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

Financial liberalization and macroeconomic performance, empirical evidence from selected Asian countries

Financially repressed economy cannot grow with an increasing growth rate. That’s why most of the developing countries move toward liberalized financial system. The basic objective of this paper is to provide a comparative analysis of Pakistan, China, and India financial sector liberalization and its impact on macroeconomic performance. This study uses Johansen co integration to provide cross country evidence of long run relationship between macroeconomic variables and financial openness. Results show that there is long run relation among financial openness and macro economic performance in all three countries. Financial liberalization has positive and significant effect on Pakistan macroeconomic performance while negative and significant effect on china economy. The relationship in India is positive but not significantFinancial liberalization, financial depth. Economic growth

Inovasi Dan Modernisasi Pendidikan Pondok Pesantren

This article explores the meaning of innovation and modernization in the context of Islamic education in pesantren (Islamic boarding school). How are innovation and modernization model in boarding school at the moment? The study of innovation and modernization of islamic boarding school is important because it contains some important meanings; first, the study of innovation and modernization of pesantren is relevant in the context of Indonesia which is in the process of development and modernization; second, pesantren is a subculture of Indonesia islamic education so that in relation to innovation and modernization it will provide a unique color; Third, education in pesantren is a prototype of the ideal education model for Indonesia because it integrates cognitive, affective, and psychomotor domain. This paper concludes that the terms of both innovation and modernization relate to social change. The only difference is in the emphasis of characteristic of the change. Innovation emphasizes the traits being observed known as something new for individuals or communities, while modernization focuses on the process of change from traditional to modern, or from underdeveloped to a developed state. In the context of today's pesantren, there are at least three aspects involving in the modernization, innovation, and reform of the pesantren, namely the aspect of the method, content, and management.Copyright (c) 2015 by KARSA. All right reservedDOI: 10.19105/karsa.v23i2.72

Pengamalan Dan Pengelolaan Zakat Berbasis Kearifan Lokal (Studi Di Masyarakat Kampung Sanggau)

: Practice and Zakat Management Based Local Wisdom (Studies in Society Sanggau Villagers). This article reviews the model of practices and management of zakat (alms) among the Sanggau villagers. In the community, zakat is no longer regarded merely as an obligation set by religion, but it has become a necessity in the life of the society. When someone harvests, neighbors do not ask about how many crops he/she obtained, but ask how much zakat issued of the crop. Uniquely, apart from the fact that the villagers are not bound to the rules of zakat implementation, such as: mustahik (group of recipients), aul (time limit), nisab (quantity limit), and amounts, they appoint the amil (commitee) of zakat based on asnaf mustahik (the group of recipients) in the community. Although the management system sounds simple, but the pattern of practices is really modern. Because of such a model and management style, the awareness of paying zakat is very high in this community

Appraising Grammar Mistakes in English Students’ Written Recount Text

This study aims to find out the most frequent errors students make in writing recount texts. This study used a descriptive method with quantitative data analysis techniques to answer the questions posed. The scope of this research is limited to the grammatical analysis and writing mechanism of the components of the fourth recount text written by third year students of UMS Rappang. These errors are classified into six categories: errors in the use of verb forms; thr use of the article; use of prepositions; noun pluralization; use of pronouns; use of conjunctions. The findings of the study showed that the most frequent errors students made were in the use of verb forms, punctuation marks, prepositions, nouns, articles and pronouns. It can be concluded that students have not mastered grammar well. They face many problems in English in general and in writing English in particular

Penerapan Model Pembelajaran Kooperatif Tipe NHT untuk Meningkatkan Hasıl Belalar Siswa Pada Mata Pelajaran Ekonomi di Kelas XI IPS 2 SMA Negeri 5 Makassar

Penerapan Model Pembelajaran Kooperatif Tipe NHT Untuk Meningkatkan Hasil Belajar Siswa Pada Mata Pelajaran Ekonomi Pada Pokok Pembahasan Pertumbuhan Ekonomi Di Kelas XI IPS 2 SMA Negeri 5 Makassar. Penelitian Tindakan Kelas. Universitas Negeri Makassar. Penelitian ini bertujuan untuk mengetahui Peningkatan Hasil Belajar Peserta Didik pada Standar Kompetensi Pertumbuhan Ekonomi melalui Penggunaan Model Pembelajaran numbered head together (NHT). Penelitian ini bersifat deskriptif kuantitatif dan kualitatif dengan menguraikan hasil belajar peserta didik kelas XI IPS 2 SMA Negeri 5 Makassar. Subjek penelitian ini adalah peserta didik kelas XI IPS 2 SMA Negeri 5 Makassar yang berjumlah 36 orang. Teknik pengumpulan data yang digunakan adalah wawancara, dokumentasi dan tes hasil belajar setiap akhir siklus. Hasil analisis dan pembahasan mengenai hasil belajar peserta didik kelas XI IPS 2 SMA Negeri 5 Makassar dapat disimpulkan bahwa terjadi peningkatan dari siklus I ke siklus II yaitu dari 36 peserta didik 15 orang tidak tuntas atau 41,66 persen dan 21 orang tuntas atau 58,34 persen untuk siklus I, kemudian untuk siklus II dari 36 peserta didik terdapat 6 orang yang tidak tuntas atau 16,66 persen dan 30 orang tuntas atau 83,34 persen. Dengan demikian hasil persentase ketuntasan hasil belajar mengalami peningkatan melebihi 80 persen

Peningkatan Keterampilan Generik Sains Dan Penguasaan Konsep Melalui Laboratorium Virtual Bebasis Inkuiri

Penelitian ini bertujuan untuk mengetahui peningkatan keterampilan generik sains dan penguasaan konsep pada materi arus listrik searah serta memperoleh gambaran respon mahasiswa terhadap penggunaan laboratorium virtual berbasis inkuiri. Penelitian ini dilakukan dengan metode pre-eksperimental design melalui one group pretest-posttest design yang dilaksanakan di Prodi Pendidikan Fisika Fakultas Tarbiyah dan Keguruan UIN Ar-Raniry Banda Aceh. Sampel yang terpilih menggunakan teknik porposive sampling yaitu angkatan 2014 unit 2 yang dijadikan kelas eksperimen. Pengumpulan data dilakukan dengan pretest dan posttest untuk mengetahui peningkatan keterampilan generik sains dan penguasaan konsep, lembar observasi untuk mengamati aktivitas mahasiswa selama proses pembelajaran, serta angket untuk mengetahui tanggapan mahasiswa terhadap penggunaan laboratorium virtual berbasis inkuiri. Hasil uji normalitas menunjukkan bahwa data N-gain berdistribusi normal. Persentase N-gain keterampilan generik sains tertinggi terjadi pada indikator kesadaran tentang skala sebesar 60% dengan kategori sedang dan terendah terjadi pada indikator pemodelan sebesar 27,81% dengan kategori rendah. Persentase rata-rata penguasaan konsep N-gain tertinggi pada sub konsep kuat arus dan beda potensial listrik sebesar 62,72% dan yang terendah pada sub konsep rangkaian hambatan listrik sebesar 33,33%. Mahasiswa memberikan tanggapan positif terhadap penggunaan laboratorium virtual berbasis inkuiri. Dapat disimpulkan penggunaan laboratorium virtual berbasis inkuiri dapat meningkatkan keterampilan generik sains dan penguasaan konsep

Hypocenter Distribution of Low Frequency Event at Papandayan Volcano

Papandayan volcano is a stratovolcano with irregular cone-shaped has eight craters around the peak. The most active crater in Papandayan is a Mas crater. Distribution of relocated event calculated using Geiger Adaptive Damping Algorithm (GAD) shows that the epicenter of the event centered below Mas crater with maximum rms 0.114. While depth of the hypocenter range between 0-2 km and 5-6 km due to activity of steam and gas

Analisa Pola Bidang Sesar pada Zona Subduksi di Wilayah Sumatera Barat dari Event Gempa pada Tahun 2013

Penelitian ini membahas tentang penentuan momen tensor dan focal mechanism serta slip dari sesar yang ada di wilayah Sumatera Barat yang diakibatkan oleh Sesar Mentawai dan gerakan Lempeng Eurasia dan Indo-Australia di zona subduksi. Program yang digunakan dalam pengolahan data adalah ISOLA-GUI, dan untuk menggambarkan sesarnya menggunakan program hcplot serta GMT. Dari hasil penelitian didapatkan bahwa untuk gempa yang diakibatkan oleh Sesar Mentawai mempunyai pola sesar reverse fault dan gempa yang diakibatkan oleh gerakan lempeng di zona subduksi mempunyai pola sesar dip-slip. Besar momen tensor yang dihasilkan untuk tiap komponennya adalah M11 = 3.328 exp15 sampai 1.165 exp18, M22 = 3.195 exp15 sampai 0.805 exp18, M33 = 6.523 exp15 sampai 1.970 exp18, M31 = 5.965 exp15 sampai 5.564 exp18, M32 = 3.617 exp15 sampai 4.253 exp18, dan M12 = 3.587 exp15 sampai 1.100 exp18. Sedangkan untuk besar slip rata-rata dari event gempa di Sumatera Barat pada tahun 2013 di zona subduksi sebesar 198 meter dan di Sesar Mentawai sebesar 113 meter