Pakistan Journal of Commerce and Social Sciences (ISSN 1997-8553)
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Impact of Quality Corporate Governance on Firm Performance: A Ten Year Perspective
Get PDFCorporate governance remained most discussed issue in the 2000s during accounting standard adoption, and Asian financial crisis. This study intends to contribute toward the impact of corporate governance features on the firm performance in presence of certain firm specific attributes and uncontrollable (macro) events: firm size, capital structure, adoption of accounting standards, and Asian financial crisis.
In this study, corporate governance scores are calculated by adopting an index from earlier studies. This index consists of two sections: structure (ownership concentration and managerial ownership) and independence (board independence and audit committee independence). High scores for the index denote quality corporate governance and vice versa.
By using the fixed effects estimation method of panel data of 50 largest (by market capitalization) companies (listed at Karachi Stock Exchange), we found quality corporate governance significantly determining firm performance. Leverage (measured by debt ratio) moderates the relationship between quality corporate governance and firm performance by implying stronger relation for high levered firms and negative relationship of governance scores with performance for the case of low levered firms, firm size (measures by log natural of total assets) also changes the intensity of relation for variables of study (stronger relation for larger firms but no relation for small size firms). However, adoption of accounting standards doesn’t have any significant for the association between the governance scores and firm performance.
This study targets to gauge the impact of governance features on the performance through composite governance scores
Fiscal Policy, Institutions and Governance in Selected South Asian Countries
Get PDFThe objective of the study is to analyze the cyclicality of Fiscal Policy among Institutions (Economic and Political) and governance indicators from 1980-2010 in major South Asian Countries. Fiscal policy is a major source in the hands of the government to achieve higher level of economic growth. This policy can perform efficiently in the presence of strong institutions with good governance. The main purpose of fiscal policy is to bring stability in the economy. Therefore, developed countries adopt counter cyclical policies but developing countries adopt pro cyclical fiscal policy. Developing countries adopt pro cyclical fiscal policy due to weak institution and poor governance. Pooled OLS, Fixed effects and 2SLS approaches are used to evaluate whether the fiscal policy is counter cyclical or pro cyclical. It is found that fiscal policy is pro cyclical, economic and political institutions don’t perform effectively and governance is poor. In order to bring stability in economic growth in South Asian countries, counter cyclical growth policies should be adopted
Impact of FDI on Tax Revenue in Pakistan
Get PDFThe study attempts to find the impact of foreign direct investment on tax revenue in Pakistan. Foreign direct investment and gross domestic product per person employed are used as independent variables and tax revenue is taken as dependent variable. Augmented Dickey Fuller, Phillips-Perron, Ng-Perron and Zivot-Andrews unit root tests are applied to find the level of integration in the time series. Auto-Regressive Distributive Lag and its error correction model are applied to find long run and short run relationships. The study finds the long run and short run relationships in the model. Foreign direct investment and gross domestic product per person employed have positive and significant impact on tax revenue. So, the study concludes the positive contribution of foreign direct investment in tax revenue in Pakistan
Test of Random Walk Behavior in Karachi Stock Exchange
Get PDFStudy was carried out to check the random behavior of the Karachi Stock Exchange (KSE 100 Index) during the period of past three financial years to know whether investors could generate abnormal profits during the period or otherwise. Tests used were Runs Test, ADF Test, PP Test and Autocorrelation Function Test. During the study it was found that the performance of KSE 100 Index remained in weak form of inefficiency and investors have been able to generate excessive returns on their investment most of the times
Factors Affecting Academic Achievement of High Achievers in Siraiki Area
Get PDFHigh academic achievement is desired by everyone but a few students are able to reach top position in their class. This study aimed to find out those factors which may be responsible for higher academic achievement of high achievers. The sample was taken from Khairpur Tame Wali and it was found there are a number of cultural factors among others which helped the students to secure higher positions in their classes. It is recommended in the end that children may be given equal opportunity to grow and they may be disciplined from early age to achieve higher goals in studies
Customer Oriented Service and Cost Effectiveness: A Trade-off Relationship?
Get PDFThis paper describes the effect of customer oriented service (COS) on cost effectiveness of local authorities. Although a plethora of evidence had been unearthed regarding the usefulness of COS, particularly in achieving customer satisfaction, the effect of COS on cost effectiveness is relatively less explored. While most previous studies were conducted in business firms, this present study tested the applicability of COS in achieving the objective of cost effectiveness by local authorities. As a public firm, they face great financial challenges due to the shrinking funds available. Instead of looking for new external funding, local authorities have to find alternative ways in managing their limited existing funds effectively and COS is one possible approach to alleviate this situation. In the execution of this study, data were collected using a questionnaire completed by 205 local authority managers. The findings of this study testified that COS was not a trade-off practice with the objective of cost effectiveness. This study also revealed that intensified COS would lead local authorities to benefit from higher cost effectiveness. The managerial implication of this study is that although COS is generally meant for use in customer satisfaction, it could also bring benefits for achieving better cost effectiveness
Impact of Fiscal Autonomy on Poverty in Pakistan
Get PDFPakistan is an underdeveloped state with strong central government. At present there are three levels of government functioning in Pakistan i.e. the federal, provincial and the local. Due to the competence and distributional aspects, the resource allocation method always remained under discussion. Therefore, the present study focused on the role of fiscal autonomy in reducing poverty in Pakistan. Both expenditure and revenue indicators of fiscal policy are considered in this study. For the purpose of analysis, time series annual data from FY1972 to FY2010 is used. Ordinary least square technique is applied to estimate the effect of fiscal autonomy on poverty. The study concludes that the central government should transfer fiscal powers to lower tiers of government in order to reduce poverty in Pakistan
Demographic Profile of an Indigenous Community: The Arians of Pakistan
Get PDFIn this paper, a demographic study was conducted on Muslim Arians of Punjab, Pakistan. Hitherto no detailed demographic study has been conducted on Arians of Pakistan. The population composition of Arians residing in Punjab was evaluated. The survey was conducted in three Arians pre-dominated districts. Data was collected by interviewing ever-married women in the age group 15-49 years from a sample of 510 households. The analysis demonstrated that the sex ratios of Arians were higher than their national counterparts. Overall, among Arians though the literacy is high, the gender gap in education is visible and the level of education attained is low. Residence characteristics indicate urbanized nature of settlement. This study attracts the planners and administrators for micro-level planning towards the development of ethnographical surveys in Pakistan
An Algorithm to Check Balance Property of a Design
Get PDFBalance incomplete block design and neighbor balanced deigns have their own importance in the field experiments such as agriculture, horticulture and forestry, etc. In the literature, there are several algorithms to construct the neighbor balanced designs but in this study, an algorithm is developed to check whether a given design is (i) a balanced incomplete block design, (ii) a neighbor-balanced, if so up to which order. This algorithm is coded in Visual C++
The Inter-Relationship between Initial Profits, Growth-Focused Firms and Profit-Focused Firms: Evidence from KSE 100-Index Pakistan
Get PDFProfit and growth are considered as important goals in managing firms. This study tests the impact of initial profits on the growth and profit on a sample of firms listed at Karachi Stock Exchange (KSE) for the period 2006 to 2011. In addition to initial profits the study also checked the impact of leverage, firm’s size and age on profitable growth. Logistic regression borrowed from the work of Davidsson et al. (2009) was used to find out whether profit at initial stages of the firm determines profitable growth for the firm. The average growth rate of the companies was calculated for the last three years. After calculating the average growth rate the firms were then classified into two groups based on the median value of the growth. High growth firms were further classified into low and high profits based on the median of ROA (Return on Assets). The findings showed that initial profits had a positive significant impact on profitable growth. While firm’s size, age and leverage had no impact on profitable growth of the sampled firms. In comparison to growth-focused firms, profit-focused firms are more likely to reach a state of high growth and high profits