Kashif Rashid

Bio: Kashif Rashid is an academic researcher from COMSATS Institute of Information Technology. The author has contributed to research in topics: Corporate governance & Cointegration. The author has an hindex of 8, co-authored 28 publications receiving 291 citations.

Corporate governance and corporate social responsibility (CSR) reporting: an empirical evidence from commercial banks (CB) of Pakistan

Abstract: The aim of this paper is to explore Pakistani listed commercial banks corporate social responsibility (CSR) reporting information along with the probable effects of different corporate governance (CG) elements on CSR disclosures. Furthermore, the relevance of different theories in explaining the results of this study is also provided. For analyzing the banks’ CSR reporting practice, which was done using content analysis, the annual reports for the years 2005–2010, of all the commercial banks were examined. Non-executive directors and foreign directors which are elements of CG were considered and multiple regression analyses were carried out to check the impact of CG elements on banks’ CSR reporting initiatives. The results of the study reveal that even though reporting of CSR is voluntary in Pakistan, the participation of Pakistani commercial banks in different CSR activities is not low. Furthermore, the level of CSR activities performed by the banks is impressive. The results displayed that non-executive directors have a positive impact on the CSR reporting supporting stewardship theory in CB of Pakistan. The major limitation of this study is that the data is only based on annual reports of commercial banks of Pakistan. It is therefore, not easier to generalize the findings of this research to other corporate sectors. Secondly the annual reports of commercial banks for the years 2005–2010, a time period of just 6 years were analyzed as access to data before and after the specified years was not readily available. This paper relates CSR disclosure with possible impact of CG in the particular perspective of a transitional economy’s banks such as Pakistan. By providing empirical facts of the effect of CG structure on the CSR activities practices in developing countries’ banking sector setting, this paper provides novel contribution to the current CSR literature.

Time Series Analysis of the Relationship between Macroeconomic Factors and the Stock Market Returns in Pakistan

Abstract: The purpose of this research is to investigate the relationship between Karachi stock market 100 index and macroeconomic variables, i.e., inflation, industrial production, money supply, exchange rate and interest rate. The long term relationship between macroeconomic variables and stock market returns has been analyzed by using Johnson Cointegration test, Augmented Dicky Fuller (ADF) and Phillip Perron (PP) tests. The Autoregressive Conditional heteroskedasticity Lagrange Multiplier (ARCH LM) test provided prudent evidence about the presence of heteroskedasticity in the data. The Generalized Autoregressive Conditional heteroskedasticity (GARCH) model was used to find out the relationship between stock returns and the variance of the squared error terms as there was heteroskedastic trend in the data. The results show that the cointegrating relationship exists between stock prices and the macroeconomic variables in Pakistani stock market. The GARCH model showed the significant relationships after mitigating the heteroskedasticity. The consumer price index (CPI), money supply (MS), exchange rates (ER) and interest rates (IR) proved to be negatively associated with the stock returns (SR), while industrial production index (IPI) was found to be positively associated with the stock returns. All the variables were significantly associated to stock market returns except inflation. The investors can use the GARCH results for investment decisions that is the returns are volatile not only due to any happening today but also on the past. The findings suggest that in the long run, the Pakistani stock market is reactive to macroeconomic indicators

Employee Empowerment, Service Quality and Customer Satisfaction in Pakistani Banks

Abstract: The paper focuses on determining the impact of employee empowerment on service quality and customer satisfaction in the banking sector of Pakistan. The data was collected from a random sample of middle and lower management staff and the customers of the banks through questionnaires. Statistical techniques such as factor analysis and correlation analysis were employed for data analysis. The study suggests a positive relationship between employee empowerment, service quality and customer satisfaction. This implies that employee empowerment results in higher level of service quality and customer satisfaction in Pakistani banks.

Corporate Governance and Sustainability Performance: Analysis of Triple Bottom Line Performance

Abstract: The study empirically investigates the relationship between corporate governance and the triple bottom line sustainability performance through the lens of agency theory and stakeholder theory. We claim, in fact, that no single theory fully accounts for all the hypothesised relationships. We measure sustainability performance through manual content analysis on sustainability reports of the US-based companies. The study extends the existing literature by investigating the impact of selected corporate governance mechanisms on each dimension of sustainability performance, as defined by the GRI framework. Our approach allows to identify which governance mechanisms foster triple bottom line performance, also revealing that some mechanisms fit only specific dimension(s) of sustainability. The fact-based findings provide support for a new beginning in the theorising process in which the theories must try not only to provide rationale for the impact of corporate governance on sustainability, but also to explain which dimension of sustainability might be more affected. The most important implication for practitioners is the support for sustainability practices, which may be gained through implementation of particular corporate governance mechanisms. The findings contribute also to the improvement of the ongoing standard setting process, in particular as it concerns the in-depth revision of the economic dimension of sustainability carried out under the new GRI framework.

Diversity of Board of Directors and Environmental Social Governance: Evidence from Italian Listed Companies

Abstract: This study investigates the association between environmental, social, and governance (ESG) disclosure and diversity of the board of directors (BoD) in Italian listed companies. Diversity of BoD in terms of gender diversity, CSR committees, board average, and independent directors are examined as to their influence on voluntary ESG disclosure. This rating is highly relevant to managers and investors considering ESG issues in their decision-making process. The factors that drive or hinder ESG disclosure are gaining importance. Despite the relevance of the topic, in Italy there is a scarce amount of literature regarding diversity in the BoD. The data set includes ESG data for more than 54 Italian companies for the period 2011–2014. The results indicate that firm's CSR disclosure is associated with independent director and committee CSR. In addition, women on BoDs is negatively correlated while the age of the board is not significant. Based on this study, shareholders and policymakers will have a deeper knowledge on the significant roles that board diversity is playing as a determinant of ESG disclosure. Copyright © 2017 John Wiley & Sons, Ltd and ERP Environment

Looking Inside the Black Box: The Effect of Corporate Governance on Corporate Social Responsibility

Abstract: Manuscript Type Review Research Question/Issue This study provides a systematic multi-level review of recent literature to evaluate the impact of corporate governance mechanisms (CG) at the institutional, firm, group, and individual levels on firm level corporate social responsibility (CSR) outcomes. We offer critical reflections on the current state of this literature and provide concrete suggestions to guide future research. Research Findings/Insights Focusing on peer-reviewed articles from 2000 to 2015, the review compiles the evidence on offer pertaining to the most relevant CG mechanisms and their influence on CSR outcomes. At the institutional level, we focus on formal and informal institutional mechanisms, and at the firm level, we analyze the different types of firm owners. At the group level, we segregate our analysis into board structures, director social capital and resource networks, and directors' demographic diversity. At the individual level, our review covers CEOs' demography and socio-psychological characteristics. We map the effect of these mechanisms on firms' CSR outcomes. Theoretical/Academic Implications We recommend that greater scholarly attention needs to be accorded to disaggregating variables and yet comprehending how multiple configurations of CG mechanisms interact and combine to impact firms' CSR behavior. We suggest that CG-CSR research should employ a multi-theoretical lens and apply sophisticated qualitative and quantitative methods to enable a deeper and finer-grained analysis of the CG systems and their influence on CSR. Finally, we call for cross-cultural research to capture the context sensitivities typical of both CG and CSR constructs. Practitioner/Policy Implications Our review suggests that for structural changes and reforms within firms to be successful, they need to be complemented by changes to the institutional makeup of the context in which firms function to encourage/induce substantive changes in corporate responsible behaviors.

What are the drivers of sustainability reporting? A systematic review

Abstract: The purpose of this paper is to systematise the research field of sustainability reporting. The authors contribute to closing this research gap and, on the basis of this systematisation, address the research question of what are the drivers of sustainability reporting.,The paper systematically reviews existing studies and analyses drivers of sustainability reporting using a qualitative approach. The authors intend to demonstrate and discuss the wide range of approaches used in literature.,The review suggests that firm size, media visibility and ownership structure are the most important drivers of the disclosure of sustainability reports, while corporate governance only seems to have an influence on the existence of audit or sustainability committees. In contrast, other determinants such as profitability, capital structure, firm age or board composition as an indicator of corporate governance do not show a clear tendency.,The authors systemise the research field related to sustainability reporting to give an overview of the current research landscape that is not influenced by environmental or social reporting and discuss the identified determinants and the related variables. This results in a comprehensive report of what is known and unknown about the questions addressed in the systematic review.

Business contribution to the Sustainable Development Agenda: Organizational factors related to early adoption of SDG reporting

Abstract: Business can play a critical role in the achievement of the Sustainable Development Goals (SDGs). Contextually, business reporting on the SDGs can support organizations in planning, implementing, measuring, and communicating their SDG efforts. This study investigates the relationship between early adoption of SDG reporting and a series of organizational factors by combining data from two databases—provided by the Global Reporting Initiative and Orbis—to identify the organizations that addressed the SDGs in their sustainability reports and their respective structural characteristics. The study, using a logit model based on data from 408 organizations worldwide, indicates that early adoption of SDG reporting is related to a larger size, a higher level of intangible assets, a higher commitment to sustainability frameworks and external assurance, a higher share of female directors, and a younger board of directors. The study contributes to the academic and practical understanding of factors related to the decision to engage early in new sustainability frameworks and practices.