During the last few decades, the number of terrorist's attacks has been increased to a great extent in the world, which possibly enhances the fear of investors and influences long‐term investment commitments. It is important to explore how the financial market reacts to terror events in order to dictate the suitable policy recommendations. This study examines whether terrorism exerts a significant effect on stock market returns and volatility by examining the daily time series data for Pakistan from the period Oct 7,1999 to May 31, 2016. The employed econometric techniques in this study are the generalized autoregressive conditional heteroskedasticity (GARCH) and the exponential generalized autoregressive conditional heteroskedasticity (EGARCH) models. The GARCH and EGARCH results confirm that terrorism has a significant effect on both the stock market returns and volatility in Pakistan. In addition, the EGARCH results also conclude that the negative shock (terror news) creates higher volatility as compared to positive shock (good news) in the stock market. The outcomes suggest that terror events significantly affect financial investors in the stock markets. The paper suggests that terror risk is an influential cognitive factor in describing the stock market returns and volatility. Terror must be addressed in order to achieve desirable stability in financial markets.

Corporate governance is the procedure and relation managed by numerous groups to manage and run a business (Cadbury Committee, 1992). Corporate governance has to turn out to be a prevalent debate in the growing economies. The general view is that corporate governance implementation improves the performance of the firm and safeguards the interest of shareholders (Switzer and Tahaoglu, 2015). Corporate governance is necessary to ease differences of opinion among the stakeholders, especially shareholders and executives, so that organization's performance can be improved. However, the implementation of corporate governance is different in every country because of its economic, political, and other local structures (Chan and Cheung,

Tourism has played an influential role in the global economies. It is considered the third largest socio-economic sector and contributes about 9% to the world economy’s GDP. Tourism enhances investments, creates job opportunities, harnesses entrepreneurship, and secures heritage and cultural values and norms. However, tourism faces serious challenges in developing countries, especially in Pakistan. Therefore, the main aim of the current study is to examine the influential factors that affect the tourism sector and exhibit the nexus between tourism and economic development in Pakistan. The study collected data from the Global Terrorism Index (GTI), Pakistan Tourism Statistics, and the State Bank of Pakistan (SBP) for the period from 1995 to 2017. The results of the study present that terrorism, which hampers peace and certainty, tourism expenditure and inflation rate, has a strong influence on the tourism sector in Pakistan. Moreover, the study also disclosed that tourism boosts the long-term macro-economic factors and leads to the economic development of Pakistan.

Purpose One aspect of agency theory suggests that dominant shareholders use the firm’s assets for their personal benefits and 1thus expropriate minority shareholders (tunneling). Accordingly, this paper aims to examine the effect of capital structure and cash holding decisions on minority shareholders' expropriation for short and long periods. Design/methodology/approach Data of 16 years (2000-2015) has been obtained from 200 non-financial firms registered at Pakistan Stock Exchange (PSX). The study used fixed effect and autoregressive distributed lagged to obtain the results. Findings The results suggest that the presence of more debts in capital structure is positively associated with minority shareholders' expropriation, whereas a negative association has been found between the level of cash holding and minority shareholders expropriation. These results have been observed as significant both for the short and long run. Research limitations/implications This study also suggests some important measures to control minority shareholders' expropriation by the dominant shareholders and thus to protect their rights. Originality/value There is a lack of literature for this severe issue in the developing countries especially Pakistan, so this study narrates the potential measures to the regulatory authority of the market to curb tunneling and to protect minority shareholders.

This study aims to look at how capital inflows affect economic growth in South Asian countries. Gross Domestic Savings (GDS), Foreign Direct Investment (FDI), Foreign Portfolio Equity Investment (FPEI), Foreign Debts (F.Debts), and Foreign Aids (F.Aids) are the study's independent variables, while Gross Domestic Product Growth (GDPG) is the dependent variable. Data has been collected from World development Indicator and Quandl from 1980 to 2018. To analyse the data Panel ARDL (PMG) model was utilised. Gross domestic savings, foreign direct investment, and foreign aid, all exhibit positive and strong long-term connections with GDP growth. Results also revealed that there are negative and strong long-run links between GDP, Foreign Portfolio Equity Investment, and Foreign Aids. There are negative and insignificant links between GDP growth, Foreign Direct Investment, and Foreign Aids. Results also reveal the positive and insignificant connections between GDP and GDS, FPEI, and foreign debt. The data imply that institutional improvement has an impact on capital inflows and economic growth. The study has policy implications for government and policymakers in the sense that capital flows and economic growth can improve the institutional environment.