@Research Paper
<#LINE#>The Impact of Macroeconomic Variables on Stock Market Returns A Case of Pakistan<#LINE#>Kibria@Umar,Yasir@Mehmood,Kamran@Muhammad,Arshad@MuhammadUsman,Rehana@Perveen,Sajid@Muhammad<#LINE#>1-7<#LINE#>1.ISCA-RJMS-2014-20.pdf<#LINE#>Department of Banking and Finance, Government College University, Faisalabad, PAKISTAN @ Army Public College of Management and Sciences (APCOMS), Rawalpindi, PAKISTAN @ Department of Business Administration, University of Sargodha, Sargodha, PAKISTAN <#LINE#>1/2/2014<#LINE#>25/7/2014<#LINE#> The efficient stock market organizes the investments and triggers the savings development, which direct to economic actions in a countryside. The main purpose of stock market is to perform as moderator among investor and borrowers. The stock market and different macroeconomic variables are closely related with each other. Studies show that stock market is inclined by change in macroeconomic variables. This research project observes the influence of five macroeconomic variables i.e. Inflation, GDP Per Capita, GDP savings, Money supply and Exchange rate at KSE 100 index of Pakistan. The annual data of 23 years from 1991 to 2013 was used in this study. To achieve the objectives we used the Descriptive Analysis, Correlation Analysis, Granger Causality test and Regression Analysis. The consequences of Granger Causality test shows that the GDP savings and Exchange rate does unidirectional Granger Cause Money supply. On other side GDP savings also unidirectional Granger Cause the KSE. The results of Regression Analysis show that the Inflation, Exchange rate, Money supply, GDP per capita and GDP savings has positive significant impact on KSE 100 index. Hence, it is recommended that government should obtain counteractive actions to manage inflation. The consequences could give some upcoming to company executive, depositor and strategy manufacturer. <#LINE#> @ @ Naik P.K. and Pdhi P., The Impact of Macroeconomic Fundamentals on Stock Prices Revisited, Evidence from Indian Data, 1-24 (2012) @No $ @ @ Aroni J.M., Factors Influencing Stock Prices for Firms limited in Nairobi Stock exchange, International Journal of Business and Social Science., 2(20), 303-311 (2011) @No $ @ @ Khan Z. Khan S., Rukh L., Imdadullah and Rehman W.,Impact of Interest rate, Exchange rate and Inflation on Stock Market Returns of KSE 100 Index, Int. J. Eco. Res., 3(5), 142-155 (2012) @No $ @ @ Sohail N. and Hussain Z., Long Run and Short run Relationship between Macroeconomic Variables and Stock Prices in Pakistan, Pakistan Economic and social Review,47(2), 183-198 (2009) @No $ @ @ Kuwomu T.K.M. and Victor O.N., Macroeconomic Variables and Stock Market Returns, Research Journal of Finance and Accounting. (4), 49-63 (2011) @No $ @ @ Pilinkus D. and Boguslauskas V., The Short-Run Relationship between Stock Market Prices and Macroeconomic Variables in Lithuania, An Application of the Impulse Response Function., 4(5), 1-13 (2009) @No $ @ @ Yogaswari D.D., Nugroho A.B. and Astuti N.C., The Effect of Macroeconomic Variables on Stock Price Volatility, Evidence from Jakarta Composite Index, Agriculture, and Basic Industry Sector., 46(18), 96-100 (2012) @No $ @ @ Bellalah M., Masood O., Darshini P., Levyne O. and Triki, Economic Forces and Stock Exchange Prices Pre and Post Impacts of Global Financial Recession of 2008, Journal of Computations and Modelling., 2(2), 157-179 (2012) @No
<#LINE#>Impact of Islamic Investment Trend on Economic Growth-A Case Study of Pakistan<#LINE#>Asif@Muhammad,Iqbal@Ather,Isma@Zaighum<#LINE#>8-17<#LINE#>2.ISCA-RJMS-2014-69.pdf<#LINE#>Department of Business Administration and Commerce, Indus University, ST-2D, Block 17, Gulshan-e-Iqbal, Karachi, PAKISTAN @ Department of Business Administration, Iqra University, Main Campus, Defence View, Shaheed-e-Millat Road (Ext.), Karachi, PAKISTAN @ Department of Business Administration, Iqra University, Gulshan Campus, Abid Town, Block-2, Gulshan-e-Iqbal, Karachi, PAKISTAN <#LINE#>17/6/2014<#LINE#>21/7/2014<#LINE#> For the last more than a decade, Islamic Banking System has been a centre of point in research area. Even in Pakistan, since 2002 onwards there has been a continuous growth found in the field of Islamic Banking System. This research was conducted to examine the impact of Islamic Investment Trend that has been present in Pakistan for more than a decade, on economic growth of Pakistan. For this purpose, the sample size of 200 observations based on quarterly data for the period of 2002 to 2012 has been selected. The data was collected from State Bank of Pakistan, Islamic Banking Bulletin and Economic Survey of Pakistan. The study was investigated on the basis of four predictors: Deposit of Islamic Bank (main variable), Inflation Rate, Interest Rate and Foreign Direct Investment (control variable) and Dependent Variable: Advances of Scheduled Banks by applying Auto Regressive Distributed Lag Model. The result revealed that Deposits of Islamic Banks at 4 different lags significantly play role in predicting the Economic Growth. Furthermore, results can be more significant if other modes of Islamic finance are also taken into consideration for the relevant research. Future research can be conducted by involving other factors effecting economic growth of a country i.e. Political Instability, Cost of Inputs for production, Foreign Trade Policy, Human Resource Development and Productivity, Unemployment and Government Expenditure with longer time period and larger sample size. <#LINE#> @ @ Abel A.B., Bernanke B.S. and Croushore D., Macroeconomics, New Delhi: Pearson, 204-205 (2012) @No $ @ @ Samuelson Paul A. and Nordhaus, Willian D. Economics. USA: McGraw-Hill, (2005) @No $ @ @ Sukmana Raditya and Kassim Salina H, Roles of the Islamic banks in the monetary transmission process in Malaysia, International Journal of Islamic and Middle Eastern Finance and Management, 3(1), 7-19 (2010) @No $ @ @ Khan M. Mansoor and Bhatti M. Ishaq, Islamic banking and finance: on its way to globalization, Journal of Managerial Finance, 34(10), 708-725 (2008) @No $ @ @ Akhtar S., The financial sector of Pakistan-the roadmap, Islamic Finance News, 3(16), 11-12 (2006) @No $ @ @ Shahinpoor Nasrin, The link between Islamic banking and microfinancing, International Journal of Social Economics,36(10), 996-1007 (2009) @No $ @ @ Brandsma J. and Chaouali R., Making Microfinance Work in the Middle East and North Africa,: World Bank, Middle East and North Africa Region, Private and Financial Sector Development Group and Human Development Group,Washington DC. (1998) @No $ @ @ Khandker S.R, Microfinance and poverty: evidence using panel data from Bangladesh, The World Bank Economic Review,19(2), 273-86 (2005) @No $ @ @ Dusuki, Asyraf Wajdi, Banking for the poor: the role of Islamic banking in microfinance initiatives, Humanomics,24(1), 49-66 (2008) @No $ @ @ Tahir Imran and Brimble Mark, Islamic Investment Behavior, International Journal of Islamic and Middle Eastern Finance and Management, 4(2), 116-130 (2011) @No $ @ @ Ahmad Abu Umar Faruq and Ahmad A.B. Rafique, Islamic microfinance : the evidence from Australia, Humanomics, 25(3), 217-235(2009) @No $ @ @ Mobolaji Hakeem Ishola and Omoteso Kamil, Corruption and economic growth in some selected transitional economies, Social Responsibility Journal,5(1), 70-82 (2009) @No $ @ @ Soli Vera Ogeh and Harvey Simon Kwadzogah, Fiscal policy, private investment and economic growth: the case of Ghana, Studies in Economics and Finance, 25(2), 112-130(2008) @No $ @ @ Hsing, Yu, Economic growth and income inequality: the case of the US, International Journal of Social Economics,32(7), 639-647(2005) @No $ @ @ Hsieh Wen-jen and Hsing Yu, Economic growth and social indicators: The case of Taiwan, International Journal of Social Economics, 29(7), 518-526 (2002) @No $ @ @ Odedokun M.O, Financial intermediation and economic growth in developing countries, Journal of Economic Studies,25(3), 203-224 (1998) @No $ @ @ Alam Mohammad N., A comparative study of financing small and cottage industries by interest-free banks in Turkey, Cyprus, Sudan and Bangladesh, Humanomics,24(2), 145-161(2008) @No $ @ @ Kassim Salina H. and Majid M. Shabri Abd., Impact of financial shocks on Islamic banks : Malaysian evidence during 1997 and 2007 financial crises, International Journal of Islamic and Middle Eastern Finance and Management, 3(4), 291-305 (2010) @No $ @ @ Abdullah, Fikriyah. Hassan, Taufiq and Mohamad Shamsher, Investigation of performance of Malaysian Islamic unit trust funds : Comparison with conventional unit trust funds, Managerial Finance,33(2), 142-153 (2007) @No $ @ @ Sufian Fadzlan, The efficiency of Islamic banking industry in Malaysia : Foreign vs domestic banks, Humanomics, 23(3), 174-192 (2007) @No $ @ @ Abduh Muhammad and Omar Mohd Azmi, Islamic banking and economic growth: the Indonesian experience, International Journal of Islamic and Middle Eastern Finance and Management, 5(1), 35-47 (2012) @No $ @ @ Shakespeare Rodney and Harahap Sofyan, The comparative role of banking in binary and Islamic economy, Humanomics, 25(2), 142-162 (2009) @No $ @ @ Bhasker Velury Vijay and Sarma Y.V.S. Subrahmanya, Role of Foreign Direct Investment-FDI: in the growth of Automobile Industry in India, Research Journal of Management Sciences,2(1), 13-20 (2013) @No $ @ @ Devajit Mahanta, Impact of Foreign Direct Investment on Indian economy, Research Journal of Management Sciences,1(2), 29-31 (2012) @No
<#LINE#>Factors that Motivate the Mobile Phone Users to Switch from 2G to 3G Technologies in Karachi<#LINE#>Raheem@AhmedRizwan,Nawaz@Ahmad,Mujeeb@Mirza,Khoso@Imamuddin,Vishnu@Parmar<#LINE#>18-21<#LINE#>3.ISCA-RJMS-2014-72.pdf<#LINE#>Department of Business Administration, Indus University, PAKISTAN @ Institute of Business Administration, Sindh University, PAKISTAN<#LINE#>3/4/2014<#LINE#>23/6/2014<#LINE#> In this study, the researchers have tried to investigate the motivational factors that lead to change their mind to switch from 2G to 3G technologies (Mobile Telecommunication Technology) in Karachi. The main objective of this research is to find out the motivational factors that lead to change their mind to switch from 2G to 3G technologies in Karachi and the research question of the study is also addresses the factors that motivate the mobile phone users to switch 3G technology. The study was originated by taking some previous literatures and tried to find out the research gap. This subject was never studied in Karachi context and this was the main purpose of this researchto identify the major gapsof undertaken subject in Pakistan’s context. Quantitative research approach was used with 219 sample of respondents participated in the study. Data was collected from the university going students of the Karachi. Reliability was tested through reliability test, which shows 79.8%, so, it showsthe sample data is reliable. This reliability allowed us to further analyze the data, Chi square test was applied on collected sample. The findings of the study showed that respondents and 3G technology users are not likely to be adopting this technology in Karachi context. <#LINE#> @ @ Peha J. and Satapathy D., Spectrum sharing without licenses: Opportunities and Dangers. In G. Rosston and D. Waterman (Eds.), Interconnection and the Internet: Selected papers from the 1996 telecommunications research (1997) @No $ @ @ William Lehr, and Lee W McKnight, Wireless Internet access: 3G vs. Wi-Fi? Telecommunication Policy,27 (5),351-370 (2003) @No $ @ @ International Union of Telecommunication, Resolution 25 Rev. Plenipotentiary Conference, Antalya (2006) @No $ @ @ Mardikyan S., Beirolu B. and Uzmaya G., Behavioral Intention towards the Use of 3G Technology, Communications of the IBIMA, 10 (2012) @No $ @ @ Noam E., The next frontier for openness: Wireless communications. Draft paper presented at 2001, Telecommunications Policy Research Conference, Alexandria, VA, October (2001) @No $ @ @ Du H., Zhu G., Zhao L. and Lv. T., An empirical study of consumer adoption on 3G value-added services in China, Emerald Research journal,3(3), 257-283 (2012) @No $ @ @ Casal C.R., Burgelman F.C. and Bohlin E., Prospects beyond 3E, Emerald Research Journal,6(6), 359-362 (2004) @No $ @ @ Harno J., Techno-economic analysis of beyond 3G mobile technology alternatives, Emerald Research Journal,11 (3), 45-63 (2009) @No $ @ @ Lee S., Sylvia M. Chan-Olmsted and Kim, H., the Deployment of Third-Generation Mobile Services, 1-32 (2009) @No $ @ @ Martin M., Verizon wireless gets closer to 3G. Network World, February 4 (2002) @No $ @ @ Dan Saugstrup, Anders Henten, 3G Standards: the battle between WCDMA and CDMA 2000, info, 8 (4), 10–20 (2006) @No $ @ @ Mahdi Safaa A., Muhsin Asaad H. and Al-Mosawi Ali I, Using Ultrasonic Sensor for Blind and Deaf persons Combines Voice Alert and Vibration Properties, Research Journal of Recent Sciences,1(11), 50-52 (2012) @No $ @ @ Seena Abraham, Quality of life Among Adolescents with Physical Disability Undergoing Integrated Education, Research Journal of Social Sciences,2(5), 1-5 (2013) @No $ @ @ Eskandar J., Intellectual Capital and its Effects on Firms’ market value and Financial Performance in Iran: An Investigating Public Model, Research Journal of Recent Sciences,2(3), 1-6 (2013) @No $ @ @ Mangang P.N., Health Beliefs and Perception of Wellbeing among the Lois of Thanga in Manipur, India, Research Journal of Recent Sciences,1(4), 46-52 (2012) @No $ @ @ Nwajei G.E., Okwagi P., Nwajei R.I. and Obi-Iyeke G.E., Analytical Assessment of Trace Elements in Soils, Tomato Leaves and Fruits in the Vicinity of Paint Industry, Nigeria, Research Journal of Recent Sciences, 1(4), 22-26 (2012) @No