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I University Formerly IBT ISSN 2414-8393 ILMA JOURNAL OF BUSINESS STUDIES [FORMERLY JOURNAL OF MANAGEMENT & SOCIAL SCIENCE (JMSS)] HEC RECOGNIZED “Y “ CATEGORY JOURNAL

Volume 14, Number 1 May 2018 ’S ENERGY CHOICE: WHAT DETERMINES THE ECONOMIC GROWTH? Nayeem ul Hassan Ansari, Anwar Irshad Burney Journal of Business Studies THE ENTREPRENEURIAL DECISION MAKING: USE OF EFFECTUATION AND RELATION WITH PERCEIVED FINANCIAL PERFORMANCEAND INNOVATION IN THE FIRM Subeika Rizvi, Shahid Querishi, ErumZaidi, Muhammad Ali Saeed

niv INVESTIGATING THE NEXUS BETWEEN MUTUAL FUND RETURN AND STOCK MARKET PERFORMANCE – U e EVIDENCE FROM PAKISTAN STOCK EXCHANGE r Muhammad Tariq, Faizan Ehtesham s A

i THE CONSEQUENCES OF MOBILE BANKING SERVICES ON CUSTOMER E-SATISFACTION IN PAKISTAN t

M Samia Shaikh, Soobia Saeed, Muhammad Waqas, Farooque Ahmed Memon

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L I OWNERSHIP STRUCTURES, INVESTORS CONFIDENCE AND FINANCIAL DECISIONS IN FAMILY FIRMS: EVIDENCE FROM GCC MARKETS Muhammad Sadiq Shahid, Razaz Houssien Felimban, Khawar Naheed, Usman Aleem, Shaiza Nawaz

INVESTIGATING THE STOCHASTIC RELATIONSHIP BETWEEN OWNERSHIP AND FIRM FINANCIAL Ilma University - Formerly IBT PERFORMANCE: AN EVIDENCE FROM LISTED PSX (PAKISTAN STOCK EXCHANGE) SUGAR COMPANIES OF PAKISTAN Muhammad Asif Joyo, Waqas Mahmood, Wajahutallh Khan

CONSUMER BEHAVIOR TOWARDS SHOPPING MALLS: A SYSTEMATIC NARRATIVE REVIEW Shahzad Nasim, Musarrat Shamshir

COMPARATIVE ANALYSIS OF FINANCIAL SYSTEMS IN CONTEXT OF GLOBAL FINANCIAL CRISIS Ghulam Mujtaba Chaudhary, Zaheer Abbas, Jamshed Khurshid Meer

BOX-COX TRANSFORMATION APPROACH FOR DATA NORMALIZATION: A STUDY OF NEW PRODUCT DEVELOPMENT IN MANUFACTURING SECTOR OF PAKISTAN Fozia Malik, AjmalWaheed Khan, Muhammad Tahir Ali Shah

EFFICIENCY ANALYSIS OF HOSPITALS IN PUNJAB DISTRICTS: AN APPLICATION OF DEA BOOTSTRAP JUNE Nabila Asghar, Hafeez-ur-Rehman, Hafiz Ghulam Mujaddid

IMPACT OF MARKET ORIENTATION ON FIRM PERFORMANCE; THE MEDIATING ROLE OF INNOVATION STRATEGIES IN EXCELLENCE AWARDED CORPORATE SECTOR Khawar Naheed, Muhammad Sadiq Shahid Muhammad Aamir, Badar Latif 201 STUDENT PROTESTS IN UNIVERSITIES: EXPLORING THE MODEL FOR CRISIS MANAGEMENT, CRISIS LEADERSHIP AND ORGANIZATIONAL LEARNING Shehla Najib, Rashidi. Z

Ilma University - Formerly IBT 8 Main Ibrahim Hyderi Road, Korangi Creek, . 75190, Pakistan UAN : (92-21) 111-428-428 Fax No : (92-21) 35091930 E-Mail: [email protected] URL: www.ilmauniversity.edu.pk

JOURNAL OF BUSINESS STUDIES (JBS)

Volume 14 No 1

JOURNAL OF BUSINESS STUDIES (JBS) [FORMERLY JOURNAL OF MANAGEMENT & SOCIAL SCIENCE (JMSS)

AIMS & SCOPE

Journal of Business Studies examines a wide variety of business decisions, processes and activities within the actual business setting. Theoretical and empirical advances in buyer behavior, finance, organizational theory and behavior, marketing, risk and insurance and international business and other contemporary issues are evaluated on a regular basis. Published for executives, researchers and scholars alike, the Journal aids the application of empirical research to practical situations and theoretical findings to the reality of the business world. The scope of the journal includes the all the contemporary issues of management sciences. Unpublished papers and extended versions of papers presented at conferences may be submitted for possible publications in JBS. Responsibility for the content of a paper rests upon the authors and not upon the editors or the publishers.

JOURNAL OF BUSINESS STUDIES (JBS) [FORMERLY JOURNAL OF MANAGEMENT & SOCIAL SCIENCE (JMSS)]

ABOUT THE JOURNAL

Journal of Business Studies is a biannual journal in the field of Management Science that offers platform for researchers, scholars & scientist to publish their original and to date research of high scientific value. It is a double blind peer review open access academic journal, published biannually by Ilma University - Formerly IBT. Articles published in the journal illustrate innovations, development and achievements in the field of Management science. The journal is being published electronically as well as in print form. It has received HEC recognition in Category “Y”.

JOURNAL OF BUSINESS STUDIES (JBS) [FORMERLY JOURNAL OF MANAGEMENT & SOCIAL SCIENCE (JMSS)]

DISCLAIMER

Facts and opinions in articles published on Journal of Business Studies are solely the personal statements of respective authors’ Authors are responsible for all contents in their article(s) including accuracy of the facts, statements, citing resources, and so on. Editors disclaim any liability of violations of other parties’ rights, or any damage incurred as a consequence to use or apply any of the contents of Journal of current research in science. Material submitted to JBS must be original and not published or submitted for publication elsewhere. Authors submitting a contribution to JBS who have related material under consideration or in press elsewhere should upload a clearly marked copy at the time of submission and draw the editor's attention to it in their cover letter. If a part of a contribution that an author wishes to submit to JBS has appeared or will appear elsewhere, the author must specify the details in the cover letter. Consideration by the JBS is possible if the main result, conclusion, or implications are not apparent from the other work, or if there are other factors, for example if the other work is published in a language other than English. Author is responsible to get permission from previous publisher or copyright holder if an author is re-using any part of paper (i.e. figure or figures) published elsewhere, or that is copyrighted. The editors consider all material in good faith that their journals have full permission to publish every part of the submitted material including illustrations.

Contents

1-9 PAKISTAN’S ENERGY CHOICE: WHAT DETERMINES THE ECONOMIC GROWTH? Nayeem ul Hassan Ansari, Anwar Irshad Burney 10-22 THE ENTREPRENEURIAL DECISION MAKING: USE OF EFFECTUATION AND RELATION WITH PERCEIVED FINANCIAL PERFORMANCEAND INNOVATION IN THE FIRM Subeika Rizvi, Shahid Querishi, ErumZaidi, Muhammad Ali Saeed 23 -38 INVESTIGATING THE NEXUS BETWEEN MUTUAL FUND RETURN AND STOCK MARKET PERFORMANCE – EVIDENCE FROM PAKISTAN STOCK EXCHANGE Muhammad Tariq, Faizan Ehtesham 39-51 THE CONSEQUENCES OF MOBILE BANKING SERVICES ON CUSTOMER E-SATISFACTION IN PAKISTAN Samia Shaikh, Soobia Saeed, Muhammad Waqas, Farooque Ahmed Memon 52-68 OWNERSHIP STRUCTURES, INVESTORS CONFIDENCE AND FINANCIAL DECISIONS IN FAMILY FIRMS: EVIDENCE FROM GCC MARKETS Muhammad Sadiq Shahid, Razaz Houssien Felimban, Khawar Naheed, Usman Aleem, Shaiza Nawaz 69-80 INVESTIGATING THE STOCHASTIC RELATIONSHIP BETWEEN OWNERSHIP AND FIRM FINANCIAL PERFORMANCE: AN EVIDENCE FROM LISTED PSX (PAKISTAN STOCK EXCHANGE) SUGAR COMPANIES OF PAKISTAN Muhammad Asif Joyo, Waqas Mahmood, Wajahutallh Khan 81-94 CONSUMER BEHAVIOR TOWARDS SHOPPING MALLS: A SYSTEMATIC NARRATIVE REVIEW Shahzad Nasim, Musarrat Shamshir 95-109 COMPARATIVE ANALYSIS OF FINANCIAL SYSTEMS IN CONTEXT OF GLOBAL FINANCIAL CRISIS Ghulam Mujtaba Chaudhary, Zaheer Abbas, Jamshed Khurshid Meer 110-119 BOX-COX TRANSFORMATION APPROACH FOR DATA NORMALIZATION: A STUDY OF NEW PRODUCT DEVELOPMENT IN MANUFACTURING SECTOR OF PAKISTAN Fozia Malik, AjmalWaheed Khan, Muhammad Tahir Ali Shah 120-128 EFFICIENCY ANALYSIS OF HOSPITALS IN PUNJAB DISTRICTS: AN APPLICATION OF DEA BOOTSTRAP Nabila Asghar, Hafeez-ur-Rehman, Hafiz Ghulam Mujaddid 129-142 IMPACT OF MARKET ORIENTATION ON FIRM PERFORMANCE; THE MEDIATING ROLE OF INNOVATION STRATEGIES IN EXCELLENCE AWARDED CORPORATE SECTOR Khawar Naheed,Muhammad Sadiq Shahid (corresponding author), Muhammad Aamir, Badar Latif 143-159 STUDENT PROTESTS IN UNIVERSITIES: EXPLORING THE MODEL FOR CRISIS MANAGEMENT, CRISIS LEADERSHIP AND ORGANIZATIONAL LEARNING Shehla Najib, Rashidi. Z

INSTRUCTIONS TO AUTHORS

Author(s) are requested to please carefully read all the instructions before submitting a manuscript to the Journal of Business Studies (JBS). Manuscripts not prepared as per below mentioned specifications may be returned to the author(s) and may experience significant delays in review and time to publication.

MANUSCRIPT SUBMISSION Three hard copies of manuscripts of articles, comments, notes or book-reviews, should be submitted to The Editor Journal of Business Studies Main Ibrahim Hydri Road, Korangi Creek

GUIDELINES FOR AUTHORS General Instructions

1. The manuscript should be aligned as justified. 2. Citation and referencing should be carried out in APA style. 3. Abstract should not exceed 200 words. 4. Abstract should be divided into 4 paragraphs with respect to objectives, methodology, findings and practical implications. 5. There should be minimum three key words. 6. The length of the research paper must be between 4000-5000 words. 7. Figures, tables and boxes should be numbered consecutively in Arabic numeral,(e.g.; Figure 1, Figure 2, and Table 1, Table 2, etc.). Colorful customized figures and graphs shouldn't be drawn and figures and tables shouldn't be inserted in the main text. Instead, all the tables and figures should be presented in APPENDIX at the end of the paper. 8. There should be at least one corresponding author whose name, Email ID and cell number should be mentioned. 9. Main author and co-authors should mention their affiliations.

Formation

Content Font Size Font Style Title of the paper 16 Bold Times New Romans Main Heading 14 Bold Times New Romans Sub heading 12 Bold Times New Romans Line Spacing 0.2 -

Submission

1. All the manuscripts must be submitted online on this email: [email protected] 2. At first stage the format of the paper will be checked according to the prescribed guidelines. If some deficiency is observed, the author(s) will be informed. After removing the deficiencies, the paper will again be submitted on the same email ID as mentioned before. 3. At the second stage, the plagiarism test will be conducted and will be reported to the corresponding author. 4. Finally, the paper will be reviewed by two members of the peer review committee and their comments will be communicated to the corresponding author through email within a month. 5. Response to the review comments should be communicated within 15 days to the assistant editor. 6. Acceptance of the paper can be given to the author(s), if they request, conditioned to the favorable comments of the reviewers.

Contact Us The Editor Journal of Business Studies Ilma University - Formerly IBT Main Ibrahim Hydri Road, Korangi Creek Karachi - 75190 Pakistan URL. www.ilmauniversity.edu.pk Email: [email protected]

JOURNAL OF BUSINESS STUDIES (JBS) [FORMERLY JOURNAL OF MANAGEMENT & SOCIAL SCIENCE (JMSS)]

Editor in Chief Dr. Farooq-E-Azam Cheema

Editor Dr. Asif Kamran Ilma University - Formerly IBT

Assistant Editor Muhammad Asif Joyo Ilma University - Formerly IBT

BOARD OF ADVISORY

May Hu Deakin University Australia Dr. Bethel Erastus-Obilo University of Hertfordshire USA Mark Robsoz School of Environmental Sciences USA S.M. Taha Pakistan Kashif Imran University of Malaysia Malaysia Muhammad Asim University of Karachi Pakistan Farooq Aziz of Arts, Science &Technology Pakistan Tayyaba Zarif Shaheed Benazir Bhutto University Pakistan

EDITORIAL BOARD

Farooq e Azam Cheema Pakistan Dr. Mumtaz Ali Junajo Ilma University - Formerly IBT Pakistan Imtiaz Arif Pakistan Nawaz Ahmed Institute of Business Management Pakistan Dr. Asif Kamran Ilma University - Formerly IBT Pakistan Dr. Kamran Soomro SZABIST, Karachi Pakistan Dr. Akhtiar Ali Iqra University Pakistan Dr. Asif Khan Ilma University - Formerly IBT Pakistan Farooque Ahmed Memon Ilma University - Formerly IBT Pakistan

DESIGN & LAYOUT Owais Saleem Muhammad Hamza Musluddin

UAN: 111-428-428 | URL: www.ilmauniversity.edu.pk | E-mail: [email protected] ILMA JBS is published by the: Ilma University - Formerly IBT Main Ibrahim Hydri Road, Korangi Creek, Karachi-75190 Pakistan

JOURNAL OF BUSINESS STUDIES (JBS) [FORMERLY JOURNAL OF MANAGEMENT & SOCIAL SCIENCE (JMSS)]

• LIST OF REFEREES

INTERNATIONAL

Humera Shahid Jubail University College-female Branch Kashif Imran University of Malaya, Malaysia Prof. Lan Pei Xuzhou University, China Noor Firdoos RV Institute of Management Dr. Agha Amad Nabi UniversitiTeknologi Malaysia Prof. Liu Wang xu Xuzhou University, China Mubashir Qureshi University of Bedfordshire Lutan, UK Hamad Abro Commercial Bank International, Dubai, UAE Sisira Monash University Yasir Soomro King Abdul Aziz University, Jiddah Dr. Umair Xuzhou University, China Dr. Badar Alam Iqbal Aligarh Muslim university Sohail Amjad College of Applied Sciences Salalah Dr. Yar Muhammad Khan Adam Smith Business School Ms. Saima Asghar University of Warwick Dr. Haitham Nobane University of Liverpool Fauzia Jabeen Abu Dhabi University Marjeta Çela University of Shkodra, Albania Muhammad Rizwan Middlesex University, UK Muhammad Abdul Basit Middlesex University, UK Memon Muhammad Umar Daraz University Technology Protonas Hammad Akber University of Liverpool Najam ul Hassan Abbasi Nanchang Normal University

LOCAL

Dr. Zahid A. Memon Mehran University Institute of Science & Technology Development Dr. ArsalanGhouri Iqra University Dr. Irfan Khan Iqra University Dr. Rizwana Bashir Bahria University, Lahore Campus Dr. Rafique A Khan Bahria University, Karachi Campus Dr. Nadeem Malik University of Balochistan Dr. Irfan Hameed Iqra University Dr. Athar Iqbal Iqra University Dr. AlamRaza Iqra University Dr. SadiqShahid Bahauddin Zakariya University Dr. FaidGul National University of Modern Languages Mr. Usman Aleem PAF-KIET Dr. Gobind Greenwich University Mr. Zia Ullah Institute of Business Management Mr. Shahid Khan Swat University Mr. Adnan Ahmed Benazeer Bhutto Shaheed Lyari University Riaz Hussain Soomro Dow University of Health Science

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JOURNAL OF BUSINESS STUDIES (JBS) [FORMERLY JOURNAL OF MANAGEMENT & SOCIAL SCIENCE (JMSS)]

ABSTRACTING AND INDEXING

Cite Factor

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