Purpose -The purpose of this paper is to study brand credibility, customer loyalty and the impact of religious orientation in the Pakistani setting. Design/methodology/approach -In a study of 263 respondents, exploratory and confirmatory factor analyses were conducted in order to check the fit of the data and the presence of common method variance. Correlation and hierarchical regression analysis was performed to evaluate the hypothesized relationships between the variables. Findings -Significant and positive relationships were observed between trustworthiness and brand credibility, perceived quality and brand credibility, brand credibility and customer loyalty, religious orientation and customer loyalty. Brand credibility was also found to mediate the relationship between trustworthiness, perceived quality and customer loyalty. Religious orientation was observed to moderate the relationship between trustworthiness and brand credibility. Originality/value -The paper evaluates brand credibility and customer loyalty in relation to trustworthiness and perceived value in a Pakistani setting. Religious orientation is a term coined up for this research and its impact as a moderator is also evaluated.

Investors' decision-making are influenced by certain biases as reported in literature. Fundamental analysis is based on the assumption that investors think rationally, but in practice, things may be different. This study captures the impact of herding behavior and overconfidence biases on the investors' decision-making in Pakistan. The proposed study collects the necessary data through questionnaires distributed among 150 respondents who were active in stock market and manage to process 100 completed ones. The relationships between investors' decision-making and herding behavior as well as overconfidence biases were empirically tested using Ordinary Least Square (OLS) method. The results show that Pakistani investors' decisions were significantly influenced by both herding behavior and overconfidence biases. .

PurposeThe rapid spread of COVID-19 has dramatic effects on financial market across the globe. This study analyzes the relationship between the COVID-19 cases, age and stock market indexes in Central America, North America, and South America.Design/methodology/approachThe panel regression analysis on three regions from March 10, 2020 to April 9, 2020 was conducted to test the hypothesized model. The authors used Levin et al.’s (2002) panel data unit root test to check the stationarity, and Hausman (1978) test was applied to determine the random and fixed effects.FindingsThe authors’ panel regression results indicate that the COVID-19 cases have a negative impact on stock indexes, whereas the age has a positive impact on the stock indexes. The region-wise analysis supports the panel finding except for South America, which shows an insignificant association between stock indexes and COVID-19 cases.Originality/valueThe study supplements the literature by examining the impact of pandemics on stock indexes and focus on three multicultural regions, comprising developed, developing and emerging countries, which are hitherto unaddressed.

This research study aims to investigate the potential inner factors of the lending rate in the commercial banking sector of Pakistan. For this purpose, seven bank-specific explanatory variables (capital adequacy, management efficiency, liquidity, asset quality, investment to asset, loan to asset and deposit to asset ratios) were selected to determine their impact on lending behavior. Panel data techniques were emplyed on secondary data collected from the annual financial reports from a sample of ninteen major commercial banks over a period of 2007 to 2014. For the purpose of analysis, descriptive statistics, Pearson correlation and panel data techniques for regression analysis such as the fixed effect regression models were considered after conforming to the Hausman specification (1978) test. The findings of this study revealed that only four out of seven explanatory variables (ratio of investment to total assets, deposit to asset, loan to asset and liquidity ratio) have a significant relationship with lending rate. Two of the significant determinants (liquidity ratio and investment to asset ratio) are positively correlated while the remaining two significant explanatory variables (loan to asset ratio and deposit to asset ratio) are found negatively correlated with lending rate. The findings of the study are applicable to the banking sector of Pakistan. The current study ignored the use of macro factors like GDP and inflation, etc. which could be used in future research. ANALYSIS OF SOME INNER FACTORS AFFECTING THE LENDING RATE AND COMMERCIAL BANK BEHAVIOR (An Empirical 112"e-Finanse" 2016, vol. 12 / nr 4 Zulfiqar Ali, Zahid Bashir, Muhammad Usman Arshad, Ahmed Ghazali, Muhammad Asif, Fahad Najeeb Khan Analysis of some inner factors affecting the lending rate and commercial bank behavior

JEL classification: C1, C4, C5, C8, G32, L2, L8, M2The aim of this research was determining the factors of growth in the textile and food sector of Pakistan. The research study analyzed data from the financial statements of textile and food sector companies of Pakistan for the period 2013-17. A fixed effect regression model was used for regression analysis after the conformation of (Hausman, 1970) specification test. The results of the study indicated that there was a significant and positive impact of profitability and negative impact of leverage on firm growth in textiles as well as the food sector of Pakistan. The results also indicated that firm growth was not significantly affected by innovation, liquidity or solvency. Growth of assets was used to measure firm growth. The findings of the study are applicable to textile as well as food sector companies in Pakistan. This research study suggested that management and policymakers in the textile as well as in the food sector of Pakistan should consider profitability as a driving factor for enhancing growth in both sectors. A small number of research studies could be found for the driving factors of growth especially in the textile as well as for the food sector of Pakistan. The present research study contributed to the existing literature by providing fresh evidence from Pakistan as a developing market. It allows the research community to explore the differences and similarities for the driving factors of growth in both sectors of Pakistan.

Purpose -The purpose of this paper is to predict which factors can determine consumer's intentions to complain when they meet service failure in restaurant industry.Design/methodology/approach -quantitative data was collected through the instrument of a survey questionnaire. Data were collected from 250 consumers to assess the Influence of attitude, subjective norm, and Self-efficacy on the intention to complain. Findings -The results show that the attitudes toward complaining and self-efficacy have significant effects on the consumer complaint intention. Also, self-efficacy of complaining is analyzed as the antecedents.Practical implications -the results shows that in order to intensify the consumers attitude toward complaining in hospitality industry, service provider should encourage complaints to locate the failure and make policies to make the consumer satisfied/loyal. Here in the restaurant industry, when consumers (having high degree of self-efficacy) face faulty services, they focus on better solution in reaction to service failure by better using their expertise, skills and resources.Originality/value -In this study it has be proven that perceived attitudes toward complaint and self-efficacy are very important determinants which directly affects Consumer's intention to make complains. This study also explores the effect of self-efficacy on consumer complaints behavior and provides a more holistic view of the determinants which affect customer`s complaint behavior.

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The study explores the causal relationship between monetary policy effectiveness and financial inclusion in developed and under-developed countries. Structural Vector Auto-regressive techniques have been inducted to explore the relationship between monetary policy effectiveness and financial inclusion. The study covers the secondary data of 10 developed and 30 underdeveloped countries throughout 2004–2018. It is concluded that monetary policy effectiveness and financial inclusion do not have a contemporaneous impact on each other. Nevertheless, the reduced-form Vector Auto-regressive witness the reverse causality between financial inclusion and monetary policy effectiveness in developed countries. Thus, effective monetary policy enhances financial inclusion in a country, and a higher degree of financial inclusion lowers the inflation rate and makes monetary policy effective. One way causality from monetary policy effectiveness to financial inclusion can be observed in under-developed countries. Using the Structural Vector auto-regressive technique and financial inclusion index composed of three-dimension to examine the relationship of monetary policy effectiveness and financial inclusion in developed and developing countries is considered the study’s significant contribution.