The impact of cash holding, and exchange rate volatility on the firm’s financial performance of all manufacturing sector in Pakistan

Exchange rate movement is a mostly debatable issue amongst economists and strategic financial planners in the economies as a vital phenomenon, of every economy in the developing the world. This study sets out to examine the impact of cash conversion cycle, Size, Age, and exchange rate movement on firms’ financial decisions. The estimation used techniques of static panel data analysis in this study; pooled OLS, random effects, and fixed effects. Interaction techniques are applied to check the impact of the exchange rate by multiplying this variable with the main variables of cash conversion cycle, that is receivable in days and payables in days. The results depict there is a significant negative relationship between return on assets and exchanger rate during the period of review while the beta of cash conversion cycle has negative value; age and size are positive and significant at 1% level with return on assets. Therefore, it is recommended that organizations that have some measure to agreement in foreign currencies can adopt some advanced hedging technique to occupy the exchange rate movements risk to improve firm’s performance

Impact of WTO’s Trade Liberalisation on Selected Food Crops in Pakistan

WTO has major implications for almost all the sectors of economy but agriculture sector is the one which is more prone to the implementation of its agreements, particularly the Agreement on Agriculture (AoA). The study intended to evaluate the impact of WTO on domestic ma rket and farm-level prices, production and consumption of major food commodities like wheat and rice and ultimately their impact on the producer’s and consumer’s surpluses. The farm level impact was also evaluated to chalk out the eventual position at farm level with the purpose to identify necessary policies and actions to cope with the new world situation. The study tries to provide a useful guide to the likely impacts of agricultural trade liberalisation. It was found that openness of the economy would affect the domestic demand, supply and consumption along with affecting the producer and consumer surpluses. It was estimated that increased prices would have increased production of wheat which would have generated a gain of producer’s surplus of Rs 10,682 million. On the other hand due to increased wholesale price of wheat, the domestic demand of wheat would have declined and caused a loss to consumer surplus of Rs 12,557 million. Similarly, the increased production of rice would have generated a gain of producer’s surplus of Rs 3,708 million. However, due to increase in the wholesale price of rice, its domestic demand would have declined thus causing a loss to consumers’ surplus. Overall the impact of the increase in the international price of wheat would have resulted in a net loss to Pakistan of Rs 1,875 million during 2004-05 while in case of rice it would have resulted in a gain of Rs 1,215 million in 2004-05.Trade Liberalisation, Food Crops, Export, Consumer Surplus, Comparative Advantage, Free Trade.

Corporate Governance and Firm Performance: A Case Study of Textile Spinning Firms Listed at Karachi Stock Exchange (KSE)

This paper enlightens the antecedences triggered by the governance based mechanisms upon the performance of the listed firms at Karachi Stock Exchange (KSE). For this purpose, one of the heavily contributing industries of Pakistan, the textile spinning industry has been targeted. The firms indulged within the process of empirical estimation were listed at KSE for the period of 2009 to 2017. Sources of the data were annually audited financial statements published by firms, Balance Sheet Analysis (BSA) and Financial Statement Analysis (FSA) published by the State Bank of Pakistan (SBP). The framework of study undergone descriptive analytical reasoning followed by the panel data methodological approach, utilizing fixed effect methodological adaptations at major. The results deduced that the governance based mechanisms carved by the Securities and Exchange Commission of Pakistan (SECP), upon an aggregate level, affected positively and significantly the performance of listed firms

Effect of different nutraceuticals on phytochemical and mineral composition as well as medicinal properties of home made mixed vegetable pickles.

The present study was carried out to check the effect of different nutraceuticals on antioxidant activity, total phenolic contents, total flavonoid contents, antidiabetic activity, sensory evaluation and heavy metals of mixed vegetable pickles. The results were indicated that the P3 pickle sample which contained six medicinal plant powders showed the highest antioxidant activity (87.56 ± 0.02%), total phenolic contents (77.12 ± 0.01 mg GAE/100 g), total flavonoid contents (14.67 ± 0.06 QE mg/g) and antidiabetic activity (IC50= 25.89 ± 0.07 µg/mL). The level of heavy metals was varied in all of the selected pickles but below permissible limit while according to consumer point of view all sample were accepted

DETERMINANTS OF MANUFACTURED GOODS EXPORTED FROM PAKISTAN:

This study determined the impact of foreign direct investment (FDI) along with other factors on exports of manufactured goods in Pakistan. The study employed time series data from 1990 to 2010. We applied ARDL approach to estimate the determinants of manufactured goods exported from Pakistan. Results showed that FDI, agriculture value added and technology have positive and significant impact on manufactured exports of Pakistan, while real effective exchange rate showed in negative and significant impact on manufactured exports from Pakistan. So, better environment for attracting FDI, investing in agriculture, value addition and introducing the latest technology in the country would further improve the exports of manufactured goods from the country

EFFECT OF DIFFERENT SOLVENTS ON THE CHEMICAL COMPOSITION AND ANTI-DIABETIC ACTIVITY OF ACACIA ARABICA AND ZIZYPHUS MAURITIANA

The current study was designed to investigate the effect of solvents on chemical composition and antidiabetic activity of Zizyphus mauritiana and Acacia Arabica extracts. Total five solvents were used for this purpose (100% methanol, 50% aqueous methanol, 100% ethanol, 50% aqueous ethanol and aqueous). The data obtained from the investigation was subjected to the statistical analysis by using analysis of variance technique. The present study revealed that maximum antioxidant activity was attributed to Acacia arabica (96.53 ± 0.46%) followed by Zizyphus mauritiana (94.33 ± 0.52% by 50% aqueous ethanol extracts). Maximum total phenolic content of both Zizyphus mauritiana and Acacia arabica (670.83 ± 1.46 mg GAE/100g and 934.34 ± 0.89 mg GAE/100g) were shown by 50% aqueous ethanol extracts while maximum total flavonoid content (146.36 ± 0.81 mg QE/100 g, 172.52 ± 0.99 mg QE/100 g) was exhibited by 50% aqueous ethanol extract. The maximum (IC 50= 49.63 ± 0.12 µg/mL) antidiabetic activity was found in aqueous extract of Acacia arabica while in Zizyphus mauritiana the aqueous extract indicated excellent (IC 50= 46.90 ± 0.23 µg/mL) antidiabetic activity

Impact of WTO’s Trade Liberalisation on Selected Food Crops in Pakistan

There is a great potential in Pakistan for production of all types of food commodities due to vast natural resource base, covering various ecological and climatic zones. Most of the agricultural commodities produced in the country are consumed by the local population while the rest is exported in the form of primary products and some value added products. Previously, Pakistani products had a good market overseas with no restrictions of quality and quantity but under the changing environment affected by WTO, it is expected that Pakistan will face a strong competition in the agriculture sector from its competitors in the world market. According to the neoclassical trade theory, trade flows and pattern will develop along the lines of comparative advantage and competitiveness that can act as indicators of trade potential and direction. There has been extensive government involvement in the determination of the overall structure of agriculture and its patterns of production, employment and trade. Pakistani government has been intervening in agriculture sector in the past in order to support agricultural production, income supports, ensure food security, improve the balance of trade, reduce consumer prices, address environmental and regional concerns and to pursue sanitary and phyto-sanitary objectives [Hassan (1995)]. Pakistan is a founding member of the General Agreement on Tariffs and Trade (GATT) since its creation. Following the Uruguay Round negotiations, all agricultural products were brought under multinational trade rules by WTO, under the Agreement on Agriculture. This established a framework to begin liberalising agricultural trade through the reduction of import duties (tariffs), trade-distorting production subsidies and export subsidies. Prior to the Uruguay Round, trade in agriculture was highly distorted. Market access for agricultural products was limited as most markets were restricted by physical import barriers. The presence of massive domestic subsidies led to overproduction of temperate crops in the developed countries that led to excess supply, and export subsidies were used to dump the surplus agricultural output in international markets. This resulted in depressed market prices and, in spite of being low-cost producers of agricultural products; developing countries could not compete with the subsidised exports from developed countries

What Are Your Children Watching? Teacher’s Evaluation of the Educational, Emotional, Behavioral, Psychological, Physical & Religious impacts of Cartoons on the School going Children

Cartoons in the era of digital media are among the most prevalent medium of entertainment for the children, parents also encourage them to view such contents to engage the children which make an area need to be explained exhaustively by adopting new approaches. There are lot of studies in the past conducted to explain the impacts of the cartoons on the children however, it is remarkable fact that there is lack of the studies in the literature which directly address the observation about the above mentioned impacts in view of the teacher’s. This study deals with the educational, emotional, behavioral and Religious etc. impacts of cartoons on kids in view of teachers of the primary schools as they are considered as the one who can observer these impacts in a profound way. of the of Multan. Different areas of impacts have been analyzed in this study by using survey technique and analysis is conducted and presented in the teacher’s views in this study to examine what they feel that how cartoons are effecting the personalities of the children. Keywords: Educational impacts, Emotional Impacts, Behavioral Impacts, Psychological Impacts, Physical Impacts, Religious Impacts

Voice and Votes—Does Political Decentralisation Work for the Poor and for Women? Empirical Evidence from the 2005 Local Government Elections in Pakistan

Decentralisation is associated with the hope that “bringing government closer to the people” will improve the provision of public services by increasing people’s voice in decision-making, and by making the government more accountable to them. Decentralisation is also associated with the hope that disadvantaged groups of society, including the poor and women, will have better possibilities to exercise voice at the local level. Some countries have combined decentralisation with affirmative action, for example, by reserving seats in local councils for women and other disadvantaged groups. Yet the empirical evidence regarding the impacts of decentralisation has been mixed [Bardhan (2002); von Braun and Grote (2002); Jütting, et al. (2004); Steiner (2005)]. In many cases, political decentralisation has not been associated with fiscal and administrative decentralisation, thus limiting the scope of what local governments can actually do. Building capacity at the local level and overcoming coordination problems has been another challenge. Local elite capture has been identified as a major problem that can prevent positive effects of decentralisation for the poor, especially in societies with hierarchical power structures at the local level [Bardhan (2002)]. With regard to gender, there are concerns that decentralisation—even if associated with affirmative action—will not be sufficient to overcome gender-based discrimination. Again, the empirical evidence is mixed [ADB (2004)]. Chatthobadhay and Duflo (2004) found that that women who were elected as village leaders under the reservation policy in the Indian states of West Bengal and Rajastan invested more in those public goods that more closely linked to women’s concerns, such as drinking water. Baden (1999) showed that it depends on local power structures and on the availability and competition over resources whether or not women benefit from decentralisation. In view of the mixed results, important knowledge gaps remain regarding the possibilities to promote public service provision for the poor and for women through political decentralisation and associated affirmative action