International Transaction Journal of Engineering,
Management, & Applied Sciences & Technologies

FEATURE PEER-REVIEWED ARTICLES

• PARAMETRIC IDENTIFICATION OF LINEAR DYNAMIC NEIGHBORHOOD MODELS WITH VARIABLE NEIGHBORHOODS

  Sedykh Irina Aleksandrovna, Anatoly Mikhailovich Shmyrin (Department of Higher Mathematics, Lipetsk State Technical University, Lipetsk, RUSSIA )
  

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  doi: 10.14456/ITJEMAST.2019.227

  Keywords: Dynamic neighborhood models; Variable neighborhoods; Linear models; Parametric identification; Identification criteria; Pseudo-inverse matrix.

  Abstract
  The paper presents the definition of the dynamic input-state neighborhood model, the structure of which is determined by the set of nodes and the neighborhood links between model nodes according to control actions and states. The dynamic neighborhood model functions in discrete time. The states of each node in the next point in time depend on the control actions and the states of adjacent nodes and change under the influence of the state recalculation function. The paper considers a neighborhood model with variable neighborhoods, which is distinguished by dynamic links between the nodes of the system, changing at each discrete point in time of its operation. In this model, the entire set of neighborhood links is divided into intersecting subsets that form layers. For dynamic neighborhood models, the problem of parametric identification is given, the identification criterion is shown. The method is considered and the block diagram of the solution of the parametric identification problem for linear neighborhood models in matrix form is given.
  
  Paper ID: 10A17A




• DOES THE 'GOOD' PERFORMANCE MEASURES SHOW CONSISTENCY ACROSS TIME HORIZONS? APPLICATION OF OLS AND FISHER-Z TRANSFORMATION METHOD ON MUTUAL FUNDS CATEGORIES OF PAKISTAN

  Wajid S. Ahmed, Malik J. Saboor, Adil T. Paracha, and Malik F. Azeem (Department of Management Sciences, COMSATS University Islamabad, PAKISTAN )
  

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  doi: 10.14456/ITJEMAST.2019.228

  Keywords: Mutual funds; Ordinary least square (OLS); Time variant effect; Sharpe ratio; Fisher z-transformation; Skewness and kurtosis.

  Abstract
  The first objective of our paper is to identify if the skewness and kurtosis having an impact on the end result in relation to the distribution return pattern of returns in mutual fund industry of Pakistan. The second objective evaluates the persistency in the performance of chosen performance measures against Sharpe measure. In this regard, ordinary least square (OLS) method approach has been applied first and secondly, the fisher z-transformation approach has been used to evaluate the degree of concordance among the alternative performance measures and the Sharpe ratio. The results from (OLS) method verified that the skewness and kurtosis had no impact on the relationship between the alternative measures and Sharpe ratio in evaluation of mutual funds classes. Whereas, from degree of concordance analysis the alternative measures against the non-normal distribution seem more logical choice simply because the deviation is far lower than ones based upon assumption of normal distribution.
  
  Paper ID: 10A17B




• RELATIONSHIP BETWEEN WORKPLACE OSTRACISM AND ORGANIZATIONAL CYNICISM: PROPOSING A RESEARCH MODEL

  Khan H. Tariq, Gulzar Amir(Department of Business and Economics, Foundation University Islamabad, Rawalpindi Campus (FURC), PAKISTAN)
  

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  doi: 10.14456/ITJEMAST.2019.229

  Keywords: Counter-Productive Work Behavior (CWB); Job Performance; WOS; Organizational Cynicism (OC); Perceived Organizational Support (POS); Leader-Member Exchange (LMX).

  Abstract
  Various employees had reported being left out at the workplace which might have reduced in-role performance and adaptive performance or might have enhanced counterproductive work behaviour. Limited research has been conducted on Ostracism. Few recent studies relate to negative and psychological effects of ostracism, however, the effects on job performance and moderating effects of leader-member exchange (LMX) and perceived organizational support (POS) need to be explored studied. Moreover, the mediating role of cynicism has not yet been studied. This study has proposed a research model to explore the relations between workplace ostracism (WOS) and organizational cynicism (OC) and their impact. Managers of service sector need to comprehend ostracism phenomenon and take remedial measures for the betterment of the employees and the organization.
  
  Paper ID: 10A17C




• IMPROVED STRENGTH, ELASTIC AND ADHESION PROPERTIES OF MORTARS MODIFIED WITH DIFFERENT POLYMER-CEMENT RATIOS & EFFECTS OF REDUCTION IN CA(OH)₂ ON THE PROPERTIES

  Umer Mahboob Malik (Department of Architecture, Faculty of Art & Design, Superior University Lahore, PAKISTAN ),
  Usman Muhammad Buksh (School of Architecture and Planning, University of Management and Technology Lahore, PAKISTAN),
  Muhammad Irfan(Department of Civil Technology, University of Lahore, Lahore, PAKISTAN )
  

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  doi: 10.14456/ITJEMAST.2019.230

  Keywords: Calcium hydroxide; Polymer-modified; cement system; Polymer-modified mortar (PMM); Mortar strength; Adhesion properties; Toyoura sand.

  Abstract
  Polymer-modified mortars (PMMs) are prepared by using dispersible polymer powders or powdered emulsion (powered cement modifiers) and aqueous polymer dispersion (aqueous cement modifiers) with various polymer-cement (P/C) ratios. Specimens are made with the help of moulds and cured. Different tests like compressive strength, flexural strength, tensile strength, maximum deflection, maximum extreme tensile fibre strain, maximum tensile strain and adhesion in tension or bond strength are performed for the cured specimens. Afterward, powder samples are made from the broken specimens, which are then subjected to X-ray diffraction, differential thermal analysis (DTA) and thermal gravimetric analysis (TGA). From the test results, it is concluded that the formation of calcium hydroxide (Ca(OH)₂) is reduced in (PMMs). Whereas, on the other hand, their compressive strength, flexural strength, tensile strength, maximum deflection, maximum extreme tensile fibre strain, maximum tensile strain and adhesion in tension or bond strength have been improved. However, variation in the above- mentioned properties depend upon the P/C ratio and cement modifier used or both. It has been concluded that the reduction of Ca(OH)₂ content in PMMs does not cause any detrimental or adverse effect on their strength, elastic and adhesion properties, they are improved.
  
  Paper ID: 10A17D




• RELATIONSHIP BETWEEN STOCK MARKET INDICATORS AND FOREIGN PORTFOLIO INVESTMENT (FPI): EVIDENCE FROM PAKISTAN

  Zahirullah and Mumtaz Hussain Shah (Institute of Management Studies, University of Peshawar, Pakistan)
  

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  doi: 10.14456/ITJEMAST.2019.231

  Keywords: Foreign Portfolio Investment (FPI); Co-Integration; VECM; Pakistan Stock Exchange (PSX); Stock Market Returns.

  Abstract
  This research study is designed to study the relationship between stock market indicators and net foreign portfolio investment (NFPI). Long term and short term relationships of five stock market indicators namely stock market capitalization, market returns, market turnover, market risk and market indices with NFPI are analysed through co-integration and vector error correction models (VECM). Three co-integrated vectors are found to show long term relationships and three variables are found to have short term relationships. Similarly, past values have impact on the current values. Regression analysis displays the impact of stock market indicators on NFPI. The results demonstrate that all the stock market indicators have positive and significant impact on NFPI except the market risk which has a negative relation with NFPI.
  
  Paper ID: 10A17E




• EFFECTS OF TOP MANAGEMENT SUPPORT, TECHNOLOGICAL SKILLS, AND CAPABILITIES ON ENTREPRENEURSHIP AND ORGANIZATIONAL PERFORMANCE

  Nasim Roustapisheh, Hossein Nabati Yazdizadeh (Faculty of Entrepreneurship, University of Tehran, Tehran, IRAN).
  

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  doi: 10.14456/ITJEMAST.2019.232

  Keywords: Organizational performance; Organizational entrepreneurship; Absorptive capacity; Structural equation modelling (SEM); Technological distinctive competency.

  Abstract
  This study focused on the effect of top management support, technological skills and capabilities on entrepreneurship and organizational performance. For this purpose, 248 employees of the software developer companies participated in this study. Participants were asked to fill the questionnaires of top management support, technological skills, technological distinctive competency, absorptive capacity, organizational entrepreneurship, and organizational performance. Data were analyzed by SEM using the software LISREL. The results showed that top management support had a significant positive effect on absorptive capacity and technological skill, while top management support had no significant effect on technological distinctive competency. Technological skill and absorptive capacity had a significant positive effect on technological distinctive competency. Technological distinctive competency, technological skill, and absorptive capacity had a significant positive effect on organizational entrepreneurship. Organizational entrepreneurship had a direct, significant and positive effect on organizational performance. Top management support had an indirect, significant and positive effect on organizational entrepreneurship and organizational performance. Absorptive capacity, technological distinctive competency, and technological skills had an indirect, significant and positive effect on organizational performance. In conclusion, the findings emphasize the role of top management support, technological skills, technological distinctive competency and absorptive capacity on entrepreneurship and organizational performance.
  
  Paper ID: 10A17F




• IMPACTS OF LEVERAGE ON INVESTMENT: A BRIEF VIEW OF PAKISTANI LISTED FIRMS

  Furman Ali (School of Finance, Southwestern University of Finance and Economics, Chengdu, 61130 CHINA),
  Zeeshan Fareed (School of Business, Huzhou University, CHINA),
  Talat Mehmood Khan (School of Finance, Southwestern University of Finance and Economics, Chengdu, 61130 CHINA),
  Hamid Raza (Shanghai University of Political Science and Law, Shanghai, 201701 CHINA )
  

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  doi: 10.14456/ITJEMAST.2019.233

  Keywords: Investment Decision, Pakistan Stock Exchange, Panel Regression, Emerging Markets.

  Abstract
  The association between financial leverage and corporate investment strategy is considered a significant concern in corporate finance; Therefore, we proceed with this line of research to elaborate further the impact of leverage on investment decisions using panel regression and Two-Stage Least Squares (2SLS) regression. Our sample covers all non-financial Pakistani firms listed in Pakistan Stock Exchange (PSX) from the year 2008 to 2017. The results indicate that there is an inverse relationship between leverage and investment in the Pakistani context. However, this inverse association is unique to higher and lower growth firms. We further documented that leverage has a negative and significant impact on the lower growth firms than the higher growth ones. Our results are aligned with the agency theory of corporate leverage, focusing mainly on the theory that financial leverage has a unique and disciplining position in low growth organizations.
  
  Paper ID: 10A17G




• MACROECONOMIC FACTORS INFLUENCE ON NON-PERFORMING LOANS: THE CASE OF COMMERCIAL BANKS IN MALAYSIA

  Siti Aisyah Mustafa, Maimunah Ali (Department of Business Management, Faculty of Technology Management and Business, Universiti Tun Hussein Onn, MALAYSIA )
  

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  doi: 10.14456/ITJEMAST.2019.234

  Keywords: Macroeconomic factors; NPL; ARDL; Cointegration test; Commercial Banks; ARDL bound testing approach.

  Abstract
  Given the level of Malaysian economic openness is high, the performance of the financial system especially the banking institutions is ubiquitously exposed to risks of financial stress arising from global financial uncertainty. This headwind, to some greater or lower extent, can be translated into a more challenging prospect of economic growth, price instability, as well as a slower labor market participation faced by the local economy. With greater challenge, it prompts a call towards a continuous assessment on how these uncertainties impact the stability of the banking sector, of which proxied through the performance of non-performing loans (henceforth NPLs). This paper, therefore, aims to examine the macroeconomic influences on NPLs in the case of Malaysian commercial banks. Employing autoregressive distributed lag (ARDL) and bounds testing approach, we explored whether any of these variables namely GDP growth, inflation, and unemployment rate carry informational content about changes of NPLs. Applying this cointegration test onto a dataset of macroeconomic factors and NPLs data of the period spanning from 1998 to 2018 on a quarterly basis, the result suggests that in the long run and short run, GDP growth and unemployment are correlated with the NPLs fluctuations. Inflation, on the other hand, has no correlation. More particularly, GDP growth depicted a negative relationship with NPLs, while the unemployment rate positively influences the NPLs.
  
  Paper ID: 10A17H




• EFFECTS OF CORPORATE GOVERNANCE ON DIVIDEND DECISIONS WITH A FOCUS ON MODERATING ROLE OF BOARD DIVERSITY

  Nauman Iqbal Mirza, Qaiser Ali Malik (Department of Economics & Finance, Faculty of Business & Technology, Foundation University, Islamabad, PAKISTAN)
  

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  doi: 10.14456/ITJEMAST.2019.235

  Keywords: Good Corporate Governance; Dividend Payout Decisions; Board structure; Firms' directors; Firms' dividend; CEO Duality.

  Abstract
  This study evaluates the moderating effect of diversity (gender, age, experience, nationality and education) between Corporate Governance and the Dividend Decisions of listed companies of Pakistan Stock Exchange for a period from 2010 to 2017 in addition to the effect of conventional accounting variables (Firm Size, Debt to Asset Ratio and Earning per Share) using panel data analysis. General to specific modelling is used by including all the potential regressors. Results depict that orthodox accounting variables (Firm Size, Leverage, Earning per Share), Corporate Governance (CEO Duality) and Diversity (Nationality, Age and Experience) have a significant effect on Dividend Decisions. Firm Size, Leverage and Experience Diversity of Board negatively affects the Dividend Decisions, while Earnings per Share, CEO Duality, Directors Nationality, and Age effects positively. Furthermore, Dividend Decisions are significantly affected by Corporate Governance with moderating role of Diversity (Age and Nationality). An insignificant relationship between Dividend Decisions and Board Independence is found.
  
  Paper ID: 10A17I




• IMPACT OF DIVIDEND POLICY ON SHARE PRICE VOLATILITY FOR COMPANIES LISTED ON PAKISTAN STOCK EXCHANGE

  Muhammad Asim Khan (Institute of Business Management, Karachi, PAKISTAN)
  

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  doi: 10.14456/ITJEMAST.2019.236

  Keywords: Dividend Yield (DY); Dividend Payout Ratio (DPR); PSX; EViews; Share Price Volatility; Dividend policy.

  Abstract
  This research investigated the impacts of dividend policy on the share price volatility of companies listed on Pakistan Stock Exchange (PSX). Therefore, the researcher gathered data of 10 companies of 10 years ranging from 2008-2017 of three variables asserting quantitative research design and secondary method of data collection. The variables of the study were share price volatility as the dependent variable while (dividend payout ratio) DPR and DY (dividend yield) were taken as independent variables. The approaches that had been utilized were correlation analysis and regression analysis on E-Views. In accordance with the results, the aggregate impact of dividend policy was significant on share price volatility. Individually, both variables were significant with DPR affecting price volatility negatively and DY positively. The results were also supported by various studies conducted previously in Pakistan and other regions.
  
  Paper ID: 10A17J




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  ASSESSING VERBAL ENGLISH ANXIETY IN LEARNERS AT HIGHER EDUCATION LEVEL FROM THE STUDENTS' PERSPECTIVE: A QUANTITATIVE RESEARCH

  
  
  Paper ID: 10A17K