Prior major studies in the field of corporate finance have centered on financial decisions and corporate performance. While studying the corporate performance and financial decision patterns, classical finance assumes that managers are rational and self-interested in their decision-making. However, behavioral finance contradicts this idea and provides evidence of irrationality in corporate decisions. For this purpose, our study investigated the effect of behavioral biases of corporate finance managers (i.e., self-serving, overconfidence, optimism, anchoring & representativeness, loss aversion and mental accounting) on three facets of corporate financial decisions (i.e. capital structure, dividend policy and working capital management), and how the corporate performance is affected by these financial decisions. This study also focused on the conditional impact of risk perception, financial literacy, and managerial skills on financial decisions of corporate finance managers. For the contextual contribution, the emerging economies like Pakistan, Malaysia, and Turkey have been chosen for the cross-country comparison. This study used primary data to address research questions. Questionnaire items were adapted from different authors, pilot tested and rephrased for numerous validity and reliability measures. The unit of analysis in this cross-sectional study was the financial decision makers of the corporate sector. The results of this study concluded that overconfidence, optimism, anchor/representative and mental accounting bias have a positive impact on risk perception. However, loss aversion bias has a negative impact on risk perception. These relations are significant for all countries except loss aversion bias which is not significant for Malaysia. Self-serving bias has no impact on risk perception and overconfidence. This finding is consistent for all three counties. Risk perception negatively impacts on dividend policy decisions, positively impacts on the capital structure and working capital management decisions. Dividend policy and working capital management positively while capital structure negatively impacts the corporate performance. These results are also consistent with all three counties. Overall results concluded that the behaviorally biased managers impact corporate financial decisions. The results of the moderation of financial literacy and managerial skills indicated that the moderating effect of financial literacy on the relationship of self-serving and anchoring bias with risk perception is not significant for all countries. Financial literacy is moderating the relationship of risk perception with overconfidence and mental accounting for all countries. The moderating effect of financial literacy with optimism on risk perception is supported for Pakistan and Malaysia, however, not supported for Turkey. The moderating impact of financial literacy with loss aversion bias on risk perception is supported only in Pakistan. The moderation of managerial skills on the relationship of risk perception and the corporate financial decision is not found significant for Pakistan, Malaysia, and Turkey. However, it is only significant in the relationship of risk perception and capital structure decisions of Turkey. The risk perception fully mediates the relationship of overconfidence and capital structure while partial mediates with dividend policy and working capital management. The mediation of risk perception between self-serving and financial decisions is not significant for all counties. Moreover, it partially mediates the relationship of optimism and financial decisions while it fully mediates for anchoring for all three countries. Risk perception is not mediating the relationship of loss aversion and financial decisions in Malaysia while partially mediates for Pakistan and Turkey. Overall the mixed results show that in general, risk perception mediates the relationship of behavioral biases and corporate financial decisions. The comparison of family vis-à-vis non-family owned companies reveals that in family-owned companies, the effect of behavioral biases is escalating and vice versa. Owing to the scarce evidence in the literature, this study not only contributes to the existing literature on behavioral aspects but opens some new horizon to understand the behavior of corporate managers of developing countries. This study tries to provide the opportunity for a better understanding of the heteroskedastic policies and decisions of individuals and groups. Based on results and discussion of the study, the policymakers are strongly recommended to look beyond the classical facets by focusing psychological aspects while hiring finance managers with desired experience, personality, management style, and problem-solving skills.
حافظ احمد علی خان شوق یہ خبر افسوس کے ساتھ سنی جائیگی کہ رامپور کے مشہور علم دوست فاضل اور وہاں کے مشہور شاہی کتب خانہ کے سابق ناظم اور متعدد کتابوں کے مترجم و مصنف حافظ احمد علی خان صاحب شوقؔ نے اوائل رمضان المبارک ۱۳۵۲ھ میں تقریباً پینسٹھ اور ستر کی عمر کے درمیان میں انتقال فرمایا، مرحوم نہایت بااخلاق، بامروت، علم دوست اور صاحب کمال تھے، قلمی اور نادر کتابوں کے خاص ماہر تھے، معارف کے ناظرین کبھی کبھی ان کی تحقیقات سے مستفید ہوا کرتے تھے، ان کی سب سے بہتر کتاب تذکرہ کاملین رام پور ہے، اﷲ تعالیٰ غریق رحمت کرے۔ (سید سلیمان ندوی،جنوری ۱۹۴۳ء)
This article reports the wash-back of formative assessment on what students learn, how they learn and the depth of their learning in Saudi higher education context. Previous research indicates that assessment methods affect different aspects of learning either positively or negatively depending on the nature of assessment tasks. Observations indicate a clear association between Saudi students’ learning and how their learning is assessed; so this research was needed to determine how exactly the correlation looked like—positive or negative. The data in this study were collected from Saudi undergraduates by employing a student survey and semi-structured interviews. The survey included Likert scale items of agreement regarding research assignments, quizzes and midterm examinations administered to 250 English-major students. To validate the survey results, sixteen students from different levels with GPA 3 and above were interviewed. The results showed that formative assessment narrowed down the scope of learning materials. The students mostly adopted surface level learning strategies to prepare for formative assessment tasks. Higher order thinking skills were not tested in any of the formative assessment methods. Therefore, it is suggested that assessments tasks should be subjected to thorough validation and moderation. Sound assessment practices should be put in place and practiced judiciously. To achieve these objectives, sustained institutional and departmental professional backing is a prerequisite.
One of the major issues of concerns to both schools and teachers is behavioral problems in the class. Among all the behavioral problems that the teachers and the schools face, the most common is children's disruptive behavior. However, in Pakistan, this issue appears to be merged with classroom discipline. Teachers tend to control children's behavior rather than finding causes of inappropriate behavior and helping them to behave appropriately. Teachers appreciate those children who behave well and disregard those who do not. Thus, children's disruptive behavior persistently acts as a hindrance during the process of teaching and learning. Therefore, it is very important to explore this issue more deeply in order to understand the nature of the problem by examining its causes, effects, and finding possible remedies for this problem. In view of the above, an exploratory qualitative study was conducted to examine how a teacher deals with the disruptive behavior of children in a primary classroom. In order to collect data, different methods such as interviews and classroom observations, and tools such as research journal and reflective journals were used. The findings of the study reveal that the teacher had some negative impressions about children with disruptive behavior. She described them as problematic, troublesome and difficult to handle. In the teacher's opinion these children do not change their behavior, and if they do, then the change is for only a short period. The findings further highlight that most of the time the children with disruptive behavior are unwanted and unacceptable for the teacher. An attempt was also made to articulate some of the strategies that the teacher uses to deal with such children. The study's findings showed that the teacher uses positive as well as negative reinforcement while dealing with children with disruptive behavior. However, the teacher faces some challenges, which affect her enthusiasm to deal with children's disruptive behavior. The findings further indicated that the teacher has a limited understanding of children's disruptive behavior. This is probably responsible for her unawareness of proper strategies to deal with them. The study also indicated the factors, which influence children's disruptive behavior. These are family background and upbringing of the child, teachers and their practices, the school and the class fellows attitudes towards children with disruptive behavior. The study concludes that in order to handle children with disruptive behavior effectively, the teacher needs to further expand her knowledge and understanding of them.