/jurnalpengurusan Mon, 10 Oct 2022 12:01:20 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.1 /jurnalpengurusan/article/financing-higher-education-through-waqf-in-pakistan-issues-and-challenges/?utm_source=rss&utm_medium=rss&utm_campaign=financing-higher-education-through-waqf-in-pakistan-issues-and-challenges Mon, 10 Oct 2022 12:01:20 +0000 /jurnalpengurusan/?post_type=article&p=4935 This paper aims to study various issues waqf faces in general in Pakistan and probes in particular impediments and challenges to waqf funding in higher education. The paper formulates its arguments and results on the basis of information gleaned from twelve interviewees, archival records, documents and library sources. It looks at the subject matter from three different perspectives; government, waqf for higher educational institutions and general society. Waqf practice for higher education in Pakistan is largely restricted to private sector and is marred by various issues and challenges, including lack of legal framework and government support. Equally, lack of transparency and fears of centralisation have stifled its integrity and prospects for growth. Since society does not fully grasp waqf assets’ eternal nature characterised by perpetuity, irrevocability and inalienability, most of the waqf assets fail to receive sustained support. These challenges can be overcome through proper planning, understanding, and awareness of waqf. Hence, it is the responsibility of the government to make laws and provide a feasible environment for waqf practice in higher education funding as a third sector.

]]> /jurnalpengurusan/article/capital-investment-anomaly-and-accruals-anomaly-independent-or-inter-dependent-evidence-from-south-asia/?utm_source=rss&utm_medium=rss&utm_campaign=capital-investment-anomaly-and-accruals-anomaly-independent-or-inter-dependent-evidence-from-south-asia Sat, 08 Oct 2022 07:17:50 +0000 /jurnalpengurusan/?post_type=article&p=2113 The purpose of this research is to determine the impact of “Capital investment anomaly” and “Accrual anomaly” on stock returns after controlling the size and book-to-market effects. This study aims to fill a gap regarding the implications of capital investment anomaly and accrual anomaly in South Asian economies, and primarily focused on two developing economies from SAARC region; India and Pakistan. This study uses 320 company-year observations using a sample period of 2009-2014. The sample is representative of 50% of non-financial companies selected systematically from nine different sectors included in Pakistan Stock Exchange (KSE-100 index) and Bombay Stock Exchange (BSE-100 index) each. Selection is based on market capitalization to mitigate any bias in results. Preliminary analysis includes understanding stock performance of capital investment-based, and accrual-based portfolios, followed by stock performance of combined effect portfolios, and sector analysis. Lastly, regression analysis allows determining impact of both anomalies on returns as well as their independence or interdependence. The results of this study show that there exists a negative relationship between Stock Returns and Capital Investment/Accruals. In addition to this, we found that both anomalies are not distinct and work together and are attributed to country characteristics specific to the SAARC/South Asia region. All of the coefficients are statistically significant. The separate results for India and Pakistan are helpful for practitioners to know what strategy to adopt in order to maximize the returns. Combined results are beneficial for prospective investors. The mixed trend of returns for different sectors is useful for both managers and investors in the sense that both anomalies are independent of each other. From a theory development perspective, it reveals the differences in existing literature due to change in geographical context.

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