation for analyzing the results. We find that public and private banks have significant relationship with the risk-taking of banks. Furthermore, public and private banks show more risk-taking behavior as compared to foreign banks in all selected countries.
Ahmed Imran Hunjra; Tahar Tayachi; Rashid Mehmood. Impact of ownership structure on risk-taking behavior of South Asian banks. Corporate Ownership and Control 2020, 17, 108 -120.
AMA StyleAhmed Imran Hunjra, Tahar Tayachi, Rashid Mehmood. Impact of ownership structure on risk-taking behavior of South Asian banks. Corporate Ownership and Control. 2020; 17 (3):108-120.
Chicago/Turabian StyleAhmed Imran Hunjra; Tahar Tayachi; Rashid Mehmood. 2020. "Impact of ownership structure on risk-taking behavior of South Asian banks." Corporate Ownership and Control 17, no. 3: 108-120.
We examine the profitability of the momentum and contrarian strategies in three South Asian markets i.e. Bangladesh, India and Pakistan. We also analyze, whether credit risk influences momentum and contrarian return for these markets from 2008 to 2014. We use Distance-to-default (DD) of Kealhofer, McQuown and Vasicek (KMV) model as a measure of credit risk. We calculate the credit risk and form the momentum and contrarian strategies of the firms on the basis of high, medium and low risk. We find that in all three markets, the momentum and contrarian returns are significant for medium and high credit risk portfolios and no momentum and contrarian returns for low credit risk portfolios.
Ahmed Imran Hunjra; Tahar Tayachi; Rashid Mehmood; Sidra Malik; Zoya Malik. Impact of Credit Risk on Momentum & Contrarian Strategies: Evidence from South Asian Markets. 2020, 1 .
AMA StyleAhmed Imran Hunjra, Tahar Tayachi, Rashid Mehmood, Sidra Malik, Zoya Malik. Impact of Credit Risk on Momentum & Contrarian Strategies: Evidence from South Asian Markets. . 2020; ():1.
Chicago/Turabian StyleAhmed Imran Hunjra; Tahar Tayachi; Rashid Mehmood; Sidra Malik; Zoya Malik. 2020. "Impact of Credit Risk on Momentum & Contrarian Strategies: Evidence from South Asian Markets." , no. : 1.
Bridging widening socioeconomic gaps calls for a paradigm shift and the use of effective strategies such as Waqf banks to develop and provide basic services and such as education, shelter, employment opportunities and social amenities to the poor, while reducing the state’s burden and working to constructively address the reasons for the gap. Waqf banks are set-up through the use of cash waqfs and would operate multiple waqf funds alongside an assortment of financial instruments. Their earnings however are issued as low-cost credits to the poor, economically disadvantaged and the underprivileged regardless of their financial status, instead of focusing exclusively on generating shareholder profits. This would significantly aid the economy in steady, sustainable growth; effectively raising the lower bar on per capita income and lifting untold multitudes out of poverty. This study explores how interest-free and affordable loans can be provided to the poor or lower income demographics, while further discussing bank structures such as Shari‘ah compliance, services rendering, investment and waqf distribution. This study shows that there is a need for Shari’ah compliant waqf banks which in addition to providing services for beneficiaries, would also effectively manage investment and waqf funds that contribute to overall national development and economic growth. This inquiry would be of high relevance to experts, financial managers, regulators and policy makers in the fields of waqf, banking and finance.
Tahar Tayachi; Benaouda Bensaid; Hanan Gabil; Faleel Jamaldeen. Towards Shari‘ah Compliant Waqf Bank. 2020, 1 .
AMA StyleTahar Tayachi, Benaouda Bensaid, Hanan Gabil, Faleel Jamaldeen. Towards Shari‘ah Compliant Waqf Bank. . 2020; ():1.
Chicago/Turabian StyleTahar Tayachi; Benaouda Bensaid; Hanan Gabil; Faleel Jamaldeen. 2020. "Towards Shari‘ah Compliant Waqf Bank." , no. : 1.
We investigate the impact of corporate social responsibility (CSR) and corporate governance on stock price crash risk in manufacturing sector of India and Pakistan. We collect data of nine years from 2010 to 2018 from DataStream of 353 manufacturing firms. We apply the Generalized Method of Moments (GMM) to the analysis of the data. We find that when firms actively engage in CSR activities, they lead to reduced stock price crash risk. We further find that managerial ownership has a significant positive impact on stock price crash risk, while board size and CEO duality show a significant and negative impact on stock price crash risk.
Ahmed Imran Hunjra; Rashid Mehmood; Tahar Tayachi. How Do Corporate Social Responsibility and Corporate Governance Affect Stock Price Crash Risk? Journal of Risk and Financial Management 2020, 13, 30 .
AMA StyleAhmed Imran Hunjra, Rashid Mehmood, Tahar Tayachi. How Do Corporate Social Responsibility and Corporate Governance Affect Stock Price Crash Risk? Journal of Risk and Financial Management. 2020; 13 (2):30.
Chicago/Turabian StyleAhmed Imran Hunjra; Rashid Mehmood; Tahar Tayachi. 2020. "How Do Corporate Social Responsibility and Corporate Governance Affect Stock Price Crash Risk?" Journal of Risk and Financial Management 13, no. 2: 30.