Papers by Attiya Yasmin Javid
Financial Innovation, 2016
International Journal of Energy Sector Management, 2016
Economics and Business Letters, Feb 7, 2013
The prime objective of this study is to examine the long run relationship between real GDP per ca... more The prime objective of this study is to examine the long run relationship between real GDP per capita and electricity consumption for Pakistan over the period 1971 to 2008. The results reveal that there is unidirectional causality from electricity consumption to real GDP per capita. The findings of the study also show that there is a long run relationship between real GDP per capita and electricity consumption. The unidirectional causality running from electricity consumption to economic growth indicates that electricity is a limiting factor to economic growth and hence shocks to electricity supply will have a negative impact on economic growth. The implication emerging from this study is that for an electricity-deficient country like Pakistan, where the electricity sector operates at bare capacity margin, there is a need for planning and investment in infrastructure development to fulfill increased electricity demand.
Mpra Paper, 2011
The study empirically investigates the effects of fiscal policy or government budget deficit shoc... more The study empirically investigates the effects of fiscal policy or government budget deficit shocks on the current account and the other macroeconomic variable: real output, real interest rate and exchange rate for Pakistan over the period 1960-2009. The structural Vector ...
The Pakistan Development Review, 2010
The objective of the study is to assess and analyze sustainability of overall public debt and sus... more The objective of the study is to assess and analyze sustainability of overall public debt and sustainability of external debt of Pakistan using the debt dynamic equation for the period 1971-2008. The study has analyzed public debt sustainability through interest rate and growth rate differential and level of primary budget balance while external debt sustainability is assessed through interest rate on debt and growth rate of exports differential and current account balance. The results of the study indicate that primary budget deficit and current account deficit have played major role in accumulation of public debt and external debt of Pakistan respectively. The study concludes that public debt and external debt of Pakistan is sustainable in few years and unsustainable in many unsustainable.
Governance Working Papers, 2010
In this study the relationship between corporate governance and corporate valuation, ownership st... more In this study the relationship between corporate governance and corporate valuation, ownership structure and need of external financing for the Karachi Stock Market is examined for the period 2003 to 2008. To measure the firmlevel governance a rating system is used to evaluate the stringency of a set of governance practices and cover various governance categories: such as board composition, ownership and shareholdings and transparency, disclosure and auditing. The sample consists of 60 non-financial firms listed on Karachi Stock Exchange and comprises more than 80 percent of market capitalization at Karachi Stock Market in 2007. The results confirms the theoretical notion that firms with better investment opportunities and larger in size adopt better corporate governance practice. The proposition that ownership concentration is a response to poor legal protection is also validated by the results. The more investment opportunities lead to more concentration of ownership and the ownership concentration is significantly diluted as the firm size expands. The findings are consistent with theoretical argument claiming that family owners, foreign owners and bring better governance and monitoring practices which is consistent with agency theory. The results suggest that firms which need more equity financing practice good governance. The results show that firms with high growth and large in size are in more need of external finance. The relationship between external financing and ownership concentration is negative. The results reveal that the firms which practice good governance, with concentrated ownership, need more external finance which have more profitable investment opportunities and are larger in size are valued higher. The interaction term of any variable with law enforcement term are not significant in any model suggesting that firm performance is not affected by rule of law in countries where legal environment is weak. These results adds an important link to the explanation of the consequences weak legal environment for external financing, corporate valuation and corporate governance. The results show that Corporate Governance Code 2002 potentially improves the governance and decision making process of firms listed at KSE. JEL classification: G3 F3
Mpra Paper, 2008
This study examines the dynamics and determinants of dividend payout policy of 320 non-financial ... more This study examines the dynamics and determinants of dividend payout policy of 320 non-financial firms listed in Karachi Stock Exchange during the period of 2001 to 2006. It is also one of the very first examples which try to identify the potential dynamics and determinants ...
The Pakistan Development Review, 2008
The Pakistan Development Review, 2007
This study investigates the relationship of mergers & acquisitions with the interest spread of th... more This study investigates the relationship of mergers & acquisitions with the interest spread of the banking industry in Pakistan. To assess whether the merger of Pakistani banks were a success or otherwise, profitability, liquidity ratios, and net interest spread are computed which are considered essential to judge the financial performance of any bank. Data is taken for the period of 1997-2010 and this data have been used to calculate the interest spread and market concentration. Market Concentration is calculated by using Herfindahl-Hirschman Index or HHI. Findings show that the profitability and net interest spread of two merged banks declines as a result of mergers. It is also revealed that Concentration of the banking industry shows a rising trend during 2008 and 2009 after mergers occurred during 2007 as a result of merger. However, it shows the level that almost approaches the threshold i.e. 1000. One or two more mergers can push up threshold level of HH index. It means that i...
This study examines the dynamics and determinants of dividend payout policy of 320 non-financial ... more This study examines the dynamics and determinants of dividend payout policy of 320 non-financial firms listed in Karachi Stock Exchange during the period of 2001 to 2006. For the analysis we use dividend model of Lintner (1956) and its extended versions in dynamic setting. The results consistently support that Pakistani listed non-financial firms rely on both current earning per share and past dividend per share to set their dividend payments. However, the dividend tends to be more sensitive to current earnings than prior dividends. The listed non-financial firms having the high speed of adjustment and low target payout ratio show the instability in smoothing their dividend payments. To find out the determinants of dividend payout policy dynamic panel regression has been performed. It is found that the profitable firms with more stable net earnings can afford larger free cash flows and therefore pay larger dividends. Furthermore the ownership concentration and market liquidity have ...
The objective of the study is to assess and analyze sustainability of overall public debt and sus... more The objective of the study is to assess and analyze sustainability of overall public debt and sustainability of external debt of Pakistan using the debt dynamic equation for the period 1971-2008. The study has analyzed public debt sustainability through interest rate and growth rate differential and level of primary budget balance while external debt sustainability is assessed through interest rate on debt and growth rate of exports differential and current account balance. The results of the study indicate that primary budget deficit and current account deficit have played major role in accumulation of public debt and external debt of Pakistan respectively. The study concludes that public debt and external debt of Pakistan is sustainable in few years and unsustainable in many unsustainable.
Energy Economics, 2005
This study investigates the causal relationship between electricity consumption and real GDP in T... more This study investigates the causal relationship between electricity consumption and real GDP in Turkey during the period of 1950-2000. Both of the series were found to be a stationary process around a structural break by the Zivot and Andrews test. Thus, two different methodologies have been employed to test the Granger non-causality: the Dolado-Lü tkepohl test using the VARs in levels, and the standard Granger causality test using the detrended data. Both tests have yielded a strong evidence for unidirectional causality running from the electricity consumption to the income. This implies that the supply of electricity is vitally important to meet the growing electricity consumption, hence to sustain the economic growth in Turkey. D
The Pakistan Development Review, 2010
We study the role of reciprocity in a labor market field experiment. Recently, many experiments h... more We study the role of reciprocity in a labor market field experiment. Recently, many experiments have been conducted to test the extent to which cash and non-monetary gifts affect workers' productivity through social exchange. Our experiment concluded that non-monetary gifts are more effective at invoking reciprocal behavior. Despite higher preference for money, a nonmonetary incentive results in a significant increase in productivity compared to equivalent cash gift.
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Papers by Attiya Yasmin Javid