SEARCH ARTICLE

05 Pages : 42-49

http://dx.doi.org/10.31703/gssr.2020(V-IV).05      10.31703/gssr.2020(V-IV).05      Published : Dec 2020

Inclusive Growth Measurement Under Different Political Regimes of Pakistan

    Existing literature focuses on the determinants and ways to enhance economic growth. This, however, neglects the growth benefit to society. Distribution aspect of economic growth is ignored in the previous decades. As a result, the world cannot enjoy the benefits of economic growth. In this paper inclusive growth index (IGI) is used which is constructed by the Asian Development Bank, 2011 to investigate whether the economic growth in Pakistan creates opportunities for the entire population on an equal basis and how political regimes affect the inclusive growth. Performance of the sixteen indicators of inclusive growth index is assessed over the period of 1978-2014, under two Democratic and two dictators' regimes. The result of the study shows that inclusive growth in Pakistan is low. However, the trend of inclusive growth in Pakistan is positive. Inclusive growth can be increase by increase the pace of economic growth besides democratic culture.

    Inclusive Growth, Economic Growth, Political Economy, Political regimes, Democracy, Dictatorship.
    (1) Muhammad Masood Anwar
    PhD Scholar, Kashmir Institute of Economics, University of Azad Jammu & Kashmir Muzaffarabad, Pakistan.
    (2) Aftab Anwar
    Assistant Professor, Department of Economics, University of Education, Lahore, Punjab, Pakistan.
    (3) Ghulam Yahya Khan
    Assistant Professor, Kashmir Institute of Economics, University of Azad Jammu & Kashmir Muzaffarabad, Pakistan.

04 Pages : 32-45

http://dx.doi.org/10.31703/gssr.2020(V-III).04      10.31703/gssr.2020(V-III).04      Published : Sep 2020

The Impact of Delegation of Authority on Job Satisfaction, Job Performance and Organizational Growth at Higher Educational Institutions in Sindh

    The present study is explanatory research that adopted a cross-sectional survey design to achieve the objectives of the study. Simple random sampling technique was used to obtain data from the teachers. The data were collected from n=10 public and general private universities of Sindh. The data were analyzed using SPSS v.22 and AMOS v.22. The findings revealed that firstly, a delegation of authority has a significant impact on job satisfaction because (?= 0.928, and p value=0.000). Secondly, a delegation of authority has a significant impact on job performance because (?= 1.047, and p value=0.000). Thirdly, job satisfaction has a significant impact on organizational growth because (?=0.407, and p value=0.000). Fourthly, job performance has a significant impact on organizational growth because (?=0.141, and p value=0.000). Therefore, this study recommends that the practice of delegation of authority should be adopted in public and private universities.

    Delegation of Authority, Job Satisfaction, Job Performance, Organizational Growth, Higher Educational Institutions of Sindh
    (1) Syed Gul Muhammad Shah
    PhD Scholar, Iqra University Karachi, Sindh, Pakistan.
    (2) Anjum Bano Kazmi
    Professor, Department of Speech and Language, Iqra University Karachi, Sindh, Pakistan.

07 Pages : 64-74

http://dx.doi.org/10.31703/gssr.2020(V-III).07      10.31703/gssr.2020(V-III).07      Published : Sep 2020

Exploring the Presence of Balanced Growth: Empirical Evidence from Denmark

    The aim of present study was to explore existence of long-run association between consumption, income and investment implied by Balanced Growth proposition of Neo-classical-growth-model of the Solow and Swan (1956). Using quarterly data on consumption, income and investment from 1995q1 through 2018q4. The study have tested the balanced growth hypothesis for the Denmark. Using standard Vector-Auto-Regression technique of Johansen (1988) and Johansen and Juselius (1990) analysed the output shocks to both consumption and investment. Although, there exists cointegration implying long run relationship, the results are not consistent with the balanced-growth-hypothesis (BGH) with given data sample for Denmark.

    Balanced Growth, Consumption, Investment, Output, cointegration, Time Series, Impulse Response, Variance Decomposition
    (1) Ghulam Yahya Khan
    Assistant Professor, Kashmir Institute of Economics, University of Azad Jammu & Kashmir, Muzaffarabad, Pakistan.
    (2) Muhammad Masood Anwar
    PhD Scholar, Kashmir Institute of Economics, University of Azad Jammu & Kashmir, Muzaffarabad, Pakistan.
    (3) Aftab Anwar
    Assistant Professor, University of Education Lahore, Punjab, Pakistan.

43 Pages : 400-409

http://dx.doi.org/10.31703/gssr.2020(V-III).43      10.31703/gssr.2020(V-III).43      Published : Sep 2020

Exploring the Factors Affecting Economic Growth in Pakistan

    Economic growth varies across different countries. Various potential factors have been identified over the years, but finding relevant determinants of growth has been a real issue for empirical investigation. This paper has attempted to examine different macro-economic variables that play a significant role in accelerating economic growth from 1970 to 2019. The econometric results show that human capital, financial development, and industrial production are the encouraging factors of economic growth, while the variable trade openness shows a negative effect on economic growth in Pakistan. Government should design policies to invest inhuman capital and fixed assets; this will create job opportunities for the people and leads to high economic growth.

    Exports, Economic Growth, Human Capital, Investment
    (1) Salyha Zulfiqar Ali Shah
    Assistant Professor, School of Economics, Bahauddin Zakariya University Multan, Punjab, Pakistan.
    (2) Muhammad Muzammil Asghar
    Crop Reporter, Crop Reporting Service, District Multan, Punjab, Pakistan.
    (3) Umber Riaz
    Ph.D. Scholar, Institute of Social and Cultural Studies, Bahauddin Zakariya University Multan, Punjab, Pakistan.

05 Pages : 45-60

http://dx.doi.org/10.31703/gssr.2020(V-II).05      10.31703/gssr.2020(V-II).05      Published : Jun 2020

Investment of Pension Funds in Different Streams: Evidence from Low vs. High Growth Oriented OECD Countries

    Pension funds pools’ investments have an impact on its growth. These investments can be either in equity stock, bonds, deposits, or in other miscellaneous assets that can generate different results with the involvement of some endogenous factors such as rate of return, inflation etc. To bring out the core investment factors determining pension fund growth, a stepwise regression technique was used on a dynamic panel data model. Moreover, to check the individual significance of the included variables in the model progressively, R2-change was observed. This study has found that the investment factors behave positively in high growth-oriented OECD economies and have a negative impact in low growth-oriented countries. Moreover, pension funds growth is slower due to market volatility in low-growth oriented economies. The study helps to know the utilization or investment factors that support the large asset-holding of financial-sector of OECD economies.

    Pension Funds Growth, Investment in Equity, Deposits, Investment on Bonds, Rate of Return, Inflation.
    (1) Arslan Qayyum
    Assistant Professor, Department of Management Sciences, Institute of Business Management (IOBM), Karachi, Pakistan.
    (2) Aniqa Arslan
    Assistant Professor, Department of Management Sciences, Shaheed Benazir Bhutto University, Karachi, Pakistan.
    (3) Kanwal Iqbal Khan
    Assistant Professor, Institute of Business & Management, University of Engineering and Technology, Lahore, Punjab, Pakistan.

25 Pages : 260-272

http://dx.doi.org/10.31703/gssr.2020(V-II).25      10.31703/gssr.2020(V-II).25      Published : Jun 2020

The Impact of Key Macroeconomic Determinants on Pakistan's Economy

    This paper intended to analyze key Macroeconomic factor’s effect on Pakistan’s economic development. The annual time-series data has been taken from 1980 to 2018 on External Debts, Foreign Direct investment. Consumer Price Index and Term of Trade. Variables stationarity is analyzed by ADF and Ng-Perron tests; afterwards, JJ test and Granger Causality test are used for Long-run (LR) & Short-run(SR) associations between variables, respectively. Also, Residuals Diagnostic Test used for checking residuals assumptions and CUSUM and CUSUMSQ are used for checking parameter constancy. The result shows significantly negative and positive long-run effects of External Debts and Foreign Direct Investment (FDI) respectively on the economic growth of Pakistan. Albeit, Consumer Price Index (CPI), Term of Trade (TOT) and, FDI significantly Granger cause economic growth in the short-run. Research suggests that economic policies devised in such a way that deteriorates External Debts and attract foreign investments and strengthen the economic growth of Pakistan in the long-term.

    Johansen’s Co-Integration Method; Granger Causality; External Debt; Economic Growth
    (1) Faaeza Atiq
    University of Karachi, Sindh, Pakistan.
    (2) Mudassir Uddin
    Professor, Department of Statistics, University of Karachi, Sindh, Pakistan.
    (3) Irfan Hussain Khan
    Department of Economics, Government College University Faisalabad, Punjab, Pakistan.

30 Pages : 312-326

http://dx.doi.org/10.31703/gssr.2020(V-II).30      10.31703/gssr.2020(V-II).30      Published : Jun 2020

Growth and Residential Distribution with Solow, Alonso, and Dixit-Stiglitz Integrated

    The purpose of this study is to deal with dynamic interdependence between economic growth, economic structure, and residential distribution. It develops a spatial dynamic economic model on basis of microeconomic foundation. It integrates the economic mechanisms of the Solow one-sector growth model, the Alonso spatial residential model, and the Dixit-Stiglitz equilibrium model with imperfect market. We apply neoclassical economic growth of perfect competition to describe the growth determinant, the neoclassical urban residential model to determine residential location, and the basic model of new growth theory with imperfect market to take account of perfect and imperfect competition in spatial equilibrium structure. The basic economic mechanisms of the three approaches are integrated by using Zhang new approach to formally model household behavior. We determine the motion by simulation. Then we conduct comparative dynamic analysis to analyze how exogenous changes in different parameters affect residential distribution, economic growth, and economic structure. The study shows how changes in preferences and technologies affect economic growth, economic structure, land rent, and residential distribution.

    Urban Dynamics, Alonso Urban Model, Solow Growth Model, Dixit-Stiglitz Model; Imperfect Competition, Capital Accumulation, Residential Distribution, Land Rent
    (1) Wei- Bin Zhang
    Professor, Ritsumeikan Asia Pacific University, Japan

23 Pages : 220-230

http://dx.doi.org/10.31703/gssr.2020(V-I).23      10.31703/gssr.2020(V-I).23      Published : Mar 2020

Impact of Loan Accessibility on Working Capital Management and Profitability: Comparative Study of Family Versus Non-Family Firms

    his study is conducted to identify the direction of the relationship between working capital management (WCM) and firm performance of the non-financial sector of Pakistan from 2009 till 2018. This has also looked at the effect of restricted access to loan on the WCM- Profitability relationship. The findings confirmed that restricted loan accessibility impacts the WCM-Profitability relationship. The comparative analysis demonstrated that financially constrained firms are mostly non-family firms that are new, growing, smaller in size, face high risk, maintain high liquidity and tangibility ratios than non-constrained firms. Further, the working capital levels of financially constraint firms is lower because of high operating expenses and greater capital rationing. Managers and scholars may use these findings for the administration of their working capital policies in order to avoid the financial cost and create more opportunities for financial accessibility which is further beneficial for making informed investment decisions, yielding higher profits that contribute towards sustainable growth.

    Financial Constraints, Working Capital Management, Firm Profitability, Investment Decisions, Loan Accessibility, Family Firms, Sustainable Growth
    (1) Kanwal Iqbal Khan
    Assistant Professor, Institute of Business & Management,University of Engineering and Technology, Lahore, Punjab, Pakistan.
    (2) Adeel Nasir
    Assistant Professor,Department of Management Sciences, Lahore College for Women University, Jail Road , Lahore, Punjab, Pakistan.
    (3) Aniqa Arslan
    Assistant Professor, Department of Management Sciences, Shaheed Benazir Bhutto University, Shaheed Benazirabad, Karachi, Pakistan.

10 Pages : 71-79

http://dx.doi.org/10.31703/gssr.2019(IV-III).10      10.31703/gssr.2019(IV-III).10      Published : Sep 2019

Growth and Productivity Analysis of Micro Finance Sector: A Case Study of Pakistan

    This study reviews the growth strategies and their effect on the efficiency and productivity of the microfinance sector of Pakistan. The sector needs to have adopted intensive growth strategy instead of extensive strategies of wide expansion in term of physical infrastructure and human resources, which had increased the financial sustainability risks for the credit constrain institutions. The sixdimension model of outreach used in this study also shows that the sector does not achieve the targets set forth for these micro finance institutes with respect to its active borrowers’ outreach. The sector has mainly focused the big cities and urban areas whereas the poverty levels are higher in rural areas. The government has also shown its interest by launching two different types of loan schemes. Among the three different types of institution, the microfinance banks dominate the sector.

    Micro Finance, Growth Strategies, efficiency, sixdimension model.
    (1) Adnan Ahmad
    Assistant Professor, Institute of Business Studies and Leadership, Abdul Wali Khan University Mardan, KP, Pakistan.
    (2) Muhammad Ilyas
    Lecturer, Institute of Business Studies and Leadership, Abdul Wali Khan University Mardan, KP, Pakistan.
    (3) Muhammad Nisar Khan
    Lecturer Department of Management Studies, Bacha Khan University Charsadda, KP, Pakistan.

34 Pages : 264-270

http://dx.doi.org/10.31703/gssr.2019(IV-III).34      10.31703/gssr.2019(IV-III).34      Published : Sep 2019

A Multiple Mediation Analysis of the Growth in New Ventures

    The current research investigates the mechanism that how new ventures growth is affected through entrepreneurial business ties. The study introduces multiple mediators to the model to clearly establish the link between business ties and new ventures growth. To test the hypotheses, data were collected from 325 new ventures operating in Pakistan from 2015 to 2017. We found a positive and significant relationship between business ties and new ventures growth. We also found that resource leveraging, resource bundling and resource acquisition fully mediates the stated relationship. Based on our findings we concluded that new ventures give more attention to resource leveraging and resources bundling as well in order to perform well. Managerial and theoretical implications are also discussed.

    Entrepreneurial Business Ties, Resource Bundling, Resource Acquiring, Resource Leveraging, New Venture Growth
    (1) Sajid Rahman
    Assistant Professor, Institute of Business & Management Sciences (IBMS), The University of Agriculture, Peshawar, KP, Pakistan.
    (2) Imran Saeed
    Assistant Professor, Institute of Business & Management Sciences (IBMS), The University of Agriculture, Peshawar, KP, Pakistan.
    (3) Fahad Afridi
    Assistant Professor, Department of Management Science,CECOS University of Science & Technology, Peshawar, KP, Pakistan.