Papers by DR. Jahanzaib Sultan
Sustainability
Environmental management accounting (EMA) practices guide a firm’s response to perceived environm... more Environmental management accounting (EMA) practices guide a firm’s response to perceived environmental uncertainty (EU) and various institutional pressures (IP). Drawing upon institutional theory, this study explores the relative effects of institutional pressures and environmental uncertainty on the implementation of EMA, an environmental strategy (ES), and the resulting environmental performance (EP) of firms under the influence of top-management support (TMS) and perceived benefits (PB). Based on data collected from 243 firms operating in Suzhou, one of the busiest business hubs in China, this research used the structural equation modeling (SEM) technique. Findings reveal that environmental uncertainty exerts a stronger influence on the adoption of EMA practices than institutional pressures; however, the choice of a firm’s environmental strategy is more influenced by institutional pressures. Likewise, the serial-mediation effect of environmental strategy and EMA practices is obse...
Firm-bank relationship is a matter of interest as a strong bonding may lead to a better performan... more Firm-bank relationship is a matter of interest as a strong bonding may lead to a better performance of the client firm. The foggy mirror of the fate of such relationships needs more clarification on the said matter. This research investigated the effect of management efficiency of relationship bank on its client firm's performance. The data set consists of the observations for the period from 2006-2016. All the non-financial listed firms on Pakistan Stock Exchange are taken for analysis. We have taken all the common proxies for the firm performance like ROA, ROS, ROE and Tobin's Q and regressed them over bank-specific and firm-specific variables. For management efficiency, two types of measurements are considered, i.e., ME and LME. Our results have reported management efficiency of the relationship bank as a vital factor in explaining the fate of firm-bank relationship and its performance. It is found to be significant and positive for client firm's performance. Further ...
Research Journal of Finance and Accounting, 2016
Aiming to perform better always, the management and strategy makers of the firm feel pressure of ... more Aiming to perform better always, the management and strategy makers of the firm feel pressure of decision making. An aspect of this strategy is to maintain the continuous and low cost of finance for the firm to excel in the industry. Banking relationships, being the main or sometimes the only source of financing, is very important for the firm. This research aims to answer the question about the number of banking relationships and their effect on firm’s financial expenditures. Our research is unique as our data set is from developing markets and most of the previous researches are focused on developed markets like U.S, Japan, and Italy etc. the data for 180 listed firms is paneled for our research from Karachi Stock Exchange. We attempt to regress the financial expenses of clients firms against our main variables (NBR, MBR) using OLS regression analysis with robust errors. Some other most commonly used variables are also used to control the effect. Our results shows significant and ...
The purpose of this study is to examine whether earnings management is influenced by executive co... more The purpose of this study is to examine whether earnings management is influenced by executive compensation, concentrated/family ownership, or board structure in an emerging market. The study used an unbalanced panel data from non-financial firms listed at Pakistan Stock Exchange (PSX) and employed multiple regression with robust econometric estimation procedures. The study found that CEO compensation does not influence earnings management. Ownership concentration leads to higher earnings management while CEO duality reduces earnings management. In addition, family and concentrated ownership is mainly related to the downward earnings management. Furthermore, the study found that the larger boards lead to higher earnings management while the number of non-executive directors has no impact on earnings management. The study extended the limited research on the relationships between executive compensation, corporate governance and earnings management in Asian context. This study reporte...
European Online Journal of Natural and Social Sciences, 2019
This research empirically examines the effect of firms' performance and corporate governance ... more This research empirically examines the effect of firms' performance and corporate governance attributes on directors' pay. To attain the objective, the data for the period from 2007 to 2014 are retrieved from annual reports of 52 listed financial firms. Return on assets and return on equity are utilized to measure performance. Board size, board independence, board ownership and CEO duality are employed as corporate governance practices. Using the random effect model, the performance has positively related to directors’ pay, but level of significance is sensitive across performance proxies. The board independence has negatively significantly influenced the directors' pay. However, board ownership significantly positively influenced the directors’ pay. Furthermore, board size and CEO duality both have not significantly associated with directors’ pay.
The objective of the study is to investigate the impact of board composition on firm's financ... more The objective of the study is to investigate the impact of board composition on firm's financial performance. A case of Pakistani listed companies a modal consist 18 organizations at KSE from the year ended from 2008 to 2012. In this study bank performance can be measured by using the return on equity and return on assets as performance techniques. A model consist 18 non financial organizations at KSE form the year ended 2008 to 2012 is selected. Which have independent board of director in their board, were scrutinize higher return on assets (ROA) and Tobin's Q.
In this competitive world of business, every commercial organization is in search of better perfo... more In this competitive world of business, every commercial organization is in search of better performance with the help reduction in costs and establishing good market relationships. Bank relationships is one of such policies in order to achieve better performance. This paper has discussed a new aspect of these relationships and its impact on client firm’s performance. The research has collected a data of non-financial firms listed in Pakistan Stock Exchange for a period of 2006-2015 and investigated the impact of Islamic Bank relationships in comparison to the Conventional bank relationships with respect to contribution in client firm performance. The results show that performance of client firm is associated with Islamic banking relationship, positively and significantly. ROA, ROE, ROS and Tobin’s Q are used as the proxies for firm performance and a ratio is calculated between numbers of bank relationship of Islamic bank to conventional bank. In the light of our findings, we suggest...
The Journal of Asian Finance, Economics and Business, 2019
The study examines whether higher CEO compensation is related to unobserved future firm performan... more The study examines whether higher CEO compensation is related to unobserved future firm performance in an emerging market, Pakistan. Further, it extends its scope to analyzing the impact of group affiliation and ownership concentration on the relationship between CEO compensation and future firm performance. The study uses an unbalanced panel data consisting of 1508 firm-year observations from 225 non-financial listed companies in Pakistan Stock Exchange (PSX) for period 2005 to 2012. The multiple regression models adjusted to heteroskedasticity and autocorrelation in error terms are used. The study finds that, in general, CEO compensation is positively associated with future operating performance. However, higher CEO compensation leads to lower operating performance in firms that have lower ownership concentration and are affiliated with business groups. When firms are not affiliated with any group and have high ownership concentration, the relationship between excessive CEO compensation and future operating performance becomes insignificant. Given that efficient compensation packages may lead to long term value creation to shareholders and reduce agency problems, this study highlights an important moderating role of ownership concentration and group affiliation of the firms in emerging markets.
Proceedings of the 2016 International Conference on Management Science and Management Innovation, 2016
Business firms are meant for profitability, growth and wealth maximization. In order to improve a... more Business firms are meant for profitability, growth and wealth maximization. In order to improve and investigate the factors which are influencing a firm performance are extensively studied by many researchers. Banking being the major source of financing to such firms is being targeted by researcher in the said perspective. A new idea has been discussed in this research by including banking relationship as a determinant of capital structure of the firm. This research has obtained the data for 180 listed firms for a period of 2008-2013 and investigates the impact of bankfirm relationship on the debt to equity ratio of the firm. The result shows that the dependent variable is significantly influenced by number of banking relationship a firm is maintaining. The dummy used for multiple bank relationship is however insignificant in order to explain the variations in capital structure of the firm. In the lights of the results it can be said that the optimal number of banking relationship is needed to maintain a particular capital structure ratio and ultimately the performance as the interest rates in developing countries such as Pakistan are quite higher than those of developed ones.
International Journal of Managment It and Engineering, 2014
Mergers and acquisitions are the part and parcel of every field, especially in banking industry. ... more Mergers and acquisitions are the part and parcel of every field, especially in banking industry. This research is focused on the performance of mergers in the last decade. As evident from recent past the banking industry in Pakistan has to cop with many mergers. Mergers are not opted only for the sake of synergy and economic benefits but there are certain other reasons. In Pakistan the other stimulant is the State Bank of Pakistan's capital requirement, which is being raised with the passage of time. This study has analyzed the performance of 6 mergers (Prime and ABN AMRO, ABN AMRO and Royal Bank of Scotland, RBS and Faysal Bank, Saudi Pak Commercial Bank and Silk Bank, Union Bank and Standard Chartered Bank and Cres and Samba Bank), occurred in the last decade in Pakistan banking industry. Regression analysis is used to analyze the contribution level of different variables in the bank profitability. The results for net assets, net advances, branches and labor productivity were found to be extensive and quite significant. In the second phase the Data Envelopment Analysis of all the banks were done and it is found that all the banks involved in merger have got their performance improved by some extent. The two stage analysis was used for the analysis of the bank performance i.e. first for efficiency and the later for effectiveness of the bank. The first stage results were found to be impressive for most of the banks but in second stage (effectiveness) the results were quite different. A complete comparison of the individual variables has been done in order to pin point the deficiency of individual banks. Main four resulting banks have shown significant improvement in all the independent variables except the Faysal Bank whose labor productivity has shown rapid downward trend. Overall, the mergers and acquisitions, especially in Pakistani environment, are found to be a win-win situation.
Journal on Innovation and Sustainability. RISUS ISSN 2179-3565, 2016
Firms always face a pressure for better performance. A lot of indicators are being studied with r... more Firms always face a pressure for better performance. A lot of indicators are being studied with respect to their effect on firm’s performance. Banking sector plays a vital role in terms of financing firms for their different projects and future investments. This paper is quite significant as it is targeting the low addressed area of Pakistan. A vital contribution is made by this research in order to understand the relationship of banks and firms and how the firm’s performance is affected by number of banks in relation with firm. It further opens the new horizons of research to investigate this relationship in depth. The bank relationship is remained a topic of interest in developed countries but meagre research was done in developing and emerging markets. This paper attempts to explain the firm-bank relationship and its impact on firm’s performance with the help of OLS regression analysis with robust errors. The data for 180 listed firms is collected from Karachi Stock Exchange (KSE...
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Papers by DR. Jahanzaib Sultan