The purpose of this study is to investigate the nature and role of organisational commitment among public sector employees in Saudi Arabia. The aim is to develop the public sector to accommodate the rapid growth in the number of employees. This is regarded as one of the most important challenges facing both sectors (public and private). Additionally, this study attempts to identify significant influences on organisational commitment in the public sector in Saudi Arabia. The selected variables are: personal factors (gender, age, level of education, income, marital status, experience); job characteristics (autonomy, skill variety, task identity, feedback and friendship opportunities); work environment (supervision, co-workers, company identification, physical work conditions and financial rewards). The questionnaire in this study was designed to obtain respondents' views in relation to commitment. It was distributed to 900 employees in the public sector in Saudi Arabia (male and female) at all Saudi ministries. The results of this study have indicated that: 1) The five personal variables (gender, age, nationality, marital status and income) have a negative relationship with organisational commitment, while education has a positive and significant relationship with organisational commitment. Experience has a poor relationship with organisational commitment. 2) Variables related to job characteristics (skill, task identity, friendship opportunity, feedback and autonomy) have a positive relationship with organisational commitment. 3) Work environment variables (company identification, co-workers, physical work conditions and financial rewards) have a positive and significant relationship with organisational commitment but supervision has a negative relationship with organisational commitment. The possible contributing factors to these findings were analysed. This study also investigates the feasibility of improving the level of organisational commitment among public sector employees in Saudi Arabia. Finally, recommendations are provided to improve organisational commitment among public sector employees and future areas for research are suggested.

This thesis investigates, theoretically and empirically, the relationship among economic growth, financial liberalisation and poverty reduction in Pakistan, between 1970' and 2000, with the aid of a rigorous co-integration analysis. A literature review provides an account of the existing models and other poverty reduction strategies in Pakistan. An analysis of poverty trends (1970-2000) in Pakistan shows large variations in poverty indices during all three decades under observation, at both provincial and intra -provincial levels. Ruman development indices show that poverty is highly concentrated in rural areas. Among provinces, the rural areas of Sindh and Balochistan provinces are worst affected. The trend of poverty shows a high rise during the 1990s, a decade of slow economic growth in Pakistan. The rural poverty nexus is correlated to the agricultural land reforms and weak institutional mechanism. Ineffective public services delivery to the poor has been the result of weak institutional response. The gender poverty is also all pervasive in Pakistan, as rural women are found to be more vulnerable to poverty shocks. Institutional failure has been found to be the main cause of the rising poverty in Pakistan. To analyse the relationship between economic growth and poverty reduction in Pakistan, we used the Dollar and Kraay model (2000) that predicts that economic growth reduces poverty. Using annual data sets for Pakistan from 1970 to 2000, our results show a positive relationship between economic growth and poverty reduction in Pakistan. We also tested the impact of financial development and growth in Pakistan. The McKinnon-Shaw hypothesis (1973) implies that increase in real rate of interest will increase savings and investment, which will lead to higher economic growth. The co-integration tests of the McKinnon-Shaw model (1970-2000) for Pakistan could not substantiate the prediction of the model. With a significant increase in savings over the period under observation, investment failed to rise. However, overall financial intermediation plays a significant and positive role in boosting economic growth. Authoritarian governments and the nationalisation policies are largely responsible for the inability to transform savings into investment.

This dissertation represents an attempt at demonstrating the process of technology transfer from developed countries to developing countries by focusing on the role of the multinational companies in such transfer in the car industry in Egypt. Apart from in-depth discussion of the theoretical issue of technology transfer and multinational firms, this study, based on the Egyptian experience as well as experiences of other countries in the 20[sup]th century, has attempted to criticise traditional technology transfer models by first reinterpreting technologies as knowledge in general and secondly by offering a new model of technology transfer within the context of today's globalised world economy. The thesis charts the history of Egyptian industrialisation from the 19[sup]th century to the late 20[sup]th century. It addresses questions about government policy toward industrialisation, private sector development and general macroeconomic policies of the Egyptian government since the 1950's. The thesis attempts a detailed analysis of the car industry in Egypt in the context of both national aspiration and the role of multinational companies in the transfer of technology in the car industry in Egypt. The thesis offers insights both on the practical intricacies of the technology transfer process and the theoretical aspects of this process.

This thesis presents a theoretical framework for understanding the long-term behaviour of equity markets. The framework is informed by post-Keynesian theory. It highlights the importance of effective demand for equity valuation - alongside other post-Keynesian features such as a realistic institutional setup, the (in)efficiency of financial markets in pricing assets and the importance of income and wealth distribution for macroeconomic theory. In contrast to mainstream approaches dominated and constrained only by the logic of rational agents, a Stock-Flow Consistent (SFC) methodology is followed here. The strict accounting rules of SFC models guarantee that all assets, flows and price revaluations that happen in an economic system are booked accordingly, with no accounting 'black holes' in the logical structure. The SFC approach also permits an outcome in which the market value of assets differs from their book value, a crucial distinction that should be at the core of any theory for equity returns. This thesis makes a contribution to the post-Keynesian literature on the Cambridge corporate growth models. It is shown that this literature can be used as a starting point for developing a theory of equity markets with a more realistic institutional setup. The main features of the post-Keynesian theory for equity markets developed here can be summarised as follows. First, aggregate demand determines the return on shares and their valuation in the market. Second, Tobin's q is inversely related to the growth rate of the economy in the long-run and inversely related to the marginal propensities to consume. Third, Tobin's q can be different from 1 even in the long-run. And fourth, wealth holders' consumption decisions are a major driver of the equity yield in the long-run, a feature very similar in spirit to the Levy-Kalecki profit equation, but now applied to financial markets. I conclude that post-Keynesian theory can offer an alternative to mainstream finance and fill a gap in current financial macroeconomic theory.

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The main purpose of this thesis is to test whether the quality of earnings improves the usefulness of accounting information in the decision making process. This is particularly important because the Financial Accounting Standard Board (FASB) considers the usefulness of accounting information as the primary objective of financial statements (FASB, 1978). To achieve this purpse, the thesis examines two interrelated subjects. The first subject of the study "The qualitative characteristics of accounting earnings and stock return" (Chaoter 3) assesses the impact of earnings quality on stock returns as a representative for the usefulness of earnings information. The research also attempts to extend the concept of earnings quality and its constructs based on the primary qualitative characteristics of accounting information from the FASB's viewpoint. Therefore, the study defines earnings quality as the extent to which reported earnings capture both dimensions of the qualitative characteristics of accounting information, relevance and reliability. Eight earnings quality attributes are characterized as either 'relevance-based' or 'reliability-based' to capture earnings information quality. Moreover, associations between earnings quality attricutes and stock returns are considered to test whether earnings quality information is reflected in the investors' decision-making process. The result indicates that all earnings quality attributes but one are associated with the returns of stock in the predicted way; the exception is conservatism. This finding suggests that the earnings quality attributes make accounting information useful for decision making, which is consostent with the FASB's assertion. In addition, comparisons of incremental explanatory power show that relevance-based earnings quality attributes explain more of the stock returns variation than do reliability-based earnings quality attributes. The second subject of the thesis, 'The effect of earnings quality on the value-relevance of accounting information' (Chapter 4), aims to link earnings quality constructs with the equity valuation model by assessing their effect on the relative desirability between the value-relevance of earnings and book value of equity. In this respect, the study investigated whether earnings quality constructs, systematized in the first topic of this study, are reflected in the equity valuation prcoess. This is an important issue, as the incorporation of earnings quality attributes into equity valuation models may provide more realistic estimates of the firm's value. The study conducts factor analysis on eight earnings quality attributes to construct an index of each earnings quality dimension for each firm-year. The results indicate that in portfolios of firms with high quality earnings (HH), the value-relevance of earnings and book value are respectively higher and lower than in portfolios of firms with low quality earnings (LL). Moreover, the study finds that the ability of earnings and book value jointly to explain stock price is significatnly higher in firms with high quality earnings information compared to firms with low quality earnings information. This finding confirms that earnings quality constructs provide relevant information in the valuation process.

From a theoretical perspective, Islamic banking and finance is different from conventional banking and finance because interest (riba) is prohibited in Islam. The unique feature of Islamic banking and finance is its profit-and-loss sharing (PLS) paradigm. As such, the equity stock market mechanism follows this unique PLS paradigm without the involvement of riba, gharar and maysir, allowing Shari’a sensitive investors’ access to the stock market. But the problem is to identify the Shari’a compliant equity stocks (that are both Shari’a compliant in the capital structure as well as the underlying business) within the equity stock market. In order to assist the Shari’a sensitive investors, the Dow Jones Islamic Market Index (DJIMI) for the first time in history issued the first Shari’a screening methodology in 1999 that facilitated access to the stock market. Subsequently, a number of other Shari’a screening methodologies have been developed by other index providers, banks and regulators; all of them are derivatives of the DJIMI. The rules used in the screening process have not originated from the Holy Quran or the traditions of the Prophet Muhammad (PBUH), and accordingly are not considered absolute rules. These screening methodologies have been criticised in the literature for being imprecise, inconsistent, lacking credibility and on the use of Shari’a screening thresholds restricting the Shari’a non-compliant activities. The study is designed to address two main areas: 1) to examine the historical development of Shari’a screening methodologies to date, and 2) to investigate how the existing Shari’a screening methodologies can be enhanced for the benefit of the Islamic banking and finance (IBF) industry. A qualitative analysis is carried out in the first part of the study. A statistical technique of exploratory factor analysis (EFA) is carried out in the second part of the study. The examination of the first part of the study shows that the fundamental variables underlying existing screening methodologies should be based on actual interest income and interest expense as it’s the actual interest received or paid that is Shari’a non-compliant instead of on the basis of source of funds (debt, receivables). This part of the study also finds that the Shari’a screening methodologies were introduced as a need of the time under Maslahah (public interest and rule of exception). It was expected that scholars and practitioners would review and revise the screening methodologies over time to ensure adherence to Shari’a. However, they have remained the same while the Islamic banking and finance industry has developed significantly. Further examination of current practices, suggested Shari’a screening thresholds to be dynamic and ones based on the growth and development in Islamic banking and finance. Based on findings of the first part, the study conducted an exploratory analysis in the second part using different portfolios and screened them based on interest income and interest expense and compared with existing practices. It is recommended that Shari'a screening methodologies incorporate these screening filters in addition to the existing filters to ensure that the portfolio remains Shari'a compliant. Further, the study in the second part developed an IBF index using exploratory factor analysis to quantify the development in IBF industry in 41 countries. These countries were placed in five groups (leaders, developed countries, developing countries, emerging markets and least developed countries) and it was concluded that Shari’a screening thresholds for countries based in groups “leaders” and “developed countries” can be lowered to 20% and 25% respectively as the IBF industry in the underlying countries have developed significantly and there are sufficient Shari’a compliant stocks to provide the investor a diversified portfolio, while for other countries the existing thresholds should continue as the IBF industry in the country is still in early growth period and Islamic financing availability in the country is not adequate. In this way, the Shari’a compliant equity investments can go forward in a more effective manner and thus a move towards more dynamic and progressive screening methodologies, rather than the existing static ones.

The success of small and medium-sized enterprises (SMEs) in industrialised countries has led to the increasing recognition of their role in exports, and in transition economies, this is driven by private-sector-led economic growth. The objective of this thesis is to determine major factors influencing export propensity of Polish SMEs in an expanded European Union (EU). All investigated enterprises are located in the Gdansk province. This study employs the Logit model to explain why some SMEs are exporters (their export propensity) in Poland. The second contribution of this thesis is to find out why some Polish SMEs are non-exporters and will not even engage in future export activities (export aversion). The results of the study indicate that the essential sources of an enterprise's finance, the perception about major problems with respect to export operations and the actions taken to prepare for the accession of Poland to the EU are very important drivers of export propensity and export aversion. More importantly, the results show that the information about special foreign credit available for Polish SMEs and the number of competing firms in domestic market have a positive influence on their export propensity. A strong relationship has been observed between the extent of use of IT tools in distribution-marketing and export propensity. Our results also illustrate that the propensity to export is dependent on the capital of the firm and on profitability of the firm in the domestic market. However, our findings reveal that legal status of firms, the branch of economic activity of the enterprise, the firms with less attractiveness and modernity of products, the firms with little knowledge of EU members' markets and the firms with low technological levels are the factors influencing export aversion of Polish SMEs. Our results demonstrate that the domestic share of the market of the firm is significant in explaining export propensity and aversion. Our empirical results should contribute to policy makers' designing effective assistance programmes to encourage Polish SMEs in their exporting.

This thesis assesses the applicability of the neoclassical "Solow" growth model to the recent experience of the countries within the South Asian Association for Regional Cooperation (SAARC). The Solow growth model carries an implication that some key macroeconomic aggregates will grow at the same rate indicating a "balanced growth". Stochastic versions. of the model interpret balanced growth as stationarity of some so-called "great ratios". They include consumption/income and investment/income ratios, considered in Kuznets' seminal contribution (1942) for the US economy in the early twentieth century. Although Kuznet dismissed international trade as being of negligible consequence, the set of ratios examined here in the case of SAARC countries, are extended to include a trade/income ratio, in recognition of the significant role now played by international trade. The Johansen (1988) and Johansen and Jusilius (1990) maximum likelihood method has been used for estimating and testing long-run steady-state relations in multivariate vector autoregressive models. The empirical support for the balanced growth hypothesis is very limited. Econometric methods that accommodate the impact of structural reforms on economic growth still find only weak evidence for the one-sector neoclassical growth model. The study also investigates the extent of "growth convergence"- a property of the Solow model, within SAARC, by examining the stationarity of relative per capita incomes assessed by unit root tests and permitting structural breaks. It additionally employs Phillips and SuI (2007, 2009) two-factor growth model and the "flexible Fourier trend" method developed by Enders and Lee (2012). The study makes an assessment of regional convergence in the SAARC countries and identifies the consequences of non-convergence and hence draws policy implications for economic integration in South Asia. The results based on data from 1960-2011 reveal that the per capita output is not converging. The key methodologies employed developed from Carlino and Mills (1993) with modification made to them by Li and Papell (1999); Philips and SuI (2007, 2009); Ender and Lee (2012). With or without structural breaks, analyses of the SAARC5 data suggest that per capita output is not converging in these countries.

This thesis investigates, theoretically and empirically, the impact of FDA and privatization on economic growth in Egypt and identifies the channels through which FDI affects economic growth over the period 1970-2015. In addition, the thesis investigates the impact of corruption on FDI in Egypt over the period 1970-2015. The literature survey in chapter two argues that both FDI and privatization increase the rate of economic growth, while corruption has a negative impact on FDI. After reviewing institutional and regulatory frameworks of FDI and privatization in Egypt in chapter three, the econometric framework of cointegration and error correction mechanism are used in chapter four to capture the linkages between FDI, privatization and economic growth in Egypt. Our results reveal that privatization has a positive effect on the long run economic growth in Egypt. The effect of FDI on economic growth, however, depends on the sectoral distribution of these FDI inflows. FDI inflows have a positive impact on the short run economic growth in Egypt. However, in the long run, FDI inflows indicate a negative, yet limited, impact on the economic growth as FDI inflows are concentrated in the primary sector, mainly the petroleum sector. Thus, we conclude that the focus of FDI policies in Egypt is misspecified. The challenge should not only be to attract FDI, but also to derive macroeconomic benefits from FDI by focusing on the sectors that derive positive spillovers of FDI. Finally, the determinants of FDI in Egypt are identified in chapter five to explore how corruption affects FDI inflows. The time series framework of cointegration and error correction mechanism are applied. Our results indicate a positive yet insignificant relationship between FDI and corruption in Egypt. Since corruption is not found to hinder FDI inflows, treating corruption should be based on sound legal procedures that infringe neither the freedom of FDI nor on the degree of openness of the economy, which are the real stimulants of FDI in Egypt.