...between Capital Structure and Ownership Structure: A Comparative Study of Textile and Non Textile Manufacturing Firms Muhammad Arslan* M.Phil (Management Sciences) Bahria University Islamabad, Pakistan, PO box 44000, E-8, Islamabad, Pakistan Email: MuhammadArslan73@gmail.com Rashid Zaman M.Phil (Management Sciences), Bahria University Islamabad, Pakistan Email: Rashidzamantanoli@gmail.com Abstract The current study explores the impact of ownership structure on capital structure in textile sector and rest of the manufacturing sectors (non-textile) in Pakistan using regression analysis with fixed effect model. As textile sector is the largest manufacturing sector in Pakistan and having diversified financial characteristics, however, there exists a gap whether textile sector’s ownership and capital structure relationship matches with other manufacturing sectors or not. Current study tries to fill this gap. The results indicate that in textile sector, no significant relationship exists between ownership concentration and capital structure whereas a significant negative relationship is found between these two variables in case of non-textile firms in Pakistan. However, institutional ownership variable was found to be non-significant in both textile and non-textile sectors. Other control variables were found to have the results as hypothesized. Period of study used in this study is 2006-2009 and sample comprises of KSE listed firms. Keywords: Ownership concentration, capital structure, institutional...
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...www.ccsenet.org/ibr International Business Research Vol. 3, No. 3; July 2010 Ownership Structure and Cash Flows As Determinants of Corporate Dividend Policy in Pakistan Talat Afza (Corresponding Author) Faculty of Business Administration, COMSATS Institute of Information Technology Jinnah Building Defence Road, Off Raiwind Road, Lahore, Pakistan E-mail: talatafza@ciitlahore.edu.pk Hammad Hassan Mirza COMSATS Institute of Information Technology, Park Road, Chak Shahzad, Islamabad, Pakistan E-mail: al_hammd@hotmail.com Abstracts Dividend Policy is among the widely addressed topics in modern financial literature. The inconclusiveness of the theories on importance of dividend in determining firm’s value has made it one of the most debatable topics for the researchers (see for example, Ramcharan, 2001; Frankfurter et. al 2002; Al-Malkawi, 2007). The present study investigates the impact of firm specific characteristics on corporate dividend behavior in emerging economy of Pakistan. Three years data (2005-2007) of 100 companies listed at Karachi Stock Exchange (KSE) has been analyzed using Ordinary Least Square (OLS) regression. The results show that managerial and individual ownership, cash flow sensitivity, size and leverage are negatively whereas, operating cash-flow and profitability are positively related to cash dividend. Managerial ownership, individual ownership, operating cash flow and size are the most significant determinants of dividend behavior whereas, leverage...
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...Two-Tier Corporate Governance Model for Pakistan Tasleem Faraz Minhas1, Saif Ullah2 1 Research Scholar, National University of Modern Languages, Lahore 2 Faculty members in Management sciences, National University of Modern Languages, Lahore Introduction As the business environment is continuously evolving so as the concept of corporate governance. The European Economic Community (EEC), General Agreement on Tariffs and Trade (GATT) and World Trade Organization (WTO) regulations have also contributed to the rising awareness and are compelling us to think in terms of adhering to the good governance practices. Corporate governance, by the very nature of the concept, cannot be exactly defined. However, there can be no two opinions that “effective accountability to all shareholders is the essence of corporate governance.” It is the set of process, customs, policies, laws, and institutions affecting the way a corporation (or company) is directed, administered or controlled. “Corporate governance refers to the manner in which the affairs of a corporate body are or should be conducted in order to serve and protect the individual and collective interests of all stakeholders” (Butt 2008) According to OECD “Corporate Governance is the system by which business corporations are directed and controlled. The corporate governance structure specifies the distribution of rights and responsibilities among different participants in the corporation, such as...
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...ISSN 2222-2839 (Online) Vol.7, No.28, 2015 www.iiste.org Impact of Firm Size on Earnings Management; A Study of Textile Sector of Pakistan Usman Ali MS Business Administration National University of Modern Languages (NUML) Islamabad, Faisalabad Campus Muhammad Afzal Noor Lecturer Department of Management Sciences National University of Modern Languages (NUML) Faisalabad Campus Muhammad Kashif Khurshid Lecturer Department of Management Sciences National University of Modern Languages (NUML) Faisalabad Campus Akhtar Mahmood MS Business Administration National University of Modern Languages (NUML) Islamabad, Faisalabad Campus Abstract The study was conducted to evaluate the impact of firm size on earnings management for the textile sector of Pakistan. For this purpose annual ten years data was obtained from 2004 to 2013 for fifty selected firms from the textile sector of Pakistan. Natural logarithm of total assets was used as the proxy of firm size. On the other hand earning management was the dependent variable of this study. Earnings management was measured through discretionary accruals by using modified Jones model. Descriptive statistics, correlation and panel data analysis was used for capturing the impact of firm size on earnings management. The statistical results of this study revealed that there is positive and significant impact of firm size on earnings management. Keywords: Firm Size, Discretionary Accruals, Earnings Management, Karachi Stock...
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...Financial Reform, Ownership and Performance in Banking Industry: The Case of Bangladesh S. M. Sohrab Uddin PhD Student, Graduate School of Asia Pacific Studies Ritsumeikan Asia Pacific University, Japan & Assistant Professor, Department of Finance and Banking, University of Chittagong, Bangladesh E-mail: smsohrabcu@yahoo.com Yasushi Suzuki Professor, Graduate School of Management Ritsumeikan Asia Pacific University, Japan E-mail: szkya@apu.ac.jp Received: December 17, 2010 Accepted: January 20, 2011 doi:10.5539/ijbm.v6n7p28 Abstract Bangladesh entered into the era of financial reform during the early 1980s. Most of the reforms initiated by the government have concentrated predominantly on the banking sector. Consequently, many changes relating to ownership, market concentration, regulatory measures and policies have taken place primarily to enhancing bank performance. In this regard, this study is undertaken to investigate the performance of commercial banks after the implementation of significant financial reform. Data Envelopment Analysis based frontier measures income and cost efficiency and traditional non-frontier measures non-performing loans and return on assets have been used for assessing bank performance. The findings indicate that income and cost efficiency of sample banks have increased by 37.84 percent and 15.28 percent respectively in 2008 compared to 2001. Similarly, non-performing loans and return on assets also report improvement in bank performance. The results...
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...Impacts of Profitability and Financial Leverage on Firm’s Capital Structure By [Your Name] [Instructor’s Name] [Institution’s Name] [Date] Declaration While conducting the proposed research work, I, being a hard-working, innovative and conscientious researcher, come up with the factual severity of consequences allied with an act of plagiarising content from others’ work. Moreover, I do comprehend the rules and regulations my university encompasses against submitting a plagiarised document. Adhering to all these strict and restricted rules and regulations against plagiarism, I have made all possible endeavours to keep my research report under the level of allowed percentage of plagiarism. Before presenting my research report to my esteemed research guiders and professors, I, hereby declare the authenticity and uniqueness of the presented dissertation, which is, by all means, an innovative piece of writing and is an outcome of hypothetically and logically researched facts and figures allied with the project subject matter which I meticulously researched during my investigative course project. Although, this dissertation is an original piece of research but still, there are some ideas, concepts and theories that are being taken and inspired from previously presented works in this particular domain for endowing my researched topic with a literal and theoretical support as well as for influencing the analyzed outcomes of the proposed research-based exposition...
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...government failure, privatisation and deregulation policies are being practised almost everywhere in the hope that they would help in efficient allocation of resources and higher levels of productivity. Considerable regulatory reforms have also been effected in Pakistan over the last two decades. Investment and import licensing have been withdrawn, most of the foreign exchange restrictions have been removed, capital market regulations have been simplified, price controls have been lifted, and interest rates have been deregulated. However, there is considerable room for further regulatory reforms. Similarly, various public enterprises in the manufacturing and financial sectors have been privatised, telecommunication, airlines, and energy firms have been partially divested, and the government has an ambitious privatisation programme of divestiture in various other...
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...DETERMINANTS OF CEO COMPENSATION: EVIDENCE FROM MALAYSIAN BANKING INDUSTRY CHONG KOK CHIEK (AC082799) MUHAMMAD AZWAN BIN MOHD ARIFFIN (AC082868) SITI SUHANNA BINTI ABDUL GHANI (AC083010) BACHELOR OF ACCOUNTING (HONS.) COLLEGE OF BUSINESS MANAGEMENT AND ACCOUNTING UNIVERSITI TENAGA NASIONAL 2012 DECLARATION We hereby declare that this project is our original work except for quotations and citations which have been duly acknowledged and that it has not been previously and/or concurrently submitted for any other degree at Universiti Tenaga Nasional and/or other institutions. CHONG KOK CHIEK AC 082799 MUHAMMAD AZWAN MOHD ARIFFIN AC 082868 SITI SUHANNA ABDUL GHANI AC 083010 Date of submission: 13th August 2012 i ACKNOWLEGDEMENT We would like to express our sincere gratitude to our project supervisor, Mr. Wan Mohammad Taufik bin Wan Abdullah, lecturer of Department of Accounting of Universiti Tenaga Nasional, for his valuable advices and continuous guidance throughout the research process. Mr. Taufik spent a lot of time enlightening us on various issues, giving us a comprehensive view in the academic aspect via our meetings within his busy working schedule. It is our pleasure to have him as our project supervisor. Without his unconditional support and care, our project could not be finished effectively. He let us try different approaches with confidence in the process, assisting us to solve a lot of problems especially at the time when we did...
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...IBT Journal of Business Studies (Formerly Journal of Management & Social Sciences) Vol. 10, No. 1, (Spring2014) 83-101 Human Resource Management Practices: A Case Study of South Asian Countries Rafique Ahmed Khan Faculty of Management Science Bahria University Karachi, Pakistan Mohammad Khasro Miah School of Business North South University Dhaka, Bangladesh Amir Manzoor Faculty of Management Science Bahria University Karachi, Pakistan ABSTRACT Purpose: The central point of this study was to demonstrate the similarity and difference of Human Resource Management (HRM) practices amongst the countries in South Asia. Through this paper, an in-depth study was undertaken to evaluate the validity of existing HRM practices in South Asian (SA) countries. An effort was made to examine the influences from the economic emergence in South Asia, force of colonization, historical panorama, cultural similarities and dissimilarities, legal, economic and political factors causing the change.. Methodology/Sampling: The study is based on secondary data collected through extensive research on present and past literature available on the topic. Findings: HRM is in a reforming process towards the development of organizational transformation in South Asia. In addition, contextual and contingency factors are determining the outcome of restructuring HRM practices in South Asia, identified as FDI, foreign MNCs’ influence, and bilateral relations among the SAARC members...
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...Council for Australian-Arab Relations (CAAR) Australia Arab Chamber of Commerce and Industry (AACCI) Business Guides to the Arab Gulf United Arab Emirates Prepared by Bayliss Associates Pty Limited Part I: A brief overview of the United Arab Emirates 4 The formation of the United Arab Emirates 4 The Government of the United Arab Emirates 5 The United Arab Emirates Economy 5 Basic demographics 5 GDP trends 5 Oil and the UAE 6 Gas – the Dolphin project 6 Oil pipelines 6 Bunkering 6 Non-oil sector 6 Jebel Ali Port 7 Jebel Ali Free Zone (JAFZA) 7 Transhipment 7 Air travel 7 Tourism 8 The property boom 8 Part II: The Market Environment 8 Characteristics of the UAE market 8 Investment environment 9 Sovereign Wealth Funds (SWFs) 9 Foreign Trade 10 Australian bilateral relations 10 Australian business 10 Taxation 10 Legal environment 10 Tenders 11 Part III: Doing Business in the United Arab Emirates 11 Practical advice on entering the market 11 Where to get advice and help 11 Developing a strategy 12 Market research 12 Visiting the UAE 13 Visas 13 Time your visit well 13 Local holidays 13 Arriving in the UAE 13 Getting around 13 Visit programs 14 Hotels 14 Tips and tricks 14 Trade missions 15 Missions to Australia 15 Trade exhibitions 15 Health and safety 15 Personal behaviour 15 Import Procedures 15 Customs and regulatory environment 15 Documentation 16 Packaging and labelling 16 Agency representation...
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...Internship Report: BANK ALFALAH LIMITED Submitted By: MAIDAH MASOOD Roll # 107 Section: “C” Morning B-Com (Hons) Session: 2005-2009 Hailey College of Commerce, University of the Punjab, Lahore. The evolution of Bank Alfalah signifies a movement from concept to reality; a reality to bring about a change in the banking industries of Pakistan; offering an alternative way of banking; providing people an opportunity to practice beliefs in their financial matters. Following privatization, Bank Alfalah emerged as new identity of Habib Credit and Exchange Bank with a revived purpose and commitment. Charged with the strength of Abu Dhabi consortium and under the leadership of His Highness Sheikh Nahayan Mabarak Al-Nayayan, the bank has already made significant contributions in building and strengthening both corporate and retail banking sector in Pakistan. At present the bank has expanded its operations across Pakistan in 74 cities with 189 operational branches. However, it has total 195 branches that include 23 Islamic Banking branches, five overseas branches three in Bangladesh and two in Afghanistan and one offshore banking unit in Bahrain. It is pertinent to note that all of its branches commenced their operations in “Real Time Online Mode”. Today Bank Alfalah is the fifth largest Banking operation in Pakistan. Since its inception, it has registered the fastest growth rate ever...
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...FIRST DRAFT RISE OF READYMADE GARMENTS INDUSTRY IN BANGLADESH: ENTREPRENEURIAL INGENUITY OR PUBLIC POLICY by MOHAMMED ALI RASHID Professor of Economics North South University Paper presented at the Workshop on Governance and Development organized by the World Bank and BIDS at Dhaka on 11-12 November 2006 I. INTRODUCTION The 100 percent export-oriented readymade garments (RMG) industry of Bangladesh has witnessed remarkable growth since its inception in the late 1970s. Paradoxically, this flagship industry of Bangladeshi private entrepreneurial talent took roots through the first export consignment of shirts from Bangladesh made by the state-trading agency, the Trading Corporation of Bangladesh (TCB), in the mid-1970s under countertrade arrangements and the destination was some East European countries. Subsequently, however, private entrepreneurs entered the industry and phenomenal growth took place in RMG exports from Bangladesh. Export of RMG increased from US $40 thousand in 1978 –79 to US $6.4 billion in 2004-05. The industry has also provided employment to nearly 2 million workers, most of them women drawn from the rural areas. Explosive growth of RMG exports is of course not unique to Bangladesh. The annual compound growth rate of RMG export industries in Indonesia (31.2%), Mauritius (23.8%), and Dominican Republic (21.1%) compares favourably with that of Bangladesh 1 (81.3%) over the 1980-87 period . However, while initial conditions were favourable for export...
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...PERFORMANCE OF Islamic bank Versus CONVENTIONAL BANK (A COMPARATIVE STUDY) A RESEARCH REPORT SUBMITTED by SAAD SIDDIQ to University of Karachi in partial fulfillment of the requirement for the degree of BUSINESS ADMINISTRATION In MARKETING This thesis has been accepted for the faculty of UNIVERSITY OF KARACHI ACKNOWLEDGMENTS Thanks to Allah the All Merciful the all Benevolent for providing me the strength, courage, direction and skills to learn, acquire knowledge, and the ability to accept and meet challenges. Second I would like to thank all those people who have helped me in performing this research study.. I would like to give credit for those who gave their precious time to conduct the interview session and to those who filled the questionnaires. I would like to express my sincere gratitude to my supervisor Sir Mehmood Qasim for providing me his precious time, guidance, and instructions all along in order to materialize my content for the report.I am also thankful to my parents who accommodated me during those long hours of work in my project development and all the friends and colleagues who helped me out in my times of weakness and encouraged me. I am hopeful that the effort will be fruitful for the students to come in KU after us. Once again, I am very thankful to all people who have been involved in this thesis report directly or indirectly. Abstract This project compares the performance of Islamic banks and conventional...
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...Chapter-1 Introduction 1. BAckground of the study. Four years back Bangladesh Bank undertook a project to review the global best practices in the banking sector and examines in the possibility of introducing these in the banking industry of Bangladesh. Four ‘Focus Groups’ were formed with participation from Nationalized Commercial Banks, Private Commercial Banks & Foreign Banks with representatives from the Bangladesh Bank as team coordinators to look into the practices of the best performing banks both at home and abroad. These focus groups identified and selected five core risk areas and produced a document that would be a basic risk management model for each of the five 'core' risk areas of banking. The five core risk areas are as follows- a) Credit Risks; b) Asset & Liability / Balance Sheet Risks; c) Foreign Exchange Risks; d) Internal Control & Compliance Risks; and e) Money Laundering Risks. Bangladesh Bank in one of it’s circular (BRPD Circular no.17) advised the commercial banks of Bangladesh to put in place an effective credit approval and monitoring system by December, 2003 based on the guidelines sent to them. In my study, I would try to put forward my findings about the “Credit Management Policy of Bangladesh Bank, and its implementation”. To illustrate my point, I am giving the example of Bank Asia Limited. 2. Objectives of the study. Broad objective: ❖ The broad objective is to know...
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...plc 37 Group income statement 37 Group statement of recognised income and expense 38 Group balance sheet 39 Group cash flow statement 40 Notes to the accounts 71 Five year summary 72 Parent company – independent auditors’ report to the members of Reckitt Benckiser Group plc 73 Parent company accounting policies 74 Parent company balance sheet 75 Notes to the parent company accounts 80 Shareholder information 2 Reckitt Benckiser 2008 CHIEF EXECUTIVE’S STATEMENT £6,563m +25% our net revenue in 2008 growth rate of net revenue Group financial highlights 2008 £m 2007 £m change % Net revenues 6,563 5,269 +25 Operating profit 1,505 1,233 +22 Net income for the year 1,120 938 +19 Diluted earnings per share 154.7p 127.9p +21 Adjusted operating profit* 1,535 1,190 +29 Adjusted net income for the year* 1,143 905 +26...
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