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

The Mediation Effect of Trusting Beliefs on the Relationship Between Expectation-Confirmation and Satisfaction with the Usage of Online Product Recommendation

Online Product Recommendations (OPRs) are increasingly available to onlinecustomers as a value-added self-service in evaluating and choosing a product.Research has highlighted several advantages that customers can gain from usingOPRs. However, the realization of these advantages depends on whether and towhat extent customers embrace and fully utilise them. The relatively low OPR USAgerate indicates that customers have not yet developed trust in OPRs’ performance.Past studies also have established that satisfaction is a valid measure of systemperformance and a consistent significant determinant of users’ continuous systemusage. Therefore, this study aimed to examine the mediation effect of trustingbeliefs on the relationship between expectation-confirmation and satisfaction. Theproposed research model is tested using data collected via an online survey from626 existing users of OPRs. The empirical results revealed that social-psychologicalbeliefs (perceived confirmation and trust) are significant contributors to customersatisfaction with OPRs. Additionally, trusting beliefs partially mediate the impactof perceived confirmation on customer satisfaction. Moreover, this study validatesthe extensions of the interpersonal trust construct to trust in OPRs and examinesthe nomological validity of trust in terms of competence, benevolence, andintegrity. The findings provide a number of theoretical and practical implications.&nbsp

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

Bromidobis(N,N′-diphenyl­thio­urea-κS)copper(I) monohydrate

In the title compound, [CuBr(C13H12N2S)2]·H2O, the CuI atom adopts a slightly distorted trigonal-planar coordination arising from two S atoms of two diphenyl­thio­urea ligands and a bromide ion. There are two intra­molecular N—H⋯Br hydrogen bonds completing twisted six-membered rings with R(6) motifs. The dihedral angles between the aromatic rings in the ligands are 62.11 (13) and 85.73 (13)°. In the crystal, components are linked by N—H⋯O, O—H⋯S and O—H⋯π inter­actions. There also exist π–π inter­actions with a distance of 3.876 (2) Å between the centroids of benzene rings of two different ligands. Together, the inter­molecular inter­actions lead to a three-dimensional network

Impact of Monetary Policy on Inflation Rate in Pakistan

This research paper empirically examines the relationship between the monetary policy and inflation and investigates the impact of monetary policy attributes such as Gross domestic product (GDP),Interest rate, export, Money Supply(M2),Foreign Direct lnvestment(FDI) and inflation on the economy of Pakistan. Multiply regression ordinary least square correlation analysis is used in estimating relationship between the monetary policy and inflation and their impact on economy of Pakistan measure as the GDP, interest rate, Money supply, Export. For analysis the 20 year

Pair production of heavy charged gauge bosons in pppp collisions at LHC

Two opposite charged new heavy gauge boson pair production at the Large Hadron Collider (LHC) is presented in this paper. These bosons are known as $W^{'}$ boson due to the reason that it is the heavy version of Standard Model's weak force carrier, the $W$ boson. The production cross section and decay width in proton-proton ($pp$) collision at \sqrts~= 8 TeV are calculated for different masses and coupling strengths of $W^{'}$. Efficiencies for different signal regions and branching ratios for different decay channels are computed. In this study, the pair production ($W^{'^{+}}W^{'^{-}}$) is considered in emerging new physics as a result of $pp$ collision at \sqrts~= 8 TeV at the LHC with final state containing two tau ($\tau$) leptons and two neutrinos (each $W^{'}$ decay to $\tau$ and its neutrino). The event selection efficiency similar to the CMS experiment is used for the mass of $W^{'}$ to set lower limits for different coupling strengths of $W^{'}$ and results are presented in this work. For heavy gauge bosons, when coupling strength is similar to that of Standard Model's $W$ boson, the mass of $W^{'}$ below 305 GeV are excluded at confidence level of $95\%$.Comment: 21 pages, 16 figure

Pyrrolizine-5-carboxamides: Exploring the impact of various substituents on the anti-inflammatory and anticancer activities

Towards optimization of the pyrrolizine-5-carboxamide scaffold, a novel series of six derivatives (4a-c and 5a-c) was prepared and evaluated for their anti-inflammatory, analgesic and anticancer activities. The (EZ)-7-cyano-6-((4-hydroxybenzylidene)amino)-N-(p-tolyl)-2,3-dihydro-1H-pyrrolizine-5-carboxamide (4b) and (EZ)-6-((4-chlorobenzylidene)-amino)-7-cyano-N-(p-tolyl)-2,3-dihydro-1H-pyrrolizine-5-carboxamide (5b) bearing the electron donating methyl group showed the highest anti-inflammatory activity while (EZ)-6-((4-chlorobenzylidene)amino)-7-cyano-N-phenyl-2,3-dihydro-1H-pyrrolizine-5-carboxamide (5a) was the most active analgesic agent. Cytotoxicity of the new compounds was evaluated against the MCF-7, A2780 and HT29 cancer cell lines using the MTT assay. Compounds 4b and 5b displayed high anticancer activity with IC50 in the range of 0.30–0.92 µmol L–1 against the three cell lines, while compound (EZ)-N-(4-chlorophenyl)-7-cyano-6-((4-hydroxybenzylidene)-amino)-2,3-dihydro-1H-pyrrolizine-5-carboxamide (4c) was the most active against MCF-7 cells (IC50 = 0.08 µmol L–1). Both the anti-inflammatory and anticancer activities of the new compounds were dependent on the type of substituent on the phenyl rings. Substituents with opposite electronic effects on the two phenyl rings are preferable for high cytotoxicity against the MCF-7 and A2780 cells. COX inhibition was suggested as the molecular mechanism of the anti-inflammatory activity of the new compounds while no clear relationship could be observed between COX inhibition and anticancer activity. Compound 5b, the most active against the three cell lines, induced dose-dependent early apoptosis with 0.1–0.2 % necrosis in MCF-7 cells. New compounds showed promising drug-likeness scores while the docking study revealed high binding affinity to COX-2. Taken together, this study highlighted the significant impact of the substituents on the anti-inflammatory and anticancer activity of pyrrolizine-5-carboxamides, which could help in further optimization to discover good leads for the treatment of cancer and inflammation

Investigation of input and output energy for wheat production : a comprehensive study for Tehsil Mailsi (Pakistan)

The global increasing food demand can be met by efficient energy utilization in mechanized agricultural productions. In this study, input–output energy flow along with CO2 emissions for different wheat production cases (C-I to C-V) were investigated to identify the one that is most energy-efficient and environment-friendly case. Data and information about input and output sources were collected from farmers through questionnaires and face-to-face interviews. Input and output sources were converted into energy units by energy equivalents while CO2 emissions were calculated by emission equivalents. Data envelopment analysis (DEA) was conducted to compare technical efficiencies of the developed cases for optimization of inputs in inefficient cases. Results revealed that case C-Ⅴ (higher inputs, larger fields, the tendency of higher fertilizer application and tillage operations) has the highest energy inputs and outputs than the rest of the cases. Moreover, it possesses the lowest energy use efficiency and energy productivity. The highest CO2 emissions (1548 kg-CO2/ha) referred to C-Ⅴ while lowest emissions per ton of grain yield were determined in C-Ⅳ (higher electricity water pumping, moderate energy input). The grain yield increases directly with input energy in most of the cases, but it does not guarantee the highest values for energy indices. C-Ⅲ (moderate irrigations, educated farmers, various fertilizer applications) was found as an optimum case because of higher energy indices like energy use efficiency of 4.4 and energy productivity of 153.94 kg/GJ. Optimum input and better management practices may enhance energy proficiency and limit the traditionally uncontrolled CO2 emissions from wheat production. Therefore, the agricultural practices performed in C-Ⅲ are recommended for efficient cultivation of wheat in the studied area.The global increasing food demand can be met by efficient energy utilization in mechanized agricultural productions. In this study, input–output energy flow along with CO2 emissions for different wheat production cases (C-I to C-V) were investigated to identify the one that is most energy-efficient and environment-friendly case. Data and information about input and output sources were collected from farmers through questionnaires and face-to-face interviews. Input and output sources were converted into energy units by energy equivalents while CO2 emissions were calculated by emission equivalents. Data envelopment analysis (DEA) was conducted to compare technical efficiencies of the developed cases for optimization of inputs in inefficient cases. Results revealed that case C-Ⅴ (higher inputs, larger fields, the tendency of higher fertilizer application and tillage operations) has the highest energy inputs and outputs than the rest of the cases. Moreover, it possesses the lowest energy use efficiency and energy productivity. The highest CO2 emissions (1548 kg-CO2/ha) referred to C-Ⅴ while lowest emissions per ton of grain yield were determined in C-Ⅳ (higher electricity water pumping, moderate energy input). The grain yield increases directly with input energy in most of the cases, but it does not guarantee the highest values for energy indices. C-Ⅲ (moderate irrigations, educated farmers, various fertilizer applications) was found as an optimum case because of higher energy indices like energy use efficiency of 4.4 and energy productivity of 153.94 kg/GJ. Optimum input and better management practices may enhance energy proficiency and limit the traditionally uncontrolled CO2 emissions from wheat production. Therefore, the agricultural practices performed in C-Ⅲ are recommended for efficient cultivation of wheat in the studied area.King Saud University, Riyadh, Saudi Arabi

Xanthogranulomatous Cholecystitis Mimicking as Gallbladder Carcinoma：A Caution for Hepatobiliary Surgeon

Background: Xanthogranulomatous Cholecystitis (XGC) is a destructive inflammatory process of the gall bladder which can rarely extend into neighboring structures mimicking advanced carcinoma of the gall bladder. To the best of our knowledge six such cases have been reported in medical literature in which Xanthogranulomatous cholecystitis had lead to involvement of surrounding structures. Preoperative diagnosis of such a lesion remains difficult and most of such cases are diagnosed postoperatively following resectional surgery. Case Presentation: A 40 years old lady was admitted with the clinical picture of cholecystitis and gastric outlet obstruction. Ultrasonography showed gall stones with pericholecystic collection communicating with GB lumen. CT scan showed a mass arising from gallbladder with pericholecystic fluid with gross distension of the stomach. LFTs, CEA and CA 19-9 levels were within normal limits. Endoscopy of the stomach showed an apparently non-epithelial rounded mass projecting into gastric lumen causing partial obstruction of the gastric outlet. On exploration, a firm mass involving gallbladder and stomach was identified for which en-bloc extended cholecystectomy and Billroth-II gastrectomy was performed. Histopathology of the specimen revealed XGC with secondary involvement of pylorus of the stomach.Conclusion: Given the rarer preoperative diagnosis of XGC, which morphologically and radiologically mimics carcinoma, such cases should be managed aggressively. A brief literature review has also been discussed