CSRC Publishing: Open Journal Systems (Center for Sustainability Research and Consultancy)
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Impact of Firm's Capital Expenditure on Working Capital Management: An Empirical Study across Industries in Pakistan
Full text linkVarious researchers have studied the Impact of capital expenditure on working capital management. This paper aims to analyze the impact of capital expenditure in the light of the fixed effect model on 96 listed companies with respect to working capital management. Data related to the specific time period of 2007-2010 has been focused. The impact of capital expenditure, operating expenditure and finance expenditure on working capital has been analyzed. In this connection, keeping in mind nature of the variables of the study, Net Liquidity Balance (NLB) and Working Capital Requirement (WCR) has been applied as a proxy of working capital management. Then six hypotheses were conducted in two groups. In the first group, we examine the impact of capital expenditure, operating expenditure and financial expenditure on Net Liquidity Balance and in the second group, we investigate the impact of capital expenditures, operating expenditures and financial expenditures on Working Capital Requirement. Capital expenditure has the insignificant relationship with Net Liquidity Balance and Working Capital Requirement. Operating expense has the significant negative relationship with Net Liquidity Balance and significant positive relationship with Working Capital Requirement. Finance expense has the significant negative relationship with Net Liquidity Balance and significant positive relationship with Working Capital Requirement
Antecedents of Financial Performance of Banking Sector: Panel Analysis of Islamic, Conventional and Mix Banks in Pakistan
Full text linkObjective: This paper analyzes bank-specific, industry-specific and macroeconomic determinants of bank profitability on the sample of 25 banks, 161 observations on the Pakistani banking system in the period between 2006 and 2012. Our dependent variables include Return on Equity, Return on Assets and Earning per Share and independent variables consist of 'bank-specific determinants', industry-specific determinants', and 'macroeconomic determinants'. State Bank of Pakistan provides the data for internal factors on a yearly basis.
Methodology: Different statistical techniques are used step by step to empirically test the relationship between the variables and to draw conclusions from the results of the study. Firstly, to analyze the features of the profitability determinants descriptive statistics are used. Secondly, we examine the causal relationship between bank-specific, industry specific, macroeconomic variables and profitability variables, Pearson's coefficient of correlation is used. Panel data are used in this study so the technique used for regression is a panel regression technique which includes the pooled Ordinary Least Square, Random Effects Model and Fixed Effect Model. Hausman test is used to analyze that which technique for panel regression is more suitable for study.
Results: According to the obtained results, among internal factors of bank profitability, firm size are the most important factor. Profitability is influenced by liquidity, asset quality and leverage condition of the banks. Regarding the external variables, inflation and interest rate show significant effect on bank profitability. Islamic banks show significant positive relationship with commercial banks
Worldwide Diffusion of Corporate Governance (CG) Regulations and Practices: A Literature Review
Full text linkResearch objectives: The main objective of this paper was to understand the diffusion of CG codes around the world. More specifically this paper examined what types of CG codes have emerged around the world? What causes the diffusion of shareholder centric model of CG around the world? What areas are still unexplained to better understand the diffusion of CG?
Findings: This paper presented that pure economics and legitimacy reasons alone or together are not sufficient to explain the dynamics of how corporate governance reforms emerged and developed in different contexts. This study assumes that it is important to move the debate beyond the efficiency/legitimacy and convergence/divergence dichotomy and pay more attention to the process of emergence and development of corporate governance reforms.
Implications: Prior institutional research ignores countries' internal dynamics that can play an important role in shaping corporate governance reforms. The corporate governance model cannot exist in isolation; each country has its own unique institutional arrangements and can influence the process of diffusion. There is some consensus amidst corporate governance scholars that "the-one-size-fits-all" rule is flawed, and thus a wide diversity of approaches of corporate governance should be expected due to vast differences in national contexts where firms are embedded (Cuervo, 2002, Reaz and Hossain, 2007). Policy makers and researchers should consider broader institutional dynamics related to macro and micro institutional processes while developing and understanding CG diffusion around the world
Pakistani Newspapers on Peace Talks with Tahrik e Taliban Pakistan
Full text linkNegotiations between two parties always have newsworthiness. Results of the negotiations can be strongly influenced by the media coverage. Pakistan's government was also involved in peace negotiation with Tahrik e Taliban Pakistan (TTP) during January and February 2014. It was the most discussing issue in Pakistani media at that time. The aim of this research is to analyze the editorial policy of three Pakistani English language newspapers; Dawn, Nation and The News to check their favorable or unfavorable behavior regarding peace talks during January and February 2014. Agenda setting, priming and farming theories were used in this study. Qualitative content analysis method was used in this study to analyze the editorial policy of these three newspapers. Findings revealed that all these three newspapers gave significant coverage to the peace talks issue but Nation gave more coverage to the issue. Findings also revealed that Dawn and The News, most of the time showed neutral behavior but tilted towards unfavorable position regarding peace talks. Nation showed strongly unfavorable behavior regarding peace talks. So it is concluded that all these three newspapers were mostly against the peace talks and government and media were not on the same page on the issue of peace talks