Naimat Ullah Khan
My research interests include corporate finance, Islamic banking & finance, and financial accounting. Specifically, analyzing the relationship between country-specific variables and financial decisions of companies. I am interested in exploring companies’ decisions and historically generated social and cultural variables including law, judicial efficiency, gender dynamics, corporate governance, shareholder rights, creditor rights, rule of law, and religion.
Supervisors: Prof. David Power, Prof. Bruce Burton, and Prof. Joshua Pierce
Address: Peshawar, Pakistan
Supervisors: Prof. David Power, Prof. Bruce Burton, and Prof. Joshua Pierce
Address: Peshawar, Pakistan
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businesses in the United Arab Emirates (UAE).
Design/methodology/approach – Semi-structured interviews are conducted with 16 owners and heirs of
UAE family businesses. The interviews – face-to-face and asynchronous electronic – are conducted instead of a
questionnaire to get an in-depth analysis of the topic in the context of both medium- and large-sized family businesses.
Findings – The responses are mixed with regard to governance challenges (duality, gender, internal control,
transparency, etc.). The majority of the interviewees indicate that succession planning remains one of the biggest
challenges for family businesses in the UAE. Fifteen of the sixteen interviewees document that a sound succession
strategy must be in place to ensure the continuity of the business and prevent future disputes among potential
successors. Similarly, the respondents also emphasise the importance of transparency and accountability for the
sustainability of family businesses. The sustainability of family businesses relies on many aspects, such as national
regulations, corporate systems and the succession process. Finally, most of the respondents from medium-sized
companies opined that incorporating CG is a time-consuming and expensive process.
Practical implications – The interviewees supported stewardship theory in case family members are
occupying positions on the board as they have more long-term commitment and a greater sense of belonging to the
business (socio-emotional wealth) compared to non-family members. The interviewees acknowledge that the lack of
professionalism and conflicts of interest among family members can be offset by recruiting non-family members.
Originality/value – Family businesses are particularly significant in the Arab world as they account for
over 60% of gross domestic product (GDP) and use above 80% of the workforce which make them interesting
research subject. In addition, this paper explores the CG challenges faced by both large- and medium-sized
family businesses in the UAE within the theoretical framework of stewardship theory.
Financial shenanigans are the omissions or actions undertaken with the purpose of misrepresenting an organisation's financial statements. Many examples now exist of such behaviour emerging in the context of a desire to deceive the users of financial reports. In this context, research has illustrated how investors can find themselves impacted by such behaviour, with incorrect decision-making around investment decisions being a major issue. However, auditors' perspectives, of obvious importance in such scenarios, given these individuals' role in attesting to the veracity of financial disclosures, have not been investigated. The aim of this study is to address this gap by seeking the experiences of auditors in the developing nation of Pakistan, an environment in which the significant impact of financial improprieties is well-documented.
Design/methodology/approach
Interviews with 50 Pakistani-based auditors were conducted to gather perceptions about the nature and prevalence of financial shenanigans. The questions posed were structured to address issues relating to both the drivers of and methods used to operationalise financial malfeasance.
Findings
The views expressed by the participants suggest that this type of malpractice is common, with a variety of forms employed and a level of audacity and shamelessness is striking. The results indicate the absence of the three institutional pillars conventionally associated with motivating organisational attempts to legitimise behaviour and maintain social contracts. When considered alongside recent findings that the audit profession in Pakistan may not always play an effective monitoring role, we argue that the evidence suggests the existence of motivations for legitimising strategies are not yet fully understood.
Research limitations/implications
This contention helps address recent calls for investigation of issues around legitimising tendencies where theoretical understanding is incomplete. A full understanding of the embedded practices will provide capital providers with the opportunity to make more informed decisions regarding their investments in Pakistani firms by highlighting the financial shenanigans involved, including the sheer audacity apparently associated with the observed behaviour.
Originality/value
Earnings management and auditing have not been studied widely in Pakistan despite the abundant and persistent nature of corporate scandals across the nation for many decades. Whilst implementation (and enforcement) of some accounting and auditing standards have taken place recently, the financial collapses continue, and understanding regarding the on-going fraud is urgently needed. The extent and shameless nature of the perceived behaviour are striking, suggesting that those closest to financial reporting in Pakistan see fraudulent financial reporting as being close to, if not yet fully representative of, normal practice.
countries of Pakistan and Malaysia has been discussed in this
paper. The research paper uses document analysis to identify
different products offered by five full-fledged Islamic banks in
Malaysia and Pakistan. It is evident from the research that Islamic
banking sector in Pakistan is not tapping its full growth potential
as in case of Malaysia. It is also concluded that the trade financing
and asset financing products offered by Islamic banks in Malaysia
are more diverse than the products offered by its counterparts in
Pakistan. The paper gives insight to the Shariah complaint board
to introduce new products while learning from the experience of
other countries. This research does not focus on investigating the
reasons behind these differences; however, it initiates a discourse
in this direction.
businesses in the United Arab Emirates (UAE).
Design/methodology/approach – Semi-structured interviews are conducted with 16 owners and heirs of
UAE family businesses. The interviews – face-to-face and asynchronous electronic – are conducted instead of a
questionnaire to get an in-depth analysis of the topic in the context of both medium- and large-sized family businesses.
Findings – The responses are mixed with regard to governance challenges (duality, gender, internal control,
transparency, etc.). The majority of the interviewees indicate that succession planning remains one of the biggest
challenges for family businesses in the UAE. Fifteen of the sixteen interviewees document that a sound succession
strategy must be in place to ensure the continuity of the business and prevent future disputes among potential
successors. Similarly, the respondents also emphasise the importance of transparency and accountability for the
sustainability of family businesses. The sustainability of family businesses relies on many aspects, such as national
regulations, corporate systems and the succession process. Finally, most of the respondents from medium-sized
companies opined that incorporating CG is a time-consuming and expensive process.
Practical implications – The interviewees supported stewardship theory in case family members are
occupying positions on the board as they have more long-term commitment and a greater sense of belonging to the
business (socio-emotional wealth) compared to non-family members. The interviewees acknowledge that the lack of
professionalism and conflicts of interest among family members can be offset by recruiting non-family members.
Originality/value – Family businesses are particularly significant in the Arab world as they account for
over 60% of gross domestic product (GDP) and use above 80% of the workforce which make them interesting
research subject. In addition, this paper explores the CG challenges faced by both large- and medium-sized
family businesses in the UAE within the theoretical framework of stewardship theory.
Financial shenanigans are the omissions or actions undertaken with the purpose of misrepresenting an organisation's financial statements. Many examples now exist of such behaviour emerging in the context of a desire to deceive the users of financial reports. In this context, research has illustrated how investors can find themselves impacted by such behaviour, with incorrect decision-making around investment decisions being a major issue. However, auditors' perspectives, of obvious importance in such scenarios, given these individuals' role in attesting to the veracity of financial disclosures, have not been investigated. The aim of this study is to address this gap by seeking the experiences of auditors in the developing nation of Pakistan, an environment in which the significant impact of financial improprieties is well-documented.
Design/methodology/approach
Interviews with 50 Pakistani-based auditors were conducted to gather perceptions about the nature and prevalence of financial shenanigans. The questions posed were structured to address issues relating to both the drivers of and methods used to operationalise financial malfeasance.
Findings
The views expressed by the participants suggest that this type of malpractice is common, with a variety of forms employed and a level of audacity and shamelessness is striking. The results indicate the absence of the three institutional pillars conventionally associated with motivating organisational attempts to legitimise behaviour and maintain social contracts. When considered alongside recent findings that the audit profession in Pakistan may not always play an effective monitoring role, we argue that the evidence suggests the existence of motivations for legitimising strategies are not yet fully understood.
Research limitations/implications
This contention helps address recent calls for investigation of issues around legitimising tendencies where theoretical understanding is incomplete. A full understanding of the embedded practices will provide capital providers with the opportunity to make more informed decisions regarding their investments in Pakistani firms by highlighting the financial shenanigans involved, including the sheer audacity apparently associated with the observed behaviour.
Originality/value
Earnings management and auditing have not been studied widely in Pakistan despite the abundant and persistent nature of corporate scandals across the nation for many decades. Whilst implementation (and enforcement) of some accounting and auditing standards have taken place recently, the financial collapses continue, and understanding regarding the on-going fraud is urgently needed. The extent and shameless nature of the perceived behaviour are striking, suggesting that those closest to financial reporting in Pakistan see fraudulent financial reporting as being close to, if not yet fully representative of, normal practice.
countries of Pakistan and Malaysia has been discussed in this
paper. The research paper uses document analysis to identify
different products offered by five full-fledged Islamic banks in
Malaysia and Pakistan. It is evident from the research that Islamic
banking sector in Pakistan is not tapping its full growth potential
as in case of Malaysia. It is also concluded that the trade financing
and asset financing products offered by Islamic banks in Malaysia
are more diverse than the products offered by its counterparts in
Pakistan. The paper gives insight to the Shariah complaint board
to introduce new products while learning from the experience of
other countries. This research does not focus on investigating the
reasons behind these differences; however, it initiates a discourse
in this direction.
The allocation of a specific fiscal amount for each province is a constitutional requirement in Pakistan, decided as per the National Finance Commission Award every five years. The 7th NFC Award was announced in 2010, after which there seems to be a deadlock-which is clearly a constitutional violation. The structure and dynamics revolving around NFC need to be reviewed to understand this deadlock and provide meaningful recommendations for successful devolution. PRIME Institute, an independent and private think tank based in Islamabad, secured support from National Endowment for Democracy (NED) to undertake a project for providing independent research, recommendations and advocacy on the fiscal devolution structure in Pakistan for the years 2017 and 2018. The project activities include dialogues at provincial level, annual conference in the capital and publication of five papers, two of which are in process of publication. As part of the project, a working group has also been formed which meets regularly to discuss current situation regarding NFC and way forward. The purpose of the working group is to get a better understanding of the dynamics of the NFC award, its significance and objectives, its methodology and an analysis of its effectiveness. Members also discuss the progress of the project and the practical next steps based on the political environment and simultaneous research analysis. In year 1, we produced basic research on NFC issues and proposed reforms; in year 2, we advanced this research by engaging with provincial governments and stakeholders widely; in year 3, we want to take a collaborative approach of working with the new government. My part of the research is: "Vertical distribution of divisible pool resources including distribution of funds for GB/AJK, establishment of fund for security and natural disasters"