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Strategic Sectors Research Centre

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dasas
What enables Islamic banks to contribute in global financial reintermediation?
Pacific-Basin Finance Journal
Bushra Naqvi
2017

Abstract:
Conventional banks which once were competing with non-banking financial institutions and capital markets today face the new challenge of being reintermediated by Islamic banks. Earlier academic research has been debating over disintermediation and reintermediation of conventional banks, but consistently failed to address reintermediation through Islamic banks as a possibility. This study, however, fills the void by addressing the novel possibility of reintermediation “within” the banking sector and is the first attempt to analyze and compare Islamic and conventional banks from the perspective of reintermediated financial markets.

After identifying the reintermediation trends led by Islamic banks we investigate several bank specific financial and non-financial characteristics that might have enabled Islamic banks to emerge as an important player in reintermediated financial markets. By keeping our focus on slightly modified version of CAMELS framework where ‘S’ represents “Service Quality” we find that along with better capitalization (C) and improved liquidity (L), better service quality (S) is another distinguished feature of Islamic banks that might be linked with their high degree of intermediation.

JEL classification:
G21; N20; Z12

Keywords:
Islamic banks; Intermediation; Reintermediation; Camels; Service quality

dasas
What enables Islamic banks to contribute in global financial reintermediation?
Pacific-Basin Finance Journal
Bushra Naqvi
2017
Read More
sadas
A tripartite inquiry into volatility-efficiency-integration nexus - case of emerging markets
Emerging Markets Review
Syed Aun Raza Rizvi
2017

Abstract:
The objective of this paper is to analyse the time-varying changes of the three parameters, volatility, efficiency and integration on stock markets across emerging markets. We do this using a four-step process with focus on Multifractal Detrended Fluctuation Analysis to measure its efficiency. Our analysis show that lower volatility was found in short-term for countries that experienced fast paced economic growth. This increase in volatility is supported by a decrease in efficiency for the short-term, while market integration rose during periods of crises, which represent higher volatility. Hence, a tripartite relationship between our parameters is observed.

JEL classification
C22; E44; G1

Keywords:
Emerging markets; Decomposed returns; Stock market efficiency; Stock market integration; Multifractal

sadas
A tripartite inquiry into volatility-efficiency-integration nexus - case of emerging markets
Emerging Markets Review
Syed Aun Raza Rizvi
2017
Read More
sadsa
To include or not to include? A poetics perspective on the Muslim workforce in the West
Human Relations
Jawad Syed
2017

Abstract:

Organizations in the West have to contend with an expanding Muslim workforce, an issue of considerable importance in contemporary workplaces. The dilemma of inclusion versus exclusion is often cloaked in a limited understanding of Islam in tandem with Islamophobia. Our core question is how can organizational practices enable inclusion for the Muslim workforce in the West? We initiate a timely and important dialogue through utilizing and developing a non-conventional approach of poetics, to investigate how organizational practices are embedded in relational space with implications for inclusion and exclusion. Our dual contribution is firstly to illustrate the use of poetics to understand Islam in the West and, secondly, we argue for the use of a multiplicity of discourses and discuss theoretical implications for human relations through thoughtful reflections of Islam. We suggest a nuanced perspective that values heterogeneity, to unfold dialogic engagement and enable organizational practices of inclusion.

Keywords: inclusion, Islam, Muslim diaspora, organizations, poetics, West

sadsa
To include or not to include? A poetics perspective on the Muslim workforce in the West
Human Relations
Jawad Syed
2017
Read More
sadsa
Comparative risk adjusted performance of Islamic, socially responsible and conventional funds: Evidence from United Kingdom
Economic Modelling
Bushra Naqvi
2017

Abstract:

This study investigates the risk and return characteristics of Islamic funds in comparison with SRI and the conventional open-end mutual funds for the UK, which, having attracted over £11.7 billion in Islamic investment in the past decade has emerged as the largest financial market for Islamic funds in the west. In addition, contrasting with previous literature, this research categorizes SRI and Islamic funds into two distinct types in order to allow a fair comparison. Our findings demonstrate that Islamic and SRI funds in general perform close to the conventional funds with significantly better risk-return tradeoff in US focused funds. Results further indicate that the UK-based Islamic and SRI funds were less effected during financial crisis as the magnitude of loss was significantly lower for them when compared to conventional funds. The research suggests that Islamic and SRI funds do provide a rational substitute and investors can benefit from investing in these funds as ethic and faith-based screening criteria do not affect the returns of Islamic and SRI funds adversely. This was also substantiated by our findings on investment behavior of these funds.

sadsa
Comparative risk adjusted performance of Islamic, socially responsible and conventional funds: Evidence from United Kingdom
Economic Modelling
Bushra Naqvi
2017
Read More
asdsa
Gendered work engagement: qualitative insights from Jordan.
International Journal of Human Resource Management
Jawad Syed
2017

Abstract:


Work engagement is assumed, implicitly, to be gender-neutral where women and men have equal opportunities to demonstrate their engagement in the workplace. This paper questions this assumption and integrates gender into the notion of work engagement by investigating and contextualising the factors that affect the genderedness of work engagement. It uses gendered organisation theory and engagement theory to expose the gendered nature of work engagement. Interviewing thirty-six employees from three telecommunication companies in Jordan, it is found that the notion of work engagement is neither gender neutral nor universal, and that the presence of inequality regimes means that women may have less opportunity to experience engagement, and certainly the opportunity will vary across contexts.

asdsa
Gendered work engagement: qualitative insights from Jordan.
International Journal of Human Resource Management
Jawad Syed
2017
Read More
sadsa
Portfolio optimisation with high moments of risk at the Pakistan Stock Exchange
Economic Research-Ekonomska Istraživanja
Bushra Naqvi
2017

Abstract:

Stock markets play an important role in spurring economic growth and development through diversification opportunities. However, diversification cannot be truly achieved if we continue to ignore additional dimensions of risk, namely skewness and kurtosis. This study incorporates higher moments of risk to form a mean-variance-skewness-kurtosis based framework for portfolio optimisation. Inclusion of higher moments in optimisation framework acknowledges the risk of asymmetric returns and fat-tail risk and can help investors in formulating optimal portfolios of stocks which can be significantly divergent from the ones they obtain through the Markowitz mean-variance optimisation. Our results confirm the presence of tradeoff between returns and additional dimensions of risk in Pakistan Stock Exchange (PSX) and strongly suggest including them in the optimisation framework to avoid sub-optimal decisions and to curtail exposure towards higher moments of risks.

sadsa
Portfolio optimisation with high moments of risk at the Pakistan Stock Exchange
Economic Research-Ekonomska Istraživanja
Bushra Naqvi
2017
Read More
sadas
Under western eyes: A transnational and postcolonial perspective of gender and HRD
Human Resource Development International
Jawad Syed
2017

Abstract:

Much of the critical research on human resource development (HRD) is positioned within Western constructions of knowledge and orthodoxy. Barring a few exceptions (e.g. there is little critique of the ‘colonial boundaries’ for how HRD is theorized and practiced. Global practice is dominated by neoliberal approaches that do not reflect the realities of human development in diverse geopolitical contexts. In this paper, we advance contemporary theorizing by providing a transnational and postcolonial critique of HRD. We highlight the importance of this lens by evaluating gender and difference in the Middle East (ME). We argue that HRD scholarship should reimagine colonial boundaries, and encourage critical inquiry that reflects the contextual and social complexities of space and place. Our arguments illustrate the importance of Islamic feminism in supporting HRD in the ME, and the intersecting dynamics of gender and employment, considering religious, ethnic, and political contestations.

sadas
Under western eyes: A transnational and postcolonial perspective of gender and HRD
Human Resource Development International
Jawad Syed
2017
Read More
dsas
Fear of floating in Asia and the credibility of true floaters?
Research in International Business and Finance
Bushra Naqvi
2017

Abstract:
Quite often, countries commit to free floating exchange rate (ER) regimes but do not allow their ERs to float freely, exhibiting a fear of floating. We revisit ER regimes in Asia following the work of Calvo and Reinhart (2002), and also develop a new flexibility index based on probabilities gauging interventions in FX market. In light of our findings, we cannot disregard the existence of fear of floating in Asia, and find that economies widely known as truly floating economies exhibit this fear too. Further, the results validate our concerns regarding the IMF’s methodology of regime classification intermingling credible inflation targeting with fear of floating.

dsas
Fear of floating in Asia and the credibility of true floaters?
Research in International Business and Finance
Bushra Naqvi
2017
Read More
asdas
Intersectionality at Work: South Asian Muslim Women’s Experiences of Employment and Leadership in the United Kingdom
Sex Roles
Jawad Syed
2017

Abstract:

Drawing on qualitative interviews with 20 South Asian heritage, Muslim, female leaders, managers, and supervisors in the United Kingdom, we examine the multi-layered issues and challenges they face in pursuit of employment and leadership positions. The paper offers an intersectional perspective taking into account interconnected and overlapping factors (gender, ethnicity, religion, and family status) that affect not only the issues and challenges these women face in the labour market but also the individual agency and strategies they use to overcome any obstacles in the way of their employment and career. The results show that although Muslim women continue to face a myriad of challenges in the workplace, they are also able to tackle some of these issues through their individual strategies and networks, such as personal networks and further education. The study highlights the need for policymakers and employers to consider intersectionality to enable ethnic minority women’s inclusion and leadership within and outside the workplace.

asdas
Intersectionality at Work: South Asian Muslim Women’s Experiences of Employment and Leadership in the United Kingdom
Sex Roles
Jawad Syed
2017
Read More
asdsa
Contextualising diversity management in the Middle East and North Africa: a relational perspective
Human Resource Management Journal
Jawad Syed
2017

Abstract:

This study examines the clash between diversity policies as designed in the West and the challenges in implementing these in the Middle East and North Africa region. We contribute to the role of context in diversity management by studying how HR managers deal with diversity policies when the Western approach and the local context are perceived as being incompatible. Twenty HR/diversity managers working for multinational companies in nine different countries in the Middle East and North Africa region were interviewed. The findings show that a manager’s understanding of the interrelated nature of multilevel factors of the local context influences the strategies adopted. Three strategies to deal with the perceived clash are identified: forcing a Western approach upon the local country, a reframing strategy where existing policies are reformulated to fit the Western requirements, and a sensitive approach in which the local context is considered. The study suggests that multinational companies have to adapt diversity policies to local multilevel factors of the country in which they operate

asdsa
Contextualising diversity management in the Middle East and North Africa: a relational perspective
Human Resource Management Journal
Jawad Syed
2017
Read More
sadas
Foundations of Relating: Theory and Evidence on the Formation of Street-Level Bureaucrats’ Workplace Networks
Public Administration Review
Muhammad Azfar Nisar
2017

Abstract

Despite the importance of peers in forming role expectations, fostering group identity, and facilitating job learning, limited theory and empirical evidence exist on the antecedents of street-level peer relationships. To address this gap, the authors draw on social capital and social exchange theories to develop hypotheses about the micro-social foundations of street-level bureaucrats’ peer selection. The hypotheses are tested using a rich data set from an intraorganizational network of teachers in a large urban school implementing a reform that strongly promoted frontline innovation. Both structural and instrumental considerations, such as seeking peers possessing characteristics and resources valued by the reform, figure prominently in the work relations of street-level bureaucrats. These results imply that the introduction of improvement initiatives requiring frontline participation, in addition to altering work practices, may also alter social networks within the frontline of an organization in a manner that favors some frontline workers over others.

sadas
Foundations of Relating: Theory and Evidence on the Formation of Street-Level Bureaucrats’ Workplace Networks
Public Administration Review
Muhammad Azfar Nisar
2017
Read More
asdsa
The short-and long-run impacts of financial crises on youth unemployment in OECD countries
Applied Economics
2016

Abstract

The impact of financial crises on the youth unemployment rate (YUR), compared to the total unemployment rate (UR), is estimated for a panel of OECD countries over the period 1981–2009, using bias-corrected dynamic panel data estimators of short- and long-run coefficients. Both YUR and UR are found highly persistent. Also, short- and long-run effects of financial crises on YUR are significantly large, respectively, some 1.9 and 1.5–1.7 times higher than the short- and long-run effects on UR. Similar results are found for the unemployment impacts of GDP growth lagged 1 year and institutional variables. These results are robust to various dynamic specifications.
 
KEYWORDS: Bias-corrected LSDV, dynamic panel data, financial crises, youth unemployment

 

asdsa
The short-and long-run impacts of financial crises on youth unemployment in OECD countries
Applied Economics
2016
Read More
sadas
Financing constraints on the size distribution of industrial firms: the Chinese experience
Applied Economics. Volume 48, 2016 - Issue 41
Zaghum Umar
2016

Abstract:

We investigate whether financing constraints affect the size distribution of Chinese industrial firms from 1998 to 2007. Although the firm size distribution does not follow Zipfdistribution in China, it is approaching Zipf distribution over time. In general, financing constraints have a robustly negative effect on the size distribution of firms. Furthermore, firms in Western China grow significantly more equally after controlling for financing constraints. However, the effect of financing constraints in Central China is significantly negative, and the effect of financing constraints on firm size distribution in Eastern China is insignificant. We thus expect a non-linear relationship between financing constraints and firm size distribution.

 

Keywords:

Financing constraints, zipf distribution, Chinese industrial firms, regional disparity

sadas
Financing constraints on the size distribution of industrial firms: the Chinese experience
Applied Economics. Volume 48, 2016 - Issue 41
Zaghum Umar
2016
Read More
sadsa
Age dependency and labour productivity divergence
Applied Economics. Vol. 48, Issue 50
2016

Abstract:

This study finds strong empirical evidence in favour of the hypothesis that the age composition of population matters for labour productivity growth. We applied the fixed effects panel model using data on a large number of countries over the period 1980–2010. Our results suggest that higher age dependency not only directly impacts negatively on labour productivity but also modifies the impact of other determinants of labour productivity. Child dependency has a more adverse effect on labour productivity than old age dependency. We specifically find that the marginal effects of gross capital formation, information and communication improvement, and labour market reforms are significant at lower levels of age dependency. However, the marginal effect of savings on labour productivity is high at a high level of age dependency. The impact of age dependency varies between developed and developing economies. Diversity in the size and nature of age dependency across regions and different income groups help to explain the labour productivity differential across them.

 

Keywords:

Labour productivity growth, age dependency, panel fixed effects

 

sadsa
Age dependency and labour productivity divergence
Applied Economics. Vol. 48, Issue 50
2016
Read More
sadsa
Supply chain strategy and the role of suppliers: evidence from the Indian sub-continent
Benchmarking: An International Journal, Vol. 23 Iss: 7, pp.1658 - 1676
Muhammad Shakeel Sadiq Jajja, Syed Zahoor Hassan
2016

Abstract:

 

Purpose

Supply chain strategy is widely recognized as being a crucial component of a broader corporate strategy. However, the relationships between a firm’s strategic supply chain focus, the tactical orientation of its suppliers, and the firm’s performance, are less well understood. Much of what is known is also based on developed country contexts. The purpose of this paper is to empirically examine relationships between a buying firm’s supply chain strategy and operational dimensions of its suppliers in a developing country context.

 

Design/methodology/approach

A structural equation model is developed and tested using empirical data drawn from 296 organizations in India and Pakistan.

 

Findings

The results demonstrate a positive relationship between a firm’s strategic supply chain focus (lean and responsiveness) and key supplier practices (quality, cost effectiveness, delivery, and flexibility), which in turn have a positive impact on firm performance (operational, quality and market, and financial).

 

Practical implications

The study paper offers supply chain managers in developing markets with insights that can shape effective supplier selection and management and lead to positive performance outcomes.

 

Originality/value

The results provide insights into supply chain strategy, and empirically validate the importance of the alignment between strategy and the ability of suppliers to execute in a corresponding manner. It also offers evidence of the impact of the buyer-supplier interface in a developing market context.

 

Keywords:

Performance, Firm performance, Structural equation modeling, Empirical research, Supply chain management, Supplier management

sadsa
Supply chain strategy and the role of suppliers: evidence from the Indian sub-continent
Benchmarking: An International Journal, Vol. 23 Iss: 7, pp.1658 - 1676
Muhammad Shakeel Sadiq Jajja, Syed Zahoor Hassan
2016
Read More
sadas
Developing a scale for service quality measurement in banks
International Journal of Services and Operations Management (2016) Vol. 23 No. 2, pp 153-168.
Muhammad Shakeel Sadiq Jajja
2016

Abstract:

Socio-cultural contexts determine different aspects of service quality; therefore, the definition of service quality varies from one setting to another. The measures of bank service quality that largely come from the research in the western context cannot be used as such in developing countries. This paper develops a scale for measuring service quality in the banking institutions of Pakistan, a developing country. Data was collected from the customers of four large banks in Pakistan using a mall intercept approach. Using confirmatory factor analysis on AMOS a measurement scale was developed. Bank service quality emerged as a six dimensional construct. The developed model is different from previous models reported in the literature, showing that determinants of service quality are essentially context-dependent. The model showed sound psychometric properties. The findings are noteworthy in that they expand our knowledge of what actually matters in the measurement of bank service quality.

 

Keywords:

service quality; scale development; banks; factor analysis; SERVQUAL; bank services; banking industry; Pakistan; developing countries.

sadas
Developing a scale for service quality measurement in banks
International Journal of Services and Operations Management (2016) Vol. 23 No. 2, pp 153-168.
Muhammad Shakeel Sadiq Jajja
2016
Read More
sadsa
Analysis of the efficiency-integration nexus of Japanese stock market
Physica A: Statistical Mechanics and its Applications
Syed Aun Raza Rizvi
2016

Abstract

This paper attempts a novel approach in analysing the Japanese economy through a dual-dimension analysis of its stock market, examining the efficiency and market integration. Taking a period of 24 years, this study employs MFDFA and MGARCH to understand how the efficiency and integration of the stock market faired during different business cycle phases of the Japanese economy. The results showed improving efficiency over the time period. For the case of market integration, our findings conform to recent literature on business cycles and stock market integration that every succeeding recession creates a break into integration levels resulting in a decrease.

Keywords

Tokyo Stock exchange; Stock market efficiency; Multifractal; Market integration

sadsa
Analysis of the efficiency-integration nexus of Japanese stock market
Physica A: Statistical Mechanics and its Applications
Syed Aun Raza Rizvi
2016
Read More
asdas
Coverage, survivability or response time: A comparative study of performance statistics used in ambulance location models via simulation–optimization
Operations Research for Health Care. Volume 11, December 2016, Pages 1–12
Muhammad Adeel Zaffar
2016

Abstract:

Rapid response to medical emergencies is one of the main goals of Emergency Medical Service (EMS) systems. Ability to provide timely response is affected by fleet size and the locations of the ambulances. Literature on ambulance location has been dominated by models which either maximize coverage, or guarantee coverage within some threshold. Recent work has shifted the objective from maximizing coverage to improving patient survivability. In this paper we compare the performance of three recent ambulance location model objectives by applying a simulation–optimization framework. Our findings show that the maximum survivability objective performs better in both survivability and coverage metrics. Further, the results also support using the survivability objective for resource constrained ambulance operators.

 

Keywords:

Ambulance location; Covering models; Survivability; Simulation; Metaheuristics

asdas
Coverage, survivability or response time: A comparative study of performance statistics used in ambulance location models via simulation–optimization
Operations Research for Health Care. Volume 11, December 2016, Pages 1–12
Muhammad Adeel Zaffar
2016
Read More
sadsa
Investor’s choice of Shariah compliant ‘replicas’ and original Islamic instruments
Journal of Economic Behavior & Organization
Saad Azmat, Muhammad Naiman Jalil
2016

Abstract

This paper offers a behavioral perspective on why Islamic capital markets are dominated by those financial instruments that almost replicate conventional financial products (i.e. Islamic debt bonds and Islamic equities). In contrast, the original Islamic instruments involving risk and return sharing (Musharakah) have failed to emerge. This paper argues that before the replicas, an investor's choice was simply between Islamic and non-Islamic instruments. Along with risk and return, compliance with Islamic principles or Shariah was an integral part of investor utility. As Shariah standards came to give legitimacy to other financial structures, the investors could then choose between various Islamic replicas and the original Islamic instruments. We argue that once the investor's intrinsic need for Shariah compliance is fulfilled, an instrument's risk-return features would become more important. So for loss averse investors with shorter evaluation periods, the loss sharing feature of the Islamic risk and return instruments (Musharkah) makes them less attractive than Islamic debt bonds. For longer evaluation periods, Islamic equities are also shown to outperform the risk and return (Musharakah) instruments. Using the S&P Islamic bond index for bond data and the Dow Jones Islamic Market World Index for Islamic equities, we confirm these views about investor utility by way of both loss aversion and habit based consumption models. The findings suggest that Islamic debt bonds and Islamic equities have been allowed to jointly crowd out the original Islamic risk and return (Musharakah) instruments.

Keywords

Islamic instrument, Investor behavior

sadsa
Investor’s choice of Shariah compliant ‘replicas’ and original Islamic instruments
Journal of Economic Behavior & Organization
Saad Azmat, Muhammad Naiman Jalil
2016
Read More
sadsa
From Rhetoric to Reality: a Multilevel Analysis of Gender Equality in Pakistani Organizations
Gender, Work & Organization
Faiza Ali, Jawad Syed
2016

Abstract

Despite numerous governmental attempts to improve women's employment and equality in Pakistan, statistics suggest that these efforts have not been entirely fruitful. Steps taken by the government are usually in response to pressure from international donors and rights groups. However, there seem to be important contextual and sociocultural differences at play when it comes to how gender equality is to be achieved in organizational practice. Such differences, as well as an apparent lack of genuine commitment at the policy level, may explain why there remains a gap between the policy and praxis of gender equality in Pakistan. Informed by structural and relational perspectives of gender, this article draws on in-depth qualitative interviews with female employees to explore the multilevel issues related to gender equality at the macro-national, meso-organizational and micro-individual levels. In particular, it highlights such issues as societal norms of female modesty and gender segregation (macro), sexual harassment, career-related challenges and income gap (meso), and family status and agency (micro).

sadsa
From Rhetoric to Reality: a Multilevel Analysis of Gender Equality in Pakistani Organizations
Gender, Work & Organization
Faiza Ali, Jawad Syed
2016
Read More

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