hashim khan | Universiti Teknologi Malaysia - UTM (original) (raw)
Papers by hashim khan
Corporate Social Responsibility and Environmental Management
Journal of Accounting and Finance in Emerging Economies
Purpose: Firms have different costs and benefits and asymmetric information across their life cyc... more Purpose: Firms have different costs and benefits and asymmetric information across their life cycle stages and hence each stage has different financial pattern and speed of adjustment towards target capital. Methodology: We use System GMM to test the hypotheses. We use market leverages proxies for the capital structure, life cycle proxies: introduction, growth, mature, shakeout and decline and the control determinants of capital structure such as profitability, tangibility, firm size and growth opportunities. We estimate the financial pattern and speed of adjustment along life cycle stages of manufacturing firms from eleven Asian economies over the period of 2010-2018. Findings: The results show that firms in earlier stages have more long term debt than mature stage. The speed of adjustment towards target capital structure is highest in mature stage than the other stages. The control determinants significantly affect market leverages. Implications: The findings suggest that manageme...
SAGE Open
The purpose of this study is to explore how various dimensions of leadership style are being used... more The purpose of this study is to explore how various dimensions of leadership style are being used to measure organizational effectiveness. Job satisfaction is one of the essential indicators used to measure organizational effectiveness. Literature suggests that the manager’s transformational leadership style highly influences the employees’ job satisfaction. This study focuses on identifying the role of a transformational leader in developing job satisfaction in employees of the banking industry, using the organizations’ learning culture as the moderating variable. For this purpose, a total of 180 respondents were surveyed from UAE’s banking sector. In this study descriptive statistics, Pearson’s correlation coefficient, and multiple regression analysis were employed for the data analyses. The results confirmed that the five dimensions of transformational leaders and overall transformational leadership style significantly affect the employee’s job satisfaction, whereas the moderatin...
Corporate Social Responsibility and Environmental Management
Business & Economic Review
This study explores the effect of selected economic factors on stock return volatility along with... more This study explores the effect of selected economic factors on stock return volatility along with asymmetry and leverage effects on comparative basis of the New York Stock Exchange (NYSE) and Pakistan Stock Exchange (PSX). These dimensions are further investigated with respect to size and age of the firms. The daily stock returns of all the firms on both NYSE and PSX and macroeconomic factors are considered for the period 2000-2015. The results from GARCH (1, 1) revealed that all the economic factors have proven their significance in determining the stock returns volatility in both the markets with respect to firm's size and age. More precisely, a negative relationshi p is observed for market returns (MR), exchange rate (EXR), and oil returns (OIL) with stock return volatility for majority of the firms in both stock markets. Furthermore, risk-free rate (RFR) showed positive and negative effect on the stock return volatility of majority of the firms in NYSE and PSX markets respectively. However, with respect to size and age effects, firms in both the markets exhibited entirely different behavior for all the macroeconomic factors. Further, using EGARCH model, an evidence of asymmetry and leverage effect (with negative coefficient) is found in NYSE and partial evidence (both negative and positive coefficients) in PSX is observed. Again, these results vary with respect to firms' features in both the markets. Therefore, the results of the current study clearly show that there are significant differences in both markets and the investors can diversify their investments and shape their liquidity positions in both markets in order to exploit the maximum benefits from the market and firms specific factors.
International Journal of Corporate Finance and Accounting
This study aims to examine the impact of macroeconomic factors on the stock return volatility alo... more This study aims to examine the impact of macroeconomic factors on the stock return volatility along with the pricing of risk, and asymmetry and leverage effect on a comparative basis for the USA and UAE markets. Further, these three dimensions are also investigated with regard to various firm's features (such as firm's size and age). The daily data for the period 4th January 2010 to 29th December 2017 of firm stock returns from the New York Stock Exchange (NYSE), the Abu Dhabi Securities Exchange (ADSE), and the Dubai Financial Market (DFM) is considered and three time-series models were applied. The results from GARCH (1. 1) indicated that all the economic factors have significant impact on the stock return volatility in both the markets. Similarly, the study also found evidence of asymmetry & leverage effect using EGARCH in the NYSE (for all firms) and the UAE (partially). Finally, for a majority of the firms, a positive risk-return relationship is found in the UAE and a n...
Economic Research-Ekonomska Istraživanja, 2016
This study analyses risk-return trade-off and behaviour of various volatility dynamics including:... more This study analyses risk-return trade-off and behaviour of various volatility dynamics including: volatility, its persistence, mean reversion and speed of mean reversion along with asymmetry and leverage effect on the Pakistani stock market by employing aggregate (aggregate market level) and disaggregate (sectoral level) monthly data for the period from 1998 to 2012. Three generalised autoregressive conditional heteroscedasticity models were applied: GARCH (1,1) for various volatility dynamics; EGARCH for asymmetric and leverage effect and GARCH-M for pricing of risk. The outcomes of the study are as follows: first, the volatility shocks are quite persistent but with varying degrees across the sectors. Both the ARCH effect (short-term effect) and GARCH effect (long-term effect) play their role in generating conditional future stock returns volatility. Further, overall the volatility process is mean reverting; however, the speed of mean reversion varies across the sectors. Secondly, the current study finds little evidence of asymmetry and leverage effect at both aggregate and disaggregates data. Thirdly, the pricing of risk (positive risk premium) is also evident, particularly at the disaggregate data in the Pakistani stock market. Finally, this research study sets the implications for both the policy makers and investors.
African journal of business management
Recent economic literature suggests that institutional quality factors exert positive effect on f... more Recent economic literature suggests that institutional quality factors exert positive effect on foreign direct investment (FDI) inflows. The main focus of this study is to examine the role of institutional factors and macro economic policy factors on FDI inflows in a panel data of seven South Asian countries over the period of 12 years since 1996 to 2007. This study implies that a good institutional quality plays a key role in attractiveness of FDI inflows. A poor macroeconomic policy situation produces negative impact on FDI. Good Institutional quality and poor macroeconomic policy generate negative effect in a combined form on FDI. This study further implies that poor macro economic policy deteriorates institutional quality and creates negative effect on FDI inflows. Incredibility in trade liberalization policy may be a part of poor macro economic policy.
Effectiveness is an essential ingredient of the organization. Organization's effectiveness is... more Effectiveness is an essential ingredient of the organization. Organization's effectiveness is affected if organizations knowledge sharing, stress and team building are affected by other factors those are resulting in decrease organization's effectiveness. This research paper examined major factors affecting organizations knowledge sharing, stress and team building among the managers and employees of different industries of Gujranwala, Pakistan. A questionnaire was used to extract the information that is used to classify organizations into hypothesized segments via Parsons moment correlation and also by using ANOVA and coefficient tests. Those factors which affect the organization's effectiveness are a burden of work, Lack of leadership skills and Lack of communication skills. These findings help the managers to realize how fair judgments have a valuable workforce in the course of improving team building and knowledge sharing in organizations effectiveness.
Change is something to replace with another so to match with the changing environment and to beco... more Change is something to replace with another so to match with the changing environment and to become a successful organization different organizations have clear impact on their organizational development. The objective of this study is to analyze the reasons of organizational change and cultural impacts on organizational development. 200 questionnaires were distributed and 170 out of 200 were received complete questionnaires at the response rate 85 % to analyze the impact of organizational culture Organizational change on Organizational development. To observe the impact of Organizational Change and Organizational Culture on Organizational Development Pearson’s moment correlation was analyzed and to test the effect of Organizational Change and Organizational Culture on Organizational Development linear regression was conducted. Results indicate that organizations have to change them for superior and developed organizations. Research limitations and future directions are also discuss...
Present study is an endeavour to examine the interactive effect of organizational cynicism on per... more Present study is an endeavour to examine the interactive effect of organizational cynicism on perceptions of politics and citizenship behaviors of Chinese school teachers in Malaysia. Stratified sample of 289 Chinese school teachers of Malaysia were targeted and Hierarchical Moderated Regression was applied to analyze the data. Perceptions of politics was measured by the scale of Ferris and Kacmar [12], organizational cynicism was observed by the scale of Dean et al. (1998) and citizenship behaviors measured by the scale of Williams and Anderson, [9]. Current study replicated the prior studies and found the moderated effect of organizational cynicism on perception of organizational politics and citizenship behaviors of Chinese school teachers. Beyond the research limitations of this Study, Our study has obtained numerous objectives. But still there were some limitations. First, our data was cross sectional in nature and based on self-administrated survey. This directly scramble the doubt of " common method variance " to address this problem reliability of the survey Cronbach's alpha was also compute. Current study highlights the major issues regarding the organizational cynicism and opened up the doors for discussion. Present study contributes in understanding of organizational cynicism and its effect on perception of organizational politics and citizenship behavior.
International journal of injury control and safety promotion, Jan 30, 2014
The present study aims to investigate differences in road safety attitude, driver behaviour and t... more The present study aims to investigate differences in road safety attitude, driver behaviour and traffic risk perception between Malaysia and Singapore. A questionnaire-based survey was conducted among a sample of Singaporean (n = 187) and Malaysian (n = 313) road users. The data was analysed using confirmatory factor analysis and structural equation modelling applied to measure comparative fit indices of Malaysian and Singaporean respondents. The results show that the perceived traffic risk of Malaysian respondents is higher than Singaporean counterparts. Moreover, the structural equation modelling has confirmed perceived traffic risk performing the role of full mediation between perceived driving skills and perceived road safety for both the countries, while perceived traffic skills was found to perform the role of partial mediation between aggression and anxiety, on one hand, and road safety, on the other hand, in Malaysia and Singapore. In addition, in both countries, a weak corr...
Recent economic literature suggests that institutional quality factors exerted positive effect on... more Recent economic literature suggests that institutional quality factors exerted positive effect on foreign direct investment (FDI) inflows. The main focus of this study is to examine the role of institutional factors and macro economic policy factors on FDI inflows in a panel ...
African Journal of …, 2010
Organizations want to retain their employees in order to benefit from their talent and skills. Wh... more Organizations want to retain their employees in order to benefit from their talent and skills. While working in an organization, employees come across some problems both inside and outside the organization. This study investigates the relationship between field ...
African Journal of …, 2010
Organizations want to retain their employees in order to benefit from their talent and skills. Wh... more Organizations want to retain their employees in order to benefit from their talent and skills. While working in an organization, employees come across some problems both inside and outside the organization. This study investigates the relationship between field employees’ voice (effectiveness of voice mechanism) and employees’ intent to leave the organization. Further, this study explores the difference between male and female field employees perception regarding their intention to leave the organization. The sample of the study consisted of 250 field employees working in different banks of Rawalpindi and Islamabad through questionnaire; only 188 were returned and processed. The SPSS technique was used for data analysis and findings. The study concludes that employee voice mechanism has a positive and significant impact on employee intention to leave. This study finds that male are comparatively more intended to leave the organization with less effective voice mechanism and higher q...
This paper reports on empirical investigations into the relationship between dividend policy and ... more This paper reports on empirical investigations into the relationship between dividend policy and market power, ownership structure and board composition of the firms, using a sample of 178 firms from Malaysian industrial sector listed on Bursa Malaysia. With globalization, the business environment in which a firm operates has become more competitive. This elevates a motivating question: does a firm's market power in its product market have an effect on its dividend policy, that is, is the competitive structure of the industry within which the firm operates important for financial policy? The study uses three measures of market power, the degree of import competition, the Lerner Index and the Herfindahl-Hirschman index and concludes that market power contributes positively in dividend policy of the firms, both in terms of the determinants of dividend policy and probability of paying a dividend. Moreover, the study provides evidence that it's the business risk through which market structure influences the dividend decision: more competitive firms are exposed to high levels of market risk and are less likely to pay dividends than firms with market power. The high level of institutional and government ownership concentration also mitigates the agency conflicts through influencing the dividend policy. The results of the empirical analysis reveal that firms make higher dividend payouts as the institutional and government ownership, board size and board independence increase. The firm's profitability, life cycle and growth opportunities also impact dividend policy, while firms with high levels of market risk are less likely to distribute dividends.
Corporate Social Responsibility and Environmental Management
Journal of Accounting and Finance in Emerging Economies
Purpose: Firms have different costs and benefits and asymmetric information across their life cyc... more Purpose: Firms have different costs and benefits and asymmetric information across their life cycle stages and hence each stage has different financial pattern and speed of adjustment towards target capital. Methodology: We use System GMM to test the hypotheses. We use market leverages proxies for the capital structure, life cycle proxies: introduction, growth, mature, shakeout and decline and the control determinants of capital structure such as profitability, tangibility, firm size and growth opportunities. We estimate the financial pattern and speed of adjustment along life cycle stages of manufacturing firms from eleven Asian economies over the period of 2010-2018. Findings: The results show that firms in earlier stages have more long term debt than mature stage. The speed of adjustment towards target capital structure is highest in mature stage than the other stages. The control determinants significantly affect market leverages. Implications: The findings suggest that manageme...
SAGE Open
The purpose of this study is to explore how various dimensions of leadership style are being used... more The purpose of this study is to explore how various dimensions of leadership style are being used to measure organizational effectiveness. Job satisfaction is one of the essential indicators used to measure organizational effectiveness. Literature suggests that the manager’s transformational leadership style highly influences the employees’ job satisfaction. This study focuses on identifying the role of a transformational leader in developing job satisfaction in employees of the banking industry, using the organizations’ learning culture as the moderating variable. For this purpose, a total of 180 respondents were surveyed from UAE’s banking sector. In this study descriptive statistics, Pearson’s correlation coefficient, and multiple regression analysis were employed for the data analyses. The results confirmed that the five dimensions of transformational leaders and overall transformational leadership style significantly affect the employee’s job satisfaction, whereas the moderatin...
Corporate Social Responsibility and Environmental Management
Business & Economic Review
This study explores the effect of selected economic factors on stock return volatility along with... more This study explores the effect of selected economic factors on stock return volatility along with asymmetry and leverage effects on comparative basis of the New York Stock Exchange (NYSE) and Pakistan Stock Exchange (PSX). These dimensions are further investigated with respect to size and age of the firms. The daily stock returns of all the firms on both NYSE and PSX and macroeconomic factors are considered for the period 2000-2015. The results from GARCH (1, 1) revealed that all the economic factors have proven their significance in determining the stock returns volatility in both the markets with respect to firm's size and age. More precisely, a negative relationshi p is observed for market returns (MR), exchange rate (EXR), and oil returns (OIL) with stock return volatility for majority of the firms in both stock markets. Furthermore, risk-free rate (RFR) showed positive and negative effect on the stock return volatility of majority of the firms in NYSE and PSX markets respectively. However, with respect to size and age effects, firms in both the markets exhibited entirely different behavior for all the macroeconomic factors. Further, using EGARCH model, an evidence of asymmetry and leverage effect (with negative coefficient) is found in NYSE and partial evidence (both negative and positive coefficients) in PSX is observed. Again, these results vary with respect to firms' features in both the markets. Therefore, the results of the current study clearly show that there are significant differences in both markets and the investors can diversify their investments and shape their liquidity positions in both markets in order to exploit the maximum benefits from the market and firms specific factors.
International Journal of Corporate Finance and Accounting
This study aims to examine the impact of macroeconomic factors on the stock return volatility alo... more This study aims to examine the impact of macroeconomic factors on the stock return volatility along with the pricing of risk, and asymmetry and leverage effect on a comparative basis for the USA and UAE markets. Further, these three dimensions are also investigated with regard to various firm's features (such as firm's size and age). The daily data for the period 4th January 2010 to 29th December 2017 of firm stock returns from the New York Stock Exchange (NYSE), the Abu Dhabi Securities Exchange (ADSE), and the Dubai Financial Market (DFM) is considered and three time-series models were applied. The results from GARCH (1. 1) indicated that all the economic factors have significant impact on the stock return volatility in both the markets. Similarly, the study also found evidence of asymmetry & leverage effect using EGARCH in the NYSE (for all firms) and the UAE (partially). Finally, for a majority of the firms, a positive risk-return relationship is found in the UAE and a n...
Economic Research-Ekonomska Istraživanja, 2016
This study analyses risk-return trade-off and behaviour of various volatility dynamics including:... more This study analyses risk-return trade-off and behaviour of various volatility dynamics including: volatility, its persistence, mean reversion and speed of mean reversion along with asymmetry and leverage effect on the Pakistani stock market by employing aggregate (aggregate market level) and disaggregate (sectoral level) monthly data for the period from 1998 to 2012. Three generalised autoregressive conditional heteroscedasticity models were applied: GARCH (1,1) for various volatility dynamics; EGARCH for asymmetric and leverage effect and GARCH-M for pricing of risk. The outcomes of the study are as follows: first, the volatility shocks are quite persistent but with varying degrees across the sectors. Both the ARCH effect (short-term effect) and GARCH effect (long-term effect) play their role in generating conditional future stock returns volatility. Further, overall the volatility process is mean reverting; however, the speed of mean reversion varies across the sectors. Secondly, the current study finds little evidence of asymmetry and leverage effect at both aggregate and disaggregates data. Thirdly, the pricing of risk (positive risk premium) is also evident, particularly at the disaggregate data in the Pakistani stock market. Finally, this research study sets the implications for both the policy makers and investors.
African journal of business management
Recent economic literature suggests that institutional quality factors exert positive effect on f... more Recent economic literature suggests that institutional quality factors exert positive effect on foreign direct investment (FDI) inflows. The main focus of this study is to examine the role of institutional factors and macro economic policy factors on FDI inflows in a panel data of seven South Asian countries over the period of 12 years since 1996 to 2007. This study implies that a good institutional quality plays a key role in attractiveness of FDI inflows. A poor macroeconomic policy situation produces negative impact on FDI. Good Institutional quality and poor macroeconomic policy generate negative effect in a combined form on FDI. This study further implies that poor macro economic policy deteriorates institutional quality and creates negative effect on FDI inflows. Incredibility in trade liberalization policy may be a part of poor macro economic policy.
Effectiveness is an essential ingredient of the organization. Organization's effectiveness is... more Effectiveness is an essential ingredient of the organization. Organization's effectiveness is affected if organizations knowledge sharing, stress and team building are affected by other factors those are resulting in decrease organization's effectiveness. This research paper examined major factors affecting organizations knowledge sharing, stress and team building among the managers and employees of different industries of Gujranwala, Pakistan. A questionnaire was used to extract the information that is used to classify organizations into hypothesized segments via Parsons moment correlation and also by using ANOVA and coefficient tests. Those factors which affect the organization's effectiveness are a burden of work, Lack of leadership skills and Lack of communication skills. These findings help the managers to realize how fair judgments have a valuable workforce in the course of improving team building and knowledge sharing in organizations effectiveness.
Change is something to replace with another so to match with the changing environment and to beco... more Change is something to replace with another so to match with the changing environment and to become a successful organization different organizations have clear impact on their organizational development. The objective of this study is to analyze the reasons of organizational change and cultural impacts on organizational development. 200 questionnaires were distributed and 170 out of 200 were received complete questionnaires at the response rate 85 % to analyze the impact of organizational culture Organizational change on Organizational development. To observe the impact of Organizational Change and Organizational Culture on Organizational Development Pearson’s moment correlation was analyzed and to test the effect of Organizational Change and Organizational Culture on Organizational Development linear regression was conducted. Results indicate that organizations have to change them for superior and developed organizations. Research limitations and future directions are also discuss...
Present study is an endeavour to examine the interactive effect of organizational cynicism on per... more Present study is an endeavour to examine the interactive effect of organizational cynicism on perceptions of politics and citizenship behaviors of Chinese school teachers in Malaysia. Stratified sample of 289 Chinese school teachers of Malaysia were targeted and Hierarchical Moderated Regression was applied to analyze the data. Perceptions of politics was measured by the scale of Ferris and Kacmar [12], organizational cynicism was observed by the scale of Dean et al. (1998) and citizenship behaviors measured by the scale of Williams and Anderson, [9]. Current study replicated the prior studies and found the moderated effect of organizational cynicism on perception of organizational politics and citizenship behaviors of Chinese school teachers. Beyond the research limitations of this Study, Our study has obtained numerous objectives. But still there were some limitations. First, our data was cross sectional in nature and based on self-administrated survey. This directly scramble the doubt of " common method variance " to address this problem reliability of the survey Cronbach's alpha was also compute. Current study highlights the major issues regarding the organizational cynicism and opened up the doors for discussion. Present study contributes in understanding of organizational cynicism and its effect on perception of organizational politics and citizenship behavior.
International journal of injury control and safety promotion, Jan 30, 2014
The present study aims to investigate differences in road safety attitude, driver behaviour and t... more The present study aims to investigate differences in road safety attitude, driver behaviour and traffic risk perception between Malaysia and Singapore. A questionnaire-based survey was conducted among a sample of Singaporean (n = 187) and Malaysian (n = 313) road users. The data was analysed using confirmatory factor analysis and structural equation modelling applied to measure comparative fit indices of Malaysian and Singaporean respondents. The results show that the perceived traffic risk of Malaysian respondents is higher than Singaporean counterparts. Moreover, the structural equation modelling has confirmed perceived traffic risk performing the role of full mediation between perceived driving skills and perceived road safety for both the countries, while perceived traffic skills was found to perform the role of partial mediation between aggression and anxiety, on one hand, and road safety, on the other hand, in Malaysia and Singapore. In addition, in both countries, a weak corr...
Recent economic literature suggests that institutional quality factors exerted positive effect on... more Recent economic literature suggests that institutional quality factors exerted positive effect on foreign direct investment (FDI) inflows. The main focus of this study is to examine the role of institutional factors and macro economic policy factors on FDI inflows in a panel ...
African Journal of …, 2010
Organizations want to retain their employees in order to benefit from their talent and skills. Wh... more Organizations want to retain their employees in order to benefit from their talent and skills. While working in an organization, employees come across some problems both inside and outside the organization. This study investigates the relationship between field ...
African Journal of …, 2010
Organizations want to retain their employees in order to benefit from their talent and skills. Wh... more Organizations want to retain their employees in order to benefit from their talent and skills. While working in an organization, employees come across some problems both inside and outside the organization. This study investigates the relationship between field employees’ voice (effectiveness of voice mechanism) and employees’ intent to leave the organization. Further, this study explores the difference between male and female field employees perception regarding their intention to leave the organization. The sample of the study consisted of 250 field employees working in different banks of Rawalpindi and Islamabad through questionnaire; only 188 were returned and processed. The SPSS technique was used for data analysis and findings. The study concludes that employee voice mechanism has a positive and significant impact on employee intention to leave. This study finds that male are comparatively more intended to leave the organization with less effective voice mechanism and higher q...
This paper reports on empirical investigations into the relationship between dividend policy and ... more This paper reports on empirical investigations into the relationship between dividend policy and market power, ownership structure and board composition of the firms, using a sample of 178 firms from Malaysian industrial sector listed on Bursa Malaysia. With globalization, the business environment in which a firm operates has become more competitive. This elevates a motivating question: does a firm's market power in its product market have an effect on its dividend policy, that is, is the competitive structure of the industry within which the firm operates important for financial policy? The study uses three measures of market power, the degree of import competition, the Lerner Index and the Herfindahl-Hirschman index and concludes that market power contributes positively in dividend policy of the firms, both in terms of the determinants of dividend policy and probability of paying a dividend. Moreover, the study provides evidence that it's the business risk through which market structure influences the dividend decision: more competitive firms are exposed to high levels of market risk and are less likely to pay dividends than firms with market power. The high level of institutional and government ownership concentration also mitigates the agency conflicts through influencing the dividend policy. The results of the empirical analysis reveal that firms make higher dividend payouts as the institutional and government ownership, board size and board independence increase. The firm's profitability, life cycle and growth opportunities also impact dividend policy, while firms with high levels of market risk are less likely to distribute dividends.