The determinants of the financial derivatives' usage within SME businesses in Pakistan

The usage of financial derivatives has been recognized in improving the financial performance of an organization. However, few studies have explored the usage of financial derivatives within small and medium enterprises (SMEs) particularly within SMEs in Pakistan. This gap provides the impetus for...

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Main Author:	Nawaz, Muhammad
Format:	Thesis
Language:	eng eng eng
Published:	2018
Subjects:	HG Finance
Online Access:	https://etd.uum.edu.my/8622/1/Deposit%20Permission_s901687.pdf https://etd.uum.edu.my/8622/2/s901687_01.pdf https://etd.uum.edu.my/8622/3/s901687_references.docx
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id	my-uum-etd.8622
record_format	uketd_dc
spelling	my-uum-etd.86222021-09-07T08:14:35Z The determinants of the financial derivatives' usage within SME businesses in Pakistan 2018 Nawaz, Muhammad Mohd Harif, Mohd Amy Azhar Azhari, Adilah School of Economics, Finance & Banking School of Economics, Finance & Banking HG Finance The usage of financial derivatives has been recognized in improving the financial performance of an organization. However, few studies have explored the usage of financial derivatives within small and medium enterprises (SMEs) particularly within SMEs in Pakistan. This gap provides the impetus for this research to establish the determinants of financial derivatives’ usage by SMEs in Pakistan. This research was guided by the following research problem: ‘how and why the determinants of the financial derivatives’ usage could be established within SMEs in Pakistan?’ A qualitative study using the convergent interview method was conducted to investigate the research issues. The interviewees were identified using the purposive-snowballing sampling technique. Nineteen (19) convergent interviews were conducted to confirm the determinants of financial derivatives’ usage. The thematic analysis technique was used to analyze the data. The research findings confirmed a total of twenty four (24) determinants of financial derivatives’ usage. Five of these determinants, namely, time horizon, un-invested cash, reduction in overall cost, risk appetite, and lack of established markets are newly emerging determinants and contribute to the body of knowledge. In addition, six (6) core and six (6) non-core financial determinants are confirmed. Also, two (2) core and ten (10) non-core non-financial determinants are confirmed. This research provides two theoretical implications, generating new knowledge for theory building and contributing to existing knowledge in terms of the newly emerging determinants. The methodological implications include the power of using qualitative convergent interviews and the snowball sampling technique. The practical implications include guidelines to the Chief Financial Officers (CFOs) to optimize the utilization of financial derivatives within SMEs in Pakistan. Finally, this research provides policy implications for government authorities and agencies in formulating the regulations and procedures for the usage of financial derivatives by the SMEs in Pakistan. 2018 Thesis https://etd.uum.edu.my/8622/ https://etd.uum.edu.my/8622/1/Deposit%20Permission_s901687.pdf text eng staffonly https://etd.uum.edu.my/8622/2/s901687_01.pdf text eng public https://etd.uum.edu.my/8622/3/s901687_references.docx text eng public other doctoral Universiti Utara Malaysia
institution	Universiti Utara Malaysia
collection	UUM ETD
language	eng eng eng
advisor	Mohd Harif, Mohd Amy Azhar Azhari, Adilah
topic	HG Finance
spellingShingle	HG Finance Nawaz, Muhammad The determinants of the financial derivatives' usage within SME businesses in Pakistan
description	The usage of financial derivatives has been recognized in improving the financial performance of an organization. However, few studies have explored the usage of financial derivatives within small and medium enterprises (SMEs) particularly within SMEs in Pakistan. This gap provides the impetus for this research to establish the determinants of financial derivatives’ usage by SMEs in Pakistan. This research was guided by the following research problem: ‘how and why the determinants of the financial derivatives’ usage could be established within SMEs in Pakistan?’ A qualitative study using the convergent interview method was conducted to investigate the research issues. The interviewees were identified using the purposive-snowballing sampling technique. Nineteen (19) convergent interviews were conducted to confirm the determinants of financial derivatives’ usage. The thematic analysis technique was used to analyze the data. The research findings confirmed a total of twenty four (24) determinants of financial derivatives’ usage. Five of these determinants, namely, time horizon, un-invested cash, reduction in overall cost, risk appetite, and lack of established markets are newly emerging determinants and contribute to the body of knowledge. In addition, six (6) core and six (6) non-core financial determinants are confirmed. Also, two (2) core and ten (10) non-core non-financial determinants are confirmed. This research provides two theoretical implications, generating new knowledge for theory building and contributing to existing knowledge in terms of the newly emerging determinants. The methodological implications include the power of using qualitative convergent interviews and the snowball sampling technique. The practical implications include guidelines to the Chief Financial Officers (CFOs) to optimize the utilization of financial derivatives within SMEs in Pakistan. Finally, this research provides policy implications for government authorities and agencies in formulating the regulations and procedures for the usage of financial derivatives by the SMEs in Pakistan.
format	Thesis
qualification_name	other
qualification_level	Doctorate
author	Nawaz, Muhammad
author_facet	Nawaz, Muhammad
author_sort	Nawaz, Muhammad
title	The determinants of the financial derivatives' usage within SME businesses in Pakistan
title_short	The determinants of the financial derivatives' usage within SME businesses in Pakistan
title_full	The determinants of the financial derivatives' usage within SME businesses in Pakistan
title_fullStr	The determinants of the financial derivatives' usage within SME businesses in Pakistan
title_full_unstemmed	The determinants of the financial derivatives' usage within SME businesses in Pakistan
title_sort	determinants of the financial derivatives' usage within sme businesses in pakistan
granting_institution	Universiti Utara Malaysia
granting_department	School of Economics, Finance & Banking
publishDate	2018
url	https://etd.uum.edu.my/8622/1/Deposit%20Permission_s901687.pdf https://etd.uum.edu.my/8622/2/s901687_01.pdf https://etd.uum.edu.my/8622/3/s901687_references.docx
_version_	1747828424512110592

The determinants of the financial derivatives' usage within SME businesses in Pakistan

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