Naveed Razzaq | Jiangxi University of Finance & Economics (original) (raw)

Papers by Naveed Razzaq

International Journal of Economics and Finance, 2009

The aim of this paper is to examine the interaction between stock prices and exchange rates in Au... more The aim of this paper is to examine the interaction between stock prices and exchange rates in Australia. During the period of the study, the value of the stock market increased by two-thirds and the Australian dollar exchange rate appreciated by almost one-third. The empirical analysis employed provides evidence of a positive co-integrating relationship between these variables, with Granger causality found to run from stock prices to the exchange rate during the sample period. Although commodity prices have not been included, the significance of the results lends support to the notion that these two key financial variables interacted in a manner consistent with the portfolio balance model, that is, stock price movements cause changes in the exchange rate. This challenges the traditional view of the Australian economy as export-dependent, and also suggests that the Australian stock market has the depth and liquidity to adequately compete for both domestic and international capital against other larger markets.

International Journal of Energy Economics and Policy

The purpose of this research is to explore the association among energy, environment and economic... more The purpose of this research is to explore the association among energy, environment and economic growth in Latin-American countries from 1990-2014 by using multivariate Structure. This study used number of co-integration techniques to confirm log run relationship among environment, and energy. The study findings also show the effect of the energy on environment in the long run by using FMOLS and DOLS. In addition, this research also employed the causality test to study the causal relation among the variables. The outcomes of the various tests of co-integration endorse a longrun relationship among renewable energy (REN) and non-renewable (NREN) consumption and environment. The long run results show that the use of renewable energy source can reduce the CO 2 emissions in selected countries. Moreover, the non-renewable energy consumption is increasing CO 2 emissions. In addition, the direction of the causality is unidirectional from REN to CO 2 , NREN to CO 2 and GDP to CO 2. However, there is absence of two-way causality among the variables in the model.

<em>This paper is aimed at to investigate the ownership mechanism, corporate governance, SO... more <em>This paper is aimed at to investigate the ownership mechanism, corporate governance, SOEs and CFO gender association with investment efficiency in the context of Chinese economy. In order to measure efficiency of investment, a famous method developed by Richardson (2006) was utilized in this study. To assess the impact of corporate governance mechanism and ownership structure on the investment efficiency of Chinese-listed companies in Shenzhen and Shanghai stock exchanges, it employed OLS regressions with year and industry effect fixed effect. This study determines that ownership concentration holds a negative relationship with investment efficiency, however, no. of senior executives on the board keep a positive association with investment efficiency. Further, executives and institutional investors in the Chinese firms are increasing investment efficiency. In addition, investment efficiency pronounced more in SOEs firms and when CFO is a male in Chinese listed firms. Furthermore, for policy makers, corporate governance improvement helps to support the managerial interests and institutional investments is required to enhance investment efficiency.</em>

The purpose of this paper is to find the determinants of quantity as well as quality of the risk ... more The purpose of this paper is to find the determinants of quantity as well as quality of the risk disclosures in annual reports of banking sector of Pakistan. The paper employs the word count approach to measure the quantity of risk disclosures in annual reports whereas to measure the risk disclosure quality (RDQ), RDQ index is adapted from the study by Barakat and Hussainey in 2013 after making some changes. The researcher selected a data sample on desired variables for a period of 7-year (2008-2014) through 31 scheduled banks (excluding 7 Foreign Banks) and run generalized least square as the researcher supposed there was an effect of endogeneity in the model. The researcher found confirmation that, banks with a higher proportion of independent non-executive board directors, lower ownership proportion of executive management, banks with a high asset value and banks having non-governmental ownership tend to present to their stakeholders a higher degree of risk disclosure in terms of...

Research Journal of Finance and Accounting, 2018

This study investigates internal control disclosure practices of financial and non-financial sect... more This study investigates internal control disclosure practices of financial and non-financial sector companies which are listed on Pakistan Stock Exchange (PSX) over three years period (2012-2014) and also to analyze how audit committee characteristics, board composition, industry type and enforcement influence internal control disclosure practices of these companies. We select 207 companies from non-financial sector and 65 from financial sector on sample basis. The internal control disclosure was measured using seven scale items whereas audit committee characteristics were represented through audit committee size, meetings, independence, audit committee shareholdings and financial experts on audit committee. Finally board composition was measured through variables such as board size and non executive director as chairman. The data related to all desired variables has been collected from annual reports. Results of descriptive statistics show that overall level of internal control dis...

International Journal of Economics and Financial Issues, 2016

International Journal of Economic and Environmental Geology, 2019

Journal of Finance & Economics Research, 2019

The intention of this research article is to explore the accounting conservatism association with... more The intention of this research article is to explore the accounting conservatism association with the cost of capital in Pakistani firms. For this examination, data collected from annual reports of 142 firms registered in Pakistan Stock Exchanges (PSX) for the period 2006 to 2011. This paper calculates the cost of capital by employing OJ-Model (2005) and accounting conservatism by using renowned Basu (1997) model. Current paper found a significant negative association of irregular measurement of earnings (bad news or c-score) and the cost of capital, which infers that conservative reporting in Pakistani firms reduces the cost of capital. Furthermore, this study also concludes by finding significant results that risk premium and return on assets have directly proportion relationship with the cost of capital. In extent, present study increases the literature in same vein of study and interest of accounting conservatism in financial reporting and academic research in Pakistan.

International Journal of Business and Economics Research, 2016

This study examined the association of accounting conservatism with investment efficiency, and it... more This study examined the association of accounting conservatism with investment efficiency, and its effects on investment efficiency by mitigating firms from under and over investments of listed companies in China (2002 to 2013). First, we find the existence of conservatism in accounting practices of Chinese firms, later to hypothesize that how conservatism improves investment efficiency to alleviate under or over investment stresses. Thus, our findings confirmed that accounting conservatism improves investment efficiency of Chinese firms by mitigating under (over) investments. Furthermore, significant correlation existed for investment efficiency with free cash flow and corporate governance such as CEO duality and percentage of board members. In robust test, we find conservatism reduces the CEO duality and top one shareholder tunneling effect which may cause agency problem.

Research Journal of Finance and Accounting, 2016

This study investigates the relationship between timely recognition of losses in financial report... more This study investigates the relationship between timely recognition of losses in financial reporting and investment efficiency, claiming that accounting conservatism improves the investment efficiency through mitigating under (over) investments of firms listed on Pakistan Stock Exchange (PSX). For this purpose, annual reports of 142 firms were selected on sample basis from six different sectors covering the period from 2006 to 2011. We find the existence of conservatism in financial reporting of Pakistani firms which was measured through Basu (1997) model, later to develop hypotheses that conservatism improves investment efficiency by alleviating firms from under and over-investments. The results found that accounting conservatism improves investment efficiency of Pakistani firms at insignificant level; however we found that conservatism restricts firms from over-investments at highly significant level. Furthermore, we find significant relation of CEO duality with investment efficie...

The China-Pakistan Economic Corridor (CPEC) is considered as the ‘flagship’ project of China’s Be... more The China-Pakistan Economic Corridor (CPEC) is considered as the ‘flagship’ project of China’s Belt and Road Initiative (BRI) and has been widely acclaimed by both Chinese and Pakistani officials often terming it as ‘game-changer’ to overcome Pakistan’s lingering issues of energy and economic crisis. Within the framework of CPEC, China is investing more than 56 billion US dollars as Foreign Direct Investment (FDI) in various energy and infrastructure projects including a vast network of railways, highways, economic zones and gas pipelines. While much has been debated and written about various projects under CPEC in the existing academic discourses, vis-à-vis threats to the biodiversity (Nabi et al., 2017), its potential implications to environmental hazards (Ali, 2018) and to overcome energy shortfall of Pakistan (Kugelman, 2017). However, scientific study to reinforce the issues of environmental pollution, particularly related to CEPEC coal-based energy projects have been still lac...

Environmental Science and Pollution Research

The empirical linkages from tourism, governance, and FDI have been quantified on CO 2 emission an... more The empirical linkages from tourism, governance, and FDI have been quantified on CO 2 emission and energy use over 2002-2014 for a panel of 13 Muslim countries. To this end, we have examined the data for cross-sectional dependence (CD) and panel heterogeneity and employed panel algorithms, which account for both CD and panel heterogeneity. The results from Pedroni, Westerlund, and Kao tests supported the existence of a cointegration association between the chosen variables. In the CO 2 model, we observed that tourism positively, and governance negatively, influences the CO 2 emission. However, in the case of the energy model, the results of tourism pose a negative relationship, and governance indicates a positive relationship with energy use. The results supported the pollution haven phenomenon, finance, and energy triggered pollution in the study area. Further, the research supported a two-way causality between tourism and CO 2 , where there is a unilateral causality from governance to CO 2. Similarly, a unidirectional causality was obtained from energy towards tourism. Lastly, the key policy recommendations based on the outcomes of the study are encouraging clean energy investment, enhancing good governance, and sustainable tourism development for improving environmental quality.

Journal of Finance & Economics Research

Conditional conservatism is strict verification of losses than gains and in timely recognition of... more Conditional conservatism is strict verification of losses than gains and in timely recognition of earnings by reflecting bad news more quickly than good news. This study inspects the relation of conditional conservatism and the cost of capital. This paper examines whether timely loss recognition in financial reporting lowers the cost of capital in China A-Share listed enterprises registered in Shenzhen and Shanghai stock exchanges. This research analyse the penal data over the period 2002 to 2013. We find that conservatism reduces the cost of capital by decreasing dividend payoff, and conservatism reduces the agency conflict by reducing dividend payoff. Paper enhances the extant literature in same vein research by indulging different variables, sample size and period.

This study explores the effects of tourism, quality of institutions and FDI on environmental degr... more This study explores the effects of tourism, quality of institutions and FDI on environmental degradation in Pakistan for the two time periods i.e. 1996-2017 and 2000-2017. Quality of institutions is included in the time period 2000-2017 which is adopted from world governance indicators but due to lack of the data it has not been included in second time (1999)(2000)(2001)(2002)(2003)(2004)(2005)(2006)(2007)(2008)(2009)(2010)(2011)(2012)(2013)(2014)(2015)(2016)(2017). To find out the relationship among given variables, Ordinary Least Square (OLS) regression was carried out, moreover, Breusch-Godfrey Serial Correlation LM test, Heteroscedasticity Test and Histogram-Normality test were also applied to diagnose the econometric issues in the given models. The findings of the study revealed that tourism is significant and influential factor of environmental degradation in Pakistan. Similarly, foreign direct investment is also contributing in environmental degradation but its effect is insignificant for both time periods. On the other hand, an inverse relationship is observed between quality of institution and environmental degradation. The outcomes of the study suggest that environmental degradation can be overcome by increasing the quality of the institutions. Moreover, the government initiatives to attract foreign tourists by introducing new visa policy, which includes; electronic visa, on arrival visa and opening new avenues for tourists (e.g. Kartarpur Corridor and CPEC initiatives etc.) will have tremendous impact on the national economy. However, environmental degradation is the outcome of tourism, therefore, policy maker's needs to consider the negative effects of tourism in addition to its positive effects on the economy.

Int. J. Econ. Environ, 2019

The purpose of this research is to examine the impact of business ethics on corporate performance... more The purpose of this research is to examine the impact of business ethics on corporate performance. The hypotheses were set using four main objectives. Data were obtained using both primary and secondary sources. The primary data was obtained by using a structured questionnaire design. Whilst relevant published and unpublished literature provided the secondary data. The total number of questionnaires distributed was 286, out of which 260 were returned. Descriptive and inferential statistics were used for the data analysis. The statistical tools used include frequency table, multiple regression analysis, analysis of variance, correlation analysis. The results showed that there was a significant relationship between the ethical practices of organizations and their corporate performance. Moreso, the employees of the sampled organizations concurred that their organization is highly ethical. Based on these findings, the authors profer the need for clearly defined ethics within corporate organizations as this would guide the employees in their day to day conduct.

The University 3.0 is established in higher education systems in developed countries, performing ... more The University 3.0 is established in higher education systems in developed countries, performing social missions of education, research, and knowledge commercialization. The purpose of the article is the study of the University 3.0 as a corporate entity of knowledge economy. For this purpose the author discloses the content its fundamental social and economic missions and models in the context of social reality and management policy; gives examples of scientific studies of the University 3.0 challenges. Based on the analysis of social reality it is shown that strategic systems of social development conceptualizations – " New Public Management, " " Network Governance, " " Neo-Weberian State "-demonstrate basic transformations from which the University 3.0 takes its origin. The University 3.0 is built on the basis of interrelated models of network, creative, innovative and entrepreneurial universities. The University 3.0 is becoming the basis for global competitiveness of national economies and geopolitical alliances.

The rapid change in climate and the high cost of controlling it are the issues caught much attent... more The rapid change in climate and the high cost of controlling it are the issues caught much attention around the world especially during the last two decades. The carbon capture, storage and utilization (CCSU) is widely believed the mechanism to control both these issues to a great extent. However, the adoption, expansion, or development of CCSU isn't yet common to counter these issues. The pace of CCSU adoption and development is greatly impaired by its high cost and non-availability of funds in both developed and developing countries of the world. The scenario in developing countries is worse as these countries have no mandatory obligation for carbon emissions like developed countries. Subsequently, most of the developing countries except few are not willing to carry out CCSU operations voluntarily. This paper, therefore, sheds light on various costs associated to CCSU operations and the potential sources of financing them in developing countries especially Malaysia. The paper concludes that public awareness is fundamental in persuading governments and other entities to finance CCSU operations and ensuring the feasibility, economic viability and success of these projects. The paper recommends that governments, environmental agencies, international financial institutions, and developed countries should support CCSU projects in developing countries by providing funds and capacity building measures. The paper contributes to the limited literature and policy making of CCSU funding especially in developing countries like Malaysia where the mechanism (CCSU) is yet in embryonic stage.

The purpose of this study was to analyze the relationship and influence of intellectual property ... more The purpose of this study was to analyze the relationship and influence of intellectual property as measured by Goodwill and intellectual capital (IC), as measured by the modified value added intellectual coefficient (MVAIC) on the performance of the company that became the winner of the competition Corporate Image Award. Analysis of the use of intangible assets as a step to increase the value of the company and achieve good performance as the provision of competition in the future. Of all the population there are only 23 companies already meet the criteria to be sampled during 2011-2013. Data used in the study in the form of annual reports, financial statements and summary of performance that has been published on the official website of the Indonesia Stock Exchange. Analysis of the data used in the test Goodwill, MVAIC, and corporate performance adalaah multiple linear regression analysis. The results of this study indicate that there is a negative effect of the property and IC intellectual positive effect on firm performance significantly.