Monetary policy restriction and dividend behavior of Pakistani firms: an empirical analysis

Studies upon impact of macro variables on firm’s dividend policy are very limited and specifically rare in Pakistan perspective. Main purpose of this research paper is to observe impact of restricted monetary policy on dividend behavior of Pakistani firms. During restricted monetary policy, cost of external funds increases and firms prefer to utilize internal funds leading to reduction in dividend payout. Behaviour of 100 listed firms, selected purposefully, has been observed for the period from 2001 to 2009 by using Lintner’ modified model.. During the research period of nine years, monetary policy has been gone through both loose and tight phases. Proposed model is dynamic one as lagged dependent variable has been used as explanatory variable. Due to certain limitations with selection of monetary policy instrument, overall stance of State Bank of Pakistan (SBP) in its annual reports has been used as a dummy variable in the model. Results of all the three estimations reveal almost same results. First lagged dividend has been proved to be most deterministic factor of dividend policy followed by current earnings. Monetary policy and lagged dividends interactive variables provide mixed results. First interactive variable has negative coefficients in all three, fixed effect, random effects and GMM, models but with insignificant p values. Second monetary policy interactive variable has positive coefficients with significant values in random effects and GMM model. Firms seem to follow relatively stable dividend policies with lower adjustment factor. As model is dynamic, GMM estimation is preferred. Monetary policy has not been observed as significant determinant of dividend policy of Pakistani firms.Dividend payment, Monetary Policy

Monetary Policy Restriction and Dividend Behaviour of Pakistani Firms: An Empirical Analysis

Dividend behaviour has extensively been reviewed by many researchers from time to time across different countries. Empirical evidences observed in most of the studies reveal equivocal results about dividend theories [Bhattacharyya (2007)]. Since, in absence of any unanimous findings, need for future research has not been restricted, theoretically. In developing countries like Pakistan, where limited research is available on corporate dividend policy, need for future research is more looked for. Most of the available research papers, address only firm specific determinants of dividend policy. Do macroeconomic variables influence corporate financing decisions? The need to address this question is the prime motive of this research paper. Major objective of this paper is to observe dividend behaviour of listed firms in Pakistan under monetary policy restrictions and this is the first attempt of its kind in Pakistan to the best of my Knowledge. This study is very relevant in present scenario since State Bank of Pakistan (SBP) has been persistently pursuing restricted monetary policy since 2005 to control inflation

Analyzing challenging aspects of IPv6 over IPv4

The exponential expansion of the Internet has exhausted the IPv4 addresses provided by IANA. The new IP edition, i.e. IPv6 introduced by IETF with new features such as a simplified packet header, a greater address space, a different address sort, improved encryption, powerful section routing, and stronger QoS. ISPs are slowly seeking to migrate from current IPv4 physical networks to new generation IPv6 networks. ‎The move from actual IPv4 to software-based IPv6 is very sluggish, since billions of computers across the globe use IPv4 addresses. The configuration and actions of IP4 and IPv6 protocols are distinct. Direct correspondence between IPv4 and IPv6 is also not feasible. In terms of the incompatibility problems, all protocols can co-exist throughout the transformation for a few years. Compatibility, interoperability, and stability are key concerns between IP4 and IPv6 protocols. After the conversion of the network through an IPv6, the move causes several issues for ISPs. The key challenges faced by ISPs are packet traversing, routing scalability, performance reliability, and protection. Within this study, we meticulously analyzed a detailed overview of all aforementioned issues during switching into ipv6 network

RETRACTED: Analyzing challenging aspects of IPv6 over IPv4

This article has been retracted by the publisher. This article has been retracted at the request of The International Arab Journal of Information Technology (IAJIT) report because of misconduct and plagiarism. The document and its content have been removed from the Jurnal Ilmiah Teknik Elektro Komputer dan Informatika, and reasonable effort should be made to remove all references to this article

Analyzing challenging aspects of IPv6 over IPv4

The exponential expansion of the Internet has exhausted the IPv4 addresses provided by IANA. The new IP edition, i.e. IPv6 introduced by IETF with new features such as a simplified packet header, a greater address space, a different address sort, improved encryption, powerful section routing, and stronger QoS. ISPs are slowly seeking to migrate from current IPv4 physical networks to new generation IPv6 networks. ‎The move from actual IPv4 to software-based IPv6 is very sluggish, since billions of computers across the globe use IPv4 addresses. The configuration and actions of IP4 and IPv6 protocols are distinct. Direct correspondence between IPv4 and IPv6 is also not feasible. In terms of the incompatibility problems, all protocols can co-exist throughout the transformation for a few years. Compatibility, interoperability, and stability are key concerns between IP4 and IPv6 protocols. After the conversion of the network through an IPv6, the move causes several issues for ISPs. The key challenges faced by ISPs are packet traversing, routing scalability, performance reliability, and protection. Within this study, we meticulously analyzed a detailed overview of all aforementioned issues during switching into ipv6 network

Future of ammonium nitrate after Beirut (Lebanon) explosion

Ammonium nitrate (NH4NO3) is a chemical compound that is mostly found as a colorless and/or white to gray crystalline solid, odorless beads, and easily soluble in water. The molecular weight, specific gravity, melting, and boiling point of NH4NO3 are 80.06, 1.725, 169.51 °C, and 210 °C, respectively (Rao, 2014). Higher temperature (>210 °C) easily decomposes NH4NO3 and producing toxic gasses, especially nitrogen oxides, and may also cause an explosion (Han et al., 2015). At room temperature, pure NH4NO3 neither flammable or combustible, but when heated, normally, it is decomposed into non-explosive gases such as oxygen. Nevertheless, it can also be decomposed into explosive material by detonation (Xia et al., 2019). Ammonium nitrate is strongly oxidant that easily detonates under certain circumstances, which include higher temperature (>210 °C), confinement, and impurities (Health Safety Executive, 2004).The authors would like to appreciate the valuable comments from the editors and anonymous reviewers to improve the quality of this study. The authors confirm that no funding was received for his work

Optimization of dilute acid pretreatment of water hyacinth biomass for enzymatic hydrolysis and ethanol production

The present study was conducted for the optimization of pretreatment process that was used for enzymatic hydrolysis of lignocellulosic biomass (Water Hyacinth, WH), which is a renewable resource for the production of bioethanol with decentralized availability. Response surface methodology has been employed for the optimization of temperature (oC), time (hr)and different concentrations of maleic acid (MA), sulfuric acid (SA) and phosphoric acid (PA) that seemed to be significant variables with P < 0.05. High F and R2 values and low P-value for hydrolysis yield indicated the model predictability. The pretreated biomass producing 39.96 g/l, 39.86 g/l and 37.9 g/l of reducing sugars during enzymatic hydrolysis with yield 79.93, 78.71 and 75.9 % from PA, MA and SA treated respectively. The order of catalytic effectiveness for hydrolysis yield was found to be phosphoric acid > maleic acid > sulfuric acid. Mixture of sugars was obtained during dilute acid pretreatment with glucose being the most prominent sugar while pure glucose was obtained during enzymatic hydrolysis. The resulting sugars, obtained during enzymatic hydrolysis were finally fermented to ethanol, with yield 0.484 g/g of reducing sugars which is 95 % of theoretical yield (0.51 g/g glucose) by using commercial baker’s yeast (Sacchromyces cerveasiae)

Effect of animal manure, crop type, climate zone, and soil attributes on greenhouse gas emissions from agricultural soils A global meta-analysis

Agricultural lands, because of their large area and exhaustive management practices, have a substantial impact on the earth's carbon and nitrogen cycles, and agricultural activities consequence in discharges of greenhouse gases (GHGs). Globally, greenhouse gases (GHGs) emissions especially carbon dioxide (CO2), methane (CH4) and nitrous oxide (N2O) from the agricultural sector are increasing due to anthropogenic activities. Although, the application of animal manure to the agricultural soil as an organic fertilizer not only improves soil health and agricultural production but also has a significant impact on GHGs emissions. But the extent of GHGs emissions in response to manure application under diverse environmental conditions is still uncertain. Here, a meta-analysis study was conducted using field data (48 peer-reviewed publications) published from 1989 to 2019. Meta-analysis results showed that poultry manure considerably increased CO2, CH4, and N2O emissions than pig and cattle manure. Furthermore, application of poultry manure also increased (¯(〖lnRR〗^ ) =0.141, 95% CI =0.526-0.356) GWP (global warming potential) of total soil GHGs emissions. While, the significant effects on CO2, CH4, and N2O emissions also occurred at manure rate > 320 kg N ha-1 and > 60% water filled pore space. The maximum concentrations of CO2, CH4, and N2O emissions were observed in neutral soils (¯(〖lnRR〗^ ) =3.375, 95% CI =3.323-3.428), alkaline soils (¯(〖lnRR〗^ ) =1.468, 95% CI =1.403-1.532), and acidic soils (¯(〖lnRR〗^ ) =2.355, 95% CI =2.390-2.400), respectively. Soil texture, climate zone and crop type were also found significant factors to increase GHGs emissions. Thus, this meta-analysis revealed a knowledge gap concerning the consequences of animal manure application and rate, climate zone, and physicochemical properties of soil on GHGs emissions from agricultural soils.Awais Shakoor would like to express his gratitude for the grant provided by the University of Lleida, Spain. The authors would like to appreciate the valuable comments from the editors and anonymous reviewers to improve the quality of this study