189 research outputs found

    SUSTAINABLE GROWTH OF NONFINANCIAL FIRMS: MICROECONOMETRIC EVIDENCE FROM PAKISTAN

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    This research has investigated the sustainability of growth of nonfinancialfirms in case of Pakistan. For this purpose, explanatoryvariable of earnings per share and total assets turnover were used ascontrolling factors and liquidity, size and cash flows were used asindependent variables. Balanced panel of 27 firms with 24 annualtime dimensions has been used from 1988 to 2011. Model specificationcriteria were in favour of pooled least squares but due to heterogeneityof firms, fixed effect model was opted for. The results of research wererobust against internal growth but not robust to sustainable growthindicating that, in case of Pakistan, the leverage impact, which is thekey difference between internal growth and sustainable growth mightbe playing some unexplained role for the growth of nonfinancial firms.For steady, regular and internal growth, liquidity and cash generationability are playing a significant role but fail to support growth in thelong run and in a sustainable way

    A Binary Logistic Analysis of the Working Status of Mothers and Impact on the Health and Education of Their Children

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    The present study investigates the impact of working status of the mothers on the health and education of their children. The results are based on observations obtained by the working women. The factors which were found significant in playing their role are joint family system, supportive husband, teaching children by themselves, using different sources to teach the children, allowing children to play outside, taunting the children, taking care of the health of their children by taking care of different factors, providing the proper medical and educational facilities, providing the proper time to them, attending the parents teacher meeting, checking the class work of the children regularly, keeping proper check on the children and the mental stress to them

    Modeling the Role of Maternal Care in the Educational and Health Development of the Children

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    Mothers play different roles in their family which has an effect on  health and well being of all members of the family specially on children. Almost in all different societies around the world, they have been assigned to be primary care-givers to infants and children. The present study investigates the relationship of maternal care and its effects on the educational performance and health of children in Pakistan from a statistical perspective. The modeling and significance has been established by measures of association and automated linear regression

    A Review and Identification of Aspects that Contribute towards Creation of Audit Expectation Gap, a Step towards Narrowing This Gap

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    Bridging of something requires a gap, and Audit expectation gap still exists since the time it was identified in 1970s, and to cover a gap requires identification of areas which needs to be covered, specially the areas which are the reason of creation of this gap. This paper attempts to expand the literature by identifying the factors which result in creation of this gap through a comprehensive review of literature, specially focusing the key countries in which studies are made regarding audit expectation gap as well as to highlight the groups among which the audit expectation gap exists, so that all necessary aspects should be taken into necessary consideration, and necessary attempts should be made to cover it. It is revealed that audit expectation gap exists due to difference of opinions about the factors like auditors’ role with respect to company and financial statements, audit knowledge, auditor’s attitude towards their profession, audit process, auditors’ independence, fraud detection, importance of auditing, preparation of financial statements, performance of company, parties to whom auditors are responsible, prohibitions and regulations of audit firm, reliability of financial reports and usefulness of financial statements among auditors, accountants, bankers, brokers, creditors, directors, educators, government, investors, journalists, jurors, shareholder, students and government. Various policy implications are also discussed herewith. Keywords: fraud, auditors, accountants, auditors’ responsibilities, expectation

    Economic Forces and Stock Markets under Arbitrage Price Theory: Empirical Evidence from Turkey

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    Our aim is to identify common risk factors among some pre-determined macroeconomic variables in a way that whether they are presented significant risk premiums in pricing equation that was given above. First we identified number of potential factors explaining returns in Turkish markets as suggested by Ross (1980) when presented APT. We found two factors were significantly explaining returns and then to find out which factor they are. we have used methodology of Chen, Roll, Ross (1986) where we have ranked portfolios according to size (market capitalization) and portfolio returns are calculated as log-returns. Our main results have showed that stock returns are exposed to systematic economic news that they are priced in accordance with their exposures. Those variables in our study are MP, DEI, BIST 100, BIST 30 and CG that must be given importance for considering their impact on stock returns. Keywords: Arbitrage Pricing Theory, Factors Analysis, Economic Forces, Macroeconomic Factor

    Impact of Capital Structure on Banking Performance

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    This paper examines the impact of capital structure on bank performance. The study spreads empirical work on capital structure determinants of banks within country and foreign country. Multiple reversion models are useful to evaluation the relationship between capital structure and banking performance. Performance is measured by return on assets, return on equity and earnings per share. Determinants of capital structure contains long term debt to capital ratio, short term debt to capital ratio and total debt to capital ratio. Results of the study validated a positive relationship between factors of capital structure and performance of banking industry. Keywords: Banking Performance, Optimal Capital Structure, Return on Assets, Return on Equity, Earning Per Share

    Sensibilidade do fluxo de caixa de investimento em empresas paquistanesas familiares

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    Different governance structure of family owned firms may impact their investment decisions and hence performance in the long run. This study investigates the impact of family ownership and control on investment-cash flow sensitivity of family owned firms listed in Pakistan Stock Exchange. Using the ownership threshold of >50% share holdings, panel data of 135 firms is analyzed from 2004-2017. Generalized Method of Moments (GMM) was used to estimate the coefficients of model. Results reveal the financing decisions are significantly sensitive to the cash flows generated by the firms in a credit constraint environment. The study recommends policy makers to facilitate capital funding to family owned firms and encourage the placement of professional CEOs instead of family members.La mayoría de la estructura de gobierno de la familia de propiedad propia puede afectar sus inversiones tomadas y rendimiento en el largo plazo. Este estudio investiga el impacto de la propiedad de la propiedad y el control en la inversión de flujo de flujo de la población de la sociedad de propiedad de la sociedad en cuestión. El uso de la propiedad de propiedad del 50% de los contenedores, se establece el certificado de seguridad de 135 de 135 a partir de 2004-2017. Se utilizó el método utilizado para medir los coeficientes del modelo (GMM). Los resultados que muestran las medidas de aprobación son sensibles a los flujos de flujo generados por la entidad en un entorno de restricción de contenido. El estudio considera que los responsables de la política de toma de posesión de capital para una sociedad de propiedad privada y la colocación de profesionales profesionales en lugar de miembros de familia.Diferentes estruturas de governança de empresas familiares podem afetar suas decisões de investimento e, portanto, o desempenho a longo prazo. Este estudo investiga o impacto da propriedade familiar e controle sobre a sensibilidade do fluxo de caixa de investimento das empresas familiares listadas na Bolsa de Valores do Paquistão. Utilizando o limite de propriedade de mais de 50% das participações acionárias, os dados de painel de 135 empresas são analisados de 2004 a 2017. O Método Generalizado de Momentos (GMM) foi utilizado para estimar os coeficientes do modelo. Os resultados revelam que as decisões de financiamento são significativamente sensíveis aos fluxos de caixa gerados pelas empresas em um ambiente de restrição de crédito. O estudo recomenda formuladores de políticas para facilitar o financiamento de capital para empresas familiares e incentiva a colocação de CEOs profissionais em vez de membros da família

    Increasing Trend of Mergers and its Impact on the Bottom Line: Evidence from Pakistan’s Banking Sector

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    Aim of this study is to provide the information to the bankers, government authorities, employees and the investor of the financial institutions about the impact of the merger on the performance of the banks. For this purpose, financial ratios such as the liquidity ratio, loan to deposit ratios are measured to see the short term paying capacity of the banks. Investment ratio such as earning asset to total asset ratio; solvency ratio such as “deposit time capital”; equity capital to total asset, profitability ratios include the interest margin to earning asset are used to analyze the impact of merger and on bank performance. By using ratio analysis, the study concludes if the merger and have a positive relationship with merger
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