Operation and Supply Chain Management
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Browsing Operation and Supply Chain Management by Author "Khan, Hashim"
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Item Macroeconomic sensitivity, risk-return trade-off and volatility dynamics evidence from developed and developing markets(IGI Global, 2023) Khan, Faisal; Khan, Hashim; Rehman, Saif Ur; Jumaa, Muhammad; Jan, Sharif UllahThis study aims to examine the impact of macroeconomic factors on the stock return volatility along with the pricing of risk, and asymmetry and leverage effect on a comparative basis for the USA and UAE markets. Further, these three dimensions are also investigated with regard to various firm's features (such as firm's size and age). The daily data for the period 4th January 2010 to 29th December 2017 of firm stock returns from the New York Stock Exchange (NYSE), the Abu Dhabi Securities Exchange (ADSE), and the Dubai Financial Market (DFM) is considered and three time-series models were applied. The results from GARCH (1. 1) indicated that all the economic factors have significant impact on the stock return volatility in both the markets. Similarly, the study also found evidence of asymmetry & leverage effect using EGARCH in the NYSE (for all firms) and the UAE (partially). Finally, for a majority of the firms, a positive risk-return relationship is found in the UAE and a negative risk-return relationship is found in the NYSE using GARCH-in the mean. Interestingly, these results in context of both markets were different with respect to various firm features such as firm size and age. In light of these results, it is concluded that both the markets have different dynamics with regard to all three dimensions. Hence, the investors have a clear opportunity to diversify their risk and investments across developed and emerging markets. © 2023 by IGI Global. All rights reserved.Item Spillover effects of CEO performance-induced removal on competitor CEOs' firms' financial policies(Emerald Publishing, 2023-11-08) Saif-Ur-Rehman; Hussainey, Khaled; Khan, HashimPurpose: The authors examine the spillover effects of CEO removal on the corporate financial policies of competing firms among S&P 1500 firms. Design/methodology/approach: The authors used generalized estimating equations (GEE) on a sample of S&P 1,500 firms from 2000 to 2018 to test this study's research hypotheses. Return on assets (ROA), investment policy, and payout policy are used as proxies for corporate policies. Findings: The authors found an increase in ROA and dividend payout in the immediate aftermath. Further, this study's hypothesis does not hold for R&D expenditure and net-working capital as the authors found an insignificant change in them in the immediate aftermath. However, the authors found a significant reduction in capital expenditure, supporting this study's hypothesis in the context of investment policy. Institutional investors and product similarity moderated the spillover effect on corporate policies (ROA, dividend payout, and capital expenditure). Originality/value: The authors address a novel aspect of CEO performance-induced removal due to poor performance, i.e., the response of other CEOs to CEO performance-induced removal. This study's findings add to the literature supporting the bright side of CEOs' response to CEO performance-induced removal in peer firms due to poor performance. © 2023, Emerald Publishing Limited.