Whether Companies Need to be Concerned about Corporate Social Responsibility for their Financial Performance or Not? A Perspective of Agency and Stakeholder Theories

Present study used the theoretical framework of both the Agency and Stakeholder theories in order to empirically investigate the importance of Corporate Social Responsibility (CSR) for the financial performance (FP) of firm both in the short and long run. According to the agency theory approach core motive of the company’s existence is to maximize their owner’s wealth and therefore spending on other stakeholders in the form of CSR is an additional cost that leads to decrease in the FP. Contrary to this, Stakeholder theory argues that firms should satisfy the social needs of various stakeholders and perform CSR as it protects the firm from negative confrontations and boycotts of their stakeholders that reduces the operating cost and boosts the financial performance. A sample of 76 Pakistani manufacturing firms listed at Karachi Stock Exchange has been used for the time period ranged from 2009-2012. A series of tests like F-test, LM-test and Hausman-test have been applied to identify optimum panel data model and Random model found to be the appropriate one. Results of Generalized Least Square Regression results revealed that CSR has a positive impact not only on the short term financial performance of Pakistani manufacturing firms but also helped them to maintain the sustainable long term financial performance

Whether Companies Need to be Concerned about Corporate Social Responsibility for their Financial Performance or Not? A Perspective of Agency and Stakeholder Theories

Present study used the theoretical framework of both the Agency and Stakeholder theories in order to empirically investigate the importance of Corporate Social Responsibility (CSR) for the financial performance (FP) of firm both in the short and long run. According to the agency theory approach core motive of the company’s existence is to maximize their owner’s wealth and therefore spending on other stakeholders in the form of CSR is an additional cost that leads to decrease in the FP. Contrary to this, Stakeholder theory argues that firms should satisfy the social needs of various stakeholders and perform CSR as it protects the firm from negative confrontations and boycotts of their stakeholders that reduces the operating cost and boosts the financial performance. A sample of 76 Pakistani manufacturing firms listed at Karachi Stock Exchange has been used for the time period ranged from 2009-2012. A series of tests like F-test, LM-test and Hausman-test have been applied to identify optimum panel data model and Random model found to be the appropriate one. Results of Generalized Least Square Regression results revealed that CSR has a positive impact not only on the short term financial performance of Pakistani manufacturing firms but also helped them to maintain the sustainable long term financial performance

Epidemiology and Risk Factor Analysis of Fasciolosis in Buffaloes in District Bagh, Azad Kashmir, Pakistan

Fasciolosis is a cosmopolitan parasitic disorder cause great economic decline in cattle and buffaloes in terms of poor carcasses quality decrease in meat and milk production, malfunctioning of livers and weight loss. This research work was carried out in district Bagh, Azad Jammu and Kashmir, Pakistan, extending from December 2016 to May 2017. During this study 200 fecal sample from Buffaloes (Bablus bubalis) of the study area were collected, it was found that 40 percent fecal samples contain eggs of Fasciola hepatica and 60 percent fecal samples were negative. Liver samples of slaughtered buffaloes were also examined during study period and it was found that 74 samples have faciola, out of 200 samples, so 37 per cent samples contain F. hepatica and 63 per cent buffaloes liver samples were negative. It was observed that 19.25% animals of the area have parasites in their body, which are causing economic losses to the owners, in the form of less production of milk and meat and more mortality among the livestock and damages to farmers

UPLC-MS: An Emerging Novel Technology and Its Application in Food Safety

Over the past decade, food safety has become an important issue worldwide due to higher incidences of food contamination. Currently, one of the great challenges in food safety is the analysis of emerging food contaminants. Moreover, the scope, relevance, and level of food safety and testing have never been in such complexity than in today’s global marketplace. In recent years, a novel technology ultra performance liquid chromatography (UPLC) coupled with mass spectroscopy (MS) has been developed to estimate the food contaminants, as well as food components with better accuracy, sensitivity, precision, and high throughput. UPLC–MS works on van Deemter principle, which states that, the flow rate of smaller particles are much faster in compare with large particles as well as unfolding the correlation of flow rate and plate height. Additionally, various food components as well as food contaminants such as vitamins, amino acid, metabolite identification, adulteration, forensic testing, toxicity studies, phytoconstituents, pesticide in agriculture, antibiotic residue, hormones, dyes and pigment analysis can be performed using UPLC–MS. Moreover, uniqueness of UPLC-MS and its wide range of application makes it an important tool for food safety laboratory around the world

The Impact of Working Capital Management on Firms Financial Performance: Evidence from Pakistan

The purpose of this study was to empirically explore the impact of working capital management on firms performance of chosen manufacturing firms listed in Karachi Stock Exchange (KSE). The quantitative research methods, correlation matrix and multiple regressions, secondary data and purposive sampling have been worked out. A random sample of 50 listed non-financial companies on Pakistani Stock Market was selected for the period ranging from year 2005 to 2014. The working capital management has been used as an independent variable i.e. inventory turnover (ITO), cash conversion cycle (CCC), average collection period (ACP), and average payment period (APP). The firm performance (FP) has been used as dependent variable i.e. Return on Asset (ROA), Return on Equity (ROE) and Earning per Share (EPS). The results of multiple regression articulated that the APP, ITO and CCC have negative and significant impact on ROA but ACP has positive and significant impact on ROA. While APP has negative significant impact on ROE. The Inventory turnover (ITO) has negative significant impact on EPS while ACP has positive and statistically significant impact on. The study results advocated that the firm performance of selected firms is influenced by working capital management. By validating the findings with previous researchers, this endeavor will contribute to the literature. It will be beneficial to the academic, social and practical deportment. The study findings endowed with deeper insights into working capital management practices and present recommendations that in turn bring improvements in the firm performance of the targeted firms. Keywords: Working capital, working capital management, financial performance, Pakistan JEL Classifications: C10, C30, D73, E37, F6

Effect of Substituting Soybean Meal with Moringa oleifera Meal on the Growth and Body Composition of Labeo rohita Fingerlings

Peer reviewedPublisher PD

Estimates, trends, and drivers of the global burden of type 2 diabetes attributable to PM2.5 air pollution, 1990-2019 : an analysis of data from the Global Burden of Disease Study 2019

Background Experimental and epidemiological studies indicate an association between exposure to particulate matter (PM) air pollution and increased risk of type 2 diabetes. In view of the high and increasing prevalence of diabetes, we aimed to quantify the burden of type 2 diabetes attributable to PM2.5 originating from ambient and household air pollution.Methods We systematically compiled all relevant cohort and case-control studies assessing the effect of exposure to household and ambient fine particulate matter (PM2.5) air pollution on type 2 diabetes incidence and mortality. We derived an exposure-response curve from the extracted relative risk estimates using the MR-BRT (meta-regression-Bayesian, regularised, trimmed) tool. The estimated curve was linked to ambient and household PM2.5 exposures from the Global Burden of Diseases, Injuries, and Risk Factors Study 2019, and estimates of the attributable burden (population attributable fractions and rates per 100 000 population of deaths and disability-adjusted life-years) for 204 countries from 1990 to 2019 were calculated. We also assessed the role of changes in exposure, population size, age, and type 2 diabetes incidence in the observed trend in PM2.5-attributable type 2 diabetes burden. All estimates are presented with 95% uncertainty intervals.Findings In 2019, approximately a fifth of the global burden of type 2 diabetes was attributable to PM2.5 exposure, with an estimated 3.78 (95% uncertainty interval 2.68-4.83) deaths per 100 000 population and 167 (117-223) disability-adjusted life-years (DALYs) per 100 000 population. Approximately 13.4% (9.49-17.5) of deaths and 13.6% (9.73-17.9) of DALYs due to type 2 diabetes were contributed by ambient PM2.5, and 6.50% (4.22-9.53) of deaths and 5.92% (3.81-8.64) of DALYs by household air pollution. High burdens, in terms of numbers as well as rates, were estimated in Asia, sub-Saharan Africa, and South America. Since 1990, the attributable burden has increased by 50%, driven largely by population growth and ageing. Globally, the impact of reductions in household air pollution was largely offset by increased ambient PM2.5.Interpretation Air pollution is a major risk factor for diabetes. We estimated that about a fifth of the global burden of type 2 diabetes is attributable PM2.5 pollution. Air pollution mitigation therefore might have an essential role in reducing the global disease burden resulting from type 2 diabetes. Copyright (C) 2022 The Author(s). Published by Elsevier Ltd.Peer reviewe

Estimates, trends, and drivers of the global burden of type 2 diabetes attributable to PM2.5 air pollution, 1990-2019 : An analysis of data from the Global Burden of Disease Study 2019

Background Experimental and epidemiological studies indicate an association between exposure to particulate matter (PM) air pollution and increased risk of type 2 diabetes. In view of the high and increasing prevalence of diabetes, we aimed to quantify the burden of type 2 diabetes attributable to PM2·5 originating from ambient and household air pollution. Methods We systematically compiled all relevant cohort and case-control studies assessing the effect of exposure to household and ambient fine particulate matter (PM2·5) air pollution on type 2 diabetes incidence and mortality. We derived an exposure–response curve from the extracted relative risk estimates using the MR-BRT (meta-regression—Bayesian, regularised, trimmed) tool. The estimated curve was linked to ambient and household PM2·5 exposures from the Global Burden of Diseases, Injuries, and Risk Factors Study 2019, and estimates of the attributable burden (population attributable fractions and rates per 100 000 population of deaths and disability-adjusted life-years) for 204 countries from 1990 to 2019 were calculated. We also assessed the role of changes in exposure, population size, age, and type 2 diabetes incidence in the observed trend in PM2·5-attributable type 2 diabetes burden. All estimates are presented with 95% uncertainty intervals. Findings In 2019, approximately a fifth of the global burden of type 2 diabetes was attributable to PM2·5 exposure, with an estimated 3·78 (95% uncertainty interval 2·68–4·83) deaths per 100 000 population and 167 (117–223) disability-adjusted life-years (DALYs) per 100 000 population. Approximately 13·4% (9·49–17·5) of deaths and 13·6% (9·73–17·9) of DALYs due to type 2 diabetes were contributed by ambient PM2·5, and 6·50% (4·22–9·53) of deaths and 5·92% (3·81–8·64) of DALYs by household air pollution. High burdens, in terms of numbers as well as rates, were estimated in Asia, sub-Saharan Africa, and South America. Since 1990, the attributable burden has increased by 50%, driven largely by population growth and ageing. Globally, the impact of reductions in household air pollution was largely offset by increased ambient PM2·5. Interpretation Air pollution is a major risk factor for diabetes. We estimated that about a fifth of the global burden of type 2 diabetes is attributable PM2·5 pollution. Air pollution mitigation therefore might have an essential role in reducing the global disease burden resulting from type 2 diabetes

Effect of early tranexamic acid administration on mortality, hysterectomy, and other morbidities in women with post-partum haemorrhage (WOMAN): an international, randomised, double-blind, placebo-controlled trial

Background Post-partum haemorrhage is the leading cause of maternal death worldwide. Early administration of tranexamic acid reduces deaths due to bleeding in trauma patients. We aimed to assess the effects of early administration of tranexamic acid on death, hysterectomy, and other relevant outcomes in women with post-partum haemorrhage. Methods In this randomised, double-blind, placebo-controlled trial, we recruited women aged 16 years and older with a clinical diagnosis of post-partum haemorrhage after a vaginal birth or caesarean section from 193 hospitals in 21 countries. We randomly assigned women to receive either 1 g intravenous tranexamic acid or matching placebo in addition to usual care. If bleeding continued after 30 min, or stopped and restarted within 24 h of the first dose, a second dose of 1 g of tranexamic acid or placebo could be given. Patients were assigned by selection of a numbered treatment pack from a box containing eight numbered packs that were identical apart from the pack number. Participants, care givers, and those assessing outcomes were masked to allocation. We originally planned to enrol 15 000 women with a composite primary endpoint of death from all-causes or hysterectomy within 42 days of giving birth. However, during the trial it became apparent that the decision to conduct a hysterectomy was often made at the same time as randomisation. Although tranexamic acid could influence the risk of death in these cases, it could not affect the risk of hysterectomy. We therefore increased the sample size from 15 000 to 20 000 women in order to estimate the effect of tranexamic acid on the risk of death from post-partum haemorrhage. All analyses were done on an intention-to-treat basis. This trial is registered with ISRCTN76912190 (Dec 8, 2008); ClinicalTrials.gov, number NCT00872469; and PACTR201007000192283. Findings Between March, 2010, and April, 2016, 20 060 women were enrolled and randomly assigned to receive tranexamic acid (n=10 051) or placebo (n=10 009), of whom 10 036 and 9985, respectively, were included in the analysis. Death due to bleeding was significantly reduced in women given tranexamic acid (155 [1·5%] of 10 036 patients vs 191 [1·9%] of 9985 in the placebo group, risk ratio [RR] 0·81, 95% CI 0·65–1·00; p=0·045), especially in women given treatment within 3 h of giving birth (89 [1·2%] in the tranexamic acid group vs 127 [1·7%] in the placebo group, RR 0·69, 95% CI 0·52–0·91; p=0·008). All other causes of death did not differ significantly by group. Hysterectomy was not reduced with tranexamic acid (358 [3·6%] patients in the tranexamic acid group vs 351 [3·5%] in the placebo group, RR 1·02, 95% CI 0·88–1·07; p=0·84). The composite primary endpoint of death from all causes or hysterectomy was not reduced with tranexamic acid (534 [5·3%] deaths or hysterectomies in the tranexamic acid group vs 546 [5·5%] in the placebo group, RR 0·97, 95% CI 0·87-1·09; p=0·65). Adverse events (including thromboembolic events) did not differ significantly in the tranexamic acid versus placebo group. Interpretation Tranexamic acid reduces death due to bleeding in women with post-partum haemorrhage with no adverse effects. When used as a treatment for postpartum haemorrhage, tranexamic acid should be given as soon as possible after bleeding onset. Funding London School of Hygiene & Tropical Medicine, Pfizer, UK Department of Health, Wellcome Trust, and Bill & Melinda Gates Foundation