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This study aims to uncover the determinants for the formulation of accounting practices and their impact on firm performance in Pakistan through the lens of institutional theory. Based on a pragmatic approach, this study has collected data from 455 participants and 21 semi-structured interviews have been conducted. Firstly, it is noted that accounting practices can be traced back to the Mughal regime, and subsequently underwent a major development in the British colonial system. Secondly, our results indicate that institutional factors, namely, accounting regulatory framework, political factors, economic factors, cultural factors, and country-specific factors have also played a major role in the development of accounting practices after the creation of Pakistan as a separate state. Finally, this study suggests that the development of accounting practices have a novel contribution towards the performance of firms. This research thus provides a pathway for policymakers in this county to closing the gaps between accounting practices and the policies of the International Accounting Standard Board (IASB). Furthermore, firms can enhance their performance by implementing international accounting standards. This paper helps Pakistan's regulatory institutions such as the SECP (Securities and Exchange Commission of Pakistan) and SBP (State Bank of Pakistan) in the process of developing new policies. Such decisions are related, but not limited to: attracting foreign investments, economic expansion, and international trade. Furthermore, it provides a pathway for firms to improve their performance. Ultimately, this research fills the gap as concerns international accounting standards by assessing, both empirically and theoretically, the role of various determinants for the formulation of accounting practices and their impact on the performance of firms.

PurposeThe purpose of this paper is to focus on Public Safety Networks (PSNs) created and used in the USA at the state level. Empirical analysis describes the formation and use of extant state‐level PSNs, based upon factors representing rational choice and institutional theories.Design/methodology/approachContextual data representing 160 different characteristics and descriptors of state‐level attributes produces two factors that evidence an underlying structure consistent with rational choice and institutional theories. Using these factors as predictors, the authors employ multiple regression analysis to explain differences in size and maturity among state public‐safety collaborations. The size and maturity indicators come from extensive survey data collected in phone interviews with senior personnel at 80 PSNs.FindingsConsistent with rational choice theory, higher needs and resources predict larger PSN size. Contrary to expectations, institutionalization rather than a culture of innovation is associated with PSN maturity, and suggests that maturity brings positive benefits, such as more experience, better operational routines and increased organizational competence.Research limitations/implicationsThis study moves beyond the usual case study approach to empirically investigate theoretical explanations for state‐level collaboration characteristics.Originality/valueThe authors' research investigates the social and environmental backdrop against which PSNs are implemented, to improve understanding of the state‐specific settings in which PSNs currently reside and develop. Given the financial and human resources involved in PSN creation and implementation, their initiators would benefit from a better understanding of governmental settings linked to PSN success. Identification of potential success or risk factors advances understanding of the underlying dynamics of interagency collaboration efforts.

Application of chemical fertilizers is one of the quickest and
simplest means of increasing farm production. Increased fertilizer use
has been an important factor in increasing crop productivity in the
developed countries and in those developing countries which have shown
high rates of growth in the agricultural sector. The use of chemical
fertilizers in Pakistan started in 1952. With the introduction of
fertilizer-responsive seeds for wheat and rice crops, and the
availability of additional irrigation water from the installation of
private and public tubewells, the use of fertilizers has become
increasingly popular. The farmers were further encouraged to increase
the use of fertilizers by a sub¬stantial price subsidy and the
promotional efforts by the government and the fertilizer industry in
Pakistan. Despite the promotional efforts by the government and
fertilizer industry, the application rate of fertilizer in Pakistan
remains one of the lowest, even when compared with the fertilizer use
levels in other developing countries. During 1970-71, fertilizer use per
hectare of arable land in Pakistan was 15.1 nutrient kilograms. During
the same period the rate of fertilizer use in the Philippines, Sri
Lanka, Taiwan, Siouth Korea and Japan was 25.2, 47.3, 243.6,

This study theorizes and tests an institutional-logics framework to explain why some universities produce more practice-oriented peer-reviewed journal articles than others, using nonprofit studies as an example. Empirically, knowledge production for practice can be increased by (1) graduate degree programs with an emphasis on nonprofit management, (2) research centers on nonprofit studies, and (3) location in disadvantaged communities; however, (4) status as an R1 or R2 research university substantially decreases the production of practical knowledge. Furthermore, (5) research centers can mediate the influence of community needs on knowledge production, so that universities with nonprofit research centers are more responsive to solving community issues. Theoretically, knowledge production follows the institutional logics of both closed and open systems, and institutions such as research centers that can repackage the culture of open systems to make it acceptable to closed systems are essential mediators.

We study the role of institutional characteristics of mortgage markets in affecting the strength and timing of the effects of monetary policy shocks on house prices and consumption in a sample of OECD countries. We document three facts: (1) there is significant divergence in the structure of mortgage markets across the main industrialised countries; (2) at the business cycle frequency, the correlation between consumption and house prices increases with the degree of flexibility/development of mortgage markets; (3) the transmission of monetary policy shocks on consumption and house prices is stronger in countries with more flexible/developed mortgage markets. We then build a two-sector dynamic general equilibrium model with price stickiness and collateral constraints, where the ability of borrowing is endogenously linked to the nominal value of a durable asset (housing). We study how the response of consumption to monetary policy shocks is affected by alternative values of three key institutional parameters: (i) down-payment rate; (ii) mortgage repayment rate; (iii) interest rate mortgage structure (variable vs. fixed interest rate). In line with our empirical evidence, the sensitivity of consumption to monetary policy shocks increases with lower values of (i) and (ii), and is larger under a variable-rate mortgage structure.

We study the role of institutional characteristics of mortgage markets in affecting the strength and timing of the effects of monetary policy shocks on house prices and consumption in a sample of OECD countries. We document three facts: (1) there is significant divergence in the structure of mortgage markets across the main industrialised countries; (2) at the business cycle frequency, the correlation between consumption and house prices increases with the degree of flexibility/development of mortgage markets; (3) the transmission of monetary policy shocks on consumption and house prices is stronger in countries with more flexible/developed mortgage markets. We then build a two-sector dynamic general equilibrium model with price stickiness and collateral constraints, where the ability of borrowing is endogenously linked to the nominal value of a durable asset (housing). We study how the response of consumption to monetary policy shocks is affected by alternative values of three key institutional parameters: (i) down-payment rate; (ii) mortgage repayment rate; (iii) interest rate mortgage structure (variable vs. fixed interest rate). In line with our empirical evidence, the sensitivity of consumption to monetary policy shocks increases with lower values of (i) and (ii), and is larger under a variable-rate mortgage structure. JEL Classification: E21, E44, E52

AbstractThe lack of convergence between rating agencies in the assessment of environmental, social, and governance (ESG) aspects of companies leads to the so‐called ESG rating disagreement. Although this phenomenon causes confusion and uncertainty among investors, it is still little investigated. Previous research has only focused on some determinants of the disagreement, mainly related to nonfinancial disclosure and corporate aspects, while broader determinants remain unexplored. This study aims to fill this gap by analysing the effects of market value, industry sensitivity, and institutional context on disagreement between two different rating providers. To achieve this goal, a cross‐sectional analysis was conducted for 1809 companies from the S&P 1200 Global Index. The results show that companies with a better market rating, belonging to critical sectors and located in countries with a better institutional environment, have a lower level of ESG disagreement.