Extending the Customer-Based Brand Equity Model to Higher Education: Evidence from Universities in Pakistan
Abstract
Purpose: Research aims at investigating customer based brand equity model in universities of Pakistan. The current research examined relationship of university image, university awareness and university perceived quality with student loyalty.
Design/Methodology/Approach: The quantitative research methodology followed in the current research. The survey conducted and duly filled questionnaires gathered from 842 students enrolled in universities of Islamabad Pakistan. The PLS-SEM technique based SmartPLS 4 software utilized for data analysis. The data have been reliable with cronbach’s alpha value greater than 0.7. All the outer loadings and AVE values found greater than 0.7 and 0.5 respectively representing a good measurement model.
Findings: The results showed that the university awareness, university image and university perceived quality significantly and positively affect student loyalty in the universities of Islamabad Pakistan. Finally, the universities can increase student loyalty by improving university awareness, university image, and university’s perceived quality among students. Therefore, university awareness, university image and university perceived quality support in enhancing student loyalty.
Implications/Originality/Value: The theoretical implication of current research has been generalization of the CBBE model in higher education sector of Pakistan
Downloads
Article Analytics Summary
References
Aaker, D. A. (1991). Managing Brand Equity: Capitalizing on the Value of a Brand Name.
Aaker, D. A. (1996). Measuring brand equity across products and markets. California Management Review, 38(3), 102–120. DOI: https://doi.org/10.2307/41165845
Abbas, S. A. (2019a). Brand loyalty of Higher Education Institutions. Abbas, SA (2019). Brand Loyalty of Higher Education Institutions. Marketing and Management of Innovations, 1, 46–56. DOI: https://doi.org/10.21272/mmi.2019.1-04
Abbas, S. A. (2019b). Factors affecting brand loyalty of higher education institutions. Turiba University. International Scientific Conference, 288–288.
Abbasi, A., Akhter, W., Ali, I., & Hasan, A. (2010). Factors affecting customer loyalty in Pakistan.
Ahmad, M., & Dar, W. M. (2015). Antecedents of Education Brand: Analysis of Student Preferences. International Review of Management and Business Research, 4(2), 561.
Alam, W., Ahmad, G., & Hossain, M. M. (2020). Emerging internal branding concepts: A case of higher education in Pakistan. Journal of Xi’an University of Architecture & Technology, 12(3), 3016–3021.
Ali, F., Zhou, Y., Hussain, K., Nair, P. K., & Ragavan, N. A. (2016). Does higher education service quality effect student satisfaction, image and loyalty? A study of international students in Malaysian public universities. Quality Assurance in Education, 24(1), 70–94. DOI: https://doi.org/10.1108/QAE-02-2014-0008
Ali, M., & Ahmed, M. (2018a). Determinants of Students’ Loyalty to University: A Service-Based Approach. Available at SSRN 3261753.
Ali, M., & Ahmed, M. (2018b). Determinants of students’ loyalty to university: A service-based approach.
Ali, M., & Ahmed, M. (2018c). Determinants of Students’ Loyalty to University: A Service-Based Approach. Available at SSRN 3261753. DOI: https://doi.org/10.2139/ssrn.3261753
Ali, M., Amir, H., & Ahmed, M. (2021). The role of university switching costs, perceived service quality, perceived university image and student satisfaction in shaping student loyalty. Journal of Marketing for Higher Education, 1–22. DOI: https://doi.org/10.1080/08841241.2021.1975184
Alkhawaldeh, A., Al-Salaymeh, M., Alshare, F., & Eneizan, B. M. (2017). The effect of brand awareness on brand loyalty: Mediating role of brand commitment. European Journal of Business and Management, 9(36).
Al-Kilani, M. H., & Twaissi, N. (2017). Perceived quality of administrative services and its consequences on students’ behavioral intentions. International Journal of Quality and Service Sciences, 9(1), 103–119. DOI: https://doi.org/10.1108/IJQSS-09-2016-0064
Allaway, A. W., Huddleston, P., Whipple, J., & Ellinger, A. E. (2011a). Customer-based brand equity, equity drivers, and customer loyalty in the supermarket industry. Journal of Product & Brand Management, 20(3), 190–204.
Allaway, A. W., Huddleston, P., Whipple, J., & Ellinger, A. E. (2011b). Customer-based brand equity, equity drivers, and customer loyalty in the supermarket industry. Journal of Product & Brand Management, 20(3), 190–204. DOI: https://doi.org/10.1108/10610421111134923
Alves, H., & Raposo, M. (2010). The influence of university image on student behaviour. International Journal of Educational Management, 24(1), 73–85. DOI: https://doi.org/10.1108/09513541011013060
Amin, F., & Nika, F. A. (2018). Brand Experience and Brand Loyalty among University Students in Kashmir-A Study Based On Select E-Commerce Brands. International Journal of Enhanced Research in Management & Computer Applications, 7(3), 470–475.
Annamdevula, S., & Bellamkonda, R. S. (2016). Effect of student perceived service quality on student satisfaction, loyalty and motivation in Indian universities: Development of HiEduQual. Journal of Modelling in Management, 11(2), 488–517. DOI: https://doi.org/10.1108/JM2-01-2014-0010
Atteeq ur Rahman, A., Manzoor, W., Yasmin, N., Yaqub, R. M. S., & Ali, M. S. (2024). From Service Quality to Brand Loyalty: The Mediating Effect of Student Satisfaction in Public Sector Universities. Pakistan Journal of Humanities and Social Sciences, 12(2), 1225-1240-1225–1240. DOI: https://doi.org/10.52131/pjhss.2024.v12i2.2215
Austin, A. J., & Pervaiz, S. (2017). The relation between ‘student loyalty’and ‘student satisfaction’(A case of college/intermediate students at Forman Christian College). European Scientific Journal, ESJ, 13(3).
Biel, A. L. (1992). How brand image drives brand equity. Journal of Advertising Research, 32(6), 6–12.
Bravo, R., Montaner, T., & Pina, J. M. (2009). The role of bank image for customers versus non-customers. International Journal of Bank Marketing, 27(4), 315–334. DOI: https://doi.org/10.1108/02652320910968377
Brown, C. L., & Carpenter, G. S. (2000). Why is the trivial important? A reasons-based account for the effects of trivial attributes on choice. Journal of Consumer Research, 26(4), 372–385. DOI: https://doi.org/10.1086/209569
Brown, R. M., & Mazzarol, T. W. (2009). The importance of institutional image to student satisfaction and loyalty within higher education. Higher Education, 58(1), 81–95. DOI: https://doi.org/10.1007/s10734-008-9183-8
Buil, I., de Chernatony, L., & Hem, L. E. (2009). Brand extension strategies: Perceived fit, brand type, and culture influences. European Journal of Marketing, 43(11/12), 1300–1324. DOI: https://doi.org/10.1108/03090560910989902
Buil, I., de Chernatony, L., & Martinez, E. (2008). A cross-national validation of the consumer-based brand equity scale. Journal of Product & Brand Management, 17(6), 384–392. DOI: https://doi.org/10.1108/10610420810904121
Cahyono, Y., Purwanto, A., Sukanta, F. N. A., Fitriaty, H. W., Sihotang, M., & Sugianto, A. (2020). Impact Of Service Quality, University Image And Students Satisfaction Towards Studentloyalty: Evidence From Indonesian Private Universities. Journal of Critical Reviews, 7(19), 3916–3924.
Cavana, R. Y., Delahaye, B. L., & Sekaran, U. (2001). Applied business research: Qualitative and quantitative methods. John Wiley & Sons Australia.
Chandra, T., Hafni, L., Chandra, S., Purwati, A. A., & Chandra, J. (2019). The influence of service quality, university image on student satisfaction and student loyalty. Benchmarking: An International Journal. DOI: https://doi.org/10.1108/BIJ-07-2018-0212
Chang, Y.-H., & Chen, F.-Y. (2007). Relational benefits, switching barriers and loyalty: A study of airline customers in Taiwan. Journal of Air Transport Management, 13(2), 104–109. DOI: https://doi.org/10.1016/j.jairtraman.2006.10.001
Cheah, J.-H., Magno, F., & Cassia, F. (2024). Reviewing the SmartPLS 4 software: The latest features and enhancements. Springer. DOI: https://doi.org/10.1057/s41270-023-00266-y
Cheema, A. U., Usman, M., Ali, M., Ramzan, M., Ijaz, S., & Ali, H. F. (2021). Determining the Factors affecting Students’ loyalty among Students of Language Courses: A Case of University of The Punjab. PalArch’s Journal of Archaeology of Egypt/Egyptology, 18(4), 860–874.
Chen, C.-C., Chen, P.-K., & Huang, C.-E. (2012). Brands and consumer behavior. Social Behavior and Personality: An International Journal, 40(1), 105–114. DOI: https://doi.org/10.2224/sbp.2012.40.1.105
Chen, C.-T. (2019). The mediating effect of brand identity on brand knowledge and the operational development of universities. South African Journal of Business Management, 50(1), 1–11. DOI: https://doi.org/10.4102/sajbm.v50i1.416
Choudhury, K. (2015). Evaluating customer-perceived service quality in business management education in India: A study in topsis modeling. Asia Pacific Journal of Marketing and Logistics, 27(2), 208–225. DOI: https://doi.org/10.1108/APJML-04-2014-0065
Coudounaris, D. N., Björk, P., Mets, T., Asadli, R., & Bujac, A. I. (2024). Customer-Based Brand Equity Drivers: A Leading Brand of Beer in Estonia. Administrative Sciences, 14(4), 61. DOI: https://doi.org/10.3390/admsci14040061
Cronin Jr, J. J., & Taylor, S. A. (1992). Measuring service quality: A reexamination and extension. Journal of Marketing, 56(3), 55–68. DOI: https://doi.org/10.1177/002224299205600304
Dash, G., & Paul, J. (2021). CB-SEM vs PLS-SEM methods for research in social sciences and technology forecasting. Technological Forecasting and Social Change, 173, 121092. DOI: https://doi.org/10.1016/j.techfore.2021.121092
Dennehy, E. (2015). Hofstede and learning in higher level education: An empirical study. International Journal of Management in Education, 9(3), 323–339. DOI: https://doi.org/10.1504/IJMIE.2015.070125
Dennis, C., Papagiannidis, S., Alamanos, E., & Bourlakis, M. (2016). The role of brand attachment strength in higher education. Journal of Business Research, 69(8), 3049–3057. DOI: https://doi.org/10.1016/j.jbusres.2016.01.020
Dodds, W. B., Monroe, K. B., & Grewal, D. (1991). Effects of price, brand, and store information on buyers’ product evaluations. Journal of Marketing Research, 307–319. DOI: https://doi.org/10.1177/002224379102800305
Doostar, M., Asil, S. M. N. P., & Behrang, N. (2013). Factors and elements influencing brand loyalty: A case study in customers of Khazar gaz in Mazandaran. International Journal of Agriculture and Crop Sciences, 6(11), 712.
Etemad-Sajadi, R., & Rizzuto, D. (2013). The antecedents of consumer satisfaction and loyalty in fast food industry: A cross-national comparison between Chinese and Swiss consumers. International Journal of Quality & Reliability Management, 30(7), 780–798. DOI: https://doi.org/10.1108/IJQRM-May-2012-0069
Farjam, S., & Hongyi, X. (2016). Reviewing the Concept of Brand Equity and Evaluating Consumer-Based Brand Equity (CBBE) Models. Risk, 0. DOI: https://doi.org/10.18775/ijmsba.1849-5664-5419.2014.18.1002
Ghorbanzadeh, D., Rahehagh, A., & Najarzadeh, M. (2024). Determinants of university brand loyalty in an emerging higher education market. Journal of Applied Research in Higher Education. DOI: https://doi.org/10.1108/JARHE-10-2023-0494
Guenther, P., Guenther, M., Ringle, C. M., Zaefarian, G., & Cartwright, S. (2023). Improving PLS-SEM use for business marketing research. Industrial Marketing Management, 111, 127–142. DOI: https://doi.org/10.1016/j.indmarman.2023.03.010
Hair, J. F., Risher, J. J., Sarstedt, M., & Ringle, C. M. (2019). When to use and how to report the results of PLS-SEM. European Business Review, 31(1), 2–24. DOI: https://doi.org/10.1108/EBR-11-2018-0203
Hakala, U., Guzmán, F., Iglesias, O., Svensson, J., & Vincze, Z. (2012). Consumer-based brand equity and top-of-mind awareness: A cross-country analysis. Journal of Product & Brand Management, 21(6), 439–451. DOI: https://doi.org/10.1108/10610421211264928
Helgesen, Ø., & Nesset, E. (2007). Images, satisfaction and antecedents: Drivers of student loyalty? A case study of a Norwegian university college. Corporate Reputation Review, 10(1), 38–59. DOI: https://doi.org/10.1057/palgrave.crr.1550037
Hennig-Thurau, T., Langer, M. F., & Hansen, U. (2001). Modeling and managing student loyalty: An approach based on the concept of relationship quality. Journal of Service Research, 3(4), 331–344. DOI: https://doi.org/10.1177/109467050134006
Hong, J.-K., & Lee, Y. (2012). Determinants of cross-buying intentions in banking services in collectivistic culture. International Journal of Bank Marketing, 30(5), 328–358. DOI: https://doi.org/10.1108/02652321211247408
Hsu, S.-H., Wang, Y.-C., Cheng, C.-J., & Chen, Y.-F. (2016). Developing a decomposed alumni satisfaction model for higher education institutions. Total Quality Management & Business Excellence, 27(9–10), 979–996. DOI: https://doi.org/10.1080/14783363.2015.1054102
Hussain, R. M., & Maharvi, M. W. (2024). Impact of Service Quality on Students’ Satisfaction in Public Universities of Pakistan. Journal of Excellence in Social Sciences, 3(3), 54–78. DOI: https://doi.org/10.69565/jess.v2024i3.236
Iskhakova, L., Hilbert, A., & Joehnk, P. (2020). Cross-cultural Research in Alumni Loyalty: An Empirical Study among Master Students from German and Russian Universities. Journal of Nonprofit & Public Sector Marketing, 1–36. DOI: https://doi.org/10.1080/10495142.2020.1760995
Ismail, A., Abdullah, M. M. B., & Francis, S. K. (2009). Exploring the relationships among service quality features, perceived value and customer satisfaction. Journal of Industrial Engineering and Management (JIEM), 2(1), 230–250. DOI: https://doi.org/10.3926/jiem.2009.v2n1.p230-250
Jamal, A., & Anastasiadou, K. (2009). Investigating the effects of service quality dimensions and expertise on loyalty. European Journal of Marketing, 43(3/4), 398–420. DOI: https://doi.org/10.1108/03090560910935497
Jean Francois, E. (2014). Development of a scale to assess faculty motivation for internationalising their curriculum. Journal of Further and Higher Education, 38(5), 641–655. DOI: https://doi.org/10.1080/0309877X.2012.706801
Kandampully, J., & Suhartanto, D. (2000). Customer loyalty in the hotel industry: The role of customer satisfaction and image. International Journal of Contemporary Hospitality Management, 12(6), 346–351. DOI: https://doi.org/10.1108/09596110010342559
Kandampully, J., Zhang, T., & Bilgihan, A. (2015). Customer loyalty: A review and future directions with a special focus on the hospitality industry. International Journal of Contemporary Hospitality Management, 27(3), 379–414. DOI: https://doi.org/10.1108/IJCHM-03-2014-0151
Keller, K. L. (1993). Conceptualizing, measuring, and managing customer-based brand equity. The Journal of Marketing, 1–22. DOI: https://doi.org/10.1177/002224299305700101
Keller, K. L., Parameswaran, M. G., & Jacob, I. (2011). Strategic brand management: Building, measuring, and managing brand equity. Pearson Education India.
Khan, B. K., Mustafa, G., & Nawaz, A. (2021). Flourishing The Higher Education in Pakistan: An Exploratory Analysis of The Role of Higher Education Commission (HEC). Journal of Applied Economics and Business Studies, 5(3), 1–18. DOI: https://doi.org/10.34260/jaebs.531
Khanna, M., Jacob, I., & Yadav, N. (2014). Identifying and analyzing touchpoints for building a higher education brand. Journal of Marketing for Higher Education, 24(1), 122–143. DOI: https://doi.org/10.1080/08841241.2014.920460
Khattak, M., Ahmad, W., & Ahmad, A. (2015). Investigating Customer-Based Brand Equity of Private Sector Universities of Pakistan. The Journal of Humanities and Social Sciences, 23(2), 97.
Khoshtaria, T., Datuashvili, D., & Matin, A. (2020). The impact of brand equity dimensions on university reputation: An empirical study of Georgian higher education. Journal of Marketing for Higher Education, 30(2), 239–255. DOI: https://doi.org/10.1080/08841241.2020.1725955
Kim, H. (2012). The dimensionality of fashion-brand experience: Aligning consumer-based brand equity approach. Journal of Fashion Marketing and Management: An International Journal, 16(4), 418–441. DOI: https://doi.org/10.1108/13612021211265827
Kirmani, A., & Zeithaml, V. (1993). Advertising, perceived quality, and brand image. Hillsdale, NJ: Lawrence Erlbaum Associates.
Koo, D.-M. (2003). Inter-relationships among store images, store satisfaction, and store loyalty among Korea discount retail patrons. Asia Pacific Journal of Marketing and Logistics, 15(4), 42–71. DOI: https://doi.org/10.1108/13555850310765033
Kumar, A., & Praveenakumar, S. G. (2025). Research methodology. Authors Click Publishing.
Lewis, B. R., & Soureli, M. (2006). The antecedents of consumer loyalty in retail banking. Journal of Consumer Behaviour, 5(1), 15–31. DOI: https://doi.org/10.1002/cb.46
Mahmood, A., Ramzan, M., & Tabassum, A. (2024). Leadership Role in Developing Sustainability in Higher Education Institutes (HEIs): An Exploratory Study.
Martha-Martha, N. G., & PRİYONO, İ. (2018). The effect of service quality on student satisfaction and student loyalty: An empirical study. Journal of Social Studies Education Research, 9(3), 109–131.
McAlexander, J. H., Kim, S. K., & Roberts, S. D. (2003). Loyalty: The influences of satisfaction and brand community integration. Journal of Marketing Theory and Practice, 11(4), 1–11. DOI: https://doi.org/10.1080/10696679.2003.11658504
Nguyen, N., & LeBlanc, G. (2001). Image and reputation of higher education institutions in students’ retention decisions. International Journal of Educational Management, 15(6), 303–311. DOI: https://doi.org/10.1108/EUM0000000005909
Oliver, R. L. (1999). Whence consumer loyalty? The Journal of Marketing, 33–44. DOI: https://doi.org/10.2307/1252099
Pappu, R., Quester, P. G., & Cooksey, R. W. (2006). Consumer-based brand equity and country-of-origin relationships: Some empirical evidence. European Journal of Marketing, 40(5/6), 696–717. DOI: https://doi.org/10.1108/03090560610657903
Paul, J. (2019). Masstige model and measure for brand management. European Management Journal, 37(3), 299–312. DOI: https://doi.org/10.1016/j.emj.2018.07.003
Pinar, M., Trapp, P., Girard, T., & E. Boyt, T. (2014). University brand equity: An empirical investigation of its dimensions. International Journal of Educational Management, 28(6), 616–634. DOI: https://doi.org/10.1108/IJEM-04-2013-0051
Raut, U. R., Pawar, P. A., Brito, P. Q., & Sisodia, G. S. (2019). Mediating model of brand equity and its application. Spanish Journal of Marketing-ESIC. DOI: https://doi.org/10.1108/SJME-04-2019-0021
Reynolds, W. H. (1965). The role of the consumer in image building. California Management Review, 7(3), 69–76. DOI: https://doi.org/10.2307/41165634
Ringle, C. M., Wende, S., and Becker, J.-M. (2024). SmartPLS 4 [Computer software]. SmartPLS. https://www.smartpls.com
Rojas-Méndez, J. I., Vasquez-Parraga, A. Z., Kara, A. L. I., & Cerda-Urrutia, A. (2009). Determinants of student loyalty in higher education: A tested relationship approach in Latin America. Latin American Business Review, 10(1), 21–39. DOI: https://doi.org/10.1080/10978520903022089
Schlesinger, W., Cervera, A., & Pérez-Cabañero, C. (2017). Sticking with your university: The importance of satisfaction, trust, image, and shared values. Studies in Higher Education, 42(12), 2178–2194. DOI: https://doi.org/10.1080/03075079.2015.1136613
Sekaran, U., & Bougie, R. (2010). Research Method for Business, A Skill Building Approach. John Wiley & Sons Inc. Singapore.
Shah, M., Sid Nair, C., & Bennett, L. (2013). Factors influencing student choice to study at private higher education institutions. Quality Assurance in Education, 21(4), 402–416. DOI: https://doi.org/10.1108/QAE-04-2012-0019
Singh, P. (2013). Concept of Branding Extended to Higher Education: Issues and Challenges. Indian Jounal of Management Sciences (IJMS), 3(2), 100–104. www.scholarshub.com. https://doi.org/2013
Srinivasan, V. (1979). Network models for estimating brand-specific effects in multi-attribute marketing models. Management Science, 25(1), 11–21. DOI: https://doi.org/10.1287/mnsc.25.1.11
Sultan, P., & Yin Wong, H. (2012). Service quality in a higher education context: An integrated model. Asia Pacific Journal of Marketing and Logistics, 24(5), 755–784. DOI: https://doi.org/10.1108/13555851211278196
Sumaedi, S., Bakti, G. M. Y., & Metasari, N. (2012). An empirical study of state university students’ perceived service quality. Quality Assurance in Education. DOI: https://doi.org/10.1108/09684881211219424
Surienty, L., Ramayah, T., Lo, M.-C., & Tarmizi, A. N. (2014). Quality of work life and turnover intention: A partial least square (PLS) approach. Social Indicators Research, 119(1), 405–420. DOI: https://doi.org/10.1007/s11205-013-0486-5
Tariq, J., Khan, K., Hussainy, S. K., & Tariq, S. (2020). Antecedents and Consequences of Student Loyalty in Higher Education. DOI: https://doi.org/10.31384/jisrmsse/2020.18.2.3
Taylor, S. A., Celuch, K., & Goodwin, S. (2004). The importance of brand equity to customer loyalty. Journal of Product & Brand Management, 13(4), 217–227. DOI: https://doi.org/10.1108/10610420410546934
Tran, K., Nguyen, P., Do, H., & Nguyen, L. (2020). University students’ insight on brand equity. Management Science Letters, 10(9), 2053–2062. DOI: https://doi.org/10.5267/j.msl.2020.2.006
Veloutsou, C., & Guzman, F. (2017). The evolution of brand management thinking over the last 25 years as recorded in the Journal of Product and Brand Management. Journal of Product & Brand Management. DOI: https://doi.org/10.1108/JPBM-01-2016-1072
Washburn, J. H., & Plank, R. E. (2002). Measuring brand equity: An evaluation of a consumer-based brand equity scale. Journal of Marketing Theory and Practice, 10(1), 46–62. DOI: https://doi.org/10.1080/10696679.2002.11501909
Watjatrakul, B. (2014). Factors affecting students’ intentions to study at universities adopting the “student-as-customer” concept. International Journal of Educational Management, 28(6), 676–693. DOI: https://doi.org/10.1108/IJEM-09-2013-0135
Williams Jr, R. L., & Omar, M. (2014). Applying brand management to higher education through the use of the Brand Flux ModelTM–the case of Arcadia University. Journal of Marketing for Higher Education, 24(2), 222–242. DOI: https://doi.org/10.1080/08841241.2014.973471
Wood, L. (2000). Brands and brand equity: Definition and management. Management Decision, 38(9), 662–669. DOI: https://doi.org/10.1108/00251740010379100
Yaping, X., Huong, N. T. T., Nam, N. H., Quyet, P. D., Khanh, C. T., & Anh, D. T. H. (2023). University brand: A systematic literature review. Heliyon, 9(6). DOI: https://doi.org/10.1016/j.heliyon.2023.e16825
Yoo, B., & Donthu, N. (2001). Developing and validating a multidimensional consumer-based brand equity scale. Journal of Business Research, 52(1), 1–14. DOI: https://doi.org/10.1016/S0148-2963(99)00098-3
Yoo, B., Donthu, N., & Lee, S. (2000). An examination of selected marketing mix elements and brand equity. Journal of the Academy of Marketing Science, 28(2), 195–211. DOI: https://doi.org/10.1177/0092070300282002
Yousafzai, M. T., Khan, M., & Khan, U. (2017). Positioning of Private Sector Business Schools in Khyber Pakhtunkhwa: A Multidimensional Positioning Study. Journal of Managerial Sciences, 11(1).
Zeithaml, V. A. (1988). Consumer perceptions of price, quality, and value: A means-end model and synthesis of evidence. The Journal of Marketing, 2–22. DOI: https://doi.org/10.1177/002224298805200302
Copyright (c) 2025 Nouman Malik, Kashif Siddique, Saeed Ahmed

This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
CSRC Publishing and JAFEE adhere to Creative Commons Attribution-Non Commercial 4.0 International License. The authors, submitting and publishing in the Journal of Accounting and Finance in Emerging Economies published by CSRC Publishing, retain the copyright of their work and give the journal right to publish their work agreeing to the licensing policy under Creative Common Attribution-Non Commercial (NC-BY-NC 4.0) International. Under this license, the published authors let others remix, tweak, and build upon their work non-commercially. Yet all the other authors using the content of CSRC Publishing are required to cite author(s), journal name and publisher in their work. CSRC Publishing and JAFEE follow an Open Access Policy for copyright and licensing.