Journal of Management and Administrative Sciences (JMAS)

Internal vs. External Financing under Uncertainty: Assessing Sustainable Corporate Financing Behavior in Pakistan

2026-06-25T05:42:15+01:00

With an unpredictable and volatile economic setting, companies are pursuing sustainable financing behavior which becomes difficult to achieve for those firms who are facing financial constraints. This study identifies 250 non-financial firms in Pakistan as financially constrained and non-constrained based on cash flows over capital, total assets, and the ratio of dividends paid (DPO). A comparative analysis of financial behavior of 24 years is applied using data of 1999 through 2022. Various regression models such as stepwise fixed effects and system-GMM methods with robust standard errors deal with the problems of autocorrelation, heteroskedasticity and endogeneity. Important results also determine that size, growth, profitability, tangibility, liquidity, flexibility, DPO, and effective tax rate are important determinants of sustainable financing behavior. A company with limited external financing has to finance its operations through internal sources to cover short term liabilities and make long term investment. Conversely, firms that are not constrained financially portray different financing strategies. Certain parameters such as business risk were not significant. The research offers an example that can be used by analysts to analyze the variations in financing strategies among different types of firms. It also emphasizes future research potentials, such as involving financial firms in comparative studies and comparison of sustainable financing behavior across countries.

Pathways to Sustainable Choices: A Sequential Mediation Analysis of Emotional and Behavioral Drivers Among E- Commerce Consumers

2026-06-24T21:18:13+01:00

This research effectively contributes the TPB through integrating the moral emotions such as the eco-shame, environmental concern as well as the environmental guilt to elucidate sustainable-fashion-consumption in e-commerce context. The traditional TPB constructs-such as the subjective norms, attitude and perceived-behavioral control somehow fail to completely capture the moral and emotional dimensions that persuade the pro-environmental behavior. This study hence, scrutinizes how the study variables actually interact throughout the emotional cognitive apparatuses to contour the behavioral-purchase intentions (BPI) towards the sustainable fashion. A primary data was collected quantitatively through a survey from 406 online fashion consumers in Lahore, Pakistan to test the four sequential hypotheses using the Hayes’ PROCESS Macro-Model 6. All the four analysis examined how the eco-shame (ES), sustainable-consumption attitude (SCA), subjective-norms (SN) and the perceived-behavioral control (PBC) influence the purchase intentions through the environmental-concern (EC) and the environmental guilt (EG). The findings divulge a clear moral-emotional sequence: ES/SCA/SN/PBC heightens the EC then EC evokes the EG and EG drives the BPI. This sequence of all the variables in the mediations paths sustains the conjectural argument that the moral-emotions conduit the cognitive-behavioral gap in the sustainable choices. The research enriches the TPB frame-work through highlighting empirical-evidence that the sustainable-consumption is not exclusively driven through coherent attitudes but by the emotional accountability and moral cognition as well.

Keywords: Eco-shame, Sustainable Consumption Attitude, Subjective Norms, Perceived Behavioral Control, Environmental Concern, Environmental Guilt, Behavioral Purchase Intention, TBP

Omnichannel Strategies To Build Optimal Shopping Experiences

2026-06-25T06:37:21+01:00

In the changing retail environment, omnichannel strategies have become essential for improving customer experience and satisfaction. This study explores how personal attributes and shopping motivation influence the relationship between omnichannel approaches and retailer identity attractiveness. It also examines how retailer identity attractiveness mediates the connection between omnichannel practices and achieving the best shopping experience.

Based on the Push–Pull–Mooring (PPM) framework, the research investigates how seamless integration of online and offline channels shapes consumer perceptions, underlining the importance of maintaining a consistent brand identity across multiple touchpoints.

Using structural equation modeling (SEM) for data analysis, the findings show that omnichannel strategies have a significant direct effect on the shopping experience. However, personal attributes weaken the relationship between omnichannel retailing and retailer identity attractiveness. Conversely, retailer identity attractiveness significantly strengthens this relationship and partly mediates the impact of omnichannel strategies on an optimal shopping experience.

The results underscore the strategic importance of cultivating a strong retailer identity to reinforce omnichannel initiatives, enhance consumer shopping experiences, and foster long- term customer satisfaction. This study contributes to the omnichannel retailing literature by demonstrating how retailer identity attractiveness serves as a key mechanism in optimizing consumer experiences within an increasingly competitive retail environment.

From Compliance to Commitment: An Analysis of Sustainable Waste Management Practices in Pakistan's Export-Oriented Textile Marketing

2026-06-24T21:21:01+01:00

In the current era of environmental sustainability, manufacturing industries are facing a growing scrutiny, which forces them to rethink their concepts and practice of waste management. Pakistan's textile industry is one of the most vital industries in the country's economy, having a great impact on export revenues, and is simultaneously faced with high demand from the international market and considerable environmental responsibility. The aim of this study is to analyse the challenges faced by export-oriented textile companies in Pakistan in moving from compliance to internalized responsibility for adopting and implementing sustainable waste management practices.

By using a qualitative exploratory research design, this study interviewed 10 export-oriented textile companies with different managers such as managers, sustainability officers, compliance managers, and environmental health and safety professionals in the Punjab and Sindh provinces. Braun and Clarke's (2006) thematic analysis 6 phases were used to derive themes inductively from the data.

The analysis has identified ten core themes that are portrayed along two axes (enablers and barriers). Key enablers are focused on: buyer pressure, market pressure, leadership commitment, organisation learning and training, corporate reputation and internal monitoring systems. Dominant barriers include resource and cost constraints, regulatory inefficiency, lack of employees' awareness and skills, cultural resistance, and short-term export pressures. The study formulates a thematic framework that shows how external institutional pressures relate to and either accelerate or impede the transition from compliance to commitment.

Theoretically, the study adds to the existing works of literature on sustainability management, institutional theory, and stakeholder theory by situating the process of sustainability adoption in a sector that is export-oriented in an emerging economy. In practical terms, it offers pertinent suggestions for managers, policy makers and foreign buyers to promote a genuine culture of sustainability within the textile sector in Pakistan.

Comparative Analysis of Climate Finance Models: Recharge Pakistan and Delta Blue Carbon

2026-06-15T17:58:03+01:00

Pakistan is one of the most climate-prone countries in the world despite contributing less than 1% of Global greenhouse gas emissions. In recent year 2025, excessive monsoon flooding in the country affected over 6.3 million people, displaced almost 3 million people and caused economic losses over Rs 822 billion. Simultaneously, there is an estimated climate financing gap of USD 200-348 billion in Pakistan by 2030 following continuously low inflows of international climate finance. This study portrays qualitative comparative analysis of two climate finance models in Pakistan (Recharge Pakistan and Delta Blue Carbon) to assess their effectiveness, financial viability, and policy applicability with the context of a fiscally constrained country. With the help of project documentation, financing structures and verified impact data, the research assesses the effectiveness of the public grant-based adaptation finance and market-based mitigation strategy in dealing with the climate risks in Pakistan. The largest ecosystem-based adaptation project in the country is Recharge Pakistan, which is entirely grant-based (USD77.8 million) and exhibits excellent resilience results due to the large-scale ecosystem restoration and flood risk reduction, though the project still requires periodic funding over the years. Delta Blue Carbon, on the other hand, presents the largest mangrove-based blue carbon project in the world, operates under the market driven carbon finance model, having sequestered more than 3.2million tCO₂e and earned USD 40-50 million in revenues, but the project is susceptible to the market and climatic conditions. The research finds that these models are complementary rather than substitutive and supports a blended climate finance framework integrating public adaptation grants with market-based mitigation finance to enhance resilience, fiscal sustainability, and long-term climate outcomes in developing economies.