Institute of Business Management, Karachi, Pakistan: Journal Management System
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DETERMINANTS OF TRADE CREDIT FINANCING: CASE OF MANUFACTURING FIRMS LISTED IN PAKISTAN
Full text linkAbstractThis paper investigates the determinants of trade credit financing used by listed manufacturing firms in Pakistan. For this purpose, balanced panel data are used that consist of 327 manufacturing firms listed on KSE Pakistan and time period from 2005 to 2013. Results of system GMM estimator applied on dynamic panel data set reveal that trade credit financing used by listed manufacturing firms is significantly affected by its first lag, trade credit extended to customers, availability of short term bank credit, their sales growth, profitability, creditworthiness, collateral and financial leverage. Positive coefficient for first lag of trade credit financing shows that firms’ trade credit financing is dynamic. The speed of making adjustment in trade credit financing is found relatively high due to low cost of making adjustment. Findings of this study has managerial implication for trade credit financing decision of listed manufacturing firms. For future research, investigation of the effect of financial development on trade credit financing behavior of firms is proposed
FACTORS AFFECTING RESEARCH PRODUCTIVITY IN PRIVATE UNIVERSITIES OF LAHORE: A DISCRIMINANT ANALYSIS
Full text linkThe significance of research to a university cannot beunderstated as it leads to creation of new knowledge, inventionsand innovations. It assists in improving the quality of teachingfaculty and the status of an institution in society. Decisions aboutpromotion and tenure heavily rely on the quality and quantity ofresearch output. This paper tries to determine the impact of differentfactors on research productivity of staff in private universities ofLahore. A self-administered questionnaire has been used to gatherdata. The sample size comprises of 169 faculty members from fiveselected universities of Lahore. Data has been analyzed by usingstatistical techniques of Principal Component Factor andDiscriminant Analyses. We conclude that teaching responsibilitiesand conferences play a significant role in determining researchproductivity in universities
CORPORATE CASH HOLDINGS AND SHAREHOLDER WEALTH: EVIDENCE FROM PAKISTANI MARKET
Full text linkThe purpose of this study is to understand the influence ofcash holdings on shareholder wealth in Pakistan. After probing paneldata ranging from 2006 to 2014, the study provides evidence that thesize of the firm (RSIZE) shows noteworthy positive correlation withcash holding, whereas Leverage and Close Cash Substitute (CCS)are negatively related to cash holding. The negative correlation ofleverage with cash holding provides support to the “pecking-ordertheory” in that companies use cash funds to pay back obligationswhen they turn out to be outstanding. These results also contributesome backing to the trade off theory, especially to (Keynes, 1936)“precautionary motive” where companies stockpile more cash. Thisstudy also funds that excess cash holding has a positive relation withmarket capitalization, which means that excess cash holdingsincrease shareholder wealth. These results are contrary to the earlierstudies and reflect that excess cash holding has an effect onshareholder wealth in Pakistan
The Role of Firm-Specific Variables in Explaining Heterogeneous Stock Market Reactions to Dividend Announcements
Full text linkThe finance literature reports mixed results about the stock market reaction to dividend announcements. We try to explore that the heterogeneous stock market reaction to dividend announcements might be attributed to a number of firm-specific financial and non-financial factors. In this vein, we investigate the role of family ownership, firm size, leverage, dividend yield, market-to-book ratio, and firm growth in explaining the stock market reaction to dividend announcements. We use a sample of 206 dividend announcements of 136 firms listed at the Karachi Stock Exchange over the period of 2008 to 2012. Results of both the univariate and multiple regression analysis show that family ownership, firm size, and leverage negatively influence the stock market reaction to dividend announcements while dividend yield positively influences the stock market reaction to dividend announcements.
Phenomenology: A Philosophy and Method of Inquiry
Full text link Phenomenology as a philosophy and a method of inquiry is not limited to an approach to knowing, it is rather an intellectual engagement in interpretations and meaning making that is used to understand the lived world of human beings at a conscious level. Historically, Husserl’ (1913/1962) perspective of phenomenology is a science of understanding human beings at a deeper level by gazing at the phenomenon. However, Heideggerian view of interpretive-hermeneutic phenomenology gives wider meaning to the lived experiences under study. Using this approach, a researcher uses bracketing as a taken for granted assumption in describing the natural way of appearance of phenomena to gain insights into lived experiences and interpret for meaning making. The data collection and analysis takes place side by side to illumine the specific experience to identify the phenomena that is perceived by the actors in a particular situation. The outcomes of a phenomenological study broadens the mind, improves the ways of thinking to see a phenomenon, and it enables to see ahead and define researchers’ posture through intentional study of lived experiences. However, the subjectivity and personal knowledge in perceiving and interpreting it from the research participant’s point of view has been central in phenomenological studies. To achieve such an objective, phenomenology could be used extensively in social sciences
Assessing the Quality of Supervision Experiences in the Different Research Stages at Postgraduate Level
Full text linkThe nature of supervisory relationship is dynamic that changes over the course of candidacy. Subsequently, the supervision demands of supervisees also change to help them in performing certain tasks at specific research stages. In this context, this research is proposed to investigate the supervision experiences of supervisees in four different research stages (i.e. Stage 1: developing synopsis, Stage 2: collecting data, Stage 3: writing thesis and Stage 4: submitted thesis). In the light of six supervision aspects (i.e. Project management, Intellectual support, pertinent research skills, Inter-personal communication skills, Workload management and Supportive skills) the quality of supervision was assessed from supervisees’ perspective. Cross-sectional survey design was used to assess the supervision experiences of (N=422) supervisees in four distinct stages of research supervision. The data were collected from 12 public and private universities of the Punjab. For this study, a multi-sectioned, self-constructed Supervisor-Supervisee Relationship Questionnaire (Saleem, 2014) was used. The findings of the study highlighted the need to train the supervisors to manage their time not just in terms of teaching and supervision of research students, but also keeping the stages of their research in mind. By addressing the stage specific needs of supervisees the quality of supervision could be improved.Keywords: quality of supervision, research stages, supervision dynamics, supervision experience
Ranking and Sensitivity Analysis of Key Factors for Successful Project Management Performance: An Application of AHP for Oil and Gas Sector
Full text linkComplexities faced by oil and gas projects due to uncertainty and risk, demand the implementation of project management techniques for their successful completion. Therefore, this is made by using analytical hierarchy process, to identify and prioritize the key factors for successful project management performance of oil and gas projects. These factors are categorized into three groups which include attributes of project staff, project planning process and assessment of project quality. Using expert choice, a hierarchy is developed followed by pairwise comparison based upon data collection from industrial experts of oil and gas sector. Results of analytical hierarchy process (AHP) concluded that, project completion within estimated time and budget, clarity of objectives and involvement of top management are most crucial elements for improvement in project management performance of oil and gas projects. Whereas sensitivity analysis being carried out according to three different scenarios highlighted factors according to their relative importance
Implementing an Effective Cost Control Strategy at Stations: Case Study of PIA
Full text linkThis case study describes the process of developing and implementing a strategy to control costs and reduce losses on account of frauds, accounting errors, wrong payments, etc., at the worldwide outstations of an airline where traditional oversight methods had fallen short of management expectations. By identifying the systemic weaknesses in various areas of station disbursement accounting arising out of lack of training, non-availability of important corporate policies and management directives and lack of standard procedures for preparing and dispatching disbursement reports to head office, a comprehensive Stations Disbursement Manual was developed to train and empower the managers at stations to control and release payments in a responsible manner
KD Construction Company: Bidding and Cost Estimation
Full text linkKD Construction is a new company in the construction industry, it was opened by Mr. Irfan and Mr. Kamran on February 6, 2013. The company constructs houses for individuals and for builders, commercial shopping malls and also works as a subcontractor for big construction companies like Habib, Paragon and AMCE Private Limited. KD worked on only small projects till now, but on January 17, 2018 Mr. Irfan received a call from a builder to work with him on a new project. This will be the first time that they got a contract from a big builder and they were asked to build houses for four variants of areas (in square yards 150, 250, 300 and 600) on which they had to work. They gave their final price of 107 crores and 50 lacs for the whole project, but they heard from the market that other construction companies were also trying for this project but the builder preferred them for this project. Mr. Irfan and Mr. Kamran have to estimate costs for the overall project whether to accept the project or not, to analyze whether the offered price was suitable or not and if they had estimated cost of total project they can negotiate on final price if the price is not suitable. As KD is in existence for five years, KD’s employees are well aware of the prices and conditions of the country moreover, country’s economic conditions can fluctuate any time due to political instability. With the experience of five years, KD construction wanted to estimate a budget for the whole project of 20 acres on which they have to construct 75% houses and 25% of amenities (Mosque, Road, Park, School, Hospital) (See Exhibit 1) in one year.
Islamic (Sukuk) vs. Conventional Financing: Analysis of Profitability
Full text linkOver the last decade, Islamic Financials (Sukuk) emerged as a pioneering capital market instrument. One of the fundamental reasons for the emerging demand of Islamic Financing (Sukuk) includes its adherence to the finance in accordance to the Islamic values, avoiding Riba, which is the generation of money from money such as usury or interest. Sukuk issues have notably proliferated, which fuels the debate regarding the between the conventional and the Islamic finance. To investigate the impact of Islamic and Conventional Financials on shareholders’ wealth, this study takes the profitability ratios (including ROA, ROE, ROCE, and NPM) of 11 companies issuing Islamic Financials and 11 companies issuing Conventional Financials from the period between 2010 and 2015 and compares the profitability of both financials. The findings reveal the Islamic Financials (Sukuk) to be a significantly high source of profitability for a company along with the other clients’ catchy determinants such as religious principles, sharia-compliant instruments, and interest (Riba) free financing