MyMedR

Displaying all 5 publications

Abstract:

Sort:

Role of the government towards stock markets and carbon emissions: evidence from wavelet approach

Waris M, Din BH

Environ Sci Pollut Res Int, 2024 Feb;31(7):11285-11306.
PMID: 38217822 DOI: 10.1007/s11356-024-31843-y

The government of any country can play a great role in promoting economic and environmental policy reforms in both normal and crisis periods, but during the crisis period, the role of the government should take the economy into a recovery position. The stock market is the backbone of the financial system that needs the government's attention, especially in the period of financial stress and environmental protection is the responsibility of every economy to live in a healthy environment. Combining this motive, this study analyzed the role of the government towards the stock market and carbon emission by using different approaches, including the wavelet approach, OLS regression, and the Granger causality test. The wavelet approach is useful for analyzing the role of the government at different time intervals by using the time horizon from 1993 to 2021. World governance's six indicators in terms of voice and accountability, control of corruption, rules of law, regulatory quality, political stability, and government effectiveness are used as the proxy for the role of the government. Our findings show that all WGI indicators have a positive relationship with the stock market of Malaysia except voice and accountability while concerning voice and accountability, the role of the government of Malaysia is negative on the stock market. Similarly, our findings also show that the effective government governance mechanism through WGI indicators has a significant positive impact on CO2 emission due to industrialization. Furthermore, findings of the Granger causality test reveal that all the WGI indicators cause to stock market of Malaysia, and political stability has bi-directional causality indicating stock market index is also a factor that caused the political stability within Malaysia. In the Granger causality results of the CO2 and WGI indicators, there is unidirectional causality found between rules of law and regulatory quality with CO2 emission. This study advocated strong implementations for the investors for investment decisions in effective governance countries and implications for the government to remove their weakness by making effective governance related to the economy and as well as the environments within the country.
Nexus of the CSR disclosures and corporate financial performance: evidence from Asian countries climate policy uncertainty

Waris M, Din BH

Environ Sci Pollut Res Int, 2024 Jan;31(2):1995-2008.
PMID: 38049691 DOI: 10.1007/s11356-023-31307-9

Financial performance is a critical aspect of a company's overall health and sustainability. It directly influences investor decisions, stock market performance, credit ratings, and the company's ability to access capital. Corporate financial performance is influenced by multitude of facts, both internal and external such as disclosure of the information, and social and environmental factors. On the ground of the facts, we aimed to investigate non-financial firms that belong to Asian economies affected by climate policy uncertainty and corporate social responsibility disclosures in terms of their financial performance. To conduct quantitative study analysis, we used the two effective statistical tools such as two-stage regression method and generalized method of movement (GMM). Our results show that corporate high value of social responsibility disclosure and climate policy uncertainty has significant negative impact on return on asset (ROA) of the listed organizations of China, Pakistan, and India. Moreover, CSR disclosure attributes higher values such as social (SC) and governance score (GOV), and climate policy uncertainty (CPU) has significant negative relationship with return on equity (ROE) and earning per share (EPS) respectively, while a higher value of ESG total score and the environmental (ENV) score has a significant positive impact on ROE and EPS. Additionally, the research concludes that climate policy uncertainty is a key factor that motivates CSR disclosure practices, which ultimately improves corporate financial performance. Moreover, we concluded from our finding that the climate policy uncertainty creates ambiguity surrounding government regulations, international agreements, or market mechanisms that affect financial performance. Moreover, environmental disclosure information that has the large part in total ESG scores attract the investors around the globe which leads to rise in the financial performance, while the other attributes of the CSR disclosure decrease performance. This study advocated the great implications for researchers, investors, the government, and regulatory authorities. Policy makers can make the policy about the CSR disclosure for creating the good image of the organization to attract investors around the globe.
Fulltext Risk and causality Co-movement of Malaysia's stock market with its emerging and OECD trading partners. Evidence from the wavelet approach

Wang X, Guo H, Waris M, Din BH

PLoS One, 2024;19(1):e0296712.
PMID: 38271459 DOI: 10.1371/journal.pone.0296712

The growing trend of interdependence between the international stock markets indicated the amalgamation of risk across borders that plays a significant role in portfolio diversification by selecting different assets from the financial markets and is also helpful for making extensive economic policy for the economies. By applying different methodologies, this study undertakes the volatility analysis of the emerging and OECD economies and analyzes the co-movement pattern between them. Moreover, with that motive, using the wavelet approach, we provide strong evidence of the short and long-run risk transfer over different time domains from Malaysia to its trading partners. Our findings show that during the Asian financial crisis (1997-98), Malaysia had short- and long-term relationships with China, Germany, Japan, Singapore, the UK, and Indonesia due to both high and low-frequency domains. Meanwhile, after the Global financial crisis (2008-09), it is being observed that Malaysia has long-term and short-term synchronization with emerging (China, India, Indonesia), OECD (Germany, France, USA, UK, Japan, Singapore) stock markets but Pakistan has the low level of co-movement with Malaysian stock market during the global financial crisis (2008-09). Moreover, it is being seen that Malaysia has short-term at both high and low-frequency co-movement with all the emerging and OECD economies except Japan, Singapore, and Indonesia during the COVID-19 period (2020-21). Japan, Singapore, and Indonesia have long-term synchronization relationships with the Malaysian stock market at high and low frequencies during COVID-19. While in a leading-lagging relationship, Malaysia's stock market risk has both leading and lagging behavior with its trading partners' stock market risk in the selected period; this behavior changes based on the different trade and investment flow factors. Moreover, DCC-GARCH findings shows that Malaysian market has both short term and long-term synchronization with trading partners except USA. Conspicuously, the integration pattern seems that the cooperation development between stock markets matters rather than the regional proximity in driving the cointegration. The study findings have significant implications for investors, governments, and policymakers around the globe.
Fulltext The effects of the COVID-19 pandemic period on stock market return and volatility. Evidence from the Pakistan Stock Exchange

Wang B, Waris M, Adamiak K, Adnan M, Hamad HA, Bhatti SM

PLoS One, 2024;19(4):e0295853.
PMID: 38625885 DOI: 10.1371/journal.pone.0295853

The COVID-19 pandemic has emerged as a significant event of the current century, introducing substantial transformations in economic and social activities worldwide. The primary objective of this study is to investigate the relationship between daily COVID-19 cases and Pakistan stock market (PSX) return volatility. To assess the relationship between daily COVID-19 cases and the PSX return volatility, we collected secondary data from the World Health Organization (WHO) and the PSX website, specifically focusing on the PSX 100 index, spanning from March 15, 2020, to March 31, 2021. We used the GARCH family models for measuring the volatility and the COVID-19 impact on the stock market performance. Our E-GARCH findings show that there is long-term persistence in the return volatility of the stock market of Pakistan in the period of the COVID-19 timeline because ARCH alpha (ω1) and GARCH beta (ω2) are significant. Moreover, is asymmetrical effect is found in the stock market of Pakistan during the COVID-19 period due to Gamma (ѱ) being significant for PSX. Our DCC-GARCH results show that the COVID-19 active cases have a long-term spillover impact on the Pakistan stock market. Therefore, the need of strong planning and alternative platform should be needed in the distress period to promote the stock market and investor should advised to make diversified international portfolio by investing in high and low volatility stock market to save their income. This study advocated the implications for investors to invest in low volatility stock especially during the period of pandemics to protect their return on investment. Moreover, policy makers and the regulators can make effective policies to maintain financial stability during pandemics that is very important for the country's economic development.
Fulltext Comparative global epidemiology of influenza, respiratory syncytial and parainfluenza viruses, 2010-2015

Lam TT, Tang JW, Lai FY, Zaraket H, Dbaibo G, Bialasiewicz S, et al.

J Infect, 2019 10;79(4):373-382.
PMID: 31323249 DOI: 10.1016/j.jinf.2019.07.008

OBJECTIVES: To improve our understanding of the global epidemiology of common respiratory viruses by analysing their contemporaneous incidence at multiple sites.
METHODS: 2010-2015 incidence data for influenza A (IAV), influenza B (IBV), respiratory syncytial (RSV) and parainfluenza (PIV) virus infections were collected from 18 sites (14 countries), consisting of local (n = 6), regional (n = 9) and national (n = 3) laboratories using molecular diagnostic methods. Each site submitted monthly virus incidence data, together with details of their patient populations tested and diagnostic assays used.
RESULTS: For the Northern Hemisphere temperate countries, the IAV, IBV and RSV incidence peaks were 2-6 months out of phase with those in the Southern Hemisphere, with IAV having a sharp out-of-phase difference at 6 months, whereas IBV and RSV showed more variable out-of-phase differences of 2-6 months. The tropical sites Singapore and Kuala Lumpur showed fluctuating incidence of these viruses throughout the year, whereas subtropical sites such as Hong Kong, Brisbane and Sydney showed distinctive biannual peaks for IAV but not for RSV and PIV.
CONCLUSIONS: There was a notable pattern of synchrony of IAV, IBV and RSV incidence peaks globally, and within countries with multiple sampling sites (Canada, UK, Australia), despite significant distances between these sites.