Journal of Quantitative Methods <p style="text-align: justify;"><em>Journal of Quantitative Methods&nbsp;</em>(<em>JQM</em>) is a multidisciplinary bi-annual journal launched in 2017 by the School of Business and Economics (SBE), University of Management and Technology (UMT), Lahore, Pakistan.&nbsp;<em>JQM</em>&nbsp;provides new insights and fosters critical debate about the role of data analysis in business and economics.&nbsp;<em>JQM</em>&nbsp;is a double-blind peer-reviewed publication dedicated to the exchange of the latest academic research and practical information on all the aspects of quantitative methods in business and social sciences. The journal publishes original research papers, reviews, and case studies by academicians and professionals.</p> School of Business and Economics, University of Management and Technology, Lahore Pakistan. en-US Journal of Quantitative Methods 2522-2252 <p><em>JQM</em>&nbsp;follow an open-access publishing policy and full text of all published articles is available free, immediately upon publication of an issue. The journal’s contents are published and distributed under the terms of the <a href="">Creative Commons Attribution 4.0 International</a> (<a href="">CC-BY 4.0</a>) license. Thus, the work submitted to the journal implies that it is original, unpublished work of the authors (neither published previously nor accepted/under consideration for publication elsewhere). On acceptance of a manuscript for publication, a corresponding author on the behalf of all co-authors of the manuscript will sign and submit a completed&nbsp;the <a href="" target="_blank" rel="noopener">Copyright and Author Consent Form.</a></p> Evaluation of Executive Education Programs to Enhance Mid-Career Employees Role-based Performance: Organizational Perspective <p style="text-align: justify;"><em>This study intends to investigate the organizational perspective on improvement in role-based performance of mid-career professionals because of their Executive MBA education. More specifically the study includes the identification of critical roles, which organizations consider important for the performance evaluation of mid-career professionals, and organizations’ perception of how effectively EMBA graduates perform those roles at workplace. The study collected data through a structured self-administered questionnaire from 140 EMBA professionals of 99 sponsoring organizations in Pakistan. Results revealed that organizations consider the work-related role as the most important aspect of evaluation, followed by team related, career related, innovation related and organization citizenship related roles. Results on the efficacy of EMBA programs against these role-based performance indicators showed that though by and large organizations were satisfied, there existed a gap between each of the required roles.</em></p> Naveda Kitchlew Khuram Shahzad Sami Bajwa Haris Aslam ##submission.copyrightStatement## 2021-03-31 2021-03-31 5 2 1 1 Determinants of the Age at First Marriage among the University Teachers in Algeria: A mix Methodology Approach <p style="text-align: justify;"><em>This study examines the determinants of age at first marriage among the university teachers in Algeria. A Weibull proportional hazard and multivariable logistic regressions models were used on data set from a survey covering a sample of 682 teachers. The findings revealed that: The median ages at first marriage are: 36 and 39.4 years for men and women, respectively, with a gap of 3.1 and 8 years from the general population. For: birth order, teacher specialty, study place and working before joining the academic staff all together explain a very small percent of the variation of the age at marriage; in contrast, Housing, salaries’ level, and a suitable partner were the hidden factors determining the age at marriage. As policy implications, policy-makers have to focus on these factors in order to help teachers to satisfy this biological and sociological need.</em></p> <p style="text-align: justify;"><em><strong>JEL Classification: </strong>C4; J12</em></p> Chellai Fatih ##submission.copyrightStatement## 2021-03-04 2021-03-04 5 2 256 287 10.29145/2021/jqm/050110 Educational Expansion and Economic Growth Nexus in Pakistan: Instrumental Variable Approach <p style="text-align: justify;"><em>This study examines the relationship between economic growth and the expansion of education in Pakistan. The study utilizes 2SLS and GMM estimators to estimate the growth equations with a potential issue of endogeneity using data for the period 1973-2018. Empirical results show that educational expansion at the primary and secondary level effect economic growth positively. The evidence is quite compelling that the effect of educational expansion on economic growth is low due to the poor quality of education. Also, the lower effect of physical capital is due to lower human capital embodied in the labor force.</em></p> <p><strong><em>Keywords:</em></strong> human capital; economic growth; GMM; Endogeneity; Pakistan<em>.</em></p> <p><strong><em>JEL Classification</em></strong><em>: </em>O47, I21, C26</p> Ghulam Sarwar Majid Ali Najum Ul Hassan ##submission.copyrightStatement## 2021-03-01 2021-03-01 5 2 1 17 10.29145/2021/jqm/050101 Impact of Globalization on Major Macroeconomic Variables: Empirical Evidence from Pakistan <p style="text-align: justify;">Globalization is a multi-dimensional phenomena with profound impact on different aspects of the modern world, including economic, social, political, cultural, environmental, and geographical. This study is an attempt to analyze how various components of globalization, i.e., trade openness, financial liberalization and labor mobility impacts the economic dynamics of a developing country affecting the performance of macroeconomic variables including the budget deficit, inflation and economic growth. In this study, we use the terms trade openness and liberalization along with financial openness, financial liberalization and financial development interchangeably. The purpose is to capture the overall impact irrespective of nature as nature may lead to contradictory results. Furthermore, the labour flows give due attention as human capital is an inevitable avenue for the effective and sustainable growth of any country. It is noticed that various global factors effect budget deficits, inflation and economic growth with varying intensities depending upon the size and dynamics of the economy. The empirical analysis involves the time series data of Pakistan from 1973 to 2014. The autoregressive distributed lag (ARDL) methodology is used to obtain the results and policy related suggestions.</p> <p>&nbsp;</p> Syra Mumtaz Muhammad Zeeshan Younas ##submission.copyrightStatement## 2021-03-01 2021-03-01 5 2 18 50 10.29145/2021/jqm/050102 Panel threshold regression model analysis of real effective exchange rate impact on the Arab Maghreb Union economic growth <p style="text-align: justify;"><em>The purpose of this article was to explain the asymmetry of real effective exchange rate (REER) impact on economic growth for the Arab Maghreb Union during the period 1980-2019. This work sought to measure the adjustment rate of the exchange rate policy towards its equilibrium levels, justifying the use of nonlinear modelling. The complexity of the exchange rate dynamics has led to the application of the Panel Threshold Regression Model to test the hypothesis testifying for its effect on domestic economic growth. The empirical results reveal that the REER shows opposite effects below and over the estimated threshold. This highlights the asymmetrical effect of unforeseen shocks on its volatility.</em></p> <p><em><strong>JEL Classification</strong></em>: C33; F31; F43; O55; O57</p> Helali Kamel ##submission.copyrightStatement## 2021-03-01 2021-03-01 5 2 51 78 10.29145/2021/jqm/050103 Vulnerability to Climate Change and Socio-Economic Factors: A Comparison of Selected Districts of Punjab <p style="text-align: justify;"><em>This study analyzes ten districts of the province Punjab of Pakistan to investigate and compare the vulnerability of selected districts. Total Three sub-groups (socio-economic variables, adaptive capacity, bio-physical variables) are generated by using the data from Pakistan Social &amp; Living Standard Measurement Survey (PSLM) and Pakistan Meteorological Department of the years 2014-15, to calculate total vulnerability. Using primary variables at the district level, this study determines each district’s rural and urban areas' total vulnerability score. The results show that few districts, e.g., Rawalpindi has 0.74 total vulnerability score out of 1, are highly vulnerable compared to other districts despite having a better socio-economic situation. On the other hand, few districts, like Multan, have a low vulnerability to climate change and socio-economic factors. </em></p> <p><strong><em>Keywords:</em></strong> CO<sub>2</sub>, socio-economic, bio-physical, environment, Vulnerability<em>.</em></p> <p><strong><em>JEL Classification Codes: </em></strong>Q3, O13, P28.</p> Ali Raza Muhammad Hassan Shahid Aimen Tayyab Usman Mustafa ##submission.copyrightStatement## 2021-03-01 2021-03-01 5 2 79 110 10.29145/2021/jqm/050104 The Role of Top Management as a Moderator on Project Success during Project Life Cycle <p style="text-align: justify;"><em>The paper identifies the role of top management as a moderator during planning, monitoring, controlling, and evaluation phases for the success of a project. This study also discusses the novelties of the coordination between role of top management and legitimate power of project manager as significant impact on project performance and success during project life cycle phases. The instrument is adapted to measure planning, monitoring, controlling, evaluation, the role of project manager, project performance, project success, and the role of top management. Managers are targeted for data collection from the construction sector, education sector, and IT sector for the analysis. The findings show that coordination between variables as well as the role of a project manager is like a bridge between top management and other team members in four phases of project life cycle (planning, monitoring, controlling, and evaluation) for ultimate success. This study has a significant advantage for the organization and industries before implementing any project as it will be helpful for the top management to give authority and responsibility to the project managers while considering the scope of the project. For academia, this study helps to enhance the knowledge area of project management by introducing coordination management while discussing the other knowledge areas of project management. </em></p> <p><strong><em>Keywords:</em></strong> project planning, project monitoring, project controlling, project evaluation, role of project manager, project performance, project success<em>.</em></p> <p><strong><em>Jell Classification</em></strong><em>: </em>H43; O22</p> Maqsood Ahmad Raheela Habib ##submission.copyrightStatement## 2021-03-01 2021-03-01 5 2 111 135 10.29145/2021/jqm/050105 Forecasting COVID-19 Pandemic and Capital Market Efficiency in Africa <p style="text-align: justify;"><em>Despite a large and growing list of studies on COVID-19 across space and time and on heterogeneous social, environmental and welfare issues, the empirical relations on the consequences of COVID-19 pandemic and Africa’s market capitalization objectives remain dimly discerned. Even more worrisome is Africa, where the condition for growth and development has not been adequately fulfilled. This structural ambiguity calls for a policy document that is evidence-based to reach conclusions to aid the containment, risk analysis, structures and features of the deadly and fast-spreading disease. This study employed negative binomial and the Poisson regression to establish the contemporaneous influence of COVID-19 pandemic on market capitalization capabilities in Africa. Health data from various reports of the World Health Organization (WHO) is regressed on the all-share index from World Development Indicators (WDI) to establish a clear line of thought. </em><em>It is found that the growth of confirmed cases and attributable deaths are inversely related to the growth in market capitalization in Africa. The findings from this study show that Africa market capitalization is inversely related to total growth in the number of confirmed cases of COVID-19 and attributable COVID-19 deaths. This leads to the assertion that Africa’s capital market is fast nosediving in the time of COVID-19 due to global uncertainties caused by the pandemic. With no known cure or vaccine procedure discovered yet, the global uncertainty around the novel coronavirus disease will lead to approximately </em> <em>0.56 percentage decrease in market capitalization in Africa. To this end, emphases must be laid on identifying and including non-traditional sources of financing strictly tied to projects that could encourage institutional investors. It is therefore equally imperative for Africa to form a formidable and integrated capital market among themselves.&nbsp; </em></p> <p><strong><em>Keywords:</em></strong> market capitalization; COVID-19 pandemic, negative binomial Regression, poisson, Regression, Africa</p> <p><strong><em>JEL Classification</em></strong><em>: </em>C10, C31, G15, I12</p> Kolawole Lookman Subair Ibrahim Ayoade Adekunle ##submission.copyrightStatement## 2021-03-01 2021-03-01 5 2 136 153 10.29145/2021/jqm/050106 Fiscal Response to Terrorism in Pakistan: The Role of Institutions <p style="text-align: justify;"><em>This study empirically estimates the fiscal consequences of terrorism in Pakistan by using annual time series data from 1984 to 2016. By employing the autoregressive distributed lag (ARDL) technique, the study has gauged the impact of terrorist incidents on two important facets of fiscal policy, namely, tax revenue and defense spending. The results reveal that terrorism has detrimental ramifications for fiscal policy in Pakistan. Specifically, on the one hand, an increase in terrorist incidents tends to bring a fall in tax revenue while on the other hand, they induce a rise in defense outlays, thus deteriorating both fronts of the fiscal position. Notably, the moderating role of institutional quality appears significant and indicates that institutional quality has not only a significant direct impact on fiscal policy, but it also helps in completely mitigating (reducing) the harmful impact of terrorism on defense spending (tax revenue) in Pakistan. These findings suggest that there is a need to take appropriate steps for strengthening institutional setup to control the fallouts of terrorism on fiscal behavior of the government of Pakistan.</em></p> <p><strong><em>Keywords:</em></strong> Terrorism; Tax Revenue; Institutional Quality; ARDL</p> <p><strong><em>JEL Classification: </em></strong>E62; H2; E02; H5; F35</p> Tahir Mukhtar Zainab Jehan ##submission.copyrightStatement## 2021-03-01 2021-03-01 5 2 154 192 10.29145/2021/jqm/050107 Tracing Return and Volatility Spillover Effect between Exchange Rate and Pakistan Stock Exchange Index <p style="text-align: justify;"><em>The volatility spillover is broadly measured as the transmission of variability from one financial market to other markets. This study explores the spillover effect between the newly emerged index of the Pakistan stock exchange (PSX) and exchange rate by using the newly proposed alternative methodology by Ghouse et al. (2019) and GARCH model. Furthermore, the index under study is more concise in its composition than other readily used indices. The study finds shreds of evidence&nbsp;for the bidirectional spillover effect between PSX and exchange rate, which will be helpful for central policy makers and markets players in designing effective policy frameworks.</em></p> <p><strong><em>Keywords:</em> </strong>ARDL; GARCH; spillover effect</p> Ghulam Ghouse Asad Ali Ashraf Kashif Habeeb ##submission.copyrightStatement## 2021-03-01 2021-03-01 5 2 193 216 10.29145/2021/jqm/050108