Managers manipulate firm’s earnings through real activities to show good performance in the current period. This article determines whether there is any impact of these earnings manipulation in future financial performance or not. A panel data analysis technique generalized least square (GLS) method was used for analysis. The sample includes 119 firms listed in Karachi Stock Exchange (KSE) for the years 2004–2011. The article provides evidence that firms engaged in real earnings management (REM) activities through sales manipulation to report higher earnings have worse financial performance in future. It reveals that earnings manipulation seems helpful and appealing in current situation but creates problems in future.

Disclosures on Corporate Social Responsibility (CSR) practices of business organizations have heightened over the past few decades due to increased awareness. Major contributions in the literature on CSR practices and their disclosures come from the studies conducted in the developed world, while many developing economies like Pakistan remain under-researched and fewer revelations have been made about their CSR practices. Therefore, the present study aims to explore various aspects of CSR practices of Pakistani firms and their reporting trends. A multimethod approach has been adopted to measure CSR practices with respect to both approaches, quantitative and qualitative, for 170 listed firms from 2008 to 2015. First, content analysis is employed to develop a CSR Disclosure Index (CSRD Index) as well as five sub indices, i.e., community welfare, health and education, environment and energy, product, and customer and workforce. Second, a multidimensional financial approach is used to calculate firm’s CSR monetary spending ratio (CSR-MSR) using the monetary data of CSR activities. Results suggested that most Pakistani firms disclose more information about their product-, customer-, and stakeholder-related CSR activities and put less emphasis on health and education responsibilities. Moreover, there is a strong impact of government reforms on both the firm’s CSR disclosures and monetary giving.

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The present study intends to explore the influence of audit committee characteristics on a firm's financial performance. The corporate governance mechanisms are highly recognized in era of global financial crisis and current economic recession. Audit committee is one of the core mechanisms that ensure good corporate governance in the firms. Yet, very less evidence found on the impact of audit committee and its characteristics on firm's performance in the context of Pakistani literature. For that reason, four audit committee characteristics were identified namely audit committee size, independence, activity and quality of external audit to study their impact on firm financial performance while using ROA as accounting measure and Tobin's Q as market measure. The results of panel data showed that two audit committee characteristics namely audit committee size and external audit quality has strong and significant positive impact on ROA and Tobin's Q. Another two variables namely audit committee independence and AC activity remains insignificant, which is consistent with mostly previous studies carried in different countries. In short, present study provides an insight to all the regulators, policy makers and stakeholders while adopting certain audit committee characteristics in Pakistan; overall firm's financial performance can be improved. For further research audit committee expertise can be used to determine the improvement in corporate performance by getting data from the company's management.

PurposeThis study aims to examine the direct and indirect effects of supply chain resilience enablers on supply chain disruption orientation per supply chain resilience. It conjointly examined the moderation of supply chain complexity on resilience enablers and supply chain resilience. It further detailed the conditional indirect effects of supply chain resilience enablers on supply chain disruption orientations via supply chain resilience at varying levels of supply chain complexity.Design/methodology/approachThis study employed a time-lagged design (three-wave) and self-administered surveys to collect data from the supply chain managers of fast-moving consumer goods firms. A sample of 214 responses was used to test the hypothesized relationships.FindingsThe results showed that supply chain resilience significantly mediated on the relationship between supply chain resilience enablers and supply chain disruption orientation. Further, supply chain complexity positively moderated on supply chain resilience enablers and supply chain resilience. The results also supported the moderated mediated hypothesis.Research limitations/implicationsThis study contributes to prevalent theory and practices in the wake of recent disruptions faced by the firms. It persuades the managers to emphasize on structuring resilient supply chain system to recover from the disruptions and accumulate and incorporate learning gained from the disruptions to strengthen the firm's response management system.Originality/valueThis study attempted to explore the underlying antecedents and consequences of supply chain resilience in Pakistan and established boundary condition effects of supply chain complexity on the proposed relationships. This research complemented and extended the conceits of resource-based and contingent resource-based views.