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

Management Accounting Research and Structuration Theory: A Critical Realist Critique

The article extends the critique of structuration theory from a critical realist perspective, in particular by demonstrating how its theoretical shortcomings are manifest in management accounting research. Examining of one of the most cited structuration-based accounting studies and other more recent structuration-based accounting studies, the article highlights what accounting researchers who have embraced a structuration lens may have ignored. It also demonstrates why accounting researchers could not get a better theoretical purchase out of structuration. We find that a critical realist account provides a far more in-depth account of budgeting changes and is likely to avoid the problems encountered in using a structuration theoretical lens. The article has important implications for accounting researchers as it demonstrates that analytical dualism instead of duality has much better potential to offer deeper understanding of accounting changes

Análisis de fugas de datos en redes inalámbricas mediante pruebas supervisadas y no supervisadas

Due to an increasing number of wireless spectrums, the multiple frequencies are tangling resource management process that results hindrance in operation. In addition, the previous data become vulnerable when reports are received for data leakage enigma. In this situation, it is indispensable to secure the data in the dataset and detect the actual amount of data during resource transformation mechanism in wireless networks. A system as been developed to detect the leaked data using supervised and unsupervised testing technique by conducting simulation in Python. The targeted and actual outcome is obtained which deduced through supervised and undersized testing, the outcome remained 96.03%, and 94.53% respectively.Debido al creciente número de espectros inalámbricos, las múltiples frecuencias están enredando el proceso de gestión de recursos, lo que dificulta el funcionamiento. Además, los datos anteriores se vuelven vulnerables cuando se reciben informes de enigma de fuga de datos. En esta situación, es indispensable asegurar los datos en el conjunto de datos y detectar la cantidad real de datos durante el mecanismo de transformación de recursos en redes inalámbricas. Se ha desarrollado un sistema para detectar la fuga de datos utilizando técnicas de prueba supervisadas y no supervisadas mediante simulación en Python. Se obtienen los resultados previstos y reales, que se reducen mediante pruebas supervisadas y no supervisadas, el resultado sigue siendo del 96,03% y 94,53% respectivamente

A Clinical Study of Newborns with Tachypnea: Frequency, Aetiologies and their Outcome

Aims & Objectives: To estimate the frequency, aetiologies and outcome of neonates admitted with Tachypnea in Neonatal Intensive Care Unit (NICU) FGPC PGMI Islamabad.To identify the causes of Tachypnea in newborns, analyze outcome at present, and to plan better outcome in futureMaterials & Methods: A prospective study was conducted at Neonatal Intensive Care Unit of Federal Government Polyclinic Hospital PGMI from 1st June 2016 till 31st July 2017.Data were collected from all patients enrolled in the study during this period. Aim of our study is to identify the causes of Tachypnea in newborns, analyze outcome at present, and to plan better outcome in future.Results: Total 826 neonates were admitted, of which 248 were enrolled in the study. The frequency of tacyopnea was found to be 29.9%.The commonest causes of Tachypnea in our study were Respiratory distress syndrome 82 cases (33.1%), Transient Tachypnea of newborn 71 cases (28.6%) , Meconium Aspiration syndrome 31 cases (12.5%), Congenital heart disease 17 cases (6.8%).Cesearean section was the most common predisposing factor associated with development of  RDS & TTN( the two most common causes of respiratory distress in our study) 146 (58.9%) cases. The mortality rate of tacyopnea in our study was 103 cases (41.5%).Conclusion: Tachypnea is one of the most common problems encountered in neonatal ICUs of which RDS, TTN, MAS and CHD are the common ones. Prematurity, low birth weight neonates and neonates born via Cesearean section show a poorer outcome, needing advanced respiratory support and longer duration of hospital stay. Thus, timely decisions regarding the mode of delivery, prevention of preterm deliveries, and appropriate management of Tacyopnea may reduce neonatal mortality

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

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

5 Years Mortality of Severe Traumatic Brain Injury during the Establishment of Closed System Neurocritical Care Unit in a Resource Constrained Developing Country

Background & Objectives: Severe traumatic brain injury is one of the leading causes of mortality and morbidity.Efficient management of severe traumatic brain injury demands a specialty driven focused intensive care. We developed our model of closed ICU driven by Neurosurgical Neurointensivist and the corollary to thiscommitment is a TBI patient centered Neurocritical care with the capacity and capability to deal with most of the neurological illnesses.Materials & Methods: A prospective study was conducted to find out the impact of the establishment of closed system of neurocritical care on 5 year mortality of severe TBI. Total 1288 patients met the inclusion criteria, which were enrolled. Tabulation was done for gender, age range, Glasgow outcome scale and mortality.Results: It was observed that mortality reduced from 47% to 35% over a span of five years. The most common age range was 30-40 years, which is the most productive group of any population. Bed sore incidence is always on rise in any ICU. After the implementation of SOPs based management and increase in nursing staff theincidence of bedsore also showed a detrimental pattern from 35 % to 19%.Conclusion: Neurocritical care unit is proven to be an integral part of any neurosurgical unit and this closed system of NCC unit provide best SOP based care with significant reduction in mortality of patients with STBI