VU
Virtual University of Pakistan
Federal Government University
Employee Portrait
Associate Professor • Head of Department
Dr. Muhammad Jam-e-Kausar Ali Asghar
Department of Management Sciences
Faculty of Management
Highest Qualification
PhD (Management Sciences)
Specialization / Major
Finance
PROFILE SUMMARY

Dr Muhammad Jam e Kausar Ali Asghar is working as HOD Department of Public Administration and Associate Professor Department of Management Sciences at Virtual University of Pakistan. He is a well versed and preeminent academician in his field as he earned his PhD Degree in Management Sciences with specialization in Finance from COMSATS University Islamabad Pakistan. Dr Jam e Kausar is currently HEC approved supervisor and his research services are employed in Corporate Governance CG Efficiency of Financial Institutions FIs and Markets Financial Regulations and Corporate Finance in the context of developing countries with particular emphasis on Asia. His research skills are also applicable to other disciplines of Management Sciences including Behavioral aspects Information Technology IT Energy Sector Sharia Compliant FIs and the impact of COVID 19 on the performance of FIs. He also supervised various MPhil students in his respective field. He has taught various courses both at the graduate and undergraduate level. Dr Jam e Kausar apart from his research and teaching skills is part of different academic and research journals and his more than twenty research publications in different national and international reputed journals are the result of his research skills. Last but not the least Dr Jam e Kausar participated as presenter and session chair in multiple conferences in Pakistan and outside Pakistan such as Thailand and Singapore.

RESEARCH INTERESTS

My research interests primarily focus on Corporate Finance, Corporate Governance and the Efficiency and Performance of Financial Institutions. I am particularly interested in examining the relationship between corporate governance mechanisms and financial performance, cost of capital, financial risk and institutional sustainability. My research also encompasses banking efficiency, Islamic financial institutions, financial markets, capital structure decisions, and financial regulations and reforms. More recently, I am interested in exploring the implications of digital transformation, financial technologies and emerging economic challenges for corporate financial performance, risk management and financial stability. I aim to undertake empirical and interdisciplinary research that contributes to the advancement of financial knowledge, institutional effectiveness and evidence-based policy and managerial decision making.

Experience

HOD/Associate Professor
Department of Management Sciences, Virtual University of Pakistan
Nov 25, 2021 — Present
HOD/Associate Professor
Lahore Business School, Department of Management Sciences, The University of Lahore, Sargodha Campus
Nov 13, 2020 — Nov 24, 2021
HOD/Associate Professor/Assistant Professor
Department of Management Sciences, University of South Asia
Oct 02, 2017 — Nov 12, 2020
Assistant Professor
Department of Management Sciences, University of Sargodha
Sep 01, 2016 — Sep 30, 2017
HOD/Assistant Professor/Lecturer
Lahore Business School, Department of Management Sciences, The University of Lahore, Sargodha Campus
Nov 05, 2012 — Aug 31, 2016

Certifications & Credentials

National Faculty Development Program for HEC Faculty Tier II
NAHE, Higher Education Commission, Islamabad
Year: 2025 • Duration: two weeks • Mode: In Person

Research Publications

Emotional and cognitive mechanisms of eco-social receptivity: Exploring tourism brand e-vocacy in AI-enabled travel
Acta Psychologica (263, Article 106311)
Year: 2026 • Category: HEC Impact Factor • Impact Factor: 3.80
Authors: Imran, M., Xu, H., Wei, N., Alzuman, A., Ali Asghar, M. J. K., & Ahmad, N.
Tourism accounts for roughly 10% of global greenhouse-gas emissions and is projected to increase substantially by 2030 without decisive action. A multi-city survey (n = 427) of leisure travelers in five major Chinese tourism hubs was conducted to test a stimulus–organism–response model. Results reveal that eco-social receptivity drives tourism brand e-vocacy predominantly through a “warm-glow” emotional route (tourist green happiness) and secondarily via a cognitive route (eco-brand trust). Next-generation smart travel intelligence usage significantly amplifies both the affective and cognitive mediation pathways, whereas high perceived authenticity of social-action advertising intensifies only the affective path. Notably, the moderated mediation via eco-brand trust was non-significant. The findings suggest that emotionally resonant, credible eco-initiatives on social platforms can convert receptive tourists into proactive online advocates, supporting global climate-action goals.
Impact of ethical leadership on creative work performance: The empirical mediating roles of work engagement and attitude toward performing well in construction organizations in Pakistan
Journal of Social Sciences Review (3(1), 607–622. )
Year: 2025 • Category: HEC Y
Authors: 3. Saddique, F., Fatima, H., Hassan, M., Nazir, M., Mushtaq, N., & Asghar, M. J. K. A.
According to grounded social exchange theory, this study examines ethical leadership`s direct and indirect impact on worker’s creative performance. More specifically, this study will also investigate the intervening mediate roles of work engagement and employee’s attitudes towards performing well between Ethical leadership and Creative work performance. The study data was obtained through self-reporting survey questionnaires distributed to employees of construction organizations in Lahore, Pakistan. The findings supported that Ethical leadership directly relates to creative work performance. Furthermore, work engagement and attitude toward performing well positively relate to ethical leadership and creative work performance. The findings broaden our understanding of how factors such as a positive attitude, psychological states, and engagement at work may produce the worker’s performance and increase their potential for creative intellectual in implementing novel ideas at the workplace.
Exploring artificial intelligence readiness in the public sector organization
International Journal of Business and Management Sciences (6(2), 33–43.)
Year: 2025 • Category: HEC Y
Authors: Ali, W., Khan, A. Z., Ahmed, F., & Asghar, M. J. K. A.
This research aims to explore the readiness of Artificial Intelligence (AI) in one of the public sector organizations in Pakistan. Artificial Intelligence adoption remains challenging for many businesses, with numerous organizations struggling to implement AI technologies effectively. The readiness of AI was explored through factors like people`s readiness, strategies and policies, process readiness, technology readiness, and organizational environment readiness. These are the essential factors regarding AI readiness in the organization. The findings of this case study reflect that this organization is well prepared for AI implementation, and efforts made by the management regarding the critical aspects, like people, policies, technology, and the required environment for AI implementation will help them successfully implement AI in the organization.
Corporate governance, gender and efficiency of non-life insurance companies
Advances in Business and Commerce (2(1), 14–34.)
Year: 2023 • Category: HEC Y
Authors: 4. Asghar, M. J. K. A., & Haq, Z.
The planet where we live in is full of jeopardy: businesses are exposed to various risks. Non-Life Insurance companies (NLIs) help us to eliminate these risks for smooth functioning of the economy. Current study examined the relationship between Corporate Governance (CG) and efficiency of NLIs with two step methodology. Firstly, the study considers Data Envelopment Analysis (DEA) to estimate various efficiencies of NLIs listed at Pakistan Stock Exchange. It was found that, NLIs were 64.17 percent PTE efficient, 38.22 percent TE efficient, and 60.10 percent SE efficient. Most of the listed NLIs are performing under Incremental Return to Scale (IRS). Secondly, this study also investigated the relationship of CG with the technical efficiency of NLIs. It is found that there is a need to keep carries on the policy of improving the CG practices as it is found that board composition, board effectiveness and board transparency are positively related with efficiency of NLIs.
The Nexus Between CSR and Financial Accessability: A Comparative Analysis of Pakistan & India
Palarch’s Journal (19(3), 718-730.)
Year: 2022 • Category: HEC Impact Factor • Impact Factor: 0.11
Authors: Zeshan A., Mirza H. H. , Asghar, M. J. K. A., Usman M.
CSR emerged as a safeguard against financial scandals which contributes in financial accessibility and recently, the CSR practices have fascinated the shareholders and stakeholders across the world in this regard. This study aimed to determine relationship of CSR activities with financial accessibility for public listed firms in Pakistan and India by using the panel data of Pakistani and Indian non-financial firms over the period of 2016 to 2020. The findings depict that the CSR activities significantly and positively affects financial accessibility of organizations in both economies. This study reveals that the businesses with more CSR activities encounter comparatively fewer capital constraints and has improved financial accessibility. The stakeholders and legitimacy theories support this study as they motivate the businesses for improved CSR activities.
Better Corporate Governance Leads to Better Performance: Evidence from Asian Countries
Argumenta Oeconomica (1(46), 183-204.)
Year: 2021 • Category: HEC Impact Factor • Impact Factor: 0.70
Authors: MJKA Asghar, Z Anwar, M Usman, H Khan
The most contentious element in debate regarding corporate governance is the association of corporate governance (CG) with firm performance. This research employed the 2SLS regression model on a panel data, collected from 24 Asian multinationals from 2006 to 2015. The firm performance was measured in two ways: accounting measure (ROA and sales growth) and market measure (Tobin’s Q). The outcomes demonstrate that quality of corporate governance (QCG) index has a significant association in enhancing the performance of firms in Asian economies. Furthermore, these results also indicate that explicit corporate governance variables such as board independence, audit committee independence, ownership concentration and CEO duality, also have significant association with the performance of companies in Asian countries which is in accordance with the agency theory
Efficiency of Power Generation Companies in Pakistan: Application of Non-parametric Approach
Elementary Education Online (19(4), 3486-3504.)
Year: 2020 • Category: HEC Y
Authors: Mushtaq, N., Mirza, H. H., Asghar, M. J. K. A, Rehman, S., & Saddique, F.
Power generation has a central role in the economic growth of every country specifically, in developing countries like Pakistan where, there is scarcity of electricity. Therefore, the objective of current study is to investigate the efficiency of Power Generation (PGs) firms in Pakistan for the tenure of 2014 to 2018. This study has applied Data Envelopment Analysis (DEA) and the value added approach is followed over the study for selection of the input and output variables. Sales and power generation is selected as output variables while the selected input variables are gross capacity, fuel cost and labor. The findings of study states on average level the Technical Efficiency (TE) of these PG firm is founded at the level of 72% while Pure Technical Efficiency (PTE) is 86% and Scale Efficiency (SE) is 85%, respectively. Moreover, it was also found that there is an increasing trend in the efficiency of these PGs firms for the tenure of five years.
Determining Indirect Cost of Financial Distress in Banking Sector of Pakistan
Paradigms (14(1), 174-177.)
Year: 2020 • Category: HEC Y
Authors: Ali, G., Mirza, H. H., Nazir, M. S., & Asghar, M. J. K. A.
The present study attempts to identity the determinants of indirect cost of financial distress in banking sector of Pakistan. Using published financial data of 25 banks for 7 years (i.e. 2009-2015) the present study estimates the relationship between various bank specific factors and indirect cost of financial distress. The study uses a two-step normal transformation method for continuous variables to ensure normality of data and has applied runs test to ensure the randomness of the unexplained variation. The study argues that only three factors are important in explaining the indirect cost financial distress in banking sector of Pakistan. These factors include non-performing loans, bank’s credit rating and bank’s cost of funds. Where NPL and BCO maintains a positive relationship, while credit rating has a negative relationship with indirect cost of distress in Pakistani banks. Key Words: Financial Distress, Normality Transformation, Banking Sector
Efficiency Analysis of Mudarabah and Leasing Firms in Pakistan
Journal of Islamic Business and Management (10(2), 287-297.)
Year: 2020 • Category: HEC Y
Authors: Asghar, M. J. K. A., Khan, A. Z., Mirza, H. H., Khan, H. & Khan, T. I.
How differently Sharia compliant modaraba firms are performing as compared to conventional leasing firms? The paper compares modaraba and conventional leasing firms by computing Technical Efficiency (TE), Pure Technical Efficiency (PTE) and Scale Efficiency (SE) using Data Envelopment Analysis (DEA) following the value added approach. Equity, liabilities, fixed assets and operating expenses are inputs, while income and investments are outputs. Results suggest that Sharia compliant modaraba firms compete well with conventional leasing firms, although conventional leasing firms slightly outperform them. This indicates no major difference between both FIs, implying that despite lower resources and products, Sharia compliant modarabas compete well. In the second stage, Tobit regression analyzes the association of firm specific factors with efficiency. Results suggest that leverage, tangibility, operating expenses and profitability are significantly related to efficiency.
Issues of E-Banking in Pakistan: Managers’ Perception about E-Banking Issues
Global Regional Review (4(2), 93-105.)
Year: 2019 • Category: HEC Y
Authors: Khan, A. Z., Khan, H. G. A., & Asghar, M. J. K. A.
The banking industry is shifting from old traditional banking systems to virtual banking around the world. As it is moving towards online, the issues related to it are also increasing. Most common issues faced by e-banking around the globe are security, fraud, customer awareness, trust, risk, privacy, phishing attacks and government laws. The objective of this study is to highlight the issues faced by e-banking in developing countries like Pakistan. For this purpose, five national banks were selected. Interviews and discussions with the senior managers were conducted and transcribed. The critical issues identified were mostly related to security, regulatory and reversal of wrong transaction. Lack of awareness and knowledge about technical systems are also found as the major concerns of the senior management of these banks. The findings of this research will help the senior management to successfully develop proactive strategies for e-banking in Pakistan
Corporate Governance and Cost of Equity: Evidence from Asian Countries
Journal of Political Studies (26(1), 193-216.)
Year: 2019 • Category: HEC X
Authors: Anwar, Z., Asghar, M. J. K. A., Khan, M. K. & Danish, R. Q.
This paper investigates the extent to which governance affect firms` cost of equity capital in Asian countries by employing a regression model on panel data of the 24 Asian countries over the period of 2006 to 2015. The results depict that Quality of Corporate Governance (QCG) index has significant relationship in reducing cost of equity for firms in Asian countries. The results also indicate that explicit corporate governance variables like: board independence, audit committee independence, ownership concentration and CEO duality have also significant association with firm`s cost of equity in Asian countries which is in accordance with the agency theory.
The Corporate Governance and Efficiency of Commercial Banks in Pakistan: Application of Non-Parametric Approach
Argumenta Oeconomica (43(2), 169-189.)
Year: 2019 • Category: HEC Impact Factor • Impact Factor: 0.70
Authors: Iftikhar, U., Asghar, M. J. K. A., Khan, H. & Mirza, H. H.
This study examined the relationship of Corporate Governance (CG) on the efficiency of commercial banks listed on the Pakistan Stock Exchange (PSX) over the period from 2005 to 2014. The CG of commercial banks is measured with the composite CG index which is further subdivided into: board of directors, audit committee, disclosure and transparency, remuneration committee and shareholder`s rights. The Data Envelopment Analysis (DEA) approach is used to measure the technical efficiency (TE) and cost efficiency (CE) whereas the Tobit regression model is used to investigate the relationship between CG and both efficiency scores. The results for the composite CG index suggest that there is a positive and significant relationship of CG with both TE and CE of commercial banks. Moreover, the sub-indices also validate our results as they were mostly found positively and significantly associated with both efficiencies.
Takaful, Insurer type and Efficiency: An Application of Parametric Approach
Global Regional Review ( 3(1), 234-252)
Year: 2018 • Category: HEC Y
Authors: Asghar, M. J. K. A, Khan, A. Z., & Ghufran, H.
This study is conducted in two steps. Firstly, Stochastic Frontier Approach (SFA) is applied to estimate efficiency of the Takaful and conventional insurance firms in Pakistan from 2005 to 2010. It is found that life insurers are performing poor in comparison to general insurers. In addition, Takaful firms are found less cost efficient in comparison to conventional insurance firms. Secondly, the Tobit results imply that the size, investment and claim are found negatively related with the efficiency of insurance companies which suggests that larger size raise the cost of doing business whereas, due to financial crises the investment of large firms are also dropped. Moreover, improvement in minimum capital requirement is found fruit full both for cost and profit efficiencies. Therefore, it is suggested that the regulators should keep continue this policy to further improve financial health of the insurance industry
Efficiency of Commercial Banks in Pakistan: Application of SFA and Value Added Approach
Argumenta Oeconomica (38(1), 195-220.)
Year: 2017 • Category: HEC Impact Factor • Impact Factor: 0.70
Authors: Afza, T., & Asghar, M. J. K. A.
The purpose of the study is to examine the efficiency of commercial banks in Pakistan over the period of 2005 to 2010. Firstly, we applied the Stochastic Frontier Approach (SFA). We used the value added approach for the selection of input and output variables for the first time in Pakistan to examine the cost and profit efficiency of commercial banks. The results suggested that the profit and cost efficiency of banks is slightly improved over the study period. Secondly, the association of various firm specific variables along with financial reforms and financial crises with the efficiency of the commercial banks is investigated. Tobit analysis results indicated that variables like size, profitability, equity and an increase in the minimum capital requirement are found to be positively related whereas the provision for advances (loans) is found to be negatively related with the efficiency of commercial banks in Pakistan
Performance Determinants of General Insurers in Pakistan
Actual Problems of Economics (138(12), 286-292.)
Year: 2012 • Category: HEC Impact Factor • Impact Factor: 0.17
Authors: Afza, T., & Asghar, M. J. K. A.
The study investigates the performance determinants for general insurers in Pakistan over the period 2004 to 2009. Performance of general insurers is measured as return on assets (ROA) and return on equity (ROE), whereas size, investments, leverage, risk, past year performance and age are chosen as explanatory variables. The results suggest that size, investment, past performance and age are positively related, whereas leverage and risk are negatively related with the performance of general insurers. Moreover, it was also found that the recent economic uncertainty has adversely affected the performance of general insurers in Pakistan.
Efficiency of the Insurance Industry in Pakistan: An Application of Non-parametric Approach
Interdisciplinary Journal of Contemporary Research in Business, (2(8), 84-98.)
Year: 2010 • Category: HEC Y
Authors: Afza, T., & Asghar, M. J. K. A..
The study applied non-parametric Data Envelopment Analysis (DEA) to estimate the efficiency of insurance companies in Pakistan over the period 2003 to 2007. Value added approach is followed to determine the output variables and selected gross premiums and investment incomes as outputs whereas, labor, business services, equity capital and debt capital were used as input variables. Technical efficiency, allocative efficiency and cost efficiency of the insurance companies were estimated to determine the real contributors of efficiency in the insurance industry of Pakistan. It was found that the insurance companies were on average 92.7 percent technical efficient, 81.12 percent allocative efficient and 75.44 percent cost efficient. Moreover, the study has also found that allocative and cost efficiencies are improved from 2003 to 2005 but significantly decreased in 2006 whereas: technical efficiency is increased over the study period.
Firm Size and Efficiency in the Non-life Insurers of Pakistan
Journal of Quality and Technology Management (6(2), 165-183.)
Year: 2010 • Category: HEC X
Authors: Afza, T., & Jam-e-Kausar
The study applied non-parametric Data Envelopment Analysis (DEA) to estimate the technical efficiency of non-life insurance companies in Pakistan over the period of 2003 to 2007. It was found that the non-life insurers in Pakistan were on average 82.4 percent technical efficient, 91.4 percent pure technical efficient and 899 percent scale efficient Current study also investigated the technical efficiency based on size of non-life insurers and found that on average the large size non-life insurers were more technical efficient while medium size non-life insurers were less efficient than larger insurers with smaller insurers being the poorest performers In addition, the analysis of scale economies in different size of non-life insurers suggested that most of the increasing return to scale were found in smaller non-life insurers

Conferences & Participations

9th International Conference on Contemporary Issues in Business Management
Organized by: University of Central Punjab • Location: Lahore, Pakistan
Year: 2024 • Role: Session Chair • Mode: In Person • Area: Business Management
3rd International Conference on Social Sciences and Humanities
Organized by: Kinnaird College for Women • Location: Lahore, Pakistan
Year: 2022 • Role: Session Chair • Mode: In Person • Area: Finance
1st International Conference on Business and Commerce
Organized by: Hailey College of Commerce • Location: Lahore, Pakistan
Year: 2021 • Role: Session Co-Chair • Mode: In Person • Area: Finance
1st International Conference on Sustainable Business Development
Organized by: University of Sargodha • Location: Sargodha, Pakistan
Year: 2019 • Role: Session Co-Chair • Mode: In Person • Area: Finance
The Corporate Governance and Efficiency of Commercial Banks in Pakistan: Application of Non Parametric Approach
Organized by: Asia-Pacific Business Research Conference • Location: Singapore
Year: 2017 • Role: Presenter • Mode: In Person • Area: CG & Efficiency of Banks
Technical Efficiency of Non-Life Insurance Companies in Pakistan
Organized by: 3rd International Colloquium on Business and Manag • Location: Bangkok, Thailand
Year: 2010 • Role: Presenter • Mode: In Person • Area: Efficiency of Insurers

Presentations & Talks

Visiting Faculty: 1) Noon Business School, University of Sargodha, Sargodha [2020]. 2) COMSATS University Islamabad, Lahore [2019]. 3) Hailey College of Commerce, University of the Punjab, Lahore [2017-2019]. 4) GC University Lahore [2017].
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External Thesis Evaluator at 1) Hailey College of Commerce, University of the Punjab, Lahore, 2) Lahore Business School, The University of Lahore, Lahore, 3) Noon Business School, University of Sargodha, Sargodha.
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Professional Memberships

Industrial-academia linkages Committee
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Journal Editorial Board
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Awards & Distinctions

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Degree Program Development
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HEC Travel Grant for International Conference
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HEC Travel Grant for International Conference
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