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Abstract The study aims to investigate how relying on short-term debt may help Chinese listed firms to make efficient investment decisions and reduce overinvestment problem for low-growth firms. The study uses a large set of panel data of non-financial Chinese listed firms over the period 2007–2017 and, using the robust two-stage generalized method of moments, which is robust to unobserved heterogeneity of individual firms and addresses endogeneity issues. Findings show a positive relationship between growth and investment; this association is enhanced by leverage, especially for high-growth firms. This supports the view that short-term debt helps Chinese firms to make optimal use of leverage and therefore make better investment decisions. Furthermore, the results reveal that leverage plays a disciplining and monitoring role to reduce overinvestment incentive for low-growth firms. Overall, the study suggests that shareholders should consider short-term debt to mitigate the debt overhang problem and restrict the opportunistic behavior of managers, which can lead to efficient investment decisions. It also provides foreign investors insights about capital structure in China, and how it can help them make better investment decisions.

Abstract Using a sample of 280 firms listed on the Pakistan Stock Exchange, we empirically investigate factors that determine corporate cash holdings in different periods from 2005 to 2014. We divide the sample into three sub-periods—pre-crisis, crisis, and post-crisis—and apply a panel data model to estimate the results. The results suggest that financial crises affect firms’ cash holdings policies. Further, findings show that financial crisis has influenced the relationship of size and leverage with cash holdings. In particular, cash flow, liquidity, and tangibility are major determinants of cash holdings in the sub-periods. We present important implications for corporate managers, academicians, and policymakers.

This study examines the relation between person-environment (P-E) fit with job satisfaction and job (task) performance. This cross-national study is based on faculty members of universities from Kabul (180) and Islamabad (270). Data is collected through self administered questionnaires and is tested following the Baron and Kenny (1986) moderation and mediation procedures. The studycontend that power distance moderates the relationship between P-E fit and job satisfaction. Contrary to expectation, power distance does not moderate the hypothesized relationship. This study finds that individual's satisfaction from high power distance culture depends on their cultural norms because they give more preference to cultural norms than their own needs and demands. Moreover, results show the direct relationship of P-E fit with job performance in Afghanistan (Kabul) and Pakistan (Islamabad). We compared the results of hypothesized model cross-nationally and find some variation regarding employee's job satisfaction. Job satisfaction partially mediates the relationships between P-E fit and job performance in Kabul, while in Islamabad job satisfaction fully mediate the relationship between P-E fit and job performance. By asserting the role of culture, this study developed practical implications for both theorists and practitioners. Keywords: P-E Fit, Power distance, Job satisfaction, Job performance, Afghanistan, Pakistan

This study investigates the Islamic and conventional Index integration over the period 3rd September, 2008 to 30th September, 2015. This study uses Johansen and Juselius cointegration method for exploring the long run association. The short run association is explored using VECM model. The volatility spillover dynamics is examined using the GARCH and EGARCH models. The robustness of the results is analyzed by using Granger causality method, Variance Decomposition method, and Impulse Response Function. The estimation results show significant long run and short run association between Islamic and Conventional index. Furthermore, this study finds asymmetric bidirectional volatility spillovers between Islamic and conventional index. The findings suggest that domestic investors have low diversification opportunities by adding both Islamic and conventional index in their portfolios. However, international investors can add one of the indices in their portfolios, in order to benefit from portfolio diversification. Keywords: Islamic index, Conventional index, EGARCH, GARCH, Pakistan