Economic Factors Influencing Corporate Capital Structure in Three Asian Countries: Evidence from Japan, Malaysia and Pakistan

This study is an attempt to determine the factors that influence a firm’s choice of capital structure in three Asian countries: Japan, Malaysia and Pakistan. The specific objective is to investigate if country’s economic factors play a significant role in determining capital structure between markets. These countries are chosen in order to represent three different stages of economic development. Literature review reveals that considerable research has been made in the industrialized countries on the similar topic. Capital structure is one of the most complex areas of strategic financial decision making due to its interrelationship with macroeconomic variables. This study reveals that per capita GNP growth for Japan and Malaysia is significantly related to capital structure of firm and higher economic growth tends to cause to use more long term debt. These results for Pakistan are different from those other two countries. This also shows that inefficiencies coupled with high leverage may entangle Pakistani firms in debt trap. The indicator of prime lending rate is the most decisive factor affecting demand for credit for Japan and Malaysia. It is evident from the analysis that financial liberalization provides major support in the development of capital structure and overall corporate sector in all the three countries.Capital Structure, Business Cycle, Liquidity, Economic Growth

Livlihood Diversification and Opinion Polls’ Analysis: Evidence From Tharparkar-Sindh (Pakistan)

In this paper attempt has been made: (i) to analyse the opinion poll of Tharis about livilihood and its diversifaction, (ii) to identify the livlihood available resources and attitute of Tharis to these resources. Poll question’s answers are analysed accordingly to draw conclusion from this analysis. Study reveals that Tharis have interest in agriclture especially livestock being their main source of livelihood and crops are failed due to shortage of rain fall. Sheep and Goats are the main growing livestock of Thar and Tharis love to rear these cashable livestocks with intrest because it is easily saleable. Thus it is the sustainable source of income for them. In Thar District the agriculture can be linked to rain falls only. Attitude of Tharis indicates that some of them are ready to divert from conventional agricultural work to other income generating businesses. Therefore, there is a need to create awareness about new opportunities within their district.Livilihood Diversification; Tharparkar; Agroculture; Livestock; Sustanable Source

Economic Factors Influencing Corporate Capital Structure in Three Asian Countries: Evidence from Japan, Malaysia and Pakistan

This study is an attempt to determine the factors that influence a firm’s choice of capital structure in three Asian countries: Japan, Malaysia and Pakistan. The specific objective is to investigate if country’s economic factors play a significant role in determining capital structure between markets. These countries are chosen in order to represent three different stages of economic development. Literature review reveals that considerable research has been made in the industrialized countries on the similar topic. Capital structure is one of the most complex areas of strategic financial decision making due to its interrelationship with macroeconomic variables. This study reveals that per capita GNP growth for Japan and Malaysia is significantly related to capital structure of firm and higher economic growth tends to cause to use more long term debt. These results for Pakistan are different from those other two countries. This also shows that inefficiencies coupled with high leverage may entangle Pakistani firms in debt trap. The indicator of prime lending rate is the most decisive factor affecting demand for credit for Japan and Malaysia. It is evident from the analysis that financial liberalization provides major support in the development of capital structure and overall corporate sector in all the three countries

Economic Factors Influencing Corporate Capital Structure in Three Asian Countries: Evidence from Japan, Malaysia and Pakistan

This study is an attempt to determine the factors that influence a firm’s choice of capital structure in three Asian countries: Japan, Malaysia and Pakistan. The specific objective is to investigate if country’s economic factors play a significant role in determining capital structure between markets. These countries are chosen in order to represent three different stages of economic development. Literature review reveals that considerable research has been made in the industrialized countries on the similar topic. Capital structure is one of the most complex areas of strategic financial decision making due to its interrelationship with macroeconomic variables. This study reveals that per capita GNP growth for Japan and Malaysia is significantly related to capital structure of firm and higher economic growth tends to cause to use more long term debt. These results for Pakistan are different from those other two countries. This also shows that inefficiencies coupled with high leverage may entangle Pakistani firms in debt trap. The indicator of prime lending rate is the most decisive factor affecting demand for credit for Japan and Malaysia. It is evident from the analysis that financial liberalization provides major support in the development of capital structure and overall corporate sector in all the three countries

Livlihood Diversification and Opinion Polls’ Analysis: Evidence From Tharparkar-Sindh (Pakistan)

In this paper attempt has been made: (i) to analyse the opinion poll of Tharis about livilihood and its diversifaction, (ii) to identify the livlihood available resources and attitute of Tharis to these resources. Poll question’s answers are analysed accordingly to draw conclusion from this analysis. Study reveals that Tharis have interest in agriclture especially livestock being their main source of livelihood and crops are failed due to shortage of rain fall. Sheep and Goats are the main growing livestock of Thar and Tharis love to rear these cashable livestocks with intrest because it is easily saleable. Thus it is the sustainable source of income for them. In Thar District the agriculture can be linked to rain falls only. Attitude of Tharis indicates that some of them are ready to divert from conventional agricultural work to other income generating businesses. Therefore, there is a need to create awareness about new opportunities within their district

Assessing farmers’ perspectives on climate change for effective farm-level adaptation measures in Khyber Pakhtunkhwa, Pakistan

Agriculture is considered as the backbone of the economy of Pakistan. However, current changes in climate have been adversely affecting agricultural productivity. In this paper, perceived impacts of climate change on agriculture and adaptation towards it have been studied in Charsadda district (lowlands) of Khyber Pakhtunkhwa province of Pakistan through extensive field surveys, involving 116 farm households. Results have revealed that climate change factors including fluctuating temperature, evidence of yearly long droughts, and a steady shift in rainfall patterns have pressured the agriculture sector and livelihoods of the local peasants. The staggering floods of 2010 and 2011 in Pakistan have evidenced severe climatic changes in Pakistan. These countrywide floods have washed fertile soil in the study area that has directly contributed to losses in agricultural yield and increased vector-borne diseases in crops. The local farmers have commonly deployed adaptive measure such as crops diversification, changing fertilizer, and planting shaded trees to minimize the impacts of changes in climate. However, these adjustments measures are perceived as not appropriate for improving farm yield. Therefore, the study suggests that improved understanding of the climate change impacts and knowledge on adapting adequately will lead to no-regret adaptation. It will also help protecting farmer's lives and livelihoods and will boost their resilience towards changing climatic conditions