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This paper examines the extreme dependence and asymmetric risk spillovers between crude oil futures and ten US stock sector indices (consumer discretionary, consumer staples, energy, financials, health care, industrials, information technology, materials, telecommunication and utilities) before and during COVID-19 outbreak. This study is based on the rationale that stock sectors exhibit heterogeneity in their response to oil prices depending on whether they are classified as oil-intensive or non-oil-intensive sectors and the possible time variation in the dependence and risk spillover effects.

The authors employ static and dynamic symmetric and asymmetric copula models as well as Conditional Value at Risk (VaR) (CoVaR). Finally, they use robustness tests to validate their results.

Before the COVID-19 pandemic, crude oil returns showed an asymmetric tail dependence with all stock sector returns, except health care and industrials (materials), where an average (symmetric tail) dependence is identified. During the COVID-19 pandemic, crude oil returns exhibit a lower tail dependency with the returns of all stock sectors, except financials and consumer discretionary. Furthermore, there is evidence of downside and upside risk asymmetric spillovers from crude oil to stock sectors and vice versa. Finally, the risk spillovers from stock sectors to crude oil are higher than those from crude oil to stock sectors, and they significantly increase during the pandemic.

There is heterogeneity in the linkages and the asymmetric bidirectional systemic risk between crude oil and US economic sectors during bearish and bullish market conditions; this study is the first to investigate the average and extreme tail dependence and asymmetric spillovers between crude oil and US stock sectors.

This study aims to empirically investigate the effect of financial reporting quality (FRQ) and audit quality (AQ) on the investment efficiency (IE) for the firms listed on the Pakistan Stock Exchange during the period 2007-2014.

The authors use pooled ordinary least squares (OLS) regression which cluster at the firm and year level to test the hypotheses. For sensitivity check, the authors also account for reverse causality and cross-sectional dependence by using the GMM and FGLS regression methods. Furthermore, the authors built their theoretical arguments based on alignment hypothesis of the agency theory and resource-based view of the firm.

The findings suggest that higher FRQ and AQ are associated with higher IE. The results for these particular estimates are robust when tested using alternative estimation techniques. Overall, the outcomes of this study are in line with the arguments presented by the alignment hypothesis of the agency theory and resource-based view of the firm.

This study is fruitful for policymakers’ and investors. This study finds that the audit done by the Big 4 also reduces the information gap and, thus, reduces the moral hazard and adverse selection problems, thereby enhancing the IE.

The authors extend the debate on determinates of IE and highlight two monitoring mechanisms: FRQ and AQ. The authors further extend the literature on the economic consequences of AQ in terms of IE, as proposed by Francis (2011). For the first time, this study investigates the impact of AQ on IE in a setting where minority shareholder risk of exploitation is high relative to other markets in Asia.

Acceptance and use of mobile shopping as the preferred shopping medium is becoming the new normal today. The proliferation of mobile shopping practices follows unsteady growth patterns in different countries. Despite challenges of price, quality and privacy matters, young consumers still lead the race to engage in mobile shopping activity in developing countries. This research investigates the determinants that either support or hinder the mobile shopping intentions of aspirant young consumers in Pakistan.

The present research applies a consumer-centric approach to the technology adoption framework to unearth the behavioral patterns of these young consumers in Pakistan. Employing the structural equation modeling technique, this research examines the significant effect of structural assurance, perceived risk, trust and various unified theory of acceptance and use of technology (UTAUT) model constructs on behavioral intention to engage in mobile shopping.

This research examines the significant effect of structural assurance, perceived risk, trust and various UTAUT model constructs on behavioral intention to engage in mobile shopping. Results also demonstrate a significant moderating effect of structural assurance and prior shopping experience on the relationship between perceived risk, trust and mobile shopping intentions. Further, the mobile shopping patterns for the male and female segment indicate a significant difference for perceived risk, trust structural assurance and social influence. The research contributes to the growing body of knowledge which advocates the application of consumer-centric customized model approach to explore various factors that either facilitate or impede the adoption of mobile shopping in a developing economy.

The study validates the need to enforce structural assurance mechanism for facilitating mobile shopping in a developing country. It also offers practical implications for online businesses and marketers striving to attract and retain more mobile customers.

The study offers practical implications for online businesses and marketers striving to attract and retain more mobile customers.

This study offers fresh insights about driving elements and impediments of mobile shopping behavioral intentions. Structural assurance and prior shopping experience appear to influence the mobile shopping behavior through direct and indirect effect.

This paper aims to develop a fuzzy logic-based algorithm to predict the intermetallic compound (IMC) size and mechanical properties of soldering material, Sn96.5-Ag3.0-Cu0.5 (SAC305) alloy, at different levels of temperature. The reliability of solder joint in materials selection is critical in terms of temperature, mechanical properties and environmental aspects. Owing to a wide range of soldering materials available, the selection space finds a fuzzy characteristic.

The developed algorithm takes thermal aging temperature for SAC305 alloy as input and converts it into fuzzy domain. These fuzzified values are then subjected to a fuzzy rule base, where a set of rules determines the IMC size and mechanical properties, such as yield strength (YS) and ultimate tensile strength (UTS) of SAC305 alloy. The algorithm is successfully simulated for various input thermal aging temperatures. To analyze and validate the developed algorithm, an SAC305 lead (Pb)-free solder alloy is developed and thermally aged at 40, 60 and 100°C temperature.

The experimental results indicate an average IMCs size of 5.967 (in Pixels), 19.850 N/mm² YS and 22.740 N/mm² UTS for SAC305 alloy when thermally aged at an elevated temperature of 140°C. In comparison, the simulation results predicted 5.895 (in Pixels) average IMCs size, 19.875 N/mm² YS and 22.480 N/mm² UTS for SAC305 alloy at 140°C thermally aged temperature.

From the experimental and simulated results, it is evident that the fuzzy-based developed algorithm can be used effectively to predict the IMCs size and mechanical properties of SAC305 at various aging temperatures, for the first time.

The COVID-19 outbreak has disrupted the habits of customers as well as their shopping behavior. This study aims to critically examine the associated benefits and challenges of online shopping from the perspective of customers in the COVID-19 pandemic.

A systematic review of the relevant literature published between 2020 and 2022 was conducted via performing comprehensive search query in leading scholarly databases “Scopus and Web of Science” with the restriction of their predefined subject category of “Business.” Overall, 30 research studies were selected for the review and a significant number of studies were published in 2021 (n = 15).

The research findings revealed that customers are motivated to shop online because of perceived benefits such as time-saving, convenience, 24/7 accessibility, interactive services without physical boundaries, trust, website attractiveness and cost-saving. However, challenging factors such as financial scams, privacy concerns, poor quality of products and services, fake promotions and reduced social interaction have hindered the growth of online shopping. The recommendations regarding designing marketing strategies, secured transaction, multiple payment options, trust building, protection of privacy, promotion via social media, effective mechanism to secure and timely delivery of product are helpful to improve the service quality of online shopping.

The outcomes of this research are valuable to online retailers and policymakers, as it highlights how the benefits can enhance customers’ shopping intentions and minimize the impact of associated challenges. This study also recommends the redesigning of user-friendly interfaces of online shopping websites and ensures their privacy, security and performance on a regular basis.

The purpose of this study is to look at how Shariah-compliant status and Shariah regulation affect the demand for initial public offerings (IPOs) in Pakistan. The Shariah-compliant status, which is seen as a method that offers a credible signal to investors, may explain the anomaly in IPO demand.

This research used multivariate and quantile regression models to assess data from 85 IPOs issued on the Pakistan Stock Exchange between 2000 and 2019.

Shariah-compliant status has a considerable negative association with IPO demand. Nevertheless, there is a considerable positive association among Shariah regulation and IPO demand. Furthermore, the interaction among regulatory quality and Shariah-compliant status has a considerable strong influence on IPO demand. As a consequence, the findings show that Shariah-compliant firms might possibly attract the attention of investors. Investors were found to concur on the amicability of rigorous rules and permissible Shariah-compliance aspects.

Future studies could analyse the financial ratio benchmark (cash and debt) to determine the Shariah-compliant status and Shariah regulation to better understand the problem of IPO demand in the context of Pakistan.

The outcomes of this research are useful for issuers and underwriters in comprehending the characteristics that influence high and early IPO success. Such knowledge may assist issuers and underwriters in responsibly planning and managing the IPO process.

The results may be useful to investors looking for critical information in prospectuses to make the best choice when subscribing to IPOs in Pakistan.

This is one of the first studies to provide empirical data on the links among Shariah-compliant status, Shariah regulation and IPO demand in Pakistan. Furthermore, this research demonstrates the interaction impact of regulatory quality and Shariah-compliant status on IPO demand.

This paper aims to investigate whether the effect of competitive strategies on the performance is significantly different for fully fledged Islamic banks vis-a-vis conventional banks with Islamic window. Specifically, two competitive strategies namely the low-cost strategy and the differentiation strategy were considered. In addition, we examined further the competitive strategies–performance nexus by introducing enterprise risk management as a mediating factor.

This study used structured questionnaires to collect data from 506 respondents (251 from fully fledged Islamic banks and 255 from conventional banks with Islamic window). A disjoint two-stage approach was employed to analyze a hierarchical component model. Construct Level Correction and Measured Latent Marker Variable approaches were employed to assess the common method variance. As a robustness check, two-stage approach was used to explore the curvilinear relationship, and the Gaussian copula approach was adopted to address the endogeneity issue.

The findings show the evidence of complementary partial mediation in the relationships between low-cost strategy, differentiation strategy, and performance through enterprise risk management practices in both types of banks.

Competitive strategies are essential as they send signals to owners, managers, policymakers, and regulatory authorities. On the one hand, fully fledged Islamic banks face dual competition from pure conventional counterparts as well as conventional banks with Islamic window. On the other hand, Islamic window banks also face strong competition from the fully fledged Islamic banks due to their strong Shariah roots. Hence, this competitive pressure on both types of banks calls for more attention to focus on competitive strategies and enterprise risk management practices to accelerate their performance and overcome the bank risk. Moreover, these competitive strategies can be used as a tool to enter into a new market by reducing costs and risks. Besides, banks cannot achieve a competitive advantage without implementing enterprise risk management practices because competitive strategies are significant antecedents of enterprise risk management practices. Therefore, this study recommends both types of banks to focus on enterprise risk management practices to make these strategies successful.

To the best of our knowledge, this is the first study to examine the competitive strategies–performance nexus and the mediating role of enterprise risk management practices in an unexplored area of Islamic banking.

This study aims to evaluate blockchain as an e-government governance model. It assesses its alignment with legal frameworks, emphasizing robustness against disruptions and adherence to existing laws.

The paper explores blockchain’s potential in e-government, focusing on legal, ethical and governance aspects. It conducts an in-depth analysis of blockchain’s integration into data governance, emphasizing legal compliance and resilient security protocols.

The study comprehensively evaluates blockchain’s implementation, covering privacy, interoperability, consensus mechanisms, scalability and regulatory alignment. It highlights governance’s critical role in ensuring legal compliance within blockchain paradigms.

Ethical and legal concerns arising from blockchain adoption remain unresolved. The study underscores how blockchain challenges its core principles of anonymity and decentralization in e-government settings.

The framework outlined offers potential for diverse technological environments, albeit raising ethical and legal queries. It emphasizes governance’s pivotal role in achieving legal compliance in blockchain adoption.

Blockchain’s impact on legal and ethical facets necessitates further exploration to align with its core principles while addressing governance in e-government settings.

This study presents a robust framework for assessing blockchain’s viability in e-government, emphasizing legal compliance, despite ethical and legal intricacies that challenge its fundamental principles.

The purpose of the study is to analyse the occurrence and distribution of different tree species in Gilgit-Baltistan, Pakistan, as a baseline for further inventories, and estimate the biomass per species and plot. Furthermore, it aims to measure forest biodiversity using established formulae for tree species diversity index, richness, evenness and accumulative curve.

Field data were collected, including stratification of forest sample plots. Statistical analysis of the data was carried out, and locally appropriate allometric equations were applied for biomass estimation.

Representative circular 556 forest sample plots of 1,000 m² contained 13,135 trees belonging to nine tree species with a total aboveground biomass of 12,887 tonnes. Sixty-eight per cent of the trees were found between 2,600 and 3,400 masl; approximately 63 per cent had a diameter at breast height equal to 30 cm, and 45 per cent were less than 12 m in height. The Shannon diversity index was 1.82, and Simpson’s index of diversity was 0.813.

Rough terrain, long distances, harsh weather conditions and location of forest in steep narrow valleys presented challenges for the field crews, and meant that fieldwork took longer than planned.

Estimating biomass in Gilgit-Baltistan’s forests using locally developed allometric equations will provide transparency in estimates of forest reference levels, National Forest Monitoring System in Pakistan and devising Reducing Emissions from Deforestation and Forest Degradation national strategies and for effective implementation.

This paper presents the first detailed forest inventory carried out for the dry temperate and semi-arid cold region of Gilgit-Baltistan, Pakistan.

One of the existing and commonly used solar energy harvesting devices is the parabolic trough solar collector (PTSC). Because of their ability to operate in low and medium temperatures, parabolic trough concentrators are widely used in power generation plants and industrial process heating applications. Therefore, the investigation of how different operating conditions affect these devices’ overall efficiency has received a great deal of attention in the recent decade. This study aims to enhance the thermal performance of the PTSC and reduce the system cost.

In the novel configuration, a noncirculated nanofluid absorbs solar radiation through a glass wall. The base fluid was synthetic oil (5W30), and the nanoparticles used were copper oxide. The heat captured is immediately absorbed by the water circulating inside the copper tube immersed in the nanofluid. ANSYS FLUENT 15.0 was used for carrying out computational fluid dynamics simulations for two models of single and triple copper tubes. The experimental results obtained from a test rig constructed for this purpose were compared with the numerical outcomes of the single copper tube model.

The findings of the simulation demonstrated that performance was superior for the single copper tube model over the triple copper tube model. The numerical findings of the single copper tube model were compared with the experimental results. The numerical and experimental results differed from 3.17% to 5.6%. Investigations were carried out to study the effects of varying the volumetric flow rate of (20, 40, 60 and 80 L/h) and water inlet temperatures of (300, 315 and 330 K) on the effectiveness and performance of the newly developed model. Additionally, two nanofluid volume fractions of 0.05% and 0.075% were used for investigating their effect on the performance of the novel configuration. According to the findings, the highest thermal efficiency of 55.31% was recorded at 0.075% concentration and 80 L/h volume flow rate.

In this study, a novel direct absorption solar collector configuration using a noncirculated nanofluid was designed to enhance the thermal efficiency of PTSC. This new approach makes it possible to boost the thermal performance of the PTSC and lower the system’s cost.