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.
UNDERSTANDING HOW ESG ORIENTATION AND SUSTAINABILITY DISCLOSURE AFFECT INVESTOR DECISIONS THROUGH REPUTATION AND MARKET CONDITIONS
The growing integration of sustainability considerations into corporate strategy has reshaped capital market dynamics, raising important questions about how responsible governance influences investor behavior. This study examines how sustainability oriented strategic posture and disclosure practices affect investor decision making through the mediating role of firm reputation and the moderating influence of market uncertainty. Drawing on signaling theory, the research proposes that sustainability related commitments function as credible signals that shape reputational evaluations and financial judgments. A quantitative cross-sectional design was employed, collecting survey data from senior managers in large textile manufacturing firms. Structural equation modeling using SmartPLS was applied to test direct, mediating, and moderating relationships. The findings reveal that sustainability orientation and disclosure significantly enhance firm reputation, which in turn positively influences investor decision making. Firm reputation mediates the relationships between sustainability practices and investment judgments. Moreover, market uncertainty strengthens the impact of reputation on investor decisions. The study highlights the central role of reputational capital in translating sustainability initiatives into tangible financial outcomes and contributes to a context sensitive understanding of signaling processes in sustainable finance.
FROM COMMUNICATION TO PERFORMANCE: UNDERSTANDING THE PATHWAYS OF TECHNOLOGY ANTICIPATION IN SUPPLY CHAIN EXCELLENCE
The complexity of supply chains is impacted by a number of factors. In an attempt to address some of these factors, businesses have begun to incorporate modern technology, integrated communication, and digital automation on a large scale. This study analyzes the relationships of Communication Level (CL), Use of Technology Level (UTL), and Anticipation of New Technologies (ANT), and their overall effect on Supply Chain Performance (SCP). Pakistan is home to a number of industries that are digitizing and modernizing quickly, and the textile industry is no exception. The relationships of the variables of interest have not been addressed to the extent that is needed, and this study speaks to that gap. In reference to the Resource-Based View (RBV), the study posits that sustainable advantage lies in the ability to proactively identify, and in turn capitalize on, technological developments. In the Pakistani textile industry, 370 professionals’ responses were analyzed using Structural Equation Modeling (SEM). In the relationship of new technology anticipation and supply chain performance, Anticipation of New Technologies is the only mediator. Respondents’ results deemed it imperative to shift a firm’s overall strategy from a predominantly reactive to a predominantly proactive approach in order to achieve excellence in SC dynamic technological anticipation.
Communication Level, Use of Technology Level, Supply Chain Performance, Anticipation of New Technology, Industry 4.0
Impact of RevenueDiversification on Financial Performance: A Study of Commercial Banks in Pakistan
The primary objective of this study is to examine the influence of income diversification on the financial performance of commercial banks in Pakistan. Data from 10 commercial banks have been collected in a panel format spanning from 2015 to 2023. The acquired data was initially analyzed using Eviews 9 in a PLOS analysis. Then, the Breush-Pagan(BP) test was done to see if the findings of the Pooled OLS analysis were appropriate or if the results of a fixed model would be more suitable. The p-value of the BP test indicated that the data should be modeled using the Random model. Subsequently, the Haussmann Test confirmed that the findings obtained from the random model were appropriate for the model. The correlation study reveals a favorable link between both interest and non-interest based revenue and the financial performance of the selected institutions. The random model indicates a considerable positive correlation between markup-based and non-markup-based income and financial performance.
Interest Income, Non-Interest Income, Commercial Banks, Financial Performance
DIGITAL TRANSFORMATION IN U.S. SMES: A REPEATABLE ERP PLAYBOOK BACKED BY A REAL CASE
Digital transformation has become a strategic imperative for small and medium-sized enterprises (SMEs) in the United States, particularly in retail environments where omni-channel complexity and customer expectations continue to rise. Enterprise resource planning (ERP) systems are increasingly adopted as foundational platforms to integrate fragmented operational processes across finance, inventory, procurement, and digital commerce. However, ERP initiatives in SMEs remain high-risk due to common failure drivers related to governance gaps, data readiness challenges, and user adoption constraints. This article proposes a repeatable ERP-led digital transformation playbook grounded in both scholarly research and validated through a real-world SME case drawn from a North American specialty retailer. The case demonstrates how structured discovery, phased implementation, integration discipline, and adoption enablement can mitigate known SME ERP risks while establishing a scalable operational backbone. The article further argues that the controls and artifacts applied in this engagement are transferable across U.S. retail SMEs facing similar pressures. By synthesizing academic insights with practical execution lessons, the paper contributes a structured framework for SMEs seeking sustainable and replicable digital transformation outcomes.
Digital transformation, medium-sized enterprises (SMEs), Enterprise resource planning
CAREER ANXIETY AND EMPLOYABILITY CONFIDENCE AMONG UNIVERSITY STUDENTS IN PAKISTAN
Background: Economic uncertainty and labor market instability in Pakistan have intensified career-related concerns among youth, especially University students. However, published literature is scarce on this topic. Purpose: This study aims to examine the dynamic relationship between career anxiety and perceived employability confidence among university students across Pakistan. Methodology: A cross-sectional online survey was conducted using a structured questionnaire disseminated via social media pages of 14 universities as located in different provinces of Pakistan. A total of (n = 432) undergraduate and postgraduate students participated. Standardized scales were used to measure variables of career anxiety and perceived-employability confidence. Data was analyzed by using descriptive statistics and regression analysis. Findings: Career anxiety was negatively associated with employability confidence (β=0.126, p: <0.01). Higher levels of career-related anxiety significantly predicted lower confidence in securing future employment. Discussion: This study contributes to the limited Human Resource Management literature in Pakistan by empirically examining the psychological factors influencing students’ perception of employability in a developing economy context. If universities fail to address escalating career anxiety, they risk graduating cohorts who possess degrees but lack the psychological confidence necessary to compete in an increasingly uncertain labor market.
EXAMINING THE IMPACT OF LEAN AND AGILE MANUFACTURING PRACTICES ON SUSTAINABLE FIRM PERFORMANCE: THE MEDIATING ROLE OF GREEN PRACTICES
This study examines how lean manufacturing practices including Total Quality Management (TQM), Just in Time (JIT) and agile manufacturing practices affect the Sustainable Firm Performance (SFP) with green manufacturing practices acting as a mediator. Based on the Resource-Based View (RBV), this study primarily examined the business's operational and environmental skills as strategic capabilities that contribute to long-term, sustainable firm performance. Data was gathered from 241 respondents in Pakistan's leather export sector, including executives, operational managers, and quality supervisors. Information gathered through the use of cluster sampling. Every item and associated construct was measured using a validated five-point Likert scale. The measurement and structural models, including mediation effects, were evaluated using Covariance-based Structural Equation Modeling (CB-SEM) in AMOS. The results reveal that while JIT has no measurable effect on SFP or Green Practices, TQM and Agile Manufacturing Practices both directly and indirectly improve SFP through Green Practices. The linkages among TQM and Agile Manufacturing Practices with SFP were shown to be somewhat mediated by green practices, indicating the crucial role that eco-friendly efforts play in converting operational and manufacturing excellence into long-term results. In addition to providing management insights by highlighting the combination of quality, agility, and green practices to achieve better sustainability performance, the study advances theory by expanding RBV to include environmental capabilities as strategic resources.
EXPLORING DRIVERS OF ELECTRIC VEHICLE PERCEIVED VALUE: A COMPARATIVE STUDY OF PAKISTAN AND LITHUANIA
The global transition toward electric vehicles (EVs) is central to sustainability strategies, yet consumer adoption remains uneven across countries, suggesting that technological progress and policy incentives alone insufficiently explain adoption behavior. This study investigates how functional, psychological, environmental, and symbolic value dimensions shape consumer perceived value of electric vehicles, and examines whether these relationships differ between Pakistan and Lithuania as culturally and economically distinct markets. For this purpose, this study adopts a quantitative cross-sectional survey and it was conducted with 218 respondents (120 from Pakistan, 98 from Lithuania). Drawing on the Theory of Consumption Values, the study measured battery life and cost concerns, range anxiety, battery recycling awareness, and symbolic value as determinants of EV perceived value. Data were analyzed using descriptive statistics, correlation analysis, multiple regression, and moderation analysis in SPSS. The findings of this study reveal that battery life and cost concerns (β = -0.32, p < 0.01) and range anxiety (β = -0.28, p < 0.01) significantly negatively influenced perceived value, with stronger effects observed in Pakistan. Battery recycling awareness (β = 0.24, p < 0.01) and symbolic value (β = 0.41, p < 0.01) positively influenced perceived value, with stronger effects in Lithuania. National context significantly moderated these relationships, confirming that value formation is context-dependent. This study advances EV adoption research by reframing adoption barriers as negative value dimensions within a unified value-based framework, and by demonstrating that perceived value is not universal but culturally and economically constructed. The findings provide actionable guidance for policymakers and marketers to design context-sensitive strategies for accelerating EV adoption in diverse markets.
Electric vehicles, perceived value, Theory of Consumption Values, battery life, range anxiety, battery recycling, symbolic value, Pakistan, Lithuania, sustainable mobility, consumer behavior
EXAMINING THE MEDIATING ROLE OF EMPLOYEE MOTIVATION TO IMPROVE JOB PERFORMANCE THROUGH EMPLOYEE TRAINING AND DEVELOPMENT WITH THE MODERATING ROLE OF MANAGERIAL EMOTIONAL INTELLIGENCE
This study investigates a conditional process model examining how employee training and development (ETD) enhances job performance through the mediating mechanism of employee motivation, with managerial emotional intelligence (MEI) serving as a critical boundary condition. Grounded in Self-Determination Theory (SDT) and the Ability-Motivation-Opportunity (AMO) framework, this research addresses a significant gap in understanding when and how training investments translate into performance outcomes. While extant literature establishes direct relationships between training and performance, limited attention has been paid to the motivational mechanisms that activate training gains and the leadership qualities that amplify these effects. Using a quantitative cross-sectional design with data collected from 420 employees across multinational corporations in Southeast Asia, this study employs Hayes' PROCESS macro (Model 7) to test a moderated mediation model. Preliminary findings indicate that intrinsic motivation fully mediates the relationship between ETD and job performance (β = .38, p < .001), while MEI significantly moderates the training-motivation pathway (ΔR² = .07, p < .01), such that the relationship strengthens under high-MEI managers. The study contributes theoretically by integrating SDT with emotional intelligence literature and offers practical implications for designing emotionally intelligent leadership development programs that maximize training ROI. Results underscore that training effectiveness is not merely a function of program quality but critically depends on managers' capacity to foster autonomous motivation through empathetic support and psychological safety.
Ability-motivation-opportunity framework
UNDERSTANDING HOW AI-DRIVEN ANALYTICS AND REAL TIME MONITORING SHAPE SUPPLY CHAIN RESILIENCE THROUGH TRANSPARENCY AND AGILITY
Supply chain disruptions have intensified interest in understanding how digital technologies support organizational resilience under uncertainty. This study aims to examine how AI-powered analytics and real-time monitoring contribute to supply chain resilience through information transparency, while accounting for the moderating role of organizational agility. Using a quantitative, cross-sectional design, data were collected from managerial personnel in manufacturing firms and analyzed using partial least squares structural equation modeling. The findings reveal that AI-powered analytics and real-time monitoring significantly enhance supply chain resilience, both directly and indirectly through information transparency. Information transparency emerges as a critical mediating mechanism, while organizational agility strengthens its impact on resilience. The results extend Dynamic Capability Theory by demonstrating how digital sensing, transparent information flows, and adaptive reconfiguration jointly shape resilient outcomes
THE IMPACT OF FEMALE DIRECTORS ON FIRM EARNING WITH THE MODERATING ROLE OF BOARD EXPERIENCE: EMPIRICAL INSIGHT FROM PAKISTAN
This study investigates the impact of female director representation on firm earnings in the context of an emerging market, with a specific focus on the moderating role of board experience. Using a panel dataset of 250 non-financial firms listed on the Pakistan Stock Exchange (PSX) from 2015 to 2024, the research employs fixed-effects regression models to analyze the relationships. The findings robustly confirm a positive and significant direct relationship between the percentage of female directors and firm performance, measured by both Return on Equity (ROE) and Tobin's Q, thereby supporting the theoretical propositions of resource dependence and agency theories. However, the analysis reveals a significant and counterintuitive moderating effect: board experience negatively moderates this relationship. The positive impact of female directors is strongest on boards with lower collective experience and diminishes even turning negative on boards with higher levels of experience. This substitution effect suggests that the value of demographic diversity is contingent upon the existing human capital of the board. The study concludes that while gender diversity enhances firm value in Pakistan, its efficacy is not uniform and is critically shaped by the board's experiential composition. These insights offer refined guidance for corporate governance practices and regulatory policies aimed at optimizing board effectiveness.
IMPACT ASSESSMENT OF CONSTRUCTIVE GOAL FRAMING ON EMPLOYEE PRODUCTIVITY
The significance of employee productivity is paramount for managerial personnel in both public and private sector enterprises. This is since the effectiveness of personnel is a crucial factor in the overall achievement of the organisation. Therefore, a persistent managerial focus is directed towards devising strategies aimed at improving employee productivity, thereby increasing the overall performance of the organisation. Several empirical inquiries have explored potential approaches to enhancing employee performance, such as performance management, employee engagement, and workplace diversity. The aim of this inquiry is to scrutinize and evaluate extant literature on goal setting and its impact on the job performance of banking industry personnel in a critical manner. The unique responsibilities of a bank employee, which entail the provision of essential services through the execution of recurring tasks over an extended period, may lead to tedium because of the repetitive nature of these duties. This highlights the importance of management in offering a convincing stimulus to promote an enduring enhancement in employee productivity. The extent, caliber, and duration of banking staff's provision of distinctive services have been the subject of significant discussion in contemporary times. The present study is of a quantitative nature, and the data collected was empirical in nature. A survey questionnaire was used to gather the data. The survey utilized demographic queries and inquiries related to the variables under investigation in this study. The study collected data from a sample of 380 employees employed at the National Bank of Pakistan. The data was subsequently analyzed using the Statistical Package for the Social Sciences (SPSS). The results of the hypothesis testing demonstrate a statistically significant impact of goal-setting parameters on employee performance.
Performance Management Motivational Techniques
FUELING THE FUTURE OF RICE PRODUCTION: ECONOMIC INSIGHTS INTO SOLAR VS. DIESEL TUBE WELLS IN PUNJAB, PAKISTAN
The rising diesel prices, along with the possibility of free solar energy, are modifying the water pumping for crops in Punjab’s rice belt. This study investigates the economic benefits, drivers and constraints of solar water pumping for tube wells in the rice–wheat system. The analysis uses data from 120 farmers: 60 who are pumping water with diesel and 60 who have installed solar photovoltaic water pumping systems in the districts of Gujranwala, Hafizabad and Sialkot. Statistical descriptors used to compare the costs and profitability. They were used by researchers to check which of the things matter while the adoption of solar ones. Perceived constraints of using solar tube wells can be ascertained by Likert-scale analysis. Solar irrigation brought about a saving of 37% in variable costs as the fuel cost is eliminated, the study reveals. Thus, the total cost of rice production of the solar water pump users was PKR 122,913 per acre, whereas it was PKR 165,022 of diesel users. The net income of the diesel users was PKR 27,491 per acre. The net income of the solar water pump users was PKR 67,635 per acre almost 2.5 times the net income of diesel users. The adoption of solar tube wells increased the benefit–cost ratio from 1.16 to 1.55. According to logistic regression model, as with Smallholders gain considerably from the economic advantages of tube wells based on PV. Nonetheless, constraints in finances and information are limiting factors for the adoption of these tubewells. Subsidy schemes and targeted financing are required to further promote the expansion of solar irrigation. In addition, the sustainable extension of solar irrigation in the rice sector of Pakistan should be strengthened.
TRADE POLICIES AND THEIR IMPACT ON AGRICULTURAL ECONOMICS: EVIDENCE FROM EMERGING MARKETS
This paper examines the multifaceted impacts of trade policies on agricultural economics in emerging markets, drawing on recent empirical evidence and modeling advancements. Over the past three decades, global agricultural trade has expanded dramatically to approximately 1.3 trillion USD, driven by liberalization, reduced trade costs, and the rising influence of emerging economies, particularly BRICS+ nations. Traditional Integrated World Market assumptions are critiqued, with more nuanced approaches (incorporating economic geography and product differentiation) revealing substantial underestimations of cropland use, carbon emissions, and trade value projections under full integration scenarios. Trade liberalization delivers a "liberalization dividend," boosting GDP growth by 1.2–2.6 percentage points annually in successfully transitioning economies, while enhancing agricultural total factor productivity through knowledge spillovers and technology adoption, especially in Southeast Asia. However, benefits are heterogeneous: import competition can spur innovation but also displace smallholders and exacerbate deindustrialization risks. The ascent of BRICS nations has reconfigured global trade balances, with Brazil exemplifying volume-driven export growth contrasting Argentina's value-added processing focus. Price insulation policies during volatility episodes often amplify global shocks via beggar-thy-neighbor effects. Emerging regionalism (ASEAN, MERCOSUR convergence) and digital transformation offer pathways to efficiency, yet challenges persist, including infrastructure gaps, fiscal constraints on WTO flexibilities, smallholder income shortfalls, and environmental externalities from mechanisms like the EU's CBAM. The analysis underscores the need for balanced policies that harness liberalization gains while addressing food security, equity, and sustainability imperatives in a multipolar agricultural order.
trade liberalization, agricultural economics, emerging markets, BRICS, trade policy, market integration, economic geography, total factor productivity, price insulation, regionalism, CBAM, smallholder farmers, digital transformation, food security
INVENTORY MANAGEMENT: A CASE STUDY OF DEPARTMENTAL STORE
Inventory management is a key operational function in the retail sector especially for departmental stores which manage a wide range of product categories where the pattern of demands is heterogeneous. Inefficient inventory practices could lead to stock outs, high excess inventory, augmented holding costs and reduced customer satisfaction, which contributes to negative effects on organizational profitability and competitiveness. The present study involved the qualitative case study methodology which was based on the secondary sources of data generation, observational insights, and available literature sources respectively regarding inventory management. The focal parameters investigated include inventory control techniques, demand forecasting methodologies, replenishment policies, storage practices and the utilization of information technology for the purpose of inventory tracking. The empirical findings suggest that in spite of primitive procedures in inventory control implementation, the departmental store shows constraints in the precision of forecasting, lack of systematic classification of inventory items, and the use of manual procedures that result in overall inefficiencies of operation. Furthermore, the research also highlights the use of structured inventory model such as ABC analysis and economic order quantity (EOQ) framework and integration of point-of-sale systems and dedicated inventory management software to improve inventory accuracy and efficiency in cost. Consequently, the case study draws to the end that efficient inventory management goes beyond just an operational necessity, as it represents a strategic tool that equips departmental stores to drive the levels of service, optimize working capital and provide a sustained competitive edge in a dynamic retail environment. Finally, the results provide practical implications for retail managers and they add significantly to the body of academic knowledge and literature in the study of inventory management practices in a real-world retail environment.
Inventory Management Radio-frequency identification (RFID) Stockout Point of sales (POS) Economic order quantity (EOQ)
FROM SKEPTICISM TO TRUST: FACTORS THAT MITIGATE GREENWASHING PERCEPTIONS
The concept of a green world introduced in 1972 has significantly influenced business practices aimed at environmental protection. Lot of business firms started altering their practices to comply with the concept of green world. The phenomena of greenwashing emerged while firms falsely claimed green practices without making efforts to protect the environment from the adversities of their business operations. This led to consumer skepticism and altered buying decisions. On the other hand, certain firms faced greenwashing perceptions among their customers while the firms were following eco-friendly practices. This study addresses the prevention of greenwashing perceptions among Generation-Z customers residing in urban areas of the country. Utilizing the business websites and customer responses, this research explores the link of Greenwashing Perceptions with Green Information Quality, Environmental Communication, Green Transparency, Brand Credibility and Pro Environmental Behaviour. Cross-sectional survey method has been used in data collection from 323 respondents. Correlation and regression analysis have been made using structural equation modelling for obtaining empirical results. The framework of the study is based on several previous studies conducted on the antecedents of greenwashing perceptions. The study contributes to societal wellbeing and addresses the organizational challenges by suggesting measures to prevent greenwashing perceptions which ultimately support sustainable practices and improve customer trust.
Greenwashing Perceptions, Green Information Quality, Environmental Communication, Green Transparency, Brand Credibility, Pro Environmental Behaviour
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TRUST SIGNALS FOR STARTUP E-COMMERCE: EFFECTS OF PERCEIVED SECURITY, TRANSPARENCY, AND CREDIBILITY ON ONLINE SHOPPING FREQUENCY IN PAKISTAN
Although e-commerce has seen a boom in Pakistan, consumers remain hesitant to use it, especially with startup sellers, due to data protection concerns and inadequate post-purchase support. Until now, research has mostly focused on individual trust cues that can enhance consumer confidence, leaving a practical gap: which signals prevail when competing cues are present? Using a signal theory framework, we surveyed 200 Pakistani consumers, investigating whether three trust cues: perceived security, transparency, and credibility, can affect online shopping frequency (ordinal measure). Ordered logit regression models, while controlling for age, gender, and education, suggested that each signal significantly predicted heightened shopping frequency when considered in isolation. However, in a competing cues context, credibility emerged as the sole unique predictor. This indicates that, within the realm of startup e-commerce, credibility is the most potent signal, surpassing basic safeguards and disclosures. Our findings offer actionable guidance to resource-constrained startups and contribute to the broader discourse on enhancing consumer trust in Pakistan’s emerging e-commerce marketplace.
Security, Transparency, Credibility, E-Commerce, Pakistan
EXPLORING THE IMPACT OF INCLUSION (DIVERSITY) CLIMATE, EMPLOYEE INVOLVEMENT, AND INCENTIVES ON EMPLOYEE PERFORMANCE IN THE CHEMICAL SECTOR IN PAKISTAN
Manufacturing firms in emerging economies often operate under various constraints, yet there is limited context-specific evidence on which workplace levers most effectively strengthen employees’ readiness to perform. Addressing this gap in Pakistan’s chemical sector, this study draws on the ability-motivation-opportunity (AMO) framework to examine whether inclusion (diversity) climate, employee involvement, and incentive effectiveness predict performance enablement beliefs. Using cross-sectional survey data and employing ordinary least squares regression, results indicate that employee involvement and incentive effectiveness are robust positive predictors of performance enablement beliefs, whereas inclusion climate does not retain a unique association once the other levers are modeled concurrently. The study contributes to AMO-aligned mechanisms by identifying actionable levers that managers can strengthen through structured participation routines and credible incentive systems, while embedding inclusion initiatives into daily practices. Future work can build on this foundation by applying longitudinal and multi-source designs, refining and validating AMO-aligned measures across subgroups, and testing when inclusion climate becomes more influential as it is translated into concrete involvement practices.
AMO Framework, Inclusion Climate, Employee Involvement, Incentives, Employee Performance
FACTORS AFFECTING QUIET QUITTING BEHAVIOR: A QUALITATIVE STUDY OF GENERATION Z EMPLOYEES IN EDUCATION SECTOR IN HYDERABAD
Quiet quitting has gained increasing attention as a contemporary workplace phenomenon, particularly among Generation Z employees; however, empirical evidence from Pakistan’s education sector remains limited. This qualitative study explores the personal and professional factors influencing quiet quitting behavior among Generation Z employees working in private educational institutions in Hyderabad, Pakistan. Guided by an interpretivist paradigm and an inductive approach, the study adopts a phenomenological research design to capture participants’ lived experiences. Data were collected through semi-structured, face-to-face interviews with nine Generation Z educators selected using purposive sampling. The data were analyzed using Braun and Clarke’s thematic analysis framework with the support of Atlas.ti software. The findings reveal four key themes contributing to quiet quitting: erosion of work–life boundaries, economic devaluation and inadequate compensation, low organizational support and work environment, and rejection of hyper-productivity in favor of personal well-being. The results suggest that quiet quitting is a deliberate coping mechanism rather than a lack of commitment, driven by unmet expectations and emotional exhaustion. The study offers context-specific insights and practical implications for educational institutions seeking to improve employee engagement, well-being, and retention among Generation Z employees.
Quiet Quitting , Generation Z, Hyderabad, Pakistan, Education Sector
FINTECH AND FINANCIAL INCLUSION: MEDIATING ROLE OF FINANCIAL LITERACY IN THE BANKING SECTOR OF AFGHANISTAN
Financial Inclusion (FI) is a burning issue in weak economies where a weak infrastructure, institutional barriers, and poor Financial Literacy (FL) are the main factors that prevent access to formal financial services. Financial technology (FinTech) has become a new disruptive instrument that has the potential to increase the financial reach; but the success of this tool lies in the capacity of individuals to comprehend and use digital financial services. This paper examines how the use of Fins affects FI with FL as a mediator in the Afghani banking industry. A quantitative research design was used to gather data on 250 banking customers in terms of a structured questionnaire and analyzed using SPSS. The proposed relationships were tested using descriptive statistics, correlation analysis, multiple regression and mediation analysis with the help of PROCESS Macro (Model 4). The findings show that FI and FL are greatly increased with the Fin adoption. FL is also a significant predictor of FI, as well as a partial mediator between Fin adoption and FI. These results indicate that technological access is not enough to guarantee inclusive results and the role of financial capability development in achieving the inclusion benefits of Fin. The study is relevant to the FI theory by confirming that FL is an effective transmission factor between the Fin adoption and inclusion outcomes in a weak banking setting. Policy implications indicate that Afghan banks and regulators are recommended to consider the Fin expansion strategies alongside the financial education programs as a sustainable approach to establish FI.
Fin, FI, FL, Banking Sector, Afghanistan, Mediation.
CIRCULAR ECONOMY TRANSITION OPENNESS AND ORGANIZATIONAL COMPETITIVENESS: THE MEDIATING ROLES OF PROCUREMENT 4.0 AND GREEN PROCUREMENT ORIENTATION
High rate of rise of Industry 4.0 technologies has radically changed the procurement as a more of supporting role to a form of competitive strength and a key to organizational sustainability. Simultaneously, growing environmental forces and regulatory requirements have deepened and intensified the shift to the idea of circular economy practices, that focus on efficiency in resource consumption, minimization of waste, and the development of sustainable value. This paper explores the association between Strategic Procurement 4.0 performance and organizational competitiveness considering mediation of Circular Economy Transition Openness (CETO) and the influence of green procurement orientation as sustainability-driven procurement practice. The quantitative research design was used to collect data based on use of structured questionnaire which focused on survey of procurement and supply chain professionals. The research aimed to test the proposed research framework with the help of the Partial Least Squares Structural Equation Modeling (PLS-SEM) on the basis of Smart- PLS. Assessment of measurement models indicated acceptable reliability of the indicators, internal consistency, convergent validity and discriminant validity. The output of the structural models, which was obtained under the influence of the bootstrapping procedure with 5,000 sub-samples, demonstrated that the practices of Strategic Procurement 4.0, which are backed by digital technologies like big data analytics, cloud-based ERP systems, and artificial intelligence, influence the competitiveness of the organization significantly. Moreover, the results prove that openness of Circular Economy mediate this interaction in part, which does not deny the fact that those firms who adopt green procurement and capitalize on their digital procurement advantages are more likely to embrace the principles of the circular economy which, in its turn, fosters the growth of the competitive performance. The empirical correlation between Procurement 4.0, the ready to be a part of the circular economy, and competitiveness, that are united in the scope of the study, adds to the existing literature. In practice, the results give managers information about the ways of how the digital procurement strategies can contribute to the sustainability, as well as long-term competitive advantage simultaneously.
Procurement 4.0, Circular Economy Transition Openness, Green Procurement orientation Organizational Competitiveness, Industry 4.0 technologies, Digital Procurement, Sustainability, PLS-SEM
INVESTIGATING FREE CASH FLOW, AGENCY PROBLEMS, AND OVERINVESTMENT: A COMPARATIVE ANALYSIS OF SMALL-CAP AND LARGE-CAP FIRMS
The paper has examined the relationship between free cash flow, agency problems and overinvestment by the small-cap and large-cap company between the period of 2015 and 2025 in Pakistan Stock Exchange. The method used by the researcher was a quantitative approach to the research and secondary data consisting of 150 small-cap and large-cap companies. The ways of determining the free cash flow include operating cash flow minus capital expenditure and overinvestment is established by residuals of anticipated investments. Proxies of agency costs were the asset utilization ratio, operating expense ratio and discretionary accruals. It was done through panel data regression analysis basing on fixed and random effects models to test the hypothesized relationships. The findings have revealed that the effect of free cash flow on overinvestment in the two kinds of firms was positive, but the association was stronger in the small cap firms. This relationship was also moderated by agency issues to a considerable extent which indicated that the greater the agency cost, the greater the tendency to overinvest where the level of free cash flow was large. The comparative analysis revealed that there was more efficiency in investments and less agency costs among large-cap firms as compared to small-cap firms. These are important findings to the corporate governance practice, investment policies and regulatory measures in the capital market within Pakistan.
EXPLORING OPTIMAL CALL POLICIES FOR CONVERTIBLE BONDS: THE TRADE-OFF BETWEEN WEALTH TRANSFERS AND SIGNALING EFFECTS
The current study compares the best call policies of convertible bonds in Pakistani capital market with respect to the trade-off between wealth transfer and signaling. This research analyzed 85 convertible bond issues of Pakistani Stock Exchange-traded companies during the period of 2020-2024 based on a mixed-methods research design. The methodology adopted in the evaluation of the abnormal stock returns and the impact on bondholder wealth of 21 days preceding the announcement of the call is event study. The multiple regression analysis identifies the determinants of the optimal call timing and the effects of these determinants on the wealth of the stakeholders. The key variables include cumulative abnormal returns, conversion premium, measures of call timing, stock volatility and firm-specific signaling variables. The analysis controls interest rate settings, stock prices, the size of the firm, leverage ratios, and the market to book ratios. The results suggest that firms are faced with a complex optimization problem since timely call maximizes the wealth transfer to shareholders and broadcasts bad news, and timely and delayed calls respectively guard credibility and reduce wealth. The paper finds that on conversion of convertible notes, Pakistan firms tend to offer conversion premiums of 18-22 on the notes and this shows that both the issue of wealth redistribution and information asymmetry are solved in a moderate way. Statistical analysis using STATA and EViews will demonstrate that the most effective call policies will depend on the market structure, the characteristics of firms and the relative importance of the signaling and wealth transfer motives.
IMPACT OF AGRICULTURAL PRACTICES ON GREENHOUSE GAS EMISSIONS: A DATA-DRIVEN ANALYSIS AND POLICY IMPLICATIONS
The agricultural sector produces substantial greenhouse gas (GHG) emissions that stem mostly from carbon dioxide (CO₂) emissions together with methane (CH₄) and nitrous oxide (N₂O). This research investigates the primary factors which produce agricultural emissions through fertilizer use and crop yields and animal husbandry practices and agricultural output value. Econometric models enabled researchers to study agricultural activity relationships with CO₂ emissions in both the short-run and the long-run. The excessive application of fertilizer stands as the main driver of emissions based on research assessments yet sustainable livestock management techniques and ecological agricultural practices result in decreased environmental impacts. Climate-smart agricultural policies and precise farming techniques combined with renewable energy systems emerge as key solutions to lower emissions according to this study. Future research needs to evaluate methane and nitrous oxide emissions in combination with ways to analyse various countries and policy structures which promote low-carbon farming systems. Measurable outcomes from this study present crucial findings that help policy-making authorities along with agricultural researchers and stakeholders to achieve sustainability between food production and environmental preservation.
HOW FAMILY OWNERSHIP IMPACT ON PATENTING AS INNOVATION: EVIDENCE FROM CHINA
This study investigates the impact of family ownership on corporate innovation, using evidence from Chinese manufacturing firms. Against the backdrop of China’s strategic shift toward indigenous innovation, we examine whether the concentrated, long-term orientation of family-controlled firms fosters or hinders patenting activity. Employing a panel dataset of approximately 3,800 A-share listed firms from 2015 to 2024, we measure innovation by the number of granted patents and family ownership by the percentage of equity held by the controlling family. To address endogeneity concerns, we utilize a Two-Stage Least Squares (2SLS) approach with a lagged ownership instrument, alongside baseline fixed-effects. The results consistently show a positive and statistically significant relationship: higher family ownership leads to greater patenting output, supporting the stewardship and socioemotional wealth perspective. The findings indicate that family firms’ patient capital and transgenerational outlook provide a governance advantage in pursuing innovation within China’s evolving institutional context. This research contributes to the literature on corporate governance and innovation in emerging economies, offering practical insights for policymakers aiming to leverage the private sector for technological upgrading and for family firms optimizing their innovation strategies.
HOW AI-DRIVEN DECISION SUPPORT SYSTEMS ENHANCE EMPLOYEE INNOVATIVE PERFORMANCE THROUGH DIGITAL EMPOWERMENT AND TRANSFORMATIONAL LEADERSHIP
This study examines how AI-driven decision support systems translate technological capability into employee innovative performance within technology-intensive manufacturing firms. Although organizations increasingly invest in intelligent analytics and data-driven platforms, evidence remains mixed regarding how these systems influence employee-level outcomes. Drawing on transformational leadership theory, the study proposes that the effect of AI-enabled decision environments on innovation operates not only directly but also through the mediating roles of digital empowerment and transformational leadership. A quantitative, cross-sectional research design was employed, with data collected from managerial and professional employees working in electronics, automotive components, pharmaceutical, and industrial machinery manufacturing firms. Validated measurement scales were administered using a 7-point Likert scale. Data were analyzed using SPSS for preliminary screening and SmartPLS 4 for measurement and structural model assessment, including reliability, validity, path analysis, and mediation testing. The results indicate that AI-driven decision support systems significantly enhance employee innovative performance. More importantly, digital empowerment and transformational leadership were found to partially mediate this relationship, demonstrating that technological systems foster innovation when employees feel confident, autonomous, and supported by inspiring leadership. The findings highlight that intelligent technologies alone are insufficient to stimulate innovation unless complemented by empowerment practices and leadership behaviors that encourage experimentation and creative engagement.
Digital Empowerment and Transformational Leadership
ENHANCING SUSTAINABLE MANUFACTURING SUPPLY CHAIN PERFORMANCE THROUGH INDUSTRY 4.0 TECHNOLOGIES: THE MEDIATING ROLE OF PROCESS INNOVATION IN PAKISTAN’S MANUFACTURING SECTOR
The thesis explores the role of Industry 4.0 technologies in improving the performance of sustainable manufacturing supply chain, and process innovation is among the mediating factors that the research focuses on in the manufacturing sector of Pakistan. Over the past few years, the manufacturing companies in the developing economies like Pakistan have been under pressure to enhance the effectiveness of their supply chains and at the same time achieve the goals of the supply chain of environmental, social and economic sustainability. The use of digital technologies and the Internet of Things (IoT), big data analytics, automation, artificial intelligence, and cyber-physical systems has become the key to Industry 4.0, which can reform the existing manufacturing and supply chain practices. Nevertheless, even as it becomes increasingly topical, the empirical evidence concerning the translation of Industry 4.0 technologies into successful results of sustainable supply chain performance is quite a scarce area of study, especially when it comes to the emerging markets. Filling this research gap, the current research seeks to investigate the direct effect of Industry 4.0 technologies on the sustainable manufacturing supply chain performance and study the mediation mechanism of influencing this relationship by process innovation. The resource-based view and the dynamic capability theory provide the basis of the study conceptualizing Industry 4.0 technologies as some strategic resources allowing companies to create their innovative processes, improve the transparency of their operations, make resource use more efficient, and better coordinate the work of the supply chain partners. The quantitative method of the research approach is adopted with the help of the data collected among manufacturing firms in Pakistan with the help of the organized survey instrument. A sophisticated statistical model, that is a structural equation modeling with partial least squares (PLS-SEM) is utilized to test the hypothesized relationships and prove the mediating effect of process innovation. The supply chain performance in terms of sustainability is further measured in economic, environmental and social aspects, which represents a comprehensive viewpoint towards sustainability. It is anticipated that the findings will indicate that Industry 4.0 technologies significantly contribute to sustainable performance of the supply chain both straight away and indirectly through the main contribution to the innovation of processes in the supply chain. It is expected that process innovation will mediate more significantly as it will help firms to redesign production processes, minimize waste and emissions, maximize energy conservation, quality, and responsiveness to market and stakeholder needs.
FINANCIAL GLOBALIZATION, ENVIRONMENTAL POLICY STRINGENCY AND CARBON PRESSURE IN G20 ECONOMIES: EVIDENCE FROM CS-ARDL APPROACH
The role of G20 countries in the sustainability of the environment is critical as they contribute to the world's economic output and the emission of greenhouse gases. This paper uses the Carbon Dioxide Pressure Index as a degradation indicator to analyze how financial globalization, economic growth, environmental diplomacy, and environmental policy stringency affect environmental pressure in G20 economies. It employs second-generation econometric approaches employing balanced panel data of 17 G20 countries between the years 1995 and 2024 to overcome cross-sectional dependence and slope heterogeneity. CIPS and CADF tests are used to evaluate the stationarity, whereas Pedroni and Westerlund cointegration tests prove the long-term relationships. The estimates of the long- and short-run dynamics are done using the Cross-Sectionally Augmented ARDL (CS-ARDL) model, which includes the interaction term to represent the moderating effect of environment policy stringency. Dumitrescu-Hurlin panel causality test is used to test causal relationships. The results show cross-sectional dependence, heterogeneity, and cointegration of the variables in the long-run. Financial globalization, economic growth, environmental diplomacy, and the stringency of the environmental policy raise CO2PI in the long-run, which suggests that there is an increase in the carbon pressure. The relationship between financial globalization and policy stringency is negative and significant; stringent environmental policies reduce the negative environmental impacts of financial globalization. Financial globalization and policy stringency affect carbon pressure downward in the short run. The error-correction term (-0.31) is a measure that shows how a long-run equilibrium is established; the figure shows that about 31 per cent of the short-run disequilibrium is adjusted, which shows that there is a steady long-run equilibrium. The findings highlight that the policymakers in the G20 should coordinate financial globalization with strong, enforceable environmental policies and collaboration among the countries to bring about sustainable environmental policies.
ANALYZING RELATIONSHIP MARKETING REGARDING PHARMACEUTICAL SALES REPRESENTATIVES AND PHYSICIANS IN PAKISTAN
The personal relationship is the critical component of many advertising exercises for making, creating and keeping up long haul business connections. In Pharma-industry, Medical-representatives have the exhausting obligation of giving presumptive knowledge to Doctors in an exceeding climate wherever limitations area unit increasing. Objectives: Physician’s opinion about medical-representative’s relations (Perceived values, Perceived characteristics, Pharmaceutical organization perception). Hypothesis: H1:A distinction between doctors accepting the Medical-Representatives excellence. H2:A distinction as for the standard of the connection of the Medical Representatives to the medical practitioners/doctors H3: A distinction as for the standard of Medical-Representative’s meetings. Methodology Collected primary data, develop survey using 5 Likert questionnaire methods to analyze the relationship of independent variables (Perceived values, characteristics and organization perception) with the dependent variable (Physicians perception of MR). The target population was 200 and the total respondent was 77. Data analysis by SPSS and Smart PLS. Result: The demographic based on male70%, Female30%, Age (41-55years), Employment Duration (10-15year), Workplace (Pakistan) and Area of work (Govt hospitals, private hospitals/clinic). The doctors were 77 from different segments. Validity and reliability were checked by the measurement model and hypothesis checked by a structural model. Conclusion: Physician’s Pharmaceuticals and salesman's cooperation and acknowledgment of endowments from the organization's PSRs have been found to influence doctors' recommending and are probably going to add to nonsensical endorsing of the organization's medication.
EXAMINING THE ROLE OF MANAGEMENT SUPPORT AND TECHNOLOGY PERCEPTIONS IN DIGITAL SYSTEM USAGE AT KARACHI HOSPITALS
Digital transformation is rapidly reshaping healthcare delivery worldwide, yet the successful adoption and utilization of hospital digital systems remain a significant challenge in developing countries. This study examines the role of management support and technology perceptions in influencing digital system usage among healthcare professionals in Karachi hospitals, using an extended Technology Acceptance Model (TAM). The research specifically investigates the effects of Perceived Usefulness (PU), Perceived Ease of Use (PEOU), and Management Support for Technology (MST) on Behavioural Intention to Use (BI), and the subsequent impact on Actual System Usage (ASU), while testing the mediating role of BI. A quantitative, cross-sectional design was employed, with data collected from 300 healthcare professionals across public and private hospitals in Karachi using a structured questionnaire. Reliability and validity of the constructs were confirmed through Cronbach’s Alpha, Composite Reliability, Average Variance Extracted (AVE), and discriminant validity was verified using the Fornell–Larcker criterion and HTMT ratios. Structural Equation Modelling (SEM) was applied to test the hypothesized relationships, with model fit assessed using Standardized Root Mean Square Residual (SRMR = 0.061). Findings indicate that PU, PEOU, and MST significantly influence BI, which in turn strongly predicts ASU. Mediation analysis confirmed that BI partially mediates the relationship between the independent variables and ASU, while direct effects of PU, PEOU, and MST on ASU were also significant. These results highlight the importance of both individual perceptions and organizational support in driving effective utilization of hospital digital systems. The study contributes to the literature by extending TAM in a developing-country healthcare context and provides actionable insights for hospital administrators and policymakers to enhance digital system adoption through user-friendly technology design, leadership engagement, and targeted training programs.
BEYOND CONVENTIONAL FINANCE: WHAT SHAPES CONSUMER INTENTIONS TOWARD ISLAMIC PERSONAL FINANCING
This study investigates the factors influencing customers in Pakistan to adopt Islamic personal financing using the Theory of Reasoned Action (TRA). The model includes two original components, attitude and subjective norm, along with four additional factors adapted from the research papers including pricing, religious obligations, perceived risk, and perceived image. Data was collected from 260 customers of Meezan and Faysal Banks through a structured survey, and Partial Least Squares Structural Equation Modeling (PLS-SEM) was used for analysis. The findings reveal that religious obligations, perceived image and attitude significantly influence customers’ intentions to use Islamic personal financing, with religious beliefs emerging as the strongest predictor. Contrary to initial expectations, pricing, perceived risk, and social influence were found to have no significant impact on intention. The model explains 58.4 percent of the variation in customer intention, highlighting that perceived image and attitudes matter more than peer pressure, cost, or risk perception. The study suggests that Islamic banks should prioritize aligning their products with religious values and fostering positive consumer attitudes to enhance adoption rates.