Advance Journal of Econometrics and Finance
The Advance Journal of Econometrics and Finance is a valuable resource for economists, finance professionals, and students alike. This journal provides an up-to-date analysis of the latest economic trends, data, and research from around the world. It also covers topics such as asset pricing, financial engineering, macroeconomics, and microeconomics. With its comprehensive coverage of the field of econometrics and finance, this journal is an invaluable source for anyone looking to stay informed on the latest developments in this field.
The Impact of Gold Price on Unemployment: A Case Study of Pakistan (2000–2024)
This study looks at the impact of gold prices on the unemployment rate in Pakistan using data from 2000 to 2024. By controlling for inflation, interest rates, and the official exchange rate, the study uses the Autoregressive Distributed Lag (ARDL) bounds testing approach to check both long-run and short-run movements. The results show that a long-run cointegration relationship exists among the variables. The findings suggest that gold prices significantly increase unemployment in the long run. This is likely because investors move their money from productive businesses to safe assets like gold. Keywords: Gold Price, Unemployment, Pakistan, ARDL, Exchange Rate.
Copyright (c) 2026 Advance Journal of Econometrics and Finance
The Impact of Sustainable Leadership on Sustainable Innovation in the SME Sector of Khyber Pakhtunkhwa (KP): The Mediating Role of Internal Marketing in Achieving Sustainable Development Goals (SDGs)
The article under study examines the complex connection between sustainable leadership and sustainable innovation in Small and Medium Enterprises (SMEs) in Khyber Pakhtunkhwa (KP), Pakistan. Trying to incorporate the idea of sustainability in their operations, SMEs confront enormous challenges that force the business enterprises to operate in environments that are not conducive with regard to awareness, limited resources, weak political systems and policy environments, among others, restricting their capability to pursue meaningful sustainability practices. The research design is a cross-sectional study, which relies on quantitative research design to determine the mediating effect of internal marketing to enhance sustainable innovation activities in SMEs. The findings suggest that sustainable leadership positively affects sustainable innovation and successful internal marketing is a necessary pushing power in the specified relationship. The research is pertinent to the research literature on the role of sustainable leadership and internal marketing in enabling SMEs to be innovative and in accordance with the global sustainability goals. The study acknowledges the constraints in terms of the geographic scope and the perspective of the stakeholders, and the future research should focus on a variety of leadership styles and the general demographic considerations. This study offers realistic implications to stakeholders who want to enable sustainable development in the SME sector through awareness creation and favorable policies. Keywords: Sustainable Leadership, Sustainable Innovation, Internal Marketing, SMEs, Khyber Pakhtunkhwa, Sustainability, SDGs
Heterogeneous Labor Market Effects of Foreign Capital Inflows: Gendered Responses and Institutional Moderation in Developing Economies
Labor force participation (LFP) determines productivity and long-run economic growth, however, particularly in developing economies, foreign capital inflows (FCIs) such as foreign direct investment (FDI), international remittances (REM), and official development assistance (ODA), despite supplementing domestic investment and facilitating technology transfer, may have heterogeneous effects on overall labor force participation (LFP), female labor force participation (FLFP), and male labor force participation (MLFP), conditional on institutional quality (IQ). This study examines how these FCIs affect LFP, with a specific focus on the moderating role of IQ. Using a sample of 65 developing economies for the period of 2003 to 2021, the study employs PCSE regression technique to estimate the relationships. The findings confirm a significant heterogeneity across FCI-types and genders. Specifically, REM has a significant negative effect on LFP, with considerably stronger income-disincentive effects on FLFP. Conversely, FDI increases LFP, suggesting that it improves domestic labor-absorptive capacity by increasing productivity and job opportunities, with substantially stronger effects for FLFP. Similarly, ODA has weak and inconsistent effects on LFP, with significant impact on FLFP while reducing MLFP. Additionally, IQ directly improves FLFP but is associated with lower MLFP, revealing distinct institutional limitations and prospects across genders. Likewise, improvements in IQ weaken the employment effects of FDI and ODA, particularly for women, without significantly altering the disincentive effects of REM. Collectively, the findings reveal that labor-market responses to FCIs are gendered and conditional IQ, emphasizing the need for gender-specific and institutionally aligned policies to ensure the efficient allocation of FCIs and sustainable development. Keywords: Foreign Direct Investment, International Remittances, Official Development Assistance, Institutional Quality, Labor Force Participation, Foreign Capital Inflows, Deve loping Economies
Retail Investors’ Experiences with Finfluencers and Social Media–Based Investment Advice
Social media platforms gained significant acceptance in Pakistan which created different effects on young retail investors who were active in the investment market. Financial influencers, who people call finfluencers, function as important opinion leaders because they provide investment guidance together with market analysis and their own trading experiences through YouTube and TikTok and Instagram. Finfluencers have improved financial knowledge and access to financial resources but people still doubt their trustworthiness while investors make judgments about risks because of their behavioral patterns. The research study examines Gen Z and Millennial investor behavior when they utilize finfluencers together with social media platforms to gather investment information. The research team employed a qualitative interpretivist approach to conduct semi-structured interviews with ten active young retail investors who follow finfluencers online. Thematic analysis identified patterns related to trust and learning and behavioral influence and risk-taking and ethical concerns. The research results show that finfluencers significantly impact investment knowledge and investor confidence while becoming essential to decision-making. However, People who depend on influencer advice become more prone to follow others and develop excessive confidence and face greater financial risks. The study shows that while finfluencers make investing easier for people who want to start investing, people need to develop better financial knowledge to evaluate content correctly and decrease their risk of falling for false information and developing biased behavior. The practical insights from the study help regulators and educators and investors to promote responsible social media-based investment practices in Pakistan.
Finfluencers, Retail Investors, Gen Z, Millennials
Consumers’ Behavioral Experiences with Buy Now, Pay Later (BNPL) Financial Services
Digital payment solutions have experienced fast advancements which completely changed how customers conduct online shopping and handle their financial transactions. The Buy Now Pay Later (BNPL) service has emerged as the most sought-after option because it provides customers with the ability to make immediate purchases while delaying their payment obligations. The study examines how BNPL users make purchasing decisions and spend money and view their finances while considering their convenience needs and affordable options and their spending patterns and risk awareness level and their ability to handle repayments. The researchers conducted their qualitative research through ten semi-structured interviews with university students who attended International Islamic University Islamabad and Allama Iqbal Open University Islamabad and COMSATS University Islamabad and NUML and Bahria University. Thematic analysis was used to extract significant patterns and insights about BNPL adoption behavior. Users find value in BNPL because it provides them with instant product access and allows them to choose payment plans and helps them manage their financial obligations which results in more expensive and unplanned spending. The respondents showed concern about potential financial troubles resulting from their late payment and multi-repayment schedule management problems. The study found that users developed trust in the system through its transparent fee structure and its explicit repayment term communication. Proper repayment management together with financial literacy according to the research study leads to sustained long-term satisfaction. The research study presents new insights into how young consumers in developing markets adopt BNPL and how it impacts their spending habits and financial behavior. The findings enable BNPL providers and retailers and educators and policymakers to develop user-friendly services which increase financial literacy and enable responsible BNPL usage through sustainable methods while safeguarding users from potential risks.
Consumers’ Behavioral Experiences, BNPL, Financial Services
IMPACT OF DIGITAL LEADERSHIP ON SUSTAINABLE PERFORMANCE: EVIDENCE FROM INFORMATION TECHNOLOGY INDUSTRIES
Digital transformation and sustainability represent dual imperatives for modern organizations. The Information Technology (IT) sector is central to this challenge, acting as both a driver of innovation and a contributor to ecological burdens such as energy-intensive data centers, electronic waste, and resource-heavy hardware production. This inconsistency highlights the need for leadership that can integrate technological advancement with sustainability objectives. This study investigates how digital leadership influences sustainable performance, addressing the limited empirical evidence on the mediating effect of green self-efficacy and green innovation processes, as well as the moderating role of top management innovativeness in emerging economies. Data were collected from 363 IT professionals in Khyber Pakhtunkhwa, Pakistan, using a structured survey. Hypotheses were tested through regression analysis and mediation/moderation models in SPSS to ensure robust statistical validation. Findings reveal that digital leadership positively influences sustainable performance. Green self-efficacy and green innovation processes significantly mediate this relationship, while top management innovativeness strengthens the effect of digital leadership on sustainability performance. The research has theoretical value in the sense that it builds on Upper Echelons Theory, Dynamic Capabilities Theory, and the Resource-Based View using a combination of the three elements, which are leadership, innovation, and self-efficacy. In practice, it provides advice to IT managers and policymakers to pursue the digital transformation in ways that respond to the sustainability demands, especially in resource-limited situations. It is contextual evidence of an emerging economy with its own peculiar challenges and opportunities to IT firms. The combination of the latter with innovation and sustainability creates a strategic way to resilience and competitive advantage in the digital era, dubbed digital leadership.
THE NEXUS BETWEEN CORPORATE SOCIAL RESPONSIBILITY, OWNERSHIP STRUCTURE, AND FINANCIAL HEALTH: AN EXAMINATION OF FIRM SPECIFIC PREDICTORS OF EARNINGS MANAGEMENT
This study explores the firm-specific determinants of earnings management (EM) in Pakistan’s non-financial sector, emphasizing the roles of corporate social responsibility (CSR), ownership concentration, and financial stability measured by the Altman Z-Score. Using panel data from 160 non-financial firms spanning 2015–2024, discretionary accruals are estimated through the Modified Jones Model. Both panel and quantile regression methods are applied to capture average and distributional effects. The results reveal that CSR is positively associated with EM, suggesting that firms may employ CSR initiatives as a strategic mechanism for impression management rather than as a constraint on opportunistic behavior. Ownership concentration also shows a positive relationship with EM, consistent with the entrenchment hypothesis that dominant shareholders can exploit control to influence financial reporting. In contrast, the Altman Z-Score is negatively related to EM, indicating that financially distressed firms are more inclined to manipulate earnings to maintain legitimacy and financing access. Overall, the findings contribute to agency, legitimacy, and stakeholder theories by emphasizing how firm-specific dynamics shape opportunistic reporting in weak institutional environments.
Economic and Environmental Challenges and Options for Central Asia: A Pragmatic Approach
Central Asia occupies a strategically important position between Europe and Asia, yet the region continues to face deep-rooted economic and environmental challenges that hinder long-term sustainable development. Heavy reliance on water-intensive agriculture, fossil fuel extraction, and aging infrastructure inherited from the Soviet era has increased vulnerability to climate change, environmental degradation, and external economic shocks. This review draws on contemporary empirical studies to examine the region’s key challenges and to assess practical, integrated policy options. Particular attention is given to sustainable water governance, economic diversification, renewable energy development, and regional cooperation as interconnected strategies for building resilience and inclusive growth. The analysis also highlights the water–energy–food (WEF) nexus, demonstrating how coordinated, cross-sectoral approaches can improve resource efficiency and reduce trade-offs among water, energy, and food systems. By bringing together economic, environmental, and policy perspectives, this paper offers a clear and pragmatic roadmap for policymakers, researchers, and regional stakeholders seeking to strengthen sustainability and resilience in Central Asia. Keywords: Central Asia; Water Scarcity; Climate Change; Economic Diversification; Sustainable Development; Regional Cooperation; Water–Energy–Food Nexus; Renewable Energy
IMPACT OF DIGITAL PLATFORM USABILITY AND SMART SERVICE QUALITY ON PILGRIM SATISFACTION IN MAKKAH: A STUDY OF THE NUSUK PLATFORM
Guided by the ambitious objectives of Saudi Vision 2030, this study explores how digital infrastructure influences the pilgrim experience in Makkah, focusing specifically on the Nusuk platform. As Saudi Arabia transitions toward a "Smart Tourism" ecosystem, understanding the interplay between technical usability and service quality has become essential for ensuring spiritual and logistical success. This research adopted a quantitative approach, analyzing responses from 161 pilgrims. Initial testing confirmed the high reliability of the research instrument, with Cronbach’s Alpha scores for Digital Platform Usability (DPU), Smart Service Quality (SSQ), and Pilgrim Satisfaction (PS) all exceeding the .80 threshold. The resulting regression model proved to be statistically significant (F=46.262, p<.001), successfully explaining 37.1% of the variance in overall satisfaction levels. The data analysis supported two primary hypotheses: H1: Digital Platform Usability exerts a significant positive influence on Pilgrim Satisfaction (β=.400, p<.001). H2: Smart Service Quality contributes significantly and positively to Pilgrim Satisfaction (β=.376, p<.001). The findings suggest that while advanced "smart" features are vital, the ease with which a pilgrim can navigate the digital interface remains the most critical driver of their contentment. These results provide a clear roadmap for the Ministry of Hajj and Umrah: to reach the target of 30 million annual visitors, digital platforms must prioritize a frictionless user experience alongside technological innovation.
BELT AND ROAD INITIATIVE COUNTRIES: A FOCUS ON FOREIGN DIRECT INVESTMENT AND INFRASTRUCTURE
Being source of external finance, the role of foreign direct investment (FDI) in bridging resource gap is pivotal, and helps host countries to reach and integrate into international markets. This research is conducted to assess the effect of infrastructure availability on FDI in Belt and Road Initiative (BRI) member countries. Panel data for 27 BRI member nations from Europe, Africa and Asia has been used for a period from 2000 to 2023. By applying random effect estimation model, the findings show that the main explanatory variable infrastructure has a positively significant impact on FDI. It is also evident that other explanatory variables such as market size, openness, human capital and economic stability also have significant influence on FDI. Exchange rate and consumer price index are used as proxies for economic stability and both significantly influence FDI; however, the influence of exchange rate is negatively significant.
IMPACT OF GREEN PRODUCT FEATURES, GREEN PRICING STRATEGY, AND CORPORATE ENVIRONMENTAL RESPONSIBILITY ON GREEN PURCHASE INTENTION: THE MEDIATING ROLE OF CONSUMER ATTITUDE
The main objective of conducting this research is to find out the relationship between Green Marketing Tools (Green Product Features; Green Pricing; Green Advertising; Corporate Environmental Responsibility) and Green Purchase Intention, a conceptual framework underpinned on the Theory of Planned Behavior. The study also investigates the role Consumer Attitudes towards Green Products play as a possible mediator between the relationship of afore-mentioned Green Marketing Tools and Green Purchase Intention of the consumers. In order to carry out the research, a survey questionnaire was prepared measuring six constructs through corresponding six measurement items. The questions were close-ended and were circulated in different online groups, in addition to the seeking of in-person responses. A total of 215 responses were received, which were then examined in SPSS and PLS-SEM software, with a variety of tests performed on the results such as descriptive analysis, reliability, consistency, validity, fornel-lacker and path analysis etc. The results showed that all the variables of Green Marketing Tools have a significant and positive relationship with Green Purchase Intention. Moreover, the results also revealed that Consumer Attitude serves as a significant mediator of the relationship between all the variables of Green Marketing Tools and Green Purchase Intention. Findings of the study imply that companies should pay close intention to Green Marketing Tools such as Green Product Features, Green Pricing, Green Advertising and Corporate Environmental Responsibility because these practical aspects/features of the products are weighed-upon heavily by the potential consumers, who analyze these details carefully and form an attitude on green products based on these green marketing tools. The favorable attitude formation then ultimately translates into purchase intention of buying green products.
AI-POWERED CUSTOMER SERVICE: IMPACT OF CHATBOTS ON CUSTOMER SATISFACTION AND RETENTION
Purpose – The purpose of this study is to investigate the ways in which Customer Satisfaction mediates the relationship between Chatbot Service Quality and Customer Retention. Design/methodology/approach – The analysis was conducted on data collected from 173 respondents across 28 service sector organizations in Gilgit-Baltistan. Regression analysis was employed to examine the validity and dimensionality of the study variables. Findings – The outcomes suggest that Chatbot Service Quality is essential for predicting Customer Retention. Customer Satisfaction serves as a mediator between Chatbot Service Quality and Customer Retention. Research limitations/implications – The data were restricted to a cross-sectional design within the Gilgit-Baltistan setting, making it potentially unsuitable for generalization across Pakistan. Moreover, the sample size is smaller in comparison, yet the results are not negatively impacted. Originality/value – There is currently insufficient study conducted in Pakistan on the relationship between Chatbot Service Quality and Customer Satisfaction. This study represents a thorough investigation into how Customer Satisfaction affects the connection between Chatbot Service Quality and Customer Retention. Keywords: Chatbot Service Quality, Customer Satisfaction, Customer Retention, Gilgit-Baltistan Pakistan
SILENCED IN CYBERSPACE: HOW DIGITAL OSTRACISM AND SOCIAL UNDERMINING ERODE ORGANIZATIONAL IDENTITY IN THE AGE OF REMOTE WORK
Purpose: This study examines the influence of social undermining and cyber ostracism on organizational identity through the mediating role of dimensional employee silence. Additionally, it investigates organizational virtuousness as a moderating factor in these relationships, focusing on Pakistani organizations. Design/methodology/approach: The research employs a novel hybrid methodology combining PLS-SEM with machine learning approaches to analyze data collected from Pakistani organizational employees. This integration enables both relationship testing and predictive modelling to validate the hypothesized causal links. Findings: Results reveal significant negative influences of cyber-ostracism and social undermining on organizational identity, mediated by employee silence dimensions. Organizational virtuousness showed mixed moderating effects. ML modelling confirmed these findings, highlighting cyber-ostracism and undermining as destructive elements that amplify employee silence. Research limitations: The study was limited to Pakistani organizations, potentially affecting generalizability. The cross-sectional nature of data may limit causal inferences. Reliance on self-reported measures could introduce common method bias. Practical implications: Organizations should recognize and address cyber-ostracism and social undermining as toxic elements that foster employee silence. Results suggest that organizational virtuousness alone is insufficient to counter these negative influences, indicating a need for more comprehensive interventions. Social implications: Findings highlight the growing impact of digital workplace behaviours on organizational dynamics and employee well-being. Understanding these relationships can help create more inclusive and psychologically safe work environments. Originality/value: The study pioneers the integration of ML with PLS-SEM in organizational behaviour research. It provides novel insights into the interplay between digital workplace behaviours, social undermining, and organizational identity in an emerging economy context.
INTERSECTION BETWEEN VALUE ADDED INTELLECTUAL CAPITAL AND FIRMS’ SUCCESS THROUGH MODERATION OF BOARD SIZE IN THE TEXTILE SECTOR OF A DEVELOPING ECONOMY
This study seeks to investigate the intersection of value-added intellectual Capital (VAIC) with its components with Firms’ success (ROA) with the moderating effect of board size (BRS) evidence from textile sector of Pakistan. This study employs the data collected from Pakistan Stock Exchange (PSX) with the time of 2015 to 2024 regarding textile firms. This study used regression analysis panel data the statistical package EViews 8.0 to investigate the intersection among variables. Before running regression analysis, various preliminary tests are performed like descriptive statistics, correlation matrix to assure the validity and normality of data sample. The outcomes reveal substantial intersection between VAIC, its components and firms’ success with the moderating effect of board size. This study appeals to executives, policy makers and all other stakeholders while making decisions based on the textile firm’s resources. This study helps the management of the textile firms especially and various other decision markers while going for the firms’ success determinants. Govt. officials can also use this study in order to thoroughly and deeply explain and predict the future place of textile sector in terms of their success.
Copyright (c) 2025 Advance Journal of Econometrics and Finance
Energy Sector Inefficiencies, Circular Debt, and their Impact on Industrial Productivity in Pakistan
This paper discusses how inefficiencies in Pakistan energy sector contribute to forming circular debt and how it impacts on industrial productivity, that is, energy prices and reliability. It plots the links among circular debt, T&D losses, recovery rates, electricity tariffs, outages and industrial productivity (LSMI growth) using data between 2000 and 2025 and Autoregressive Distributed Lag (ARDL) model. Results indicate that increased T&D losses and ineffective recovery are some of the major contributors of circular debt. Circular debt also has negative effects by reducing productivity due to higher costs in energy and disruption in supply with reliability being one of the main considerations. The paper concludes with a conclusion that circular debt constrains the performance of manufacturing and export competitiveness, and proposes the policies to curb the losses, increase recovery and better the governance and tariff policies. Keywords: Circular Debt; Energy Sector Inefficiencies; Industrial Productivity; Electricity Tariffs; Power Outages; Pakistan; ARDL-ECM
Driving Workforce Efficiency through Sustainability: Assessing the Impact of Corporate Social Responsibility and Green HRM on Employee Performance
In the contemporary business landscape, organizations are increasingly challenged to harmonize financial objectives with environmental stewardship and social equity. This research investigates the impact of Corporate Social Responsibility (CSR) and Green Human Resource Management (GHRM) on Employee Performance. Utilizing a quantitative research design with a cross-sectional survey method, data was collected from a sample of 149 employees. The study tested three primary hypotheses: (H1​) that CSR positively influences employee performance, (H2​) that Green HRM positively influences employee performance, and (H3​) that the combination of both significantly predicts overall performance levels. The findings from the analysis confirm that both CSR and Green HRM are vital predictors of organizational success. The significance of this research lies in its empirical validation of the research framework, showing that CSR acts as a powerful catalyst for productivity while Green HRM provides the necessary internal alignment for sustainable operations. The analysis indicates that H1​ is strongly supported, highlighting the critical role of ethical standing in driving workforce output. While H2​ is positively supported, the analysis suggests its significance is secondary to CSR. Overall, H3​ is fully validated, demonstrating that the synergy between external social mandates and internal green practices creates a robust environment for high performance. This study provides critical empirical evidence for managers seeking to leverage sustainability as a strategic tool for enhancing human capital efficiency. Keywords : Corporate Social Responsibility (CSR), Green Human Resource Management (GHRM), Employee Performance, Sustainable Development.
Impact of investors' non-cognitive factors on financial behavior and financial well-being: An empirical investigation for investment performance from a self-control perspective
This study investigates the impact of investment characteristics on financial well-being and behavior, with an especially strong focus on financial anxiety. The study looks at non-cognitive factors such as anchoring, overconfidence, and optimism, as well as their impacts on investment performance, with the mediating role of financial management behavior and anxiety. We used confirmatory factor analysis (CFA) and structural equation modeling (SEM) to investigate 206 active traders on the Pakistan Stock Exchange. The results indicate that excessive overconfidence and anchoring have a negative impact on financial management, whereas optimism has a positive effect. Self-control influences the relationship between financial management behavior, anxiety, and investment performance, enabling investors to manage their anxiety and achieve better results. Discussions also cover the effect of management styles on various outcomes. Keywords : Overconfidence, Investment performance, Financial behavior, Financial anxiety, Self-control
Navigating Sustainability Tensions: Ambidextrous Leadership’s Impact on Sustainable Project Performance
This research examined how ambidextrous leadership may affect sustainable project performance within the district Sargodha, Pakistan. Based on the ambidexterity theory and dynamic capabilities, this study posed serial mediating roles of green knowledge sharing and green innovation. The sample size comprised 250 project managers and team members from agriculture and construction sectors where the sustainability issues such as water conservation and environmentally friendly practices are eminent. Through structural equation modeling and regression analysis, the findings show that ambidextrous leadership has a positive influence on sustainable project performance both directly and indirectly by green knowledge also in case of green innovation. The serial mediation direction is corroborated, and environmental characteristics mediate the relationships. The results aid in the interpretation of leadership of sustainable projects in developing states and have practical implication on the improvement of green practices in the project-based industries. Keywords : Ambidextrous Leadership, Green Knowledge, Green Innovation, Sustainable Project Performance, Sargodha, Pakistan
FINANCIAL INNOVATION, HUMAN CAPITAL DEVELOPMENT, AND ECONOMIC GROWTH OF SELECTED SOUTH ASIAN COUNTRIES
This paper offers an elaborate empirical assessment related to nexus of financial innovation, human capital development and economic growth focusing on selected economies of South Asia during 1991 to 2022. Anchored in the endogenous growth literature, the current study incorporates the theoretical insights of Romer (1986, 1990) and Lucas (1988) in the quest to analyze the interplay between innovative financial systems and human capital accumulation in promoting productivity and hence, long-run growth. Using stable panel data for Bangladesh, India, Pakistan, Sri Lanka, Nepal, and Bhutan, the exploration reflects dynamics within and crosswise countries by using fixed and random effects estimators. Key control variables such as trade openness, gross capital formation, technological innovation and labor force participation are included so that the model is robust. The empirical findings show that both financial innovation and human capital have positive and statistically significant impacts on economic growth as predicted by theories of endogenous growth models. Moreover, the results imply the existence of complementarities between financial development and human capital formations are important in sustaining innovation-led growth in the emerging south Asian economies. The research also concludes that a combination policy framework to promote financial modernization coupled with human capital investments is critical to generating inclusive and sustainable economic expansion in the region.
The Impact of Achievement Related Features as Game Design Elements on Customer Purchase Intentions: Mediation of Consumer Motivation
The use of gamification is at its peak across various business sectors as companies look for innovative ways to engage and entertain customers online. This study examines the impact of achievement-related game design elements on customers’ purchase intentions within e-commerce platforms. Guided by the Stimulus-Organism-Response (S-O-R) framework, the research focuses on the mediating role of consumer motivation in this relationship. Using quantitative survey data collected from 210 valid respondents, the analysis reveals a significant positive effect of achievement-related gamification features on customers’ purchase intentions. These findings enhance our understanding of how integrating specific game design elements in online shopping apps and platforms can influence consumer behavior. Furthermore, the results offer marketers and researchers clearer insights into designing digital shopping experiences that leverage achievement-based gamification to increase customer interest and drive actual purchases. This research provides practical guidance for e-commerce businesses aiming to apply targeted gamification strategies to boost consumer motivation and purchase intentions, ultimately supporting sustained engagement and sales growth.
Cryptocurrency & Bitcoin: A Customer Perception Study of Quetta City, Pakistan
This study quantitatively analyzes customer perceptions of Bitcoin's effectiveness in Quetta, Pakistan, using survey data from 150 respondents. The analysis employed descriptive statistics, reliability tests, factor analysis, correlation, and multiple regression. The sample was predominantly young, educated males with moderate incomes. All measurement constructs demonstrated good reliability; factor analysis extracted two dimensions, a risk factor and a trust factor. Correlation analysis identified perceived usefulness as the strongest positive correlate and perceived risk as the strongest negative correlate of perceived effectiveness. A multiple regression model explained 61.2% of the variance in perceived effectiveness. Key predictors were perceived usefulness and trust as positive drivers and perceived risk and Hawala trust as significant barriers. Significant interaction effects showed that infrastructure reliability amplifies the positive impact of usefulness, while trust in Hawala exacerbates the negative impact of perceived risk. The findings emphasize that, in this emerging market context, Bitcoin adoption is influenced not only by technology-acceptance factors but also, critically, by competition with trusted informal financial systems and local infrastructural constraints
Do Green and Dual-Listed Stocks Mitigate Downside Risk?
A new stock pricing framework that generalizes negative returns by focusing on downward movements of a market is downside risk which leads investors to seek compensation for holding stocks with negative returns. This study provides an in-depth analysis of how green stocks act as a hedging tool for diversifying downside risk. This study compares the performance of dual-class and locally listed green and non-green stocks to measure whether the greenness of securities provides a premium to investors for mitigating downside risk. Results proved that the greenness of stocks reduces the downside risk for both cross-listed and local stocks by a significant value compared to non-green stocks. However, dual-listed stocks are less vulnerable to downside risk than local stocks. On the other hand, multiple company and economy-based factors are also measured to evaluate their robust role in determining downside risk. Findings proved that size, growth, and liquidity are strong determinants of downside risk. Inflation rate, interest rate, and exchange rate contribute highly to determining downside risk. On the other hand, the book-to-market ratio, FDI, and GDP emerged as an insignificant determinant of downside risk.
Effects of US Tariff Escalation and New Trade Barriers on Global Value Chains and Trade Flows - Especially US-China-EU Dynamic
This study explores the impact of the U.S.–China trade war, which began in 2018, on global value chains (GVCs), trade flows, and economic welfare, focusing on the U.S., China, and the European Union (EU). The research utilizes a mixed-method approach, combining quantitative trade data analysis (2015–2025) with a Computable General Equilibrium (CGE) model to assess the effects of tariff impositions and trade barriers. The findings indicate that U.S.–China bilateral trade volumes were significantly reduced, with the U.S. experiencing a notable trade deficit increase. The EU, though not directly involved in the conflict, saw an influx of Chinese exports, positioning itself as a key intermediary. The study also reveals a global shift in trade dependencies, with both the U.S. and EU reducing their reliance on China. Additionally, the CGE model forecasts welfare losses, with the U.S. facing the largest economic burden due to higher import costs, while China's welfare loss is comparatively smaller. The global protectionism index has risen significantly, reflecting the broader implications of trade wars on global economic stability. Overall, the research underscores the long-term consequences of tariff escalations on global trade dynamics, supply chain configurations, and economic welfare. Keywords : U.S.–China trade war, global value chains, trade flows, economic welfare, tariffs, Computable General Equilibrium (CGE) model, European Union, trade protectionism, supply chains, global trade dynamics, welfare loss.
The Impact of Sustainable Sourcing and Ethical Supply Chain Practices on Organizational Performance in Public Sector Logistics Stores
The global trend of being eco-friendly and ensuring ethical governance has changed the way supply chain management is handled, including public sector logistics organizations. Pakistani logistics departs have functions of critical procurement, storage, and distribution, in which the aspects of transparency, reliability, and performance play a direct role in influencing national security. Although the world is going global, few empirical studies have been done to explore sustainable sourcing and ethical procurement within the military logistics environment of Pakistan.The research question to address is how sustainability in sourcing and ethical sourcing supply chain practices can influence performance in public sector logistics departments. Structured questionnaires were also employed to obtain data on 50 respondents, and reliability analysis reflected high internal consistency. The results show that there are positive relationships between sustainable sourcing and organizational performance and between ethical practices and organizational performance. The outcome of PLS-SEM shows a significant result of ethical supply chain practices on organizational performance, but the effect of sustainable sourcing is not significant. The Resource-Based View, Stakeholder Theory, and Triple Bottom Line paradigms claim in favor of these findings. The paper concludes that the moral supply chain activities are an ultimate solution to boost supply chain effectiveness in terms of reliability of operations, compliance, risk mitigation, and trust to the stakeholders. The ability to build long-term readiness to military supply chains can be enhanced through the application of ethical governance and sustainability in procurement systems. Sustainable Sourcing, Ethical Supply Chain Practice, Organisational performance.
Leveraging Intellectual Capital to Enhance Organizational Efficiency in Public Sector Logistics Firms
The continual inefficiencies in the Public Sector supply chains are observed to jeopardize optimal operational preparedness and mission efficiency, especially in the logistics setting in the public sector logistic firms that follow strict patterns and security limits. This paper discusses the issue of intellectual capital in improving organizational efficiency in the supply chain management of the public sector logistic stores in the Pakistan Public sector logistic firms. The study is based on the Resource-Based View (RBV) theory and explores the contribution of human, structural, and relational capital to the better performance of efficiency. The quantitative exploratory research design was used, and data were gathered by using structured questionnaires of 65 personnel engaged in procurement, inventory control, and logistics functions within the public sector logistic firms establishments. The proposed hypotheses were tested by multiple regression analysis. The result of the findings indicates that the intellectual capital explains 33.2 percent of the variations in the organizational efficiency. The strongest and statistically significant predictor turned out to be human capital, and this demonstrates the significance of the knowledge, skills, and experience of personnel. Relational capital had a minor positive influence, which means that there were partial advantages of coordination and collaboration, whereas structural capital was not significant, which can be interpreted as the lack of use of organizational systems and technologies. The theoretical contribution of the study, as it applies to the RBV and intellectual capital literature, is to apply the area to a scenario involving a Public sector logistic supply chain, and, more practically, provide evidence-based information to train, digitalize, and allocate strategic resources in the context of Public Sector logistics. Intellectual Capital, Human Capital, Structural Capital, Relational Capital, Organizational Efficiency, Supply Chain Management, Public Sector Logistics, Resource-Based View, Public Sector Logistic Firms
Modeling And Predicting GDP Growth Using Univariate Time Series and Machine Learning Methods: A Comparative Analysis of Pakistan, India and Bangladesh.
Accurate forecasting of GDP growth is vital for economic planning and policy-making, especially in developing countries such as Pakistan, India, and Bangladesh. This study conducts a comparative analysis of nine univariate time series forecasting models to predict GDP growth rates for these three countries using annual data from 1961 to 2023. Forecast accuracy is evaluated using six metrics: RMSE, MAE, MAPE, NSE, KGE, and R². The results demonstrate that the Neural Network Autoregression (NNAR) model consistently outperforms traditional and other statistical models, effectively capturing nonlinear trends and fluctuations in GDP growth. These findings underscore the limitations of conventional models for volatile economic data and highlight the potential of advanced and hybrid modeling approaches, including machine learning and deep learning techniques, to provide more accurate and reliable GDP forecasts. Keywords: GDP growth, time series forecasting, ARIMA, NNAR, machine learning, economic prediction
Forecasting the KSE-100 index during Novel Coronavirus (COVID-19) Using Time Series Models
Forecasting stock market behavior is challenging due to its nonlinear, complex, and volatile nature, making it a key area of interest for financial experts and data scientists. Accurate predictions provide valuable guidance for investors in decision-making. The COVID-19 pandemic significantly impacted global economies, causing substantial declines in major stock markets. This study applies various time series forecasting models to predict the KSE-100 Index closing prices over short- and medium-term horizons (7, 15, and 30 days) and identifies the most accurate model based on out-of-sample performance. Using daily KSE-100 data from January 2 to December 31, 2020, the study also examines correlations with COVID-19 epidemiological variables. Empirical results indicate a negative correlation between daily COVID-19 confirmed cases and KSE-100 closing prices (-0.179, 95% CI: -0.333 to -0.053) and between daily COVID-19 deaths and KSE-100 closing prices (-0.188, 95% CI: -0.325 to -0.044). For the 30-day forecast, the drift method outperformed others in MASE, MAPE, MAE, and RMSE, while the simple exponential method was most accurate for 15-day forecasts, and the Holt method performed best for 7-day forecasts. These findings highlight the impact of the pandemic on market behavior and provide insights for investors and policymakers. Keywords: KSE-100, COVID-19, ARIMA, PSX, Error trend seasonal, Neural network autoregressive
Assessing the Role of Digital Economy Transformation in Achieving Green Growth: Insights from Novel Green Growth and Digital Economy Indices
The global temperature is rising, and economies need to take stringent measures to keep it below the 1.5 °C limit set by COP28. For this purpose, global economies need to take strategic measures to reduce pollution levels. The researchers and environmentalists suggest that global economies adopt a long-term, sustainable growth strategy, for instance, green growth (GG). Thus, the digital economy (DE) is a vital solution for promoting the GG through innovation and sustainable practices. The DE plays a significant role in achieving the various Sustainable Development Goals (SDGs) for the economy. Thus, the present study develops the comprehensive indices for the GG and DE. The study uses panel data from 2000 to 2022 for empirical analysis across 104 global economies, employing two novel econometric techniques: the method of moments quantile regression (MMQR) and the system generalised method of moments (GMM). The outcome found a significant positive impact of DE on global GG across the lower, medium, and higher quantiles. Interestingly, low-income economies exhibit a higher quantile value for the DE than high-income economies. The findings also highlight the positive influence of trade, general government expenditures and ecological taxes on GG, while urbanization shows a negative association. Further, the outcome from the GMM system is consistent with the MMQR, which shows that the DE has a significant and positive effect on global GG. This study proposes a phased policy framework to achieve SDGs 8 and 13 based on these results. Keywords- Digital Economy, Green Growth, Ecological Taxes, MMQR, Global Economies
GOVERNANCE AND WHISTLEBLOWING: A SYSTEMATIC LITERATURE REVIEW OF MANAGERIAL STRATEGIES FOR ENCOURAGING REPORTING AND MITIGATING RETALIATION
This comprehensive review examines the significance of whistleblowing in encouraging organizational transparency and accountability. By exploring various aspects, including the importance, challenges, motivating factors, and effects of whistleblowing on organizations and auditors by considering various scandals and their impact on organizations, such as Enron, Volkswagen, WorldCom, and Olympus, which truly indicate the need of well-established whistleblowing mechanisms to prevent frauds and protect organizational goodwill. This study also explores structural issues such as power distance, weak implementation, and cultural differences are the challenges in establishing the whistleblowing mechanisms. Further, it highlights the different decisions individuals make in the "grey zone" between corruption and whistleblowing and also find that effective leadership is necessary to implement the organizational policies regarding whistleblowing mechanisms and ethical standards. An individual's intention to blow the whistle is significantly shaped by gender, culture, the risk of retaliation, and the regulatory environment, underscoring the necessity of strong protections and a supportive culture. Additionally, it explores the consequences of whistleblowing on director’s turnover and the pressure faced by auditors. The finding highlights the need for a strong regulatory framework, appropriate incentives, and oversights the structures of board. Overall, this study provides valuable insights into the significance and implications of whistleblowing in organizations. Keywords: Whistleblowing, Cultural Practices, Retaliation, Organizational Policies, Whistleblowers Rewards
THE INTERPLAY OF TECHNOLOGICAL INNOVATION, EXCHANGE RATE, INCOME INEQUALITY, NATURAL RESOURCES ON CO₂ EMISSIONS IN PAKISTAN
This study investigates the dynamic relationship between technological innovation, income inequality, exchange rate, natural resources and inflation on carbon emissions (CO₂) in Pakistan over the period 1995 to 2019, using annual time series data. The analysis begins with stationarity testing through the Augmented Dickey-Fuller (ADF) test, confirming that variables are integrated of order one, I(1). Subsequently, the Johansen Cointegration Test is employed to examine the long-run relationship among the variables. The results confirm the existence of three cointegrating equation, indicating a stable long-run equilibrium relationship between CO₂ emissions and the independent variables. Empirical findings reveal that technological innovation, exchange rate and inflation have positive and significant influence on CO2 emissions in the long run. While, income inequality has a negative and statistically significant relationship with CO2 emissions in the long run. In the short run, Technological innovation has positive but insignificant, exchange rate and inflation have significant positive effect, natural resources has negative insignificant effect on CO2 emission. Therefore, policymakers in Pakistan should consider energy-efficient innovations, manage inflation, and implement inclusive growth strategies to balance environmental and social goals.