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IBT JOURNAL OF BUSINESS STUDIES

[FORMERLY JOURNAL OF MANAGEMENT & SOCIAL SCIENCE (JMSS)]
HEC RECOGNIZED “Y “ CATEGORY JOURNAL

Volume 12, Number 2 December 2016

Development Financing And Economic Governance:
Analysis Of The Liquidity Crisis And Circularity Debts In Pakistan

Journal of Business Studies

Muhammad Irfan Khan, Dr.Muhammad Ayub Khan Mehar, Athar Iqbal
Ownership Structure, Board Size, Board Composition And Dividend Policy:
New Evidence From Two Emerging Markets
Muhammad Sadiq Shahid, Dr. Daid Gul, Muhammad Rizwan, Muhammad Hassan Bucha
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The Moderating Role Of Social Class: Effect Of Brand Service Scapes On Loyalty
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Atif Shahab Butt, Dr. Irfan Hameed, Dr. Imran Hameed

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With Whom You Compare Yourself –
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Relationship Of Social Comparison & Employee Work Outcomes -

Leader Member Exchange (Lmx) As Mediator
Naveed Anwar, Dr. Niaz Ahmed Bhutto, Dr Irfan Hameed, Badar Zaman Quershi
Corporate Govenernance Under Multi-Theoritical Perspective
Muhammad Hassan, Muhammad Rizwan

Institute of Business & Technology (IBT) Investing The Pricing Of Exchange Rate Risk In The Stock Market:
Evidence From Pakistan Stock Market
Muhammad Tariq, Dr. Alam Raza, Azizullah, Ghulam Mustafa Shaikh
Effect Of Career Growth Opportunities And Rewards Satisfaction On Turnover Intention:
Measuring Moderating Effect Of Supervisor Support
Muhammad Umar, Ghulam Mustafa Shaikh, Hammad Tahir, Saeed Ahmed

How To Augment Task And Contextual Performance Through Employee Engagement

Bilal Khalid, Dr. Muhammad Zia Urrehman, Rana Jimshaid Asghar
Gauging Audiences’ Message Recall Through Brand Element Placement In Televised Commercials
Kashif Riaz, Dr. Rukhsar Ahmed

December 2016
Role Of Social Media Marketing (Smm) In Hei’s Admission
M. Awais Mehmood, Dr. Faisal Aftab, Dr. Hafiz Mushtaq

Institute of Business & Technology (IBT)

Main Ibrahim Hyderi Road, Korangi Creek, Karachi. 75190, Pakistan
UAN : (92-21) 111-428-428 Fax No : (92-21) 35091930
E-Mail: jbs@ibt.edu.pk URL: www.ibt.edu.pk
JOURNAL OF BUSINESS STUDIES (JBS)

Volume 12 No 2
 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 Institute of Business & Technology
(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)]

DISLAIMER

Facts and opinions in articles published on Journal of Business Studies are solely the personal
statements of respective authors.Ê 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.
 1-24 Development Financing And Economic Governance: Analysis Of The Liquidity Crisis And Circularity Debts In Pakistan
Muhammad Irfan Khan, Dr.Muhammad Ayub Khan Mehar, Athar Iqbal

25-36 Ownership Structure, Board Size, Board Composition And Dividend Policy: New Evidence From Two Emerging Markets
Muhammad Sadiq Shahid, Dr. Daid Gul, Muhammad Rizwan, Muhammad Hassan Bucha

37-54 The Moderating Role Of Social Class: Effect Of Brand Service Scapes On Loyalty
Atif Shahab Butt, Dr. Irfan Hameed, Dr. Imran Hameed

55-67 With Whom You Compare Yourself –

Relationship Of Social Comparison & Employee Work Outcomes - Leader Member Exchange (Lmx) As Mediator
Naveed Anwar, Dr. Niaz Ahmed Bhutto, Dr Irfan Hameed, Badar Zaman Quershi

68-86 Corporate Govenernance Under Multi-Theoritical Perspective

Muhammad Hassan, Muhammad Rizwan

87-102 Investing The Pricing Of Exchange Rate Risk In The Stock Market:
Evidence From Pakistan Stock Market
Muhammad Tariq, Dr. Alam Raza, Azizullah, Ghulam Mustafa Shaikh

103-115 Effect Of Career Growth Opportunities And Rewards Satisfaction On Turnover Intention:
Measuring Moderating Effect Of Supervisor Support
Muhammad Umar, Ghulam Mustafa Shaikh, Hammad Tahir, Saeed Ahmed

116-125 How To Augment Task And Contextual Performance Through Employee Engagement
Bilal Khalid, Dr. Muhammad Zia Urrehman, Rana Jimshaid Asghar

126-136 Gauging Audiences’ Message Recall Through Brand Element Placement In Televised Commercials
Kashif Riaz, Dr. Rukhsar Ahmed

137-152 Role Of Social Media Marketing (Smm) In Hei’s Admission

Mr. M. Awais Mehmood, Dr. Faisal Aftab, Dr. Hafiz Mushtaq
 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
Institute of Business and Technology (IBT)
Main Ibrahim Hydri Road, Korangi Creek
Karachi-75190 Pakistan

GUIDELINES FOR AUTHORS

General Instructions
• The manuscript should be aligned as justified.
• Citation and referencing should be carried out in APA style.
• Abstract should not exceed 200 words.
• Abstract should be divided into 4 paragraphs with respect to objectives, methodology, findings and
practical implications.
• There should be minimum three key words.
• The length of the research paper must be between 4000-5000 words.
• 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.
• There should be at least one corresponding author whose name, Email ID and cell number should be
mentioned.
• 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
• All the manuscripts must be submitted online on this email: ibtjbs@ibt.edu.pk
• 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.
• At the second stage, the plagiarism test will be conducted and will be reported to the corresponding
author.
• 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.
• Response to the review comments should be communicated within 15 days to the associate editor.
• 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
Institute of Business and Technology (IBT)
Main Ibrahim Hydri Road, Korangi Creek
Karachi - 75190 Pakistan
URL. www.ibt.edu.pk
Email: jbs@ibt.edu.pk
 JOURNAL OF BUSINESS STUDIES (JBS)
[FORMERLY JOURNAL OF MANAGEMENT & SOCIAL SCIENCE (JMSS)]

Editor in Chief
Dr. Farooq e Azam Cheema
Editor
Dr. Nadeem A. Syed
Institute of Business & Technology (IBT)
Assitant Editor
Muhammad Tariq
Institute of Business & Technology (IBT)

BOARD OF ADVISORY

May Hu Deakin University Australia

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

Editorial Board
Farooq e Azam Cheema Bahria University
Dr. Nadeem A. Syed Institute of Business & Technology
Imtiaz Arif Iqra University
Nawaz Ahmed Institute of Business Management
Dr Asif Kamran Institute of Business & Technology
Dr Kamran Soomro SZABIST, Karachi
Dr Akhtiar Ali Iqra University
Muhammad Tariq Institute of Business & Technology
Dr. Masood Anwar Institute of Business & Technology
Ghulam Mustafa Institute of Business & Technology

Design & Layout

Owais Saleem
Muhammad Hamza Musluddin

IBTJBS is published by the:

Institute of Business and Technology (IBT)
Main Ibrahim Hydri Road, Korangi Creek, Karachi-75190 Pakistan
UAN: (92-21) 111-428-428 FAX: (92-21) 35092384
UAN: 111-428-428 URL: www.ibt.edu.pk E-mail: info@ibt.edu.pk
 JOURNAL OF BUSINESS STUDIES (JBS)
[FORMERLY JOURNAL OF MANAGEMENT & SOCIAL SCIENCE (JMSS)]

List of Referees

International
Humera Shahid Jubail University College-female Branch, The Royal Commission For Jubail & Yanbu-(Rcju)
Kashif Imran University of Malaya, Malaysia
Prof Lan Pei Xuzhou University, China
Noor Firdoos RV Institute of Management
Dr. Agha Amad Nabi Universiti Teknologi Malaysia,
Prof Liu Wangxu 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

Local
Dr. Zahid A. Memon Mehran University Institute of Science & Technology Development
Dr. Arsalan Ghouri Iqra University
Dr. Irfan Khan Iqra University
Dr. Rizwana Bashir Bahria University, Lahore Campus
Dr. Rafique A Khan PAF KIET
Dr. Nadeem Malik University of Balochistan
Dr. Irfan Hameed Iqra University
Dr. Athar Iqbal Iqra University
Dr. Alam Raza Iqra University
Dr. Sadiq Shahid Bahauddin Zakariya University
Dr. Faid Gul National University of Modern Languages
Usman Aleem SZABIST
Dr Gobind Benazir Bhutto Shaheed University Lyari
 JOURNAL OF BUSINESS STUDIES (JBS)
[FORMERLY JOURNAL OF MANAGEMENT & SOCIAL SCIENCE (JMSS)]

Abstracting and Indexing

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IBT Journal of Business Studies (IBTJBS)

IBT Journal of Business Studies (IBTJBS) is an open access, peer-reviewed and refereed journal
published by Institute of Business & Technology (IBT), Pakistan. The main objective of JBS is to
provide an intellectul platform for the scholars. IBTJBS aims to promote interdisciplinary studies in
management and social science.

The journal publishes research papers in the field of business such as management, business studies,
communication studies, corporate governance, demography, development studies economics,
education, ethics, industrial relation, information science, finance, marketing, public administration.
The journal is published in both print and online versions.

IBTJBS Publishes original papers, reviews papers, conceptual frameworks, analytical and simulation
models, case studies, empirical research, technical notes and book reviews.

Topic for submission include but are not limited to:

Business Administration Business Ethics

International Enterprises Marketing
Human Resource Management International Economics
Logistics Organizational Behavior
Supply Chain Globalization impacts
Economics Electronics Commerce
Information Management Real state management
Corporate Governance Industry Innovation
Geospitality Management Sport Care Management
Banking Finance
Investment Risk Management
Strategic Management Commerce

Papers are submitted for IBTJBS Spring issue latest by April and published in August where as the
Fall issue last date of submission is November and published in January. However, an early submission
will get preference in case of review and publication process.
Send your manuscript to at editor at jbs@ibt.edu.pk. For more information, visit the offical website of
the journal www.ibt.edu.pk

The Editor
Journal of Business Studies - JBS

Main Campus
Institute of Business & Technology - IBT
Main Ibrahim Hydri Road, Korangi Creek, Karachi-75190, Pakistan
E-mail: jbs@ibt.edu.pk, UAN: (92-21) 111-428-428, Fax: (92-21) 35092384

UAN: 111-428-428 URL: www.ibt.edu.pk E-mail: info@ibt.edu.pk