Browsing by Author "Rehman, Saif Ur"
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Item Audit Committee Effectiveness and Accounting Conservatism a Test of Lagged Effect(IGI Global, 2018) Rehman, Saif Ur ; Khan, Faisal; Elshareif, ElgilaniThis article examines the effect of audit committee effectiveness on two measures of accounting conservatism. In addition, this article also investigates the interaction effect of four endogenous variables (i.e. firm's operating risks, leverage, managerial influence, firm's size) and three exogenous variables on relationship between audit committee effectiveness and two measures of accounting conservatism. A total of 543 sample firms are selected from the Bursa Malaysia for the period from 2004 to 2013. In addition, some information relating to audit committee and auditor quality are collected from firms' annual reports. For data analysis, panel data methodology is employed, and multiple regression analysis technique is used to test the developed hypotheses of this study. Results show that interaction effect of firm's operating risks, managerial influence, external auditor quality and capital market uncertainty found to be significant with two-year-lagged effect on both measures of conservatism. Whereas, the interaction effect of firm's leverage, firm's size and product market completion are found to be insignificant. The findings of this study contribute to the signaling theory, agency theory, reputation theory and accounting conservatism literature with lagged effect in emerging economies settings.Item CEO Greed and Firms' Environmental Performance in Environmentally Sensitive Sectors of China(IGI Global, 2023) Rehman, Saif Ur; Elshareif, Elgiliani; Khan, HashimIn the current study, the authors explored how CEO greed concerning bonuses and rewards on restricted stock affects a firm's environmental performance (EP) in environmentally sensitive sectors of China. Moreover, they empirically tested the constraining role of the quad director on the relationship between CEO greed and EP. Findings indicate that (a) CEO greed negatively affects the strategic firm's environmental performance, particularly the negative relation is augmented by the person-pay interactionism rationale (bonus), (b) the presence of one quad director in the board does not constrain CEO greed and EP negative relation, and (c) the presence of two or more quad directors in the board significantly constraints the negative relation between CEO greed and EP. Thus, having at least two quad directors is more effective than combining directors with multiple features. Our results are robust to different CEOs' power dynamics. Our research has important practical implications for corporate governance and business strategy formulation. © 2023 IGI Global. All rights reserved.Item CEO Greed, Corporate Governance, and CSR Performance: Asian Evidence(MDPI, 2023-05) Rehman, Saif Ur; Hamdan, Yacoub HaiderIn this study, we examined the association between CEO greed and corporate social responsibility (CSR) performance with a particular emphasis on the curtailing role of corporate governance. We found that CEO greed has a negative effect on CSR, since an uncontrolled pursuit of personal gain typically reveals myopic behavior and the foregoing of investment in CSR by a greedy CEO. Additionally, we found that CEO compensation in the form of large bonuses, support, and restricted stocks options weakened the link between CEO greed and CSR. Concerning the power dynamics amongst CEOs (CEO duality and tenure), we found that CEO duality moderates the negative relation between CEO greed and CSR. We also explored the curtailing role of corporate governance (proxies represented by board gender diversity and board independence) in the association between CEO greed and CSR. Our findings show that gender diversity curtails the negative effect of CEO greed on CSR once it reaches critical mass on the corporate board. Gender critical mass also curtails the negative impact of CEO greed on CSR, even if the CEO exercises duality. Our findings have empirical and practical implications. This study contributes to the existing literature by exploring the relationship between CEO greed and CSR in Asia, a region not renowned for CSR performance. This study also provides evidence for the curtailing role of compensation and governance factors in the negative relationship between CEO greed and CSR. © 2023 by the authors.Item CEO psychological biases, firm performance and alternative mechanisms in transition economies: evidence from Malaysia(Cogent OA, 2024) Rehman, Saif Ur; Alami, Rachid; Abidi, NaseemThis study examines the impact of CEO psychological biases (narcissistic and hubristic) in CEOs on a firm’s performance measured by long-term investor value appropriation (LIVA) in Malaysia. Based on a sample of 560 Malaysian firms for 2007–2022, we find the negative effect of CEO narcissism and hubris on firm performance. In comparative terms, the impact of CEO narcissism is more pronounced. Furthermore, we tested the moderating role of CEO attributes. CEO-duality and ownership moderate the CEO-narcissism/hubris LIVA negative relationships, whereas CEO tenure curtails the relationship. Furthermore, we also tested the role of governance in curtailing the effect of CEO narcissism/hubris on LIVA. The findings show that gender critical mass, foreign ownership, and group affiliation substitute the negative impact of CEO narcissism/hubris on LIVA. However, board independence and strategic alliance only weaken the negative effect of the psychological biases (narcissistic and hubristic) on LIVA. In additional analyses, gender critical mass is a substitution mechanism for the direct impact of foreign ownership and group affiliation on LIVA. This study enhances the existing knowledge on CEO narcissism and hubris by illustrating that CEO personality qualities impact the firm performance in the emerging context of Malaysia. © 2024 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group.Item Financial Efficiency and Its Impact on Renewable Energy Demand and CO2 Emissions: Do Eco-Innovations Matter for Highly Polluted Asian Economies?(MDPI, 2022-09) Hafeez, Muhammad; Rehman, Saif Ur; Faisal, C. M. Nadeem; Yang, Juan; Ullah, Sana; Kaium, Md. Abdul; Malik, Muhammad YousafThe analysis aims to examine the impact of eco-innovation and financial efficiency on CO2 emissions and renewable energy consumption in highly polluted Asian economies, including China, India, Russia, and Japan. For empirical analysis, we have applied the ARDL pooled mean group (ARDL-PMG) model. The long-run estimated coefficient of environmental innovations is positively significant in both renewable energy models and negatively significant in the CO2 emissions model. These results imply that environmental innovations help facilitate renewable energy consumption and reduce CO2 emissions. On the other side, the estimates of financial development are insignificant in both renewable energy and CO2 emissions models. However, the estimates of financial institution efficiency and financial markets are positively significant in both renewable energy and CO2 emissions models, implying that financial institutions and market efficiency increase renewable energy consumption and decrease CO2 emissions. © 2022 by the authors.Item Founding-Family Firms and CSR Performance in the Emerging Economy of India: A Socio-Emotional Wealth Perspective(MDPI, 2023-05) Rehman, Saif Ur; Hamdan, Yacoub HaiderFamily firms are considered a function of the family’s influence on the firm’s strategic choices by pursuing the family’s vision for the firm. Based on the premise of the socio-emotional wealth (SEW) theory, this study investigates whether they follow CSR as a strategic choice to grow and preserve SEW and embrace social norms. Using a sample of 88 publicly listed founder-controlled firms in India, this study found that more family member participation improves CSR performance. The relationship is more robust when participating members serve as owners and managers. Further, the relationship between family members is augmented when the member is a female participant. The findings of additional analyses show that family members are more attuned to environmental performance than the other two dimensions of CSR (social and governance). Finally, CSR is related to firm performance as assessed by ROA and Tobin Q. The findings support the socio-emotional wealth (SEW) theory as family members’ participation has incentives in choosing CSR as a strategic decision. CSR as a strategic choice offers economic and social benefits for family enterprises. © 2023 by the authors.Item Industry 4.0 adoption and firm efficiency: evidence from emerging Giants in Asia Pacific region(Associacao Brasileira de Engenharia de Producao, 2023) Rehman, Saif UrPurpose - Industry 4.0 links smart production processes with embedded system production technologies to open the door to a new technological era that fundamentally alters industry value chains and business structures. This study examines the effects of Industry 4.0 on firm efficiency. Methods - Based on a cross-country sample of 1440 firms operating in the top twelve Giants of Asia-Pacific countries and a control sample with another set of 1440 similar-sized firms from non-adopting firms. Findings - The empirical evidence shows that Industry 4.0 positively impacts firm efficiency. Next, the Tobit model is used for the robustness of the main findings. Further, study also examine the mediating role of intangible assets (human capital and firm reputation) for the impact of Industry 4.0 on firm efficiency. Study findings support the hypotheses that intangible assets mediate the Industry 4.0-firm efficiency relationship. Implications - Study findings have managerial implications for production and operation managers on enhancing firm efficiency. Drawing upon practice-based-view theory, this study is the first to explore the mediating role of intangible assets (human capital and firm reputation) between in-Industry 4.0 and firm performance. Originality - This study shed light on the significance of intangible asset congruence in enhancing Industry 4.0 impact. © 2023, Associacao Brasileira de Engenharia de Producao. All rights reserved.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 To win the marketplace, you must first win the workplace: CEO ability, CSR, and firm performance: evidence from fast-growing firms in Asia–Pacific(Palgrave Macmillan, 2024) Rehman, Saif Ur; Elshareif, Elgilani; Abidi, Naseem