Ammar is an Associate Professor in the Department of Finance at EMLV Business School. Previously, he has held full-time academic position at ESSCA School of Management (France), Essex Business School (UK) and Ghulam Ishaq Khan Institute of Engineering Sciences and Technology (Pakistan). Ammar's research interests include corporate finance (executive compensation, risk management), corporate governance (board dynamics and diversity), corporate social responsibility performance and disclosure, financial reporting quality (earnings management and auditing). His research has appeared in leading international journals such as the British Journal of Management, Journal of Business Finance and Accounting, The British Accounting Review, and Journal of Business Ethics, among others. Ammar also serves on the editorial board of Journal of Applied Accounting Research and Journal of Financial Reporting and Accounting. He is an ad-hoc reviewer for several leading international journals such as The British Accounting Review, The International Journal of Accounting, Corporate Governance: An International Review, Journal of Business Ethics, and International Review of Financial Analysis, among others. He is a recipient of several internal and external research grants and supervises research students. Before joining academia, Ammar has worked in the banking sector for several years.
Ammar Ali Gull; Hoa Luong; Muhammad Nadeem
Board co-option and corporate environmental orientation: New insights from the waste management perspective Article de journal
Dans: Corporate Governance-An International Review, vol. 32, no. 5, p. 758-785, 2024.
@article{gull_2682,
title = {Board co-option and corporate environmental orientation: New insights from the waste management perspective},
author = {Ammar Ali Gull and Hoa Luong and Muhammad Nadeem},
url = {https://onlinelibrary.wiley.com/doi/full/10.1111/corg.12567},
year = {2024},
date = {2024-09-01},
journal = {Corporate Governance-An International Review},
volume = {32},
number = {5},
pages = {758-785},
abstract = {Research Question/Issue
We investigate the impact of board co-option on corporate environmental orientation from the perspective of waste management. As waste presents damaging effects on the natural environment, climate change, and human health, businesses assume an ethical responsibility to conduct their operations in a sustainable and responsible manner.
Research Findings/Insights
Employing firm-level waste production data, we document a significant negative relationship between board co-option and waste generation, suggesting that co-opted directors help firms reduce their waste?a finding that also carries economic significance. The cross-sectional analyses reveal that the relationship only holds when a CEO does not chair the board and has a shorter tenure. Furthermore, we find that the board co-option-waste management relationship is stronger in environmentally sensitive industries and is mainly driven by the manufacturing firms. We perform a battery of analyses to rule out endogeneity concerns and check for the robustness of our results. The channel test reveals that CEOs of firms with higher waste management face lower performance-induced turnover, particularly when working with co-opted boards. Finally, we also find that co-option-induced waste management initiatives ultimately increase firms' economic value.
Theoretical/Academic Implications
We document that co-opted boards may enhance firms' waste management practices by reducing performance-induced CEO turnover. Thus, we make important contributions to the corporate governance and environmentalism strands of the literature by highlighting the bright side of board co-option for waste reduction initiatives.
Practitioner/Policy Implications
Our study provides vital policy implications for regulators and top management teams against the background of public outcry and social pressure to mitigate the damage to the environment and calls for ethical business practices.},
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Ammar Ali Gull; Mariela Carvajal; Muhammad Atif; Muhammad Nadeem
The presence and composition of sustainability committee and waste management practices Article de journal
Dans: International Review Of Financial Analysis, vol. 93, p. 103111, 2024.
@article{gull_2792,
title = {The presence and composition of sustainability committee and waste management practices},
author = {Ammar Ali Gull and Mariela Carvajal and Muhammad Atif and Muhammad Nadeem},
url = {https://www.sciencedirect.com/science/article/pii/S1057521924000437?via%3Dihub},
year = {2024},
date = {2024-05-01},
journal = {International Review Of Financial Analysis},
volume = {93},
pages = {103111},
abstract = {Motivated by the recent surge in scholarly enquiries into the role of sustainability committees in corporate social responsibility, this study investigates the relevance of sustainability committees' presence and composition to waste management practices, which is still unknown in the literature. Based on a panel of firms listed in 42 countries from 2002 to 2019, we document a positively significant (insignificant) relationship between the presence of a sustainability committee and waste generation (waste recycling). In terms of the composition, we find that firms with large committee size and gender diversity (committee tenure and independence) generate less (more) waste. Our analysis also indicates that firms with gender-diverse committees are more likely to recycle their waste. Our findings are robust to alternative estimation techniques and variable specifications, sub-sample analyses, and different identification strategies. This study provides new insights into the structure of the sustainability committee and informs stakeholders and regulators about impression management by firms across countries.},
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Ammar Ali Gull; Muhammad Atif; Muhammad Usman
Informal Institutions and Audit Pricing: Cross-Country Evidence of National Culture and Audit Fees Article de journal
Dans: International Journal of Accounting, vol. 52, no. 2, p. 2450008, 2024.
@article{gull_2967,
title = {Informal Institutions and Audit Pricing: Cross-Country Evidence of National Culture and Audit Fees},
author = {Ammar Ali Gull and Muhammad Atif and Muhammad Usman},
url = {https://www.worldscientific.com/doi/full/10.1142/S1094406024500082},
year = {2024},
date = {2024-05-01},
journal = {International Journal of Accounting},
volume = {52},
number = {2},
pages = {2450008},
abstract = {The research problem
In this study, we examined the effect of an important informal institution, namely, national culture, on audit fees in an international context.
Motivation
In recent years, extant literature has increasingly focused on country-level differences in the audit environment, as these might have a significant influence on how financial statement audits are conducted across the globe. We contribute to this stream of literature by investigating the impact of national culture on audit fees.
The test hypotheses
Based on the demand- and supply-side perspectives of audit fees, we hypothesized that national culture dimensions ? namely, uncertainty avoidance, power distance, individualism versus collectivism, and masculinity versus femininity ? affect audit fees.
Target population
We used a sample of 27,670 firm-year observations across 22 countries over the 2002-2019 period.
Adopted methodology
We used ordinary least squares (OLS) regressions as baseline technique and entropy-balanced method (EBM) and system-generalized method of moments (GMM) to address endogeneity concerns.
Analyses
We examined the impact of Hofstede's four national culture dimensions ? uncertainty avoidance, power distance, individualism versus collectivism, and masculinity versus femininity ? on audit fees. We also tested the robustness of results using alternative measures of national culture, subsample analyses, and additional firm-level factors.
Findings
Consistent with our hypotheses, we find that audit fees are higher (lower) in countries with higher uncertainty avoidance, individualism, and masculinity (power distance) scores. Our further analyses reveal that earnings management proxied by abnormal accruals does not impact the relationship; however, country-level creditor rights influence audit fees in high power distance and masculine cultures. We also note that national culture influences auditor choice and audit opinion. Our main findings are robust to alternate proxies and subsample analysis, as well as to address potential endogeneity concerns. Overall, our findings offer important implications for firms operating in global markets and for the audit profession.},
note = {The paper has not been assigned to any issue yet.},
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Ammar Ali Gull; Ammar Abid; Duc Khuong Nguyen; Muhammad Usman; Rizwan Mushtaq
Stock price crash and information environment: Do CEO gender and fnancial expertise matter? Article de journal
Dans: Review of Quantitative Finance and Accounting, 2024.
@article{gull_2828,
title = {Stock price crash and information environment: Do CEO gender and fnancial expertise matter?},
author = {Ammar Ali Gull and Ammar Abid and Duc Khuong Nguyen and Muhammad Usman and Rizwan Mushtaq},
url = {https://link.springer.com/article/10.1007/s11156-024-01244-w#:~:text=These%20findings%20highlight%20that%20the,expert%20CEOs%20reduce%20information%20asymmetry.},
year = {2024},
date = {2024-02-01},
journal = {Review of Quantitative Finance and Accounting},
abstract = {This study examines the efect of stock price crash on the information environment. We
further investigate the efect of female and fnancial expert CEOs on the stock price crash
and information environment nexus. Employing one of the largest datasets to-date of Chinese A-share listed frms (i.e., over 35,000 frm-year observations), our fndings are twofold. First, consistent with agency and information asymmetry perspective, we fnd that
stock price crash deteriorates the quality of information environment. Second, consistent
with resource dependence view, our fndings reveal that the presence of female and fnancial expert CEOs mitigate the stock price crash and information environment relationship.
Our fndings are robust to diferent endogeneity tests (e.g., two-stage least squares, propensity score matching, bootstrapping, and the system generalized method of moments), alternate proxies and additional analyses. This study contributes to the literature on portfolio
investment and risk management.},
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Ammar Ali Gull; Nazim Hussain; Sanna Akbar Khan; Zaheer Khan; Asif Saeed
Governing corporate social responsibility decoupling: The effect of the governance committee on corporate social responsibility decoupling Article de journal
Dans: Journal Of Business Ethics, vol. 185, p. 349-374, 2023.
@article{gull_2632,
title = {Governing corporate social responsibility decoupling: The effect of the governance committee on corporate social responsibility decoupling},
author = {Ammar Ali Gull and Nazim Hussain and Sanna Akbar Khan and Zaheer Khan and Asif Saeed},
url = {https://link.springer.com/article/10.1007/s10551-022-05181-3},
year = {2023},
date = {2023-06-01},
journal = {Journal Of Business Ethics},
volume = {185},
pages = {349-374},
abstract = {This paper presents an examination of the relationship between the presence and composition of a corporate social responsibility (CSR) committee on the corporate governance board and CSR decoupling. Using a sample of listed firms drawn from 41 countries, we found that the presence of a CSR committee on the corporate board is negatively associated with CSR decoupling. We also noted that the nature of the industry to which a firm belongs, a firm's level of CSR orientation, and corporate governance quality strengthen such association. Further analysis of the relationship between the structure of the CSR committee and CSR decoupling shows that larger CSR committee size and a greater independence and longer tenure of its members negatively affect CSR decoupling. Our results are robust to various alternative specifications and offer important research and managerial implications. The findings of this study contribute to the growing literature on corporate governance and CSR.},
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Ammar Ali Gull; Muhammad Atif; Nazim Hussain
Board gender composition and waste management: Cross-country evidence Article de journal
Dans: British Accounting Review, vol. 55, no. 1, p. 101097, 2023.
@article{gull_2638,
title = {Board gender composition and waste management: Cross-country evidence},
author = {Ammar Ali Gull and Muhammad Atif and Nazim Hussain},
url = {https://www.sciencedirect.com/science/article/pii/S0890838922000269},
year = {2023},
date = {2023-01-01},
journal = {British Accounting Review},
volume = {55},
number = {1},
pages = {101097},
abstract = {Extant literature on board gender diversity focuses on the main pillars of sustainability while ignoring the important subdimension - waste management. Using a sample of 8365 firm-year observations for the period 2002-2017 from 37 countries, we provide novel empirical evidence that board gender diversity significantly reduces (increases) waste generation (waste recycling) in firms. We also note that the impact is significant with two or more female directors and is primarily driven by female directors' independence. Moreover, the relationship is moderated by the masculinity dimension of national culture and sustainable compensation policies. Our analysis also shows that waste management activities of gender-diverse boards accompany the better financial performance. Our findings are robust to several identification strategies and estimation techniques. Our study provides new insights into the governance-sustainability nexus and presents important policy implications for regulators across countries.},
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Ammar Ali Gull; Nazim Hussain; Sana Akbar Khan; Muhammad Nadeem; Alaa Mansour Zalata
Walking the Talk? A Corporate Governance Perspective on Corporate Social Responsibility Decoupling Article de journal
Dans: British Journal Of Management, vol. 34, no. 4, p. 2186-2211, 2022.
@article{gull_2634,
title = {Walking the Talk? A Corporate Governance Perspective on Corporate Social Responsibility Decoupling},
author = {Ammar Ali Gull and Nazim Hussain and Sana Akbar Khan and Muhammad Nadeem and Alaa Mansour Zalata},
url = {https://onlinelibrary.wiley.com/doi/full/10.1111/1467-8551.12695},
year = {2022},
date = {2022-12-01},
journal = {British Journal Of Management},
volume = {34},
number = {4},
pages = {2186-2211},
abstract = {Information asymmetry and the pressure to conform to stakeholders' expectations cause firms to engage in corporate social responsibility (CSR) decoupling - a practice that has severe socioeconomic consequences for firms. Adopting a corporate governance perspective, this paper answers a novel question: whether board gender diversity (BGD) curbs CSR decoupling. Using a battery of sophisticated analyses and robustness tests on 9276 firm-year observations for the period 2002-2017, our results confirm that BGD is negatively associated with CSR decoupling. Analysis of the composition of gender-diverse boards further reveals that this effect is stronger for balanced boards than for skewed and tilted boards. Furthermore, we note that independent female directors are more effective monitors of decoupling than executive female directors. We also document that the relationship between BGD and CSR decoupling is stronger when the overall governance is weak. This implies that gender-diverse boards could act as a substitute mechanism for corporate governance that would otherwise be weak. Our study offers important theoretical and policy implications for the field of corporate governance and CSR.},
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Sivathaasan Nadarajah; Muhammad Atif; Ammar Ali Gull
State?level Culture and Workplace Diversity Policies: Evidence from US Firm Article de journal
Dans: Journal Of Business Ethics, vol. 177, p. 443-462, 2022.
@article{nadarajah_2633,
title = {State?level Culture and Workplace Diversity Policies: Evidence from US Firm},
author = {Sivathaasan Nadarajah and Muhammad Atif and Ammar Ali Gull},
url = {https://link.springer.com/article/10.1007/s10551-021-04742-2},
year = {2022},
date = {2022-05-01},
journal = {Journal Of Business Ethics},
volume = {177},
pages = {443-462},
abstract = {This paper examines the effect of state-level culture in the US on the adoption of firms' workplace diversity policies. Using firm-level panel data (1592 firm-year observations) over the period 2011-2014, we document that firms in highly individualistic states are less likely to adopt workplace diversity policies, which in turn negatively affects firm performance. Our results are robust to alternative variables and econometric specifications. Our findings provide insights into the contemporary debate on the economic aspects of workplace diversity policies for firms operating in different cultural backgrounds.},
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Muhammad Usman; Ammar Ali Gull; Alaa Mansour Zalata; Fangjun Wang; Junming Yin
Female Board Directorships and Related Party Transactions Article de journal
Dans: British Journal Of Management, vol. 33, no. 2, p. 678-702, 2022.
@article{usman_2635,
title = {Female Board Directorships and Related Party Transactions},
author = {Muhammad Usman and Ammar Ali Gull and Alaa Mansour Zalata and Fangjun Wang and Junming Yin},
url = {https://onlinelibrary.wiley.com/doi/abs/10.1111/1467-8551.12568},
year = {2022},
date = {2022-04-01},
journal = {British Journal Of Management},
volume = {33},
number = {2},
pages = {678-702},
abstract = {Using a sample of Chinese firms from 2005 to 2018, we show that firms with female directors (either executive or independent) are characterized by fewer related party transactions (RPTs), particularly in state-owned enterprises. Fewer RPTs are associated with
improved subsequent operating performance and, in contrast, RPTs are associated with
decreased performance for firms with no or fewer female directors, suggesting that female directors engage or allow only efficient but not opportunistic RPTs to facilitate the
long-term strategic objectives of their firms. Our findings are robust for using an alternative measure of RPTs, female board directorships and methods to mitigate potential
endogeneity issues.},
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Asif Saeed; Ammar Ali Gull; Asad Ali Rind; Muhammad Shujaat Mubarik; Muhammad Shahbaz
Do socially responsible firms demand high-quality audits? An international evidence Article de journal
Dans: International Journal Of Finance & Economics, vol. 27, no. 2, p. 2235-2255, 2022.
@article{saeed_2643,
title = {Do socially responsible firms demand high-quality audits? An international evidence},
author = {Asif Saeed and Ammar Ali Gull and Asad Ali Rind and Muhammad Shujaat Mubarik and Muhammad Shahbaz},
url = {https://onlinelibrary.wiley.com/doi/abs/10.1002/ijfe.2270},
year = {2022},
date = {2022-04-01},
journal = {International Journal Of Finance & Economics},
volume = {27},
number = {2},
pages = {2235-2255},
abstract = {This paper investigates whether corporate social responsibility (CSR) performance influences the demand for high-quality audits in terms of audit effort measured by audit fee. Using a sample of listed firms from 20 developed countries across three regions, namely United States (US), United Kingdom (UK) and Europe (EU) over the period 2002-2016 and different measures of CSR performance (environmental and social), we find that socially responsible firms demand high-quality audits from external auditors. Further analysis shows that this result is robust to the use of alternate samples, country and firm level governance systems, and endogeneity concerns. Taken together, these findings suggest that socially responsible attributes of being ethical, honest, trustworthy, and transparent while reporting financial results motivate firms to demand high-quality audits in order to preserve their reputation or socially responsible image. The main implication of our findings is that the stakeholders may place greater confidence in the financial reports of socially responsible firms as they are likely to demand high-quality audits.},
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Ammar Abid; Ammar Ali Gull; Nazim Hussain; Duc Khuong Nguyen
Risk governance and bank risk-taking behavior: Evidence from Asian banks Article de journal
Dans: Journal Of International Financial Markets Institutions & Money, vol. 75, p. 101466, 2021.
@article{abid_2639,
title = {Risk governance and bank risk-taking behavior: Evidence from Asian banks},
author = {Ammar Abid and Ammar Ali Gull and Nazim Hussain and Duc Khuong Nguyen},
url = {https://www.sciencedirect.com/science/article/pii/S1042443121001724},
year = {2021},
date = {2021-11-01},
journal = {Journal Of International Financial Markets Institutions & Money},
volume = {75},
pages = {101466},
abstract = {We investigate how risk committee and Chief Risk Officer's characteristics affect the risk-taking behavior of Asian commercial banks in the aftermath of the global financial crisis. Using a sample of 1480 observations representing 185 banks from year 2010 to 2017, we find evidence of a negative and significant link between the risk governance mechanisms and risk-taking. This link is however more pronounced for privately-owned banks (POBs) than for state-owned banks (SOBs). Moreover, risk governance mechanisms positively influence the performance of POBs but have no impact on performance of SOBs. Overall, our results show the role of risk governance mechanisms in curbing excessive risk-taking and improving risk management effectiveness and performance of Asian banks, with some differences across the SOBs and POBs.},
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Mehdi Nekhili; Ammar Ali Gull; Tawhid Chtioui; Ikram Radhouane
Gender-diverse boards and audit fees: What difference does gender quota legislation make? Article de journal
Dans: Journal Of Business Finance & Accounting, vol. 47, no. 1-2, p. 52-99, 2020.
@article{nekhili_2637,
title = {Gender-diverse boards and audit fees: What difference does gender quota legislation make?},
author = {Mehdi Nekhili and Ammar Ali Gull and Tawhid Chtioui and Ikram Radhouane},
url = {https://onlinelibrary.wiley.com/doi/abs/10.1111/jbfa.12409},
year = {2020},
date = {2020-02-01},
journal = {Journal Of Business Finance & Accounting},
volume = {47},
number = {1-2},
pages = {52-99},
abstract = {We investigate the effect of board (audit committee) gender diversity on audit fees in the French context. We also examine whether the relationship between the proportion of female directors and audit fees is moderated by the enactment of the gender quota law in 2011. We use the system GMM estimation approach on a matched sample of French firms listed in the SBF 120 index between 2002 and 2017. Consistent with the supply-side perspective, we contend that female independent directors and female audit committee members, by improving board monitoring effectiveness, affect the auditor's assessment of audit risk, resulting in lower audit fees. Our findings also document that, by breaking the glass ceiling, the effectiveness of the gender quota law lies not in increasing the proportion of female insider directors, but in boosting the appointment of female independent directors and female audit committee members. Using the difference-in-difference approach, our results reveal that female independent directors and female audit committee members are more willing to assert their monitoring skills after the quota law, leading to lower audit fees. Moving beyond tokenism, we show that, after the quota law, the negative impact on non-audit fees is strengthened only for female independent directors.},
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Ammar Ali Gull; Mehdi Nekhili; Haithem Nagati; Tawhid Chtioui
Beyond gender diversity: How specific attributes of female directors affect earnings management Article de journal
Dans: British Accounting Review, vol. 50, no. 3, p. 255-274, 2018.
@article{gull_2636,
title = {Beyond gender diversity: How specific attributes of female directors affect earnings management},
author = {Ammar Ali Gull and Mehdi Nekhili and Haithem Nagati and Tawhid Chtioui},
url = {https://www.sciencedirect.com/science/article/abs/pii/S0890838917300513},
year = {2018},
date = {2018-04-01},
journal = {British Accounting Review},
volume = {50},
number = {3},
pages = {255-274},
abstract = {We apply the system GMM regression estimation approach to a matched sample of French firms listed on Euronext Paris during the period 2001-2010 in order to investigate the relationship between female directors and earnings management by considering their specific (statutory and demographic) attributes. We first find that the presence of female directors deters managers from managing earnings. However, this finding does not hold when the statutory and demographic attributes of female directors are taken into account, thus showing that the detection and the correction of earnings management require particular competencies and skills. Interestingly, we find that business expertise and audit committee membership are key attributes of female directors that promote the effective monitoring of earnings management. An important implication of our findings is that the decision to appoint women on corporate boards should be based more on their statutory and demographic attributes than on blind implementation of gender quotas. Finally, our supplementary analysis reveals that female CEOs and CFOs are strongly inclined to reduce earnings management.},
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Rizwan Mushtaq; Aitzaz Ahsan Alias Sarang; Ammar Ali Gull; Tanveer Ahsan
Les comités de durabilité ne sont pas toujours efficaces pour responsabiliser les entreprises Divers
The Conversation, 2024.
@misc{mushtaq_2823,
title = {Les comités de durabilité ne sont pas toujours efficaces pour responsabiliser les entreprises},
author = {Rizwan Mushtaq and Aitzaz Ahsan Alias Sarang and Ammar Ali Gull and Tanveer Ahsan},
url = {https://theconversation.com/les-comites-de-durabilite-ne-sont-pas-toujours-efficaces-pour-responsabiliser-les-entreprises-220696},
year = {2024},
date = {2024-01-01},
howpublished = {The Conversation},
keywords = {},
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tppubtype = {misc}
}
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