Center for Management Science Research, ISSN “3006-5291 & 3006-5283" is an interdisciplinary, open-access, and quarterly journal that publishes articles in the fields of business management and economics studies.
EFFECT OF BEHAVIORAL BIASES ON INVESTMENT DECISIONS WITH MODERATING EFFECT OF LOCUS OF CONTROL: AN EMPIRICAL STUDY ON PAKISTANI INVESTORS
The link between behavioral biases, locus of control, and investment decision making in Pakistan is examined in this study. In this study, the independent variables are self-attribution, overconfidence, and over optimism, while the moderating variable is locus of control, and the dependent variable is investment decision making. However, the target group for the investigation on the correlation between the aforementioned factors is investors of Pakistan. The primary data was gathered using an adopted structured questionnaire with a five-point Likert scale, which is a quantitative research approach. Through the convenience sample approach, 180 respondents (Pakistani investors) provided their replies. Using SPSS software, statistical tests including correlation, regression, and moderation analysis are performed on the recorded responses. The findings show that Pakistani investors’ decision making is significantly impacted by self-attribution, overconfidence, and over optimism. The association between self-attribution, overconfidence, and over optimism (independent variables) and investment decision making (dependent variable) in Pakistan is, however, strongly moderated by locus of control, according to moderation analysis.
Behavioral Biases, Self-Attribution, Overconfidence, Over Optimism, Locus of Control, Investment Decision Making, etc.
ADOPTION OF MOBILE PAYMENT SYSTEMS USING TECHNOLOGY ACCEPTANCE MODEL (TAM) AND STRUCTURAL EQUATION MODELING
The rapid proliferation of mobile payment (m-payment) systems has transformed the global financial landscape, offering enhanced convenience, speed, and financial inclusion. This study investigates the factors influencing the adoption of mobile payment systems through the lens of the Technology Acceptance Model (TAM) and employs Structural Equation Modeling (SEM) for empirical validation. Grounded in core TAM constructs Perceived Usefulness (PU) and Perceived Ease of Use (PEOU) the research examines how these variables, along with attitude toward use, shape users’ behavioral intention to adopt m-payments. The study extends the basic TAM framework by incorporating additional determinants such as trust, perceived risk (financial, privacy, performance, and psychological), social influence, compatibility, and subjective norms. Methodological approaches including covariance-based SEM (CB-SEM) and partial least squares SEM (PLS-SEM), as well as hybrid SEM-ANN techniques, are discussed to address both theory confirmation and predictive accuracy. Regional variations, generational differences, and the perspectives of Small and Medium Enterprises (SMEs) are also analyzed to provide a comprehensive understanding of adoption dynamics across contexts. Findings from existing empirical literature highlight the dominant roles of perceived usefulness, trust, and compatibility, while perceived risk emerges as a significant barrier. The paper underscores the evolving technological trajectory toward AI-driven invisible payments and biometric authentication. This research contributes to a deeper understanding of m-payment adoption and offers practical implications for policymakers, financial institutions, and technology providers aiming to accelerate digital payment ecosystems and promote financial inclusion
Mobile Payment Adoption, Technology Acceptance Model (TAM), Structural Equation Modeling (SEM), Perceived Usefulness, Perceived Ease of Use, Trust, Perceived Risk, Digital Payments, Financial Inclusion, PLS-SEM
FINTECH DISRUPTION AND RISK MANAGEMENT: EVALUATING THE IMPACT OF DIGITAL BANKING ON FINANCIAL STABILITY
The rapid advancement of financial technology (fintech) and digital banking has transformed the global financial system by reshaping traditional banking operations, financial intermediation, and risk management practices. This Study evaluates the impact of fintech disruption on financial stability, focusing on innovations such as neobanks, peer-to-peer lending platforms, decentralized finance (DeFi), artificial intelligence (AI), stablecoins, and central bank digital currencies (CBDCs). Technological developments including cloud computing, big data analytics, machine learning, and blockchain technology have enhanced operational efficiency, accelerated payment systems, expanded financial inclusion, and improved customer accessibility to financial services. However, these innovations have also introduced new systemic risks related to cybersecurity, liquidity instability, operational concentration, algorithmic bias, and digital bank runs. The paper examines the structural transformation of the financial intermediation chain through the unbundling and rebundling of banking services, highlighting the increasing influence of big tech firms and digital-only banks. It further discusses the role of AI-driven credit scoring and alternative data in expanding lending opportunities while simultaneously increasing model risk and pro-cyclical behavior in financial markets. Additionally, the review analyzes the macro-financial implications of stablecoins and digital assets, particularly their effects on sovereign debt markets and monetary sovereignty in emerging economies. The study also emphasizes the growing importance of adaptive regulatory frameworks, including Basel Committee reforms, regulatory sandboxes, and CBDC initiatives, in addressing the evolving challenges of digital finance. Overall, the review concludes that fintech offers significant opportunities for innovation, efficiency, and financial inclusion, but without robust governance, cybersecurity measures, and coordinated regulatory oversight, it may amplify systemic vulnerabilities and threaten long-term financial stability in the digital era.
Fintech; Digital Banking; Financial Stability; Artificial Intelligence; Neobanks; Stablecoins; Central Bank Digital Currency (CBDC); Risk Management; Financial Innovation; Systemic Risk; Algorithmic Lending; Regulatory Sandboxes.
A CRITICAL STUDY OF STAKEHOLDER ENGAGEMENT STRATEGIES AND THEIR INFLUENCE ON PROJECT SUCCESS RATES, RISK MITIGATION, AND LONG-TERM SUSTAINABILITY IN INFRASTRUCTURE PROJECTS
Stakeholder engagement has emerged as a decisive factor in the success of complex infrastructure projects, often outweighing purely technical or financial considerations. This critical review examines the relationship between structured stakeholder engagement strategies and key project outcomes, including success rates, risk mitigation, and long-term sustainability. Drawing on major theoretical frameworks Stakeholder Theory, Resource Dependency Theory, and Social Exchange Theory the paper analyzes how effective engagement influences the iron triangle (cost, time, quality) while addressing the “social license to operate.” It highlights the dual impact of engagement: potential short-term schedule delays offset by substantial reductions in risks, cost overruns, and opposition. The study evaluates digital transformation tools (AI/LLMs for sentiment analysis, BIM, VR, and social media congruence), transparency initiatives such as the Construction Sector Transparency Initiative (CoST), and real-world evidence from global projects, with a detailed case study of the China-Pakistan Economic Corridor (CPEC). Findings demonstrate that proactive, inclusive, and power-delegating engagement significantly enhances qualitative performance, stakeholder satisfaction, environmental governance, and project resilience. The paper concludes with strategic recommendations for practitioners to institutionalize participatory governance and leverage digital tools for sustainable infrastructure development.
Stakeholder Engagement, Infrastructure Projects, Project Success, Risk Mitigation, Social License to Operate, Digital Transformation, CoST Initiative, CPEC, Sustainability, Deliberative Democracy, AI in Stakeholder Management
STRATEGIC IMPLICATIONS OF CHINA-PAKISTAN ECONOMIC CORRIDOR (CPEC) ON REGIONAL SECURITY DYNAMICS
The China-Pakistan Economic Corridor (CPEC), as the flagship component of China’s Belt and Road Initiative (BRI), has evolved into a transformative geopolitical and geoeconomic framework reshaping the regional security environment of South Asia, Central Asia, and the Indian Ocean Region. This study critically examines the strategic implications of CPEC Phase II, which emphasizes industrial embeddedness, digital integration, maritime expansion, and military interoperability between China and Pakistan. The research highlights how the expansion of Special Economic Zones (SEZs), energy infrastructure, Gwadar Port development, and Afghanistan’s integration into regional trade networks have enhanced Pakistan’s economic and strategic significance. Simultaneously, these developments have intensified regional competition, particularly with India, which perceives CPEC as a challenge to its sovereignty, maritime interests, and regional connectivity ambitions. The paper further explores the evolving maritime security dilemma in the Arabian Sea, the militarization of Gwadar, and the implications of Chinese naval access for regional balance of power dynamics. It also evaluates the strategic retreat of India’s Chabahar initiative, the growing importance of Afghanistan as a geoeconomic pivot, and the broader responses of global actors, especially the United States and the Quad alliance. Additionally, the study assesses how CPEC has transformed the Kashmir dispute into a trilateral strategic issue involving China, Pakistan, and India. The findings suggest that while CPEC contributes to economic modernization, energy security, and regional connectivity, it simultaneously generates strategic dependencies, intensifies great-power competition, and introduces new maritime and territorial security challenges. Ultimately, CPEC represents both an engine of regional integration and a catalyst for geopolitical realignment in the emerging Asian security order
China-Pakistan Economic Corridor (CPEC); Belt and Road Initiative (BRI); Regional Security Dynamics; Gwadar Port; South Asian Geopolitics; Maritime Security; China-Pakistan Relations; Strategic Competition; Energy Security; Indian Ocean Region; Afghanistan Connectivity; Kashmir Conflict; Geoeconomics; Industrial Embeddedness; Belt and Road Strategy.
STRATEGIC HUMAN RESOURCE PRACTICES AND THEIR IMPACT ON ORGANIZATIONAL PERFORMANCE AND COMPETITIVE ADVANTAGE
Strategic Human Resource Management (SHRM) has emerged as a critical determinant of organizational success and sustainable competitive advantage in the modern business environment. This review paper examines the theoretical foundations, strategic frameworks, and empirical evidence linking human resource practices with organizational performance. The study explores major SHRM perspectives, including the universalistic, contingency, configurational, and contextual approaches, highlighting how each contributes to understanding the relationship between HR systems and business outcomes. Particular attention is given to the Resource-Based View (RBV), which positions human capital as a valuable, rare, inimitable, and organizationally embedded resource capable of generating long-term competitive advantage. The paper further analyzes High-Performance Work Systems (HPWS) through the Ability–Motivation–Opportunity (AMO) framework, demonstrating how integrated HR practices improve employee capabilities, engagement, innovation, and productivity. Empirical and meta-analytic evidence reviewed in the study confirms a strong positive association between strategic HR practices and financial, operational, and market performance indicators across organizations of different sizes and industries. Additionally, the review investigates emerging strategic frontiers, including Artificial Intelligence (AI), algorithmic management, Green Human Resource Management (GHRM), diversity and inclusion initiatives, and the influence of national culture on HR effectiveness. The findings indicate that organizations capable of aligning HR strategies with business goals, technological transformation, and sustainability objectives are better positioned to achieve resilience and long-term success. Overall, the paper concludes that SHRM has evolved from an administrative support function into a strategic organizational capability essential for innovation, adaptability, and sustained organizational excellence in a rapidly changing global economy
Strategic Human Resource Management, Organizational Performance, Competitive Advantage, Human Capital, High-Performance Work Systems, Resource-Based View, AMO Framework, Artificial Intelligence, Green HRM, Diversity Management
ENHANCING VOCABULARY THROUGH ENGLISH MOVIES: A STUDY OF PAKISTANI ESL LEARNERS
This study investigates how exposure to English-language movies with same language subtitles enhances the vocabulary knowledge of Pakistani ESL Learners. The study adopted a mixed-methods research design, consisting of a quantitative one group pre-test/post-test approach followed by a qualitative sequential design. Based on the Noticing Hypothesis of Schmidt, Dual Coding Theory of Paivio, and incidental vocabulary learning model of Nation, vocabulary learning improves. The study is conducted with third-year BS English students of a public university in Punjab. Participants watched the films Forrest Gump and Freedom Writers for four weeks with English subtitles and participated in reflective vocabulary activities on the researcher-designed worksheets. The quantitative analysis showed that students' vocabulary improved significantly, as indicated by the analysis conducted in JASP. The overall mean score increased from 22.50 (56.25%) in the pre-test to 32.23 (80.58%) in the post-test, with a mean gain of 9.73 marks. The results of the paired-samples t-test confirmed the significance of the results (p < .001) and a Cohen's d value of 5.25 suggested a very large practical effect. The qualitative results obtained from the interviews with the 10 participants showed positive attitude towards the view of movies with subtitles overwhelming. The study concludes that structured film-based learning is an effective and feasible approach for enhancing vocabulary knowledge and communicative competence among ESL learners in Pakistani universities.
Vocabulary acquisition, English movies, Pakistani ESL learners, incidental vocabulary learning, mixed methods
A MORE CREATIVE WORLD IS A MORE SUSTAINABLE ONE: EXTENDING PRODUCT USAGE THROUGH CREATIVITY, EMOTIONAL ATTACHMENT, AND ENVIRONMENTAL AWARENESS
This study investigates the influence of consumer creativity on product usage extension through the mediating role of emotional attachment and the moderating role of environmental awareness within the fashion retail sector in Pakistan. Grounded in Attachment Theory, the study proposes that creative consumer engagement strengthens emotional consumer-product relationships, which subsequently encourage prolonged product usage and sustainable consumption behavior. A quantitative explanatory research design was employed using a cross-sectional survey approach. Data were collected from 400 fashion retail consumers through structured questionnaires and analyzed using SPSS and SmartPLS 4. The findings revealed that consumer creativity positively influences emotional attachment and product usage extension. Emotional attachment significantly enhanced product usage extension and partially mediated the relationship between consumer creativity and sustainable usage behavior. Furthermore, environmental awareness strengthened the relationship between consumer creativity and emotional attachment, indicating that environmentally conscious consumers develop stronger emotional bonds through creative engagement with products. The study contributes theoretically by extending Attachment Theory within sustainable consumption literature and integrating creativity, emotional attachment, and environmental awareness into a unified framework explaining product longevity behavior.
Consumer Creativity, Emotional Attachment, Environmental Awareness and Product Usage Extension
THE IMPACT OF FREE CASH FLOW ON FIRM’S PROFITABILITY: EMPIRICAL EVIDENCE FROM PAKISTAN STOCK EXCHANGE
The Corporate firms tend to enhance its efficiency, performance and Profitability. The free cash flow effect on firm performance has been highlighted in the literature. This Descriptive study intends to identify and measures the impact of free cash flow on firm’s profitability in Pakistan Stock Exchange. The population includes Pakistan’s 84 companies of different 5 Non-Financial Sectors. Out of these sectors, 58 Non- financial companies were taken for the study. The Secondary data has been extracted from audited Financial Statements of these companies. With the EVIEWS analysis software Version 11, data were analyzed using descriptive analysis, correlation analysis, and panel regression analysis, Hausman Test. The Descriptive result has shown the mean of ROA is 6.2% and ROE is Negative at 7.4 %. Panel Regression shows that the model is a 75% variance on profitability (ROA). While in ROE the 23% variance on profitability. In ROA Model the FCF is Beta = 0.000000425 and Prob =0.2458 it indicates no correlation and an Insignificant effect on probability. While in ROE Model the FCF is 0.000000453 and Prob = is 0.9808 which is higher than Research probability 0.05. it indicates there is no correlation but has a highly insignificant effect on profitability.
Free Cash Flow, Profitability, Non-Financial Sectors, Pakistan Stock Exchange JEL Classification codes: G0, G1 and G3
THE IMPACT OF ENTREPRENEURIAL ORIENTATION AND SOCIAL CAPITAL ON BUSINESS PERFORMANCE OF SMALL AND MEDIUM ENTERPRISES OF SINDH
In today’s competitive market, performance of small and medium enterprises has significant value towards the economy. The impact of Entrepreneurial orientation and Social Capital on business performance has been observed and has been acknowledged in the developed economies.. The relationship of Entrepreneurial Orientation, Social Capital and SMEs Performance in Pakistan is investigated to contribute towards entrepreneurial studies and entrepreneurship literature. In order to attain the objectives of the study, quantitative research method has been used to gauge relationship of both Entrepreneurial Orientation and Social Capital on Business Performance of Small and Medium Enterprises of Sindh. The target population is owners and managers of SMEs working in Sindh Province and primary data has been collected from them through questionnaire. The sampling has been made through method of non-probability judgmental sampling. For extracting results from data, Smart PLS research analysis software has been employed to generate results and analyze them. Path Analysis has been made to evaluate hypotheses. The research suggests 58.8% variance in business performance is due to entrepreneurial orientation and social capital constructs altogether. The research concludes positive relationship of both variables with business performance. The study recommends that adopting all components of Entrepreneurial orientation would results in resource inadequacies because all dimensions are not equally significant and valuable for firms. It is important that Entrepreneurs build social capital network and maintain relationships with trade partners, volunteer associations and with institutional stakeholders to generate value for firms and to enhance business performance.
NEUROMARKETING-BASED ANALYSIS OF CONSUMER DECISION-MAKING AND DIGITAL BRAND ENGAGEMENT AMONG GENERATION Z IN PAKISTAN
This study examined the influence of neuromarketing stimuli on consumer decision-making and digital brand engagement among Generation Z in Pakistan. The research integrated Dual Process Theory to explain how subconscious cognitive and emotional mechanisms shape consumer responses in digitally mediated environments. A quantitative, cross-sectional survey design was employed, and data were collected from Generation Z respondents actively engaged with social media platforms. The study analyzed the effects of visual, emotional, and cognitive neuromarketing stimuli on digital brand engagement and consumer purchase intention, while also examining the mediating role of digital brand engagement. The findings revealed that neuromarketing stimuli significantly influence both digital brand engagement and consumer decision-making. Emotional and visual stimuli were found to be the most dominant predictors, while cognitive stimuli exhibited comparatively weaker effects. Moreover, digital brand engagement significantly mediated the relationship between neuromarketing stimuli and consumer purchase intention, indicating that engagement serves as a key psychological mechanism translating marketing stimuli into behavioral outcomes. The results confirm that Generation Z consumers in Pakistan are primarily driven by fast, intuitive, and emotionally oriented (System 1) processing in digital consumption environments. This study contributes to neuromarketing and digital consumer behavior literature by providing empirical evidence from an emerging market context. It offers practical insights for marketers aiming to design emotionally engaging and visually compelling digital campaigns targeted at Generation Z consumers.
Neuromarketing; Digital Brand Engagement; Generation Z; Consumer Decision-Making; Digital Marketing; Pakistan
THE ROLE OF TRUST, SATISFACTION AND SERVICE QUALITY IN SHAPING CUSTOMER LOYALTY – A CASE OF TELECOM SECTOR
Among the sharp competition in Pakistan telecommunications sector, the identification of factors influencing customer loyalty has gained distinct importance. This study uses an exploratory research design, drawing on primary data collected from a varied sample of respondents. The investigation foci on key independent variables that are customer satisfaction, customer trust, and service quality. Whereas customer loyalty is abstracted as a dependent variable. The study consists of leading mobile service providers in Pakistan, including Jazz, Telenor, Ufone, and Zong. To observe the interrelations among the variables, correlation analysis was initially conducted, trailed by regression analysis to evaluate the statistical significance of these relations. The results validate that all independent variables give a positive and significant influence on customer loyalty. Among these, customer satisfaction is the leading variable, whereas customer trust and service quality, in spite of their significance, display less explanatory power, in Pakistan’s telecom industry.
Customer Trust, Customer Satisfaction, Service quality, Customer Loyalty, Telecom Sector, Pakistan
PROTECTION WITHOUT CAPACITY: AN EXPLORATORY MIXED-METHODS STUDY OF URBAN HERITAGE DETERIORATION IN TWO ALGERIAN PROTECTED DISTRICTS
Despite legal protection under Algeria's Law 98-04, many designated historic districts exhibit advanced physical decay, suggesting that formal heritage designation alone may be insufficient under conditions of weak institutional capacity. This exploratory mixed-methods study investigates this disjuncture through two protected districts: Souika, Constantine (n=1,065 buildings; 250 resident surveys; 15 interviews) and Casbah, Algiers (n=890 buildings; 210 surveys; 12 interviews), with a descriptive longitudinal comparison (2015–2025). Results reveal that 52.0% (Souika) and 58.2% (Casbah) of buildings are in poor or ruinous condition, with deterioration accelerating over the decade. Renter occupancy dominates (92.8% and 89.1%), while unconditional willingness to participate in heritage activities is virtually absent (0–0.5%). We propose an exploratory Protection without Capacity (PWC) framework comprising three interrelated barriers—regulatory burden, tenure fragmentation, and trust erosion—which demonstrate moderate-to-strong intercorrelations (r=0.58–0.71) and acceptable confirmatory factor analysis fit (CFI=0.94; RMSEA=0.07). These findings suggest that legal protection may correlate with continued deterioration when institutional capacity is low. We offer six testable, low-cost policy hypotheses (microgrants, one-stop shops, flexible tiers) for future action research rather than evidence-based recommendations. The PWC framework provides structured propositions for comparative heritage research in postcolonial and resource-constrained settings.
urban heritage conservation; protected sectors; institutional capacity; regulatory burden; tenure fragmentation; trust erosion; Algeria; mixed methods; exploratory framework
THE EMPIRICAL ANALYSIS OF GREEN HRM PRACTICES IN SMALL AND MEDIUM ENTERPRISES (SMES) IN SINDH: A CONTEXT OF COMPANY AND EMPLOYEE OUTCOMES
This study investigates Green HRM Practices in manufacturing SMEs in Sindh in the context of Company outcome (Environmental Sustainability) and Employee Outcome (Employees’ Green Performance) with a mediating variable (Employee Green Behavior) within the framework of Ability-Motivation-Opportunity (AMO).This study adopted a quantitative research design using Cross-sectional survey questionnaires which were administered to HR managers/owners and employees from 100 manufacturing SMEs in Sindh to measure GHRM practices, employee green behavior, environmental sustainability, and employee green performance using convenience sampling.The present study applied Hierarchical Component Model (HCM) in the context of PLS-SEM involving on modeling its Higher Order construct (GHRM Practices) by its Lower Order Constructs (GHRM Practices), thereby reducing the number of path model relationship. The results revealed that GHRM exerted significant positive effects on Employee Green Behavior (EGB) (H1: β = 0.568, p = 0.048), employee green performance (H2: β = 0.346, p = 0.023) and environmental sustainability (H3: β = 0.307, p = 0.024). Furthermore, Employee Green Behavior significantly influenced Employee Green Performance (EGP) (H4: β = 0.610, p < 0.001) and Environmental Sustainability (ES) (H5: β = 0.295, p = 0.024). However, the indirect effects of GHRM on EGP (H6: β = 0.347 p = 0.096) and on ES (H7: β = 0.167 p = 0.242) were statistically insignificant, leading to rejection of mediation effect.
Green HRM, Employee Green Behavior, Environmental Sustainability, Employee Green Performance, Mediation Analysis, SMEs, Partial Least Square (PLS), Hierarchical Component Model (HCM), Ability-Motivation-Opportunity (AMO)
ARTIFICIAL INTELLIGENCE–DRIVEN HR ANALYTICS AND ORGANIZATIONAL AGILITY: THE MEDIATING ROLE OF WORKFORCE RESILIENCE
The rapid integration of Artificial Intelligence (AI) into human resource management has transformed traditional HR functions into data-driven, predictive, and strategically oriented systems. This study examined the impact of AI-driven HR analytics on organizational agility, with a specific focus on the mediating role of workforce resilience. Grounded in Dynamic Capability Theory, the study adopted a quantitative, cross-sectional research design, and data were collected from employees and managerial staff using a structured questionnaire. Structural equation modeling and bootstrapping techniques were applied to test the hypothesized relationships and mediation effects. The findings revealed that AI-driven HR analytics has a significant positive effect on organizational agility. Additionally, AI-driven HR analytics significantly enhances workforce resilience, which in turn positively influences organizational agility. The results further confirmed that workforce resilience partially mediates the relationship between AI-driven HR analytics and organizational agility, indicating that AI improves agility both directly and indirectly through strengthening employees’ adaptive capacity. These findings highlight that technological capability alone is insufficient unless supported by psychologically resilient human capital. The study contributes to the literature by integrating AI-enabled HR systems with behavioral mechanisms under a unified framework, extending Dynamic Capability Theory through the inclusion of workforce resilience as a mediating construct. Practically, the study emphasizes the need for organizations to balance technological adoption with employee resilience-building strategies to fully realize the benefits of AI-driven transformation.
Artificial Intelligence, HR Analytics, Organizational Agility, Workforce Resilience, Dynamic Capability Theory, Digital Transformation
DIGITAL CONSUMER BEHAVIOR AND FINTECH ADOPTION IN PAKISTAN: THE ROLE OF TRUST AND FINANCIAL LITERACY
The rapid expansion of financial technology (fintech) has transformed traditional financial systems by enabling digital payment solutions, mobile banking, and online financial services. In emerging economies such as Pakistan, fintech adoption remains uneven despite increasing digital infrastructure, primarily due to behavioral, psychological, and financial capability constraints. This study examines the influence of digital consumer behavior on fintech adoption in Pakistan, while investigating the mediating role of trust and the moderating role of financial literacy. A quantitative, cross-sectional research design was employed, and data were collected from 387 fintech users across major cities of Pakistan using a structured questionnaire. The results, analyzed through regression, mediation, and moderation techniques, reveal that digital consumer behavior significantly and positively influences fintech adoption. Trust was found to partially mediate the relationship between digital consumer behavior and fintech adoption, indicating that greater digital engagement enhances adoption primarily through increased consumer trust. Furthermore, financial literacy was found to significantly strengthen the relationship between digital consumer behavior and fintech adoption, suggesting that financially knowledgeable individuals are more likely to convert digital engagement into actual fintech usage. The study contributes to the Technology Acceptance Model by integrating behavioral and financial dimensions within a unified fintech adoption framework. The findings offer practical implications for fintech providers, financial institutions, and policymakers in designing trust-enhancing systems and financial literacy initiatives to promote digital financial inclusion in Pakistan
Fintech Adoption, Digital Consumer Behavior, Trust, Financial Literacy, Pakistan, Technology Acceptance Model
DIRECTOR HR AS A STRATEGIC CATALYST: INTEGRATING CORE HR FUNCTIONS TO ENHANCE WORKFORCE EFFICIENCY AND ORGANIZATIONAL PERFORMANCE IN MEDICAL TEACHING INSTITUTIONS
Background: Healthcare organizations increasingly recognize human resource management as a strategic driver of performance. In developing healthcare systems, particularly in public-sector hospitals, disjointed HR practices and weak leadership limit workforce efficiency and service quality. Objective: This study examines the role of Director HR as a strategic catalyst in integrating core HR functions like recruitment, selection, training, development, performance management, payroll, and employee relations and its impact on workforce efficiency and organizational performance in Medical Teaching Institutions (MTIs). Methods: A quantitative, cross-sectional research design was adopted using survey data from 320 healthcare professionals across MTIs in Khyber Pakhtunkhwa, Pakistan. Data were analyzed using SPSS and Structural Equation Modeling (SEM). Reliability, validity, and mediation analyses were performed to test the proposed hypotheses. Results: The findings indicate that Director HR leadership has a significant positive impact on all HR functions (β = 0.58–0.66, p < 0.001). HR functions significantly influence workforce efficiency (β = 0.72, p < 0.001), which in turn strongly predicts organizational performance (β = 0.75, p < 0.001). Mediation analysis confirms that HR functions and workforce efficiency act as key pathways linking leadership to organizational outcomes. Conclusion: Director HR plays a critical role in transforming HR systems and enhancing organizational performance. Leadership-driven integration of HR functions improves workforce efficiency and supports sustainable healthcare delivery.
Human Resource Management, Healthcare Leadership, Workforce Efficiency, Organizational Performance, Employee Relations, Recruitment & Selection, Training & Development, Pakistan
PESHAWAR BUS RAPID TRANSIT (BRT); POLICY, PERFORMANCE, AND IMPACT ASSESSMENT
In contrast to the developed countries, urban transport in Pakistan was not planned and the functions of the public transport are disintegrated, and the constitute an extra burden that can easily lead to traffic congestion especially along roadsides contributing to a serious air pollution. However, there was then the Peshawar Bus Rapid Transit (BRT) or rather the Zu Peshawar as the locals refer to it was introduced with a lot of hope: It was going to be revolutionary in the sense that it will not only change the way people move about in KP, but also urban transportation in general. The system was introduced with the help of ADB in August of 2020 and includes nearly 27 km of exclusive corridor where the 30 stations are placed, and an integrated feeder network to make the system more accessible, affordable, and sustainable. The BRT was created not only as a means of transport solution, but also as a tool of revitalizing gender equity and sustainable urban development. The paper measures the Peshawar BRT on performance and challenges on various grounds as policy back-ground, operational efficiency, financial practicability, inclusiveness/ safety/ environmental goals. It is the second research method and is based on the secondary ADB project documents, the articles of think-tanks, academic papers and trustworthy press. It further states that the high ridership of Zu Peshawar, implies that there is a latent demand that is being unmet by informal (or un-institutionalized) modes, and the ways in which institutionalized service provision can exploit the mobility practices of low-income urban settings. The social element of the system design such as cars exclusive to women, quotas in women workers and universal access ramps has gone a long way in improving a feeling of safety and accessibility among women, seniors and disabled individuals also. But it has also faced significant problems even as it managed to be successful. During the weeks following the installation of that new system, there was a series of fires due to the technical gremlins in the bus equipment; intermittent stoppage of service was experienced followed by further inquiries about procurement practices and safety measures. Financially, the system is still highly reliant on government funds, as Trans-Peshawar has PKR 3.3bn gap in FY22-23 and medium-long-term fiscal sustainability issues. Moreover, even though the fleet of hybrid-electric buses can be perceived as a move in the right direction towards the cleaner mobility, in case Kenya plans to go fully electrified by 2030 becomes a reality, a lot of resources must be directed at the grid management and charging infrastructure with the assistance of the climate finance partners. To sum up, the study results indicate that Zu Peshawar is a landmark in the history of urban transport of Pakistan and proved the idea that people tend to demand safe, secure, and inclusive transport. Its future however depends on the efficiencies of its operations, various sources of revenue and enhanced safety measures not to mention the actual realization of the environmental promises. The paper has also suggested policy recommendations to stabilize the finance, encourage first/last-mile connectivity through cycling and pedestrian network, and upscale electrification initiatives. In case they are stepping stones, the Peshawar BRT can become a model that other South Asian cities can imitate to stem out of the same mobility crisis.
Zu Peshawar, Bus Rapid Transit, urban transport, Pakistan, inclusive mobility, public policy
THE SOCIAL AND PRAGMATIC FUNCTIONS OF ADDRESS TERMS: A SOCIO-PRAGMATIC INVESTIGATION OF PAKISTANI WOMEN’S EVERYDAY INTERACTION
The current research analyzes the way in which Pakistani women make a strategic use of an address term Bhai as a tool for communication different interactional contexts. Being influenced by gender roles, norms of politeness, and worries about one’s personal security, women utilize this address term as a means to regulate interpersonal distance, express politeness, and manipulate social relationships. Quantitative research approach is employed; data has been gathered from female students enrolled in universities using a Likert scale questionnaire that included 29 items evaluate social and pragmatic aspects. Findings designate that its significance of its use in terms of politeness, respect, and affection seems to be relatively high, whereas the significance of its usage in exercising power control is relatively low, indicating that it serves more as a means of protection than authority. The research is based on the theoretical principles of pragmatics and sheds light on the complexity of what initially appeared to be a simple address term in gender discourse.
Pakistani women, politeness, address terms, social boundaries, feminist pragmatics, face theory
FROM EXPOSURE TO TRAVEL BEHAVIOR: EXPLAINING ANIME TOURISM DRIVERS THROUGH A PROCESS-BASED SEQUENTIAL MEDIATION FRAMEWORK IN PAKISTAN
“Anime Tourism” has emerged as a growing niche, within the cultural tourism context, through which media consumption may convert into tourism intention. In spite of the global expansion of “Anime Culture”, little exploration has investigated its potential to tourism development in developing countries such as Pakistan. While considering it, present study’s object is to explore the key behavioral drivers of anime tourism through a process-based sequential mediation conceptual framework, linking: anime watching frequency, event participation, cultural perception, and emotional attachment towards tourism intent. To rationalize the proposed framework, an exploratory secondary data is employed, publicly available “Anime Dataset 2022” containing 18,495 explanations from the “Anime Planet” platform against 17 variables at Kaggle and adopts an exploratory analytical perspective to interpret anime industry trends in relation to tourism behavior. The use of non-experimental quantitative research designs (Descriptive, comparative, and correlational) was adopted to analyze tendencies in anime productions, consumption by audience, media formats used, and thematic multiplicity. According to the results, there is a significant increase in the production of anime globally; at the same time, audience positively perceive episodic formats and broad themes. Such engagement suggests favorable conditions for repeated exposure, fan involvement, and emotional connection. These patterns provide contextual support for the proposed pathway, sequential mediation framework, through which anime consumption may translate into tourism intention. The contribution of the present study is the identification of anime tourism beyond the traditional one and introducing a process-based framework relevant to emerging tourism markets. While practically implementing its findings offers strategic insight for policymakers and tourism stakeholders seeking to leverage anime related cultural tourism in Pakistan.
Anime Tourism, Pakistan, Niche Tourism, Fan’s Communities, Event Participation, Emotional Attachment, Tourism intention
OPERATIONS RESEARCH TECHNIQUES FOR EFFICIENT BUSINESS DECISION MAKING
This study examines the role of Operations Research techniques in improving efficient business decision making in modern organizations. In a competitive and uncertain business environment, managers must make decisions related to cost control, resource allocation, production planning, inventory management, transportation, scheduling, and customer service. Operations Research provides scientific and quantitative tools that support rational decision making by transforming complex business problems into structured mathematical models. The study focuses on major techniques such as linear programming, transportation model, assignment model, inventory control, queuing theory, decision analysis, and simulation. These techniques help organizations identify optimal alternatives, minimize operational cost, maximize profit, reduce waiting time, improve resource utilization, and manage uncertainty effectively. The analysis highlights that Operations Research is not only a mathematical discipline but also a practical managerial tool for evidence-based planning and strategic decision support. The findings suggest that businesses using Operations Research techniques can achieve greater efficiency, transparency, and competitiveness in both manufacturing and service sectors across diverse organizational decision-making contexts and markets. Therefore, the study concludes that Operations Research is essential for systematic, reliable, and data-driven business decision making.
Operations Research, Business Decision Making, Optimization, Resource Allocation, Linear Programming, Decision Analysis
CRONYISM RECONSIDERED: A MODERATED MEDIATION MODEL OF MORAL DISENGAGEMENT AND KNOWLEDGE HIDING
Cronyism is favoritism based on personal loyalty rather than merit remains a persistent challenge in workplace. It is particularly prevalent in cultures that are shaped by paternalism, particularism and collectivist norms. Prior research has predominantly classified cronyism as a linear process that flows from cultural norms of employees thinking. However, it is not true as employee’s response may reproduce and reinforce cronyism system making it a cyclic process. This study proposes a dual level framework that conceptualizes cronyism as both a cultural antecedent and cognitive behavioral outcome sustained through recursive mechanism. The study conducted a 3-wave longitudinal study of Pakistani employees from diverse background. Data was collected at 4 weeks interval to examine temporal relationship among organizational cronyism, moral disengagement, egoistic climate, moral identity and knowledge hiding. Findings showed that knowledge hiding creates informational asymmetry and political dependency among colleagues at workplace. Furthermore, it advances social cognitive and moral identity theory by demonstrating that employees are not passive recipients of cronyistic culture but active agents in its perpetuation. Practically, it highlights the necessity of transparent HR system, merit-based evaluation and ethical leadership in deterring the recursive cycle of favoritism, cognitive rationalization and informational control in workplace.
Cronyism, Human Resource, Cognition, Organizational Politics, Ingroup and Outgroup bias
HOW PAY TRANSPARENCY AND LIVING WAGE DEMANDS IMPACT EMPLOYEE RETENTION: OCCUPATIONAL STRESS AS MEDIATOR AND LEADER’S EMOTIONAL INTELLIGENCE AS MODERATOR IN PRIVATE UNIVERSITIES OF HYDERABAD
With the increasing inflation, low salary packages and lack of pay transparency, the retention of employees has turned out to be one of the challenges faced by private universities in Pakistan. The effect of pay transparency and living wage demands on the intentions of faculty members to remain in private universities of Hyderabad, Pakistan is investigated in this study. The mediating effect of occupational stress and the moderating effect of leader emotional intelligence are also explored in the study. The study is grounded on the Conservation of Resources (COR) theory and the Social Exchange theory (SET) about the impact of compensation and supportive leadership on employee commitment and low level of stress. A quantitative and explanatory research design was used. The data was gathered from 127 full time faculty members with the help of a structured questionnaire by the 5-point Likert scale. The data analysis used descriptive analysis, reliability test and hypothesis testing, which were analyzed using SPSS and SmartPLS-SEM. The results show that the relationships between pay transparency and living wages with employee retention intentions are positive, and are mediated by occupational stress. When leader emotional intelligence is used, the adverse effects of stress on retention are minimized because the work environment becomes conducive. The study offers practical implications to the University administrators for the enhancement of compensation policy, minimizing stress levels among faculty members, and enhancing retention policy in the Private Sector universities of Pakistan.
Pay Transparency, living wage demands, employee retention intentions, occupational stress, leader emotional intelligence, private universities, Pakistan
IMPACT OF DIVERSITY MANAGEMENT AND PARTICIPATORY DECISION MAKING ON EMPLOYEE PERFORMANCE. A MEDIATING ROLE OF CORPORATE GOVERNANCE OF EDUCATIONAL SECTOR EMPLOYEES OF HYDERABAD SINDH.
This study investigates the effects of Diversity Management and Participatory Decision Making on Employee Performance, with Corporate Governance acting as a mediating role among employees working in the educational sector of Hyderabad, Sindh. In today’s rapidly changing organizational environment institutions are increasingly focusing on inclusive workplace practice and employee involvement to improve overall performance and long term sustainability. The primary purpose of the study is to analyze the direct and indirect influence of Diversity Management and Participatory Decision Making on Employee Performance through Corporate Governance. A quantitative research design was adopted, and data were gathered through structured questionnaires from 160 employees working in educational institutions in Hyderabad, Sindh. To analyze the responses the study applied Partial Least Squares Structural Equation Modeling (PLS-SEM) which helped test reliability, validity and the relationship among the variables. The findings show that Diversity Management has a positive and significant effect on Employee Performance while Participatory Decision Making has a positive but statistically insignificant direct relationship with Employee Performance. The results further show that both Diversity Management and Participatory Decision Making positively and significantly influence Corporate Governance. Also Corporate Governance has a positive and significant effect on Employee Performance and mediates the relationships between Diversity Management, Participatory Decision Making and Employee Performance. The study conclude that educational institutions can improve employee performance by supporting diversity, involving employees in decision making and strengthening governance practices. The findings may help managers, policymakers and researcher who want to build more inclusive and performance focused workplaces.
Diversity Management, Participatory Decision Making, Corporate Governance and Employee Performance
PSYCHOLOGICAL DRIVERS OF INVESTMENT BEHAVIOR: EXAMINING OVERCONFIDENCE, SELF-ATTRIBUTION, AND HERDING
The purpose of the present study is to quantify the effect of instrumental biases of over confidence bias, self-attribution bias and herding behavior on investment decisions of business graduates in Lahore city (a city in Pakistan). This study suggests that psychological factors have a role in the creation of financial inefficiencies, rather than classical finance paradigm that assumes rational (economic) behaviour. The research design used was quantitative, cross sectional and the method used was to have 400 business graduates respond to self-completed questionnaires. The measurement model and the structural model was tested by using Partial Least Squares–Structural Equation Modeling (PLS–SEM). Results show that there is a positive significant effect between overconfidence bias and self-attribution bias and herding behavior on investment decisions. The results point to the broad effects of psychological factors on financial choices, particularly in an emerging market where such actions are likely to be greater. The study makes significant theoretical contributions to the behavioral finance by generalizing it up to an under-studied sample in Pakistan, and practical implications for individual investors, financial advisors, regulators, and educational institutes to promote rational and informed investing decisions
Behavioral Finance, Overconfidence Bias, Self-Attribution Bias, Herding Behavior, Investment Decisions, PLS-SEM.
FOOD SECURITY AND INFLATION IN DEVELOPING NATIONS
In recent years, food security and inflation have become a serious problem in the developing countries and have a great impact on the economic stability and the living standard of vulnerable people. The increasing inflation, especially in food prices has made the purchasing power of the households poverty and hunger decreasing. Developing countries are particularly vulnerable based on their weak economic structures, reliance on agricultural production, lack of government resources, and unstable market conditions. This article reviews the nature of the link between inflation and food security in developing countries, and explores the potential impact of rising food prices on food availability, food access, food affordability and food consumption in low and middle-income groups. This paper examines the key factors contributing to food inflation, such as the world's economic instability, disruption in the food supply chain, climate change, population growth, political conflicts, and fluctuations in fuel input and agricultural input prices. It also examines the socio-economic effects of inflation on households, farmers, and nations' economies. The problems of marginalized communities are given special consideration with the rising prices of food products leading to poorer food intake and higher food insecurity in those communities. The article also explores policy responses and strategies which governments and international organisations have taken to deal with food insecurity in times of high inflation. These include, among others, agricultural subsidies, social protection programs, price controls, food aid programs, and investments in sustainable agricultural development. The study is conclusive that coordinated economic policies, enhanced agricultural systems and future development strategies are needed to control inflation and strengthen food security. Access to food is still a key element of sustainable development and poverty alleviation in developing countries.
Food security, Inflation, developing nations, food prices, poverty, economic stability, economic growth.
SOCIAL MEDIA INFLUENCE ON CONSUMER DECISION MAKING
Social media has emerged as a dominant force in shaping consumer behavior, profoundly influencing purchasing decisions and brand loyalty. This study underscores the significant impact of social media, revealing that a staggering 70% of consumers are swayed by its influence when making purchasing choices, with 54% meticulously researching products on these platforms before making a purchase. Influencer marketing has emerged as a pivotal player in this dynamic landscape, captivating 63% of younger consumers. Moreover, the rise of social commerce is undeniable, with 42% of consumers seamlessly transitioning from social media browsing to making direct purchases. Platforms like TikTok have become synonymous with entertainment and lifestyle purchases, while Instagram reigns supreme in the fashion and beauty sectors. However, this burgeoning landscape presents ethical challenges. Transparency in influencer marketing remains a critical concern, with 58% of consumers expressing apprehension regarding the authenticity of sponsored content. This research unequivocally emphasizes the paramount importance of authenticity, transparency, and cultivating unwavering consumer trust for the long-term success of social media marketing strategies.
Social Media, Consumer Behavior, Purchasing Decisions, Influencer Marketing, Social Commerce, Ethical Marketing
TRANSFORMATIONAL LEADERSHIP AND EMPLOYEE RESILIENCE IN PAKISTAN’S PUBLIC SECTOR ORGANIZATIONS UNDER CRISIS CONDITIONS
The increasing frequency of organizational crises, economic instability, and administrative uncertainty has highlighted the importance of resilient employees in public sector organizations. This study examined the impact of transformational leadership on employee resilience in Pakistan’s public sector organizations under crisis conditions. The study adopted a quantitative research approach using a cross-sectional and explanatory research design. Primary data were collected from 300 employees working in various public sector organizations in Pakistan through a structured questionnaire. The study employed stratified random sampling to ensure representation from different organizational levels and departments. Data were analyzed using Statistical Package for Social Sciences (SPSS) version 27 through descriptive statistics, reliability analysis, Pearson correlation, and regression analysis. The findings revealed that transformational leadership had a significant positive effect on employee resilience. Leadership dimensions including inspirational motivation, individualized consideration, intellectual stimulation, and idealized influence significantly enhanced employees’ adaptability, emotional stability, coping ability, and psychological confidence during crisis situations. The results further indicated that transformational leadership explained a substantial proportion of variance in employee resilience, confirming its importance in strengthening organizational sustainability and workforce stability under adverse conditions. The study supported the assumptions of Conservation of Resources (COR) Theory by demonstrating that transformational leadership acts as a valuable organizational resource that helps employees manage stress and uncertainty effectively. The study contributes to the existing literature by providing empirical evidence from Pakistan’s public sector context, where research on transformational leadership and employee resilience remains limited. The findings offer practical implications for policymakers, administrators, and organizational leaders by emphasizing the need for leadership development programs and resilience-building strategies within public institutions. The study concludes that transformational leadership is essential for improving employee resilience and maintaining effective public service delivery during organizational crises.
Transformational Leadership, Employee Resilience, Public Sector Organizations, Crisis Conditions, Organizational Behavior, Pakistan, Conservation of Resources Theory, Leadership Effectiveness
IMPACT OF INFLATION, UNEMPLOYMENT, AND EXCHANGE RATE VOLATILITY ON ECONOMIC GROWTH AND STABILITY IN PAKISTAN
This study examines the dynamic interplay between inflation, unemployment, and exchange rate volatility and their combined impact on economic growth and macroeconomic stability in Pakistan over the period 2015–2026. Drawing on recent macroeconomic data and policy developments, the paper highlights Pakistan’s transition from a balance-of-payments crisis toward a phase of cautious stabilization under International Monetary Fund (IMF)-supported reforms. The findings indicate that while headline inflation declined sharply from historic highs in 2023 to single digits by 2025, core inflation remains persistent due to structural rigidities, subsidy withdrawals, and forward-looking expectations, reflecting limitations of the traditional Phillips Curve framework in Pakistan. Despite modest GDP recovery, unemployment particularly among youth and educated individuals continues to rise, revealing a pattern of “jobless growth” driven by skills mismatches, weak industrial absorption, and limited private sector expansion. At the same time, exchange rate stabilization and improved current account balances have strengthened foreign reserves; however, high exchange rate pass-through effects continue to transmit external shocks into domestic inflation and increase the burden of external debt servicing. The study further identifies structural constraints, including energy sector inefficiencies, circular debt, low tax-to-GDP ratio, and vulnerability to climate and global economic shocks, as key impediments to sustainable growth. Additionally, the persistence of poverty, declining human development indicators, and rising inequality underscore a critical disconnect between macroeconomic stabilization and social welfare outcomes. The paper concludes that achieving durable and inclusive economic growth in Pakistan requires a balanced policy approach that goes beyond stabilization, emphasizing structural reforms, human capital development, labor market alignment, and export competitiveness to ensure long-term economic resilience and stability.
inflation Pakistan, unemployment Pakistan, exchange rate volatility, economic growth Pakistan, macroeconomic stability, Phillips Curve Pakistan, circular debt, IMF programs, jobless growth, current account surplus
ROLE OF INTERNAL AUDIT SYSTEMS IN ENHANCING FINANCIAL ACCOUNTABILITY AND ECONOMIC EFFICIENCY IN EMERGING ECONOMIES
This study examines the role of Internal Audit Systems (IAS) in enhancing financial accountability and economic efficiency in emerging economies. In an environment characterized by institutional volatility, governance weaknesses, and increasing demands for transparency, internal audit functions have evolved from traditional compliance-based mechanisms into strategic governance tools. Drawing on agency and stewardship theories, the paper conceptualizes internal audit as both a monitoring mechanism to reduce information asymmetry and a value-adding function that supports organizational performance and resource optimization. The study synthesizes existing literature to demonstrate that effective internal audit systems significantly improve financial reporting quality, strengthen regulatory compliance, and reduce risks of fraud, corruption, and wasteful expenditure, particularly in public sector organizations. Empirical evidence from emerging economies indicates that strong internal audit practices are associated with improved budgetary control, reduced over-expenditure, and enhanced accountability in both corporate and governmental institutions. Furthermore, the paper highlights the contribution of internal audit to economic efficiency by improving resource allocation, strengthening investment oversight, and supporting public investment project performance. However, it also identifies persistent structural challenges, including political interference, limited institutional independence, skills shortages, and inadequate technological adoption, which constrain audit effectiveness in developing contexts. Finally, the study explores emerging trends such as digital auditing, artificial intelligence, and Environmental, Social, and Governance (ESG) assurance, emphasizing their potential to transform internal audit into a more proactive and strategic function. The paper concludes that strengthening internal audit systems through institutional reforms, capacity building, and technological integration is essential for promoting sustainable economic development and governance resilience in emerging economies.
Internal Audit Systems (IAS), Financial Accountability, Economic Efficiency, Emerging Economies, Corporate Governance, Risk Management, Public Sector Transparency, Digital Auditing