Ahmed Imran Hunjra (PhD-Finance)

Associate Professor (Finance)
Department of Business Administration, Ghazi University,
Dera Ghazi Khan, Pakistan


Executive Profile

  • Strong record of higher degree by research supervision.
  • Passion for developing student’s critical thinking.
  • Enjoy a challenging work environment that requires a constant reinvention of oneself.
  • Finance academic with research interests in corporate finance, corporate governance, banking, risk management and strategy.
Identifiers and Profile      
Academic Position
  • Assistant Professor at University Institute of Management Sciences-PMAS-Arid Agriculture University Rawalpindi, Pakistan from 8th September 2016 to date. Following are duties/activities:
    • Head of Finance Cluster
    • Teaching at graduate and postgraduate level
    • Thesis supervision (MS & PhD)
    • Research Coordinator
    • Convener Accreditation Committee
    • Convener Course Curriculum Revision Committee
  • Post-Doctoral Fellow at The School of Accounting, Finance & Economics, The University of Waikato, Hamilton, New Zealand from 1st November 2017 to 31st October 2018. Following were duties/activities:
    • Taught at the graduate level as a guest lecturer.
    • Discussant in Student & Faculty Seminar
  • Lecturer at University Institute of Management Sciences-PMAS-Arid Agriculture University Rawalpindi from 21st December 2011 to 7th September 2016. Following activities were of special interest:
    • Taught at graduate and postgraduate level
    • Thesis supervision
  • Post-Doctorate (Finance) (11/2017- 10/2018)

    The University of Waikato, New Zealand

  • PhD (Finance) (01/2011- 08/2015)

    Iqra University, Pakistan

  • MS/MPhil. (Finance) (01/2009- 12/2010)

    Iqra University, Pakistan

  • MBA (Finance) (09/2006- 12/2008)

    Iqra University, Pakistan

  • MSc. (Economics) (11/2007- 09/2017)

    Allama Iqbal Open University, Pakistan

  • BSc. (Mathematics & Economics) (09/2003- 03/2006)

    Bahauddin Zakariya University, Pakistan

  • ICMA (Operational Phase) (- )

    Institute of Cost and Management Accounting, Islamabad, Pakistan

Item #1 Description

Dr. Ahmed Imran Hunjra is serving as an Assistant Professor at University Institute of Management Sciences-PMAS- Arid Agriculture University Rawalpindi, Pakistan. His areas of research interest are Corporate Finance, Corporate Governance, Financial Risk Management, Strategy and Quantitative Techniques. Ahmed’s graduation is in Mathematics and Economics from Bahauddin Zakariya University in 2006. Ahmed earned his MBA, MS & PhD (Finance) from Iqra University, Pakistan in 2008, 2010 and 2015 respectively. Besides of this, he has done MSc. Economics from Allama Iqba Open University. Furthermore, Ahmed has completed his Post-Doctoral Fellowship in October 2018 at The University of Waikato, New Zealand.

Ahmed has served as a research advisor and external examiner at various universities of Islamabad & Rawalpindi. Ahmed has already supervised 05 PhDs and 47 MS/MPhil students to the successful culmination of their degree. Furthermore, curently 1 PhD scholar is working under his co-supervision. Ahmed has published in a well reputted Journals i.e. Technological Forecasting & Social Change, Finance Research Letters, International Journal Journal of Emerging Markets, Risks, International Journal of Financial Studies, Sustainability, Journal of Financial Reporting & Accounting, Journal Risk & Financial Management, Cogent Economic & Finance etc. Ahmed is a reviewer of thirty plus top-tier journals (Q1). Ahmed won the Thematic Research Grant-2017 having the worth of Rs. 4.0/- million by HEC Pakistan. Ahmed has also received a scholarship for his Post-Doctoral Research from Punjab Higher Commission (PHEC) Pakistan in 2017. Futhermore, Ahmed won the best university teaching and research award in 2019. Ahmed is also associated with different National and International Research Societies. Ahmed’s research orientation and sound analytical skills have been further strengthening by his ability in Statistical Package of Social Sciences (SPSS), AMOS, Eviews, Stata, and Smart-PLS.

  • Five days workshop on Eviews, Stata, RATS, LATEX, SPSS in August 2015 (School of Economics, Quaid e Azam University, Islamabad, Pakistan)

  • One-month workshop on SPSS & AMOS in 2010 (Iqra University, Islamabad, Pakistan)

  • 06 months diploma in the English language from National University of Modren Language (NUML), Paksiatn.

I teach most of the quantitatively oriented classes offered in the Institute. The subject matter and approaches to these courses change continuously. As such, I have to revise those courses frequently and strive to improve my teaching effectiveness to reach out to my students. The aim is to develop and hone the critical-thinking skills and to instill the idea that Finance is fundamentally a creative enterprise.

I have extensive teaching experience in both the undergraduate and postgraduate programs. These include courses in finance, econometrics, and data analysis:

  • Introduction to Business Finance
  • Corporate Finance
  • Financial Risk Management
  • Financial Management
  • Research Methods & Skills
  • Advanced Quantitative Techniques
  • Econometrics
  • Business Mathematics
  • Business Statistics
  • Ahmed Imran Hunjra, Butt, B. Z. and Rehman, K.U. (2010). Financial Management Practices in Pakistani Corporate Sector and their Impact on Organization Performance: Theory and Application, LAMBART ACADEMIC PUBLICATION (Germany), ISBN-978-3-8433-8453-7.

  • 1          

    Wellalage, H. N., Ahmed Imran Hunjra, Manita, R. and Locke. S., The impact on ICT on Financial Inclusion: Evidence from innovative start-ups. Technological Forecasting and Social Change, Forthcoming (SSCI-IF: 5.846, Q1 & ABDC: A). Click here

  • 2          

    Ahmed Imran Hunjra, Boubaker, S., Arunachalam, M. and Mahood, A. (2020). How does CSR mediate the relationship between culture, religiosity and firm performance? Finance Research Letters, 32(04). (SSCI-IF-3.527, Scopus, Q1 & & ABDC: A). Click here

  • 3          

    Ahmed Imran Hunjra, Mehmood, A., Nguyen, H. and Tayachi, T. (2020). Do Firm-Specific Risks affect the Banks’ Performance? International Journal of Emerging Markets, Forthcoming. (SSCI-IF: 1.022, Q2 & ABDC: B). Click here

  • 4          

    Ahmed Imran Hunjra; Hanif. M; Mehmood, R. & Nguyen, L. V. (2020). Diversification, Corporate Governance, Regulation and Bank Risk-Taking, Journal of Financial Reporting and Accounting, 18(4). (ESCI, Q3 & ABDC: C). Click here

  • 5          

    Ahmed Imran Hunjra; Zureigat, Q.; Tayachi, T & Mehmood, R. (2020). Impact of Non-Interest Income and Revenue Concentration on Bank Risk in South Asia, Banks and Bank Systems, 15(04): 15-25. (Scopus, Q3 & ABDC: C). Click here

  • 6          

    Ahmed Imran Hunjra, Verhoeven, P. and Qasim, S. (2020). Capital Structure as a Mediating Factor in the Relationship of Uncertainty, CSR, Stakeholder Interest and Financial Performance. Journal of Risk and Financial Management, 13(06): 117. (ESCI & ABDC: B).  Click Here

  • 7          

    Ahmed Imran Hunjra, and Mahood, A. (2020). How does CSR mediate the relationship between culture, religiosity and firm performance?”. Finance Research Letters, 32(02). Forthcoming (SSCI-IF-1.709, Scopus, Q2 & & ABDC: A). Click Here

  • 8          

    Ahmed Imran Hunjra; Tayachi, T., Chani, M. I., Verhoeven, P. & Mehmood, A. (2020). The Moderating effect of Institutional Quality on Environmental Quality and Financial Development Nexus. Sustainability. 12 (09): 3805. (SSCI-IF-2.592 & Scopus-Q2). Click Here

  • 9          

    Ahmed Imran Hunjra; Tayachi, T., Mehmood, R., Malik, S., and Malik, Z.  (2020). Impact of Credit Risk on Momentum & Contrarian Strategies: Evidence from South Asian Markets” Risks, 8(02): 37. (ESCI, Scopus, & ABDC: B). Click Here

  • 10          

    Ahmed Imran Hunjra; Zureigat, Q. and Mahmood, R. (2020). Impact of Capital Regulation and Market Discipline on Capital Ratio Selection: A Cross-Country Study. International Journal of Financial Studies, 8(02): 21. (ESCI, Scopus & ABDC: B).  Click Here

  • 11          

    Ahmed Imran Hunjra; Tayachi, T & Mehmood, R. (2020). Impact of Ownership Structure on Risk-Taking Behavior of Banks in Pakistan, India, and Bangladesh” Corporate Ownership & Control, 17(03): 108-120. (ABDC: B-Category). Click Here

  • 12          

    Moid, A & Ahmed Imran Hunjra. (2020). Use Anger to Guide Your Stock Market Decision-Making: Results from Pakistan. Cogent Economics & Finance, 08(01): 1733279 (ESCI, Scopus & ABDC: B). Click Here

  • 13          

    Ahmed Imran Hunjra, Mahmood, R., and Tayachi, T. (2020). Do Corporate Social Responsibility and Corporate Governance affect Stock Price Crash Risk? Journal of Risk & Financial Management, 13(02): 30. (ESCI & ABDC: B).  Click Here

  • 14          

    Ahmed Imran Hunjra, Uzma, P., Li, L. Chani, I. M. and Mahmood. Rashid. (2020). “Impact of Ownership Concentration, Institutional Ownership and Earnings Management on Stock Market Liquidity. Corporate Ownership & Control, 17(02):77-87. (ABDC: B-Category). Click Here

  • 15          

    Mehmood, R, Ahmed Imran Hunjra and Chani, M. I. (2019). The Impact of Corporate Diversification, Financial Structure on Firm Performance: Evidence from South Asian Countries. Journal of Risk and Financial Management, 12(1): 49. (ESCI & ABDC: B). Click Here

  • 16          

    Ahmed Imran Hunjra. (2018). Mediating Role of Dividend Policy among its Determinants and Organizational Financial Performance. Cogent Economics & Finance, 6(1): 1558714. (ESCI, Scopus & ABDC: B). Click Here

  • 17          

    Ahmed Imran Hunjra, Mehmood, H. and Bakari, H. (2018). Co-movement between Macroeconomic Variables and Capital Flight” Asian Economic and Financial Review, 8(9): 1185-1195. (ABDC: C)  Clck Me

  • 18          

    Shahzad, I., Ahmed Imran Hunjra, and Azam, I. R. (2017). Forewarning Bankruptcy: An Indigenous Model for Pakistan. Business and Economic Review, 09(4), 261-288. Click Here

  • 19          

    Ahmed Imran Hunjra, Azam, M., Niazi, G. S. K., Butt, B. Z., Rehman, K.U. and Azam. R. I. (2011). Risk and Return Relationship in Stock Market and Commodity Prices: A comprehensive study of Pakistani Markets. World Applied Sciences Journal, 13(03): 470-481.Click Here

  • 1          

    Ahmed Imran Hunjra, Colombage, S. and Rehman, K. U. (2019). Mediating Role of Capital Budgeting between Uncertainty, Corporate Social Responsibility and Stakeholder Interest on Firm’s Financial Performance. Paper presented in 2019 Vietnam Symposium of Banking in Finance (VSBF-2019), Vietnam, held in Banking Academy of Vietnam, Hanoi, October 26-26, 2019.

  • 2          

    Zaman, W., Ahmed Imran Hunjra, Awan, U. A. & Mahmood, M. T. (2019). Ownership Structure and Investment Decision of Non-Financial Firms in Pakistani Stock Exchanges. Paper presented in 15th South Asian Management Forum (SAMF-2019) IBA University, Sukkur, Pakistan, held in Sukkur, September 27-29, 2019.

  • 3          

    Awan, M. A, Hussain. A., Saeed, A. and Ahmed Imran Hunjra, (2018). A Study on Liquidity Risk Management across Asian Countries. Paper presented at 4th Asia International Conference (AIC-2018) University of Technology, Malaysia, held in Langkawi International Conventional Center, December 08-09, 2018

  • 4          

    Ahmed Imran Hunjra, Locke, S. and Wellalage, N. H. (2018). Impact of Competition on Risk in South Asian Banking Industry. Paper presented at 2018 Vietnam Symposium in Banking and Finance Hue College of Economics – Hue University, Vietnam October 25-27, 2018.

  • 5          

    Ahmed Imran Hunjra, P. Verhoeven, and Locke, S. (2018). Capital Structure as a Mediating Factor between Uncertainty, CSR, Stakeholder Interest and Financial Performance. Paper presented at 22nd Annual (2018) New Zealand Finance Colloquium, held in the School of Economics and Finance, Massey Business School, Massey University on the Palmerston North, New Zealand February 08-09, 2018.  

  • 6          

    Hussain, A., Ahmed Imran Hunjra, & Baig, I. (2017). Working Capital Practices across Manufacturing Sector of Pakistan. Paper presented at 3rd ASIA International Conference, (AIC-2017) held in Kuala Lumpur, Malaysia December 09-10, 2017.

  • 7          

    Ahmed Imran Hunjra and A. Hussain. (2017). Does working capital management enhance the value of firm? Evidence from firm performance and investments in Pakistan. Paper is presented at 20th SZABIST’s National Research Conference, held in SZABIST, Islamabad Campus, Pakistan on April 07, 2017.

  • 8          

    Ahmed Imran Hunjra and A. Hussain, (2017). A Comparative Study of Dividend Policy and Share Price across the South Asian Countries. Paper is presented at 1st National Conference on Business Dynamics, held at Allama Iqbal Open University, Islamabad on February 20, 2017.

  • 9          

      Q. Abbas, Ahmed Imran Hunjra, M. S. Ijaz, and E. U. Hassan, (2013). Analysis of Pre and Post Merger and Acquisition Financial Performance of Banks in Pakistan. Paper is presented at 2nd International Conference on Emerging Trends in Management (ICETM 2013)” held in Mohammad Ali Jinnah University Islamabad – Pakistan, June 6, 2013.

  • 10          

    Q. Abbas, Ahmed Imran Hunjra, and R. I. Azam. (2013). Financial Performance of Banks in Pakistan after mergers and Acquisition. Paper presented at 1st Abasyn International Conference on the Technology and Business Management (AiCTM)” held on April 2-4, 2013.

  • 11          

      L. Riaz, Ahmed Imran Hunjraand R. I. Azam, (2012). Impact of psychological factors on investment decision making mediating by risk perception: A conceptual study. Paper presented at NUML International Conference on Contemporary Trends in Business & Management (ICBM-2012) held in National University of Modern Language (NUML) Islamabad, Pakistan, at 12-13 December 2012.

  • 12          

      S. Ijaz, Ahmed Imran Hunjraand R. I. Azam, (2012). Accessing the Financial Failure Factor Using Z-Score and Current Ratio: A Case from Sugar Sector Listed Companies of Karachi Stock Exchange. Paper presented at NUML International Conference on Contemporary Trends in Business & Management (ICBM-2012)” held in National University of Modern Language (NUML) Islamabad, Pakistan, at 12-13 December 2012.

  • 13          

      Ahmed Imran Hunjra, and G. S. K. Niazi, (2011). Investment Appraisal Techniques and its Constraints on Capital Investment. Paper presented at 8th International Conference of Islamic Countries Society of Statistical Sciences (ISOSS) held in National College of Business Administration & Economics (NCBA&E) Lahore, Pakistan, at 8-9 February 2011.

Sr Title Funding Agency Funding Amount Status
01 Industry- Academia Collaboration: Commercialization of Academic Research
Under Thematic Research Grant Program (TRGP) -2017
Higher Education Commission (HEC) Pakistan Worth Rs. 4.0/- Million Completed
02 Investor Protection in Pakistan Stock Exchange (PSX) after Demutualization and CPEC: Challenges and A Way forward for Policy Makers
Under National Research Program for Universities (NRPU)
Higher Education Commission (HEC) Pakistan Worth Rs. 7.0/- Million Proposal Submitted
03 Industry Academia Collaboration: Aligning Graduate Skills with Industrial Needs
Under Research & Development (R&D)/Technical Support Fund for Academia-2019
Government of Punjab (GOP) Pakistan Worth Rs. 4.0/- Million Proposal Submitted
  • 1. Finance Research Letters (SSCI, ABDC: A, & Q2)
  • 2. R & D Management (SSCI, ABDC: A & Q1)
  • 3. Journal of Environmental Management (SSCI, ABDC: A & Q1)
  • 4. Journal of Cleaner Production (SSCI, ABDC: A & Q1)
  • 5. Technological Forecasting and Social Change (SSCI, ABDC: A & Q1)
  • 6. HELIYON (SSCI & Q1)
  • 7. Frontiers Psychology (SSCI & Q1)
  • 8. SAGE Open (SSCI & Q2)
  • 9. Journal of Asia Business Studies (ESCI, ABDC: C & Q1)
  • 10. Asian Journal of Business and Accounting (ESCI & Q3)
  • External examiner/Referee at National Defence University (NDU) Islamabad, Quaid-i-Azam University (QAU) Islamabad, Islamic International University Islamabad (IIUI), Iqra University Islamabad (IUI), Riphah International University Islamabad, SZABIST Islamabad, National College of Business Administration and Economics (NCBE&E) Lahore, Federal Urdu University of Arts, Science and Technology Islamabad, National University of Modern Languages (NUML) Islamabad, Fatima Jinnah Women University (FJWU) Rawalpindi and Allama Iqbal Open University (AIOU) Islamabad MS/MPhil. & PhD level.
  • Member of Faculty Board Meeting and Board of Advanced Studies and Research (BASAR) in Islamic International University Islamabad (IIUI), National University of Modern Languages (NUML), Islamabad and Federal Urdu University of Arts, Science and Technology Islamabad.
  • Member of Advisory Board (Subject Specialist) of Punjab Public Service Commission (PPSC), Lahore, Pakistan.
  • External Reviewer of Higher Education Commission (HEC) Scientific Review Panel for evaluating the research projects.
  • Member of Curriculum Vetting Committee for MS/PhD at Higher Education Commission (HEC) Pakistan
Student Name Title of Research Status Date
Arifha Binti Mohamad

Factors of Investment Decision Making in the Malaysian Public Listed Companies: Perspectives from Individual Shareholders and Key Stakeholders
Universiti Teknologi Mara, Malaysia

External Examiner April-2020
Habib Ur Rehman Predictors of Firm and Portfolio Level Returns: Empirical Evidence from Pakistan Equity Market
National University of Modern Languages NUML, Pakistan.
External Examiner Aug-2019
Tahira Awan

Determinants of Firms’ Acquisition Ability and its Impact on Cost Efficiency, Operational Hedging and Returns of Acquirer Firms in Pakistan 
International Islamic University Islamabad (IIUI), Pakistan

External Examiner 15-05-2017
Muhammad Jawad

Effect of Exchange Rate & Fiscal Policy on Oil Price Volatility and Its Impact on Economic Growth: Pakistan A Case-In-Point 
National Defence University, Islamabad (NDU), Pakistan

External Examiner 25-08-2016
  • University Research Award-2020 at PMAS-Arid Agriculture University Rawalpindi, dated 20th February 2020.  

  • Post-Doctoral Fellowship Received by Punjab Higher Education Commission (PHEC) Pakistan (worth Rs. 2.24/- million) “PHEC Foreign Post-Doctoral Fellowships Program FY 2016-2017 - Phase II for Punjab Public Sector Colleges/University Faculty”. November 2017 to October 2018. 

Student Name Title of Research Status Date
Rashid Mehmood

Impact of Corporate Diversification, Cost of Capital and Financial Policies on Firm Performance.
PMAS-Arid Agriculture University Rawalpindi , Pakistan

Completed April-2019
Anwar Hussain

Comparative Study of Risk-Adjusted Working Capital Management Practices and its Determinants Across the SAARC Countries.
PMAS-Arid Agriculture University Rawalpindi, Pakistan

Completed April-2019
Abdul Moueed

Impact of Psychological and Social Factors on Investment Decisions Mediating Role of Financial Literacy: A case of Institutional Investor 
National College of Business Administration & Economics, Lahore (NCBA&E), Pakistan

Thesis Submitted July - 2019
Amir Amanat

Political Risk, Policy Risk, Corporate Risk Strategies and Cost of Debt: A Comparative Analysis of Pakistani, Indian Corporate Sector 
PMAS-Arid Agriculture University Rawalpindi, Pakistan

First Draft Submitted Nov-2019
Muhammad Munir

Constructing the Index of Asymmetrical Information and Its Impact on the Financing and Investment Decisions of the Pakistani Non-Financial Sector 
PMAS-Arid Agriculture University Rawalpindi, Pakistan

First Draft Submitted Nov-2019
Kaleem Ullah Impact of Socio-Economic Factors on Investors Investment Decision
Islamia College Peshawar, KPK, Pakistan
Proposal Approved June -2019

Study Notes


Fundamentals of Auditing

Accountancy Auditing-II


Lecture 1

Lecture 2

Lecture 3

Lecture 4 (a)

Lecture 4 (b)

Lecture 5

Lecture 5

Lecture 7 (a)

Lecture 7 (b)

Lecture 8 (a)

Lecture 8 (b)

Lecture 8 (C)

Lecture 9

Lecture 10

Lecture 11

Lecture 12

What is an Audit (Overall View)


Investor Behavior (Baker and Ricciardi)


Chapter 2

Chapter 3

Chapter 4

Chapter 5

Chapter 6

Chapter 7

Chapter 8

Chapter 9

Chapter 10

Chapter 11

Chapter 12

Chapter 13

Chapter 14

Chap 01

Chap 02

Chap 03

chap 04

Chap 05

Chap 06

Chap 07

Chap 08

Chap 09

Chap 10

Chap 11

Helping Material

Articles on Behavioral Finance



Statistics for Business and Economics - Anderson, Sweeney, Williams - Ed11


Chapter 01

Chapter 02

Chapter 03

Chapter 04

Chapter 05

Chapter 06

Chapter 07

Chapter 08

Chapter 10

Chapter 11

Chapter 12


13th Edt Fundamentals of Financial Management 13th-edition


Chp 3-Overall

Chp 4 1st part Stock Pricing Valuation

Chp 4- 2nd part BondValuation

Course Outline

Course Outline of IBF (MGT-424)

Helping Material

Accounting Equation and Financial Decision

Interest Factor Tables