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This study aims to compare the safe-haven properties of different asset markets such as gold, dollar, oil and disaggregated real estate sector (house, plot and residential) against equity returns in Pakistan over the monthly period of January 2011–December 2020.

The authors use wavelet coherence to encapsulate the overall dependence and correlation of asset classes. Further, the authors also study the potential of diversification at the tail of returns distribution by applying the wavelet value-at-risk (VaR) framework.

The results of wavelet coherence show that the dependence is weaker (stronger) in the short (long)-term investment horizon. Moreover, the findings of wavelet VaR reveal that the degree of co-movement between gold and equity returns greatly affects the portfolio risk followed by residential property and oil.

The findings are beneficial for the individual investor, fund managers and financial advisors looking for the optimal portfolio combination that hedges the excessive negative movements in equity returns subject to the heterogeneity in the investment horizon.

This is a primary effort to estimate safe-haven investments opportunities at a large spectrum, including disaggregated real estate sector against stock returns in Pakistan. Moreover, this study uses wavelet coherence and wavelet VaR which have an advantage over traditional analysis for diversification.

Governance quality has been a dominant factor to formulate policies for the development of financial institutions in the world. Therefore, this study aims to explore the impact of governance quality on financial institutions along with globalization in the case of Pakistan.

Time series data from 1996 to 2018 are considered for analysis. The NG-Perron is applied to check the order of integration. In addition, Kim and Perron (2009) structural break unit root test is used to identify break years. The autoregressive distributive lags (ARDL) bound testing approach is used to detect the long-run association among governance quality, financial institutions and globalization.

The results of unit root analysis show that all series are stationary at a different level of integration, I(0)/I(1). However, the long-run association is detected in the presence of break years. The authors find a positive impact of governance quality to determine financial institutions in the long-short-run. Similarly, globalization also enhances financial institutions but only in long run.

This study fills the gap in the economic literature by exploring the linkages between the financial institution and disaggregated governance indicators in the case of Pakistan. Moreover, a role of structural break is also captured during analysis. This study also opens some new insights for policymaking.

Momentum returns are considered an anomaly in the finance literature as their existence cannot be fully explained under the asset pricing paradigm. This study attempts to shed more light on this anomaly by investigating the determinants of momentum returns.

The panel data technique is applied to the sample of 40 countries worldwide from 1996 to 2018. The authors use the panel-corrected standard error (PCSE) model to estimate the coefficient of World Governance Indicators (WGI), whereas the fixed effect model is used to determine the coefficient for corporate governance indicators (CGIs). The choice of PCSE estimation methods is guided by the fact that WGI variables are subjected to serial correlation, heteroskedasticity and cross-sectional dependence problems while CGI variables are not. Furthermore, a composite WGI index is constructed using principal component analysis (PCA).

Regression analysis shows a negative and significant relationship between WGI index and momentum returns. The negative coefficient value of WGI supports the prediction of the overreaction hypothesis, which postulates a lower behavioral bias in the market with high governance quality. Breaking down of the WGI by their six indicators reveals that four of the indicators (control over corruption, government effectiveness, stability and avoidance of violence) are negative statistically significant with momentum returns while two indicators are not significant. As for CGIs, only one (strength of investor protection) of the four tested indicators is negative and significantly related to momentum returns.

The study fills the gap in economic literature by highlighting the association between governance quality at the country (WGI) and firm level (CGI) on stock momentum returns.

This research aims to inspect the existence of the “environmental Kuznets curve” (EKC) in the presence of foreign direct investment (FDI), financial development (FD) and urbanization throughout 1972–2018 for Pakistan.

For time series analysis, Phillips and Perron (PP) and Augmented Dickey–Fuller (ADF) unit root tests are used to confirm the level of integration. For robustness, Kim and Perron (2009)’s structural break unit root test is employed, which identifies the order of integration in the presence of structural break years. Further, combined cointegration analysis is performed to confirm the existence of a long-run association between underlying variables. Furthermore, autoregressive distributed lag (ARDL) analysis is employed for the robustness of the cointegration approach.

The cointegration analysis confirms the existence of a long-run association among variables. The authors find a positive and significant impact of urbanization, FD and foreign development on environmental degradation in the long run. Similarly, only FDI increases environmental degradation in the short run. In addition, the authors find an inverted U-shape relationship between economic growth and environmental quality which, further, confirms the presence of EKC in Pakistan.

This research contributes to applied economics in many ways: the combined effect of urbanization, FD, FDI and economic growth on carbon dioxide (CO₂) emission is checked simultaneously. To avoid ambiguity, this study constructs the FD index through the principal component analysis (PCA). Moreover, the role of structural breaks has been considered through the analysis. Novel Bayer-Hanck combined cointegration analysis is employed to detect the existence of long-run relationships among underlying variables.

This study aims to analyze access of cotton growers to Sustainable Livelihoods Assets Pakistani Punjab.

This study uses the department for international development (DFID’s) sustainable livelihoods framework (DFID) (1999). Where data collection was done by using a well-structured questionnaire from 200 randomly selected cotton growers of the district Muzaffargarh. There are five livelihood assets (human assets, natural assets, financial assets, physical assets and social assets) in the SLF, this study has used three different indicators/proxies for each asset except natural assets, where four indicators were used to capture the salient features of the respondents’ access to that assets. Each indicator was given a weight by using the entropy technique to keep the consistency of the quantification. Livelihood assets indices were calculated in case of each livelihood asset for conducting Livelihood Assets Pentagon Analysis. Value of livelihood index ranged from 0–4.

Livelihoods Assets Pentagon analysis shows that cotton growers do not have proper access to all five livelihood assets. The asset with the highest capacity were social assets (sustainable livelihood index value = 0.3994), followed by natural assets (0.3294), financial assets (0.2511), human assets (0.2143) and physical assets (0.0897).

This study uses the SLF developed by DFID for analyzing factors affecting access to livelihoods assets of cotton growers in Pakistani Punjab. Sustainable agriculture and sustainable rural livelihoods lead to sustainable livelihoods where environment quality is taken into consideration. The study contains significant and new information.

This study aims to study the impact of corporate governance (CG) versus ethical investment on the firm performance. It takes into account the firms of Bangladesh, India, and Pakistan for the purpose of the study. A composite variable of CG index and environmental, social, and governance (ESG) index is used to test the impact on the firm performance. Separate country wise and overall analysis is obtained. Regression analysis is used to obtain the results. Two measures of performance are used, one is return on assets (ROA) and other is Tobin Q. The findings of the study reveal that there is an impact of corporate governance index (CGI) on firm performance (overall and country wise) whereas ethical investment (EI) has an impact on firm performance when tested overall and no impact when checked for country wise results. The results further show that on country level, increase in CG measures may lead to positive results, but at the macro level, it may lower the performance. On the other hand, at the micro level, ethical finance may not show its impact; however, at the macro level, it has an impact. The study has implications for the investors and policymakers.

Jinnah was, to some extent, a successful leader in obtaining his goals of becoming the only spokesperson for Muslims in India and gaining a piece of land for Pakistan but the main question is whether these achievements can be attributed to transactional or transformational strategies. Has he managed transactional or transformational change in terms of political culture? This point will be discussed in the paper. The paper aims to discuss these issues.

A documentary analysis of behaviors, statements and incidents of Jinnah and other relevant personages.

The research shows that Jinnah was neither a transformational nor a charismatic leader. Therefore, his success cannot be attributed to his transformational ideology or charismatic personality. The political maneuvers that he adopted by frequently changing his espoused values and theories-in-use are the sources of his transactional success. Moreover, it is the international events and the vested political interests of the British are among the significant reasons that brought him success.

In this work, a detailed comparison has not been made between voluminous theories of leadership because it is beyond the scope of this research. Moreover, it is not the intention of the paper to compare his leadership with that of other leaders; however, the future research in this direction might be useful. Indeed, the relevant leadership examples have been selected from the All India Congress with the major point of reference being the All India Muslim League – the party that brought him real recognition and fame.

It is stressed in the research that overt success is not a sufficient criterion to categorize a leader in a specific category without analyzing espoused theory and theories-in-use. The study will help those researchers who are interested in understanding the current political culture of Pakistan. The research will be helpful in enhancing the debate within the theme of leadership, especially transformational, transactional and charismatic. Moreover, the paper will encourage other researchers to compare Jinnah's leadership with that of other political leaders of the world.

The research is original as Jinnah's leadership from the perspectives of transformational and transactional leadership styles and the espoused theory and theories-in-use has, so far, not been discussed. It presents significant new arguments and information, which will be in the interest of researchers.

This study aims to compare the antioxidant and antimicrobial activity of different parts (tip, mid and base portion) of lemongrass leaves for application as a natural ingredient in the functional drink.

Lemongrass leaf powder was prepared from different parts of leaves and evaluated for nutritional composition. Additionally, the extracts of different portions of lemongrass leaves were analyzed for total phenolics, free radical scavenging activities, ferric reducing antioxidant potential (FRAP) and antimicrobial activities for their application in food products.

Tip portion of lemongrass leaf anticipated significantly (p < 0.05) higher contents of ash, protein, calcium, potassium and iron i.e. 6.2 mg/100 g, 18 mg/100 g, 340 ppm, 819 ppm and 32 ppm, respectively. Maximum (p < 0.05) phenolics (14.7 mg GAE/100 g), 2,2-diphenyl-1-picryl-hydroxyl (86.3%) and FRAP (200 mmol/100 g) were observed in lemongrass leaf tip methanolic extracts. Moreover, lemongrass leaf tip hydro-methanolic extracts portrayed maximum zone of inhibition against E. coli and Staphylococcus aureus i.e. 16.7 and 18.2 mm, respectively.

This study demonstrated higher antimicrobial and antioxidant activities of the tip of lemongrass leaves as compared with mid and base portions, hence suggesting its role in the improvement of physicochemical, antimicrobial and antioxidant properties of food products. Consequently, the application of lemongrass methanolic extract up to 10% remarkably enhanced the nutritional value and sensorial acceptance of the beverages.

The present research draws evidence from laboratory analysis of fresh lemongrass grown in Pakistan. The findings suggest that lemongrass methanolic extracts could be used as a nutritionally rich source of antioxidant activity in functional drinks.

This study investigates the impact of Industry 4.0 technologies on green innovation performance. In this relationship, the mediating role of green innovation behavior is also studied. Moreover, open innovation is tested as a mediator between Industry 4.0 technologies and green innovation behavior.

A quantitative research method is adopted in which a structured questionnaire was used to collect data from 217 manufacturing firms of Malaysia. After collecting data, the partial least squares-structural equation modeling (PLS-SEM) technique is applied to analyze data and test the hypothesis of study.

It is found that Industry 4.0 positively impacts open innovation which leads to green innovation behavior. Also, the former lays positive impact on green innovation behavior which leads to improve green innovation performance.

The authors conclude that Industry 4.0 technologies can play an important role to improve green innovation performance of Malaysian manufacturing firms by managing open innovation for green innovation behavior which further improves the green innovation performance. In this context, it is recommended that strategists and policymakers should undertake the role of open innovation and Industry 4.0 technologies to promote environment-friendly innovations and to promote the green behavior in companies. The authors suggest hereby that firms should be given incentives to adopt and utilize Industry 4.0 technologies and collaborative innovation interactions – as they foster a climate for sustainable green innovations (which is also a key component to achieve competitive advantage) and a growing concern nowadays.

First of all the research contributes to achieving the broader of United Nations to promote sustainable innovation through green innovations. Moreover, the companies can also incorporate the findings and insights of this study while devising their policies to foster green innovations.

This research has done the novel contribution by bridging the gap between open innovation approach and sustainability fields while promoting green innovations in small and medium enterprises (SMEs). These two research fields are rarely studied in previous studies by focusing open innovation particularly. Hence, the authors suggest researchers to undertake these fields to further enhance the level of scholarship between innovation management and sustainability. Also, the authors recommend considering technological orientation and technological absorptive capacity of firms to improve green innovations. The current study has investigated the SMEs perspective in general irrespective to their sectoral differences, thus, for future researchers the authors suggest investigating the sector-wise comparison, i.e. electrical and electronics sector, chemical sector, etc.; or service and manufacturing sector differences.