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Home > Relationship of Value-Added Measures, Accounting Measures and Cash Flow Measures With Shareholders? Wealth: An Empirical Evidence of Psx Listed Non-Financial Firms

Relationship of Value-Added Measures, Accounting Measures and Cash Flow Measures With Shareholders? Wealth: An Empirical Evidence of Psx Listed Non-Financial Firms

Thesis Info

Access Option

External Link

Author

Subuhi Naz

Institute

Virtual University of Pakistan

Institute Type

Public

City

Lahore

Province

Punjab

Country

Pakistan

Thesis Completing Year

2017

Thesis Completion Status

Completed

Subject

Software Engineering

Language

English

Link

http://vspace.vu.edu.pk/detail.aspx?id=71

Added

2021-02-17 19:49:13

Modified

2024-03-24 20:25:49

ARI ID

1676720959463

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Measuring performance is an important part of monitoring the state of affairs and progress of an organization. It comprises of measuring the actual performance of management in an organization against the pre-set goals that were set for the given period. When it comes to performance, it is always a challenge to determine what to measure and of course, how to measure it. Traditionally, organizations use accounting based performance metrics to determine the performance of management in an organization. These accounting based performance metrics are considered vulnerable to mislead the end user. As a result, reliance on these measures has resulted into major corporate failures like Enron, World Com etc. Secondly, stock investors particularly institutions have now been focusing on intrinsic value for their investment decisions. These two changes have put accounting based measures under question and call for other measures that are more reliable. Researchers and practitioners in industry have devised new metrics that include cash flow measures and value added measures. Some researchers consider cash flow measures more effective in determining enterprise effectiveness and competitiveness in the market as it is a more dynamic examination of actual return on assets and equity. Others take value added measures as a yardstick in measuring the performance by reflecting the impact of managerial decisions in stock returns. The primary objective of this study was to find evidence whether accounting measures, cash flow measures or value added measures, as a yard stick to measure managerial performance, are the best suitable to measure performance of corporate firms working in Pakistan. The hypothesis of this study was to check the significance of all these measures in determining stock returns translated into market value added (MVA) and the relationship with MVA. These variables include accounting variables - net profit margin (NPM), return on assets (ROA), earning per share (EPS), cash flow variables ? operating cash flows (OCF), free cash flows (FCF) and value added variables ? economic value added (EVA) refined economic value added REVA), created shareholder value (CSV). This hypothesis was tested on the cross section data of 33 non-financial Pakistani companies listed on the Karachi stock exchanges for a period of 8 years (2007-08 to 2014-15). This study proved that OCF gives better results as compared to other variables in explaining variation in MVA.
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معاشرے کی تعمیرو ترقی میں طلباء کا کردار

معاشرے کی تعمیر وترقی میں طلباء کا کردار
نحمدہ ونصلی علی رسولہ الکریم امّا بعد فاعوذ بااللہ من الشیطن الرجیم
بسم اللہ الرحمن الرحیم
معزز سامعین اور میرے ہم مکتب شاہینو!آج مجھے جس موضوع پر لب کشائی کرنی ہے وہ ہے:’’معاشرے کی تعمیر وترقی میں طلباء کا کردار ‘‘
جنابِ صدر!
طالب علم معاشرے کا ایک اہم جزو ہے، ایک اہم حصہ ہے، معاشرے کی تسبیح کا ایک اہم دانہ ہے، ایک اہم شمارہے، طالب علم کا وجود گھر کے لیے، خاندان کے لیے، معاشرے کے لیے، ملک وقوم کے لیے ریڑھ کی ہڈی کی حیثیت رکھتا ہے۔ وہ معاشرہ جس میں طالب علم کا کوئی کردار نہ ہو وہ حقیقت میں معاشرہ کہلانے کا حق دار نہیں ہے۔
صاحبِ صدر!
ایک ہونہار طالب علم جب علمی درسگاہ کے زیور سے مزیّن اور مرصعّ ہو کر خانگی ، معاشرتی، سیاسی اور قومی ماحول میں قدم رکھتا ہے تو اس کا وجود پورے ماحول کو متاثر کرتا ہے، اس کی گفتگو، اس کی نشست و برخاست ، اس کا قیام وقعود معیاری ہوتا ہے، اس کا اندازِ جہاں بانی منفرد اور یکتا ہوتا ہے، اس نے دورانِ تدریس صحت مند اور مفید نصاب کے اوراق اسود کی ورق گردانی کی ہوتی ہے۔
جنابِ صدر!
اس نے اگر منافقت کا باب پڑھا ہوتا ہے تو ریاکاری اور منافقت سے دور رہ کراپنی زندگی گزارتا ہے ،گل سر سبنر کی طرح مضافاتی علاقے کو معطر رکھتا ہے، جو تعلیمی ادارے میں پڑھتا ہے اس پر من وعن عمل کرتا ہے، اس کی زندگی عوام النّاس کے لیے ایک نعمت غیر مترقبہ ہوتی ہے۔
معزز سامعین!
ایک ذی فہم و فراست اور ذی شعور طالب علم ،علم و دانش کے نشتر سے معاشرے کے وجود سے جہالت، نفرت، بغض، حسد، ریا کاری ،نمود ونمائش، اقرباء پروری...

تدوین و مشتملات ارتھ شاستر

This paper describes that the Kautiliya Athashastra is the oldest and most exhaustive   treatise on the governance and administration of a state. Starting with the bringing up and education of the young prince, it proceeds to the appointment of ministers and the organization and functioning of various state departments, including the setting up of a secret service. It then sets forth a code of civil and criminal law. In the matter of foreign relations, it puts before the ruler the idea of a "Vijigisu" (would be world conqueror) and discusses in great detail the various situations he may have to face in his dealing with foreign states, whether  friendly or inimical, and points out how he should conduct himself in every case so as to achieve his goal.

Allelopathic Effects of Various Plan Extracts and Mulch Materials on Weed Suppression and Productivity in Wheat-Maize Cropping System under Rainfed Conditions.

Four sets of experiments were conducted in the pots as well as under field conditions during 2013 and 2014. Two experiments under pot condition for maize and wheat were conducted at Government Fruit Nursery Farm, Agriculture Extension Department District Haripur. Two experiments at field condition for maize and wheat crop were conducted at farmer field village Mang, Tehsil and District Haripur, Khyber Pakhtunkhwa, Pakistan. The objectives of the study were to investigate different weed control techniques and select appropriate methods for weed control in wheat and maize cropping system. To determine various combination of allelopathic plants extract for weed management in wheat and maize cropping systems. To determine the allelopathic effects of various mulch materials for weed management in wheat and maize cropping systems under field conditions. To explore the role of phenolic compounds present in test species for weed management in wheat and maize crops and to recommend the feasible and efficient weed control method in wheat and maize crop under rainfed conditions. The first sets of experiments was conducted in clay pots on maize in the presence of weeds in completely randomized design with eight treatments comprising untreated control, Moringa oleifera leaves extract spray (MLE), Parthenium hystorophorus leaves extract (PLE) spray, Cannabis sativa leaves extract (CLE) spray, M. oleifera + P. hystorophorus leaves extract (MLE + PLE) spray, M. oleifera + C. sativa leaves extract (MLE + CLE) spray, P. hystorophorus + C. sativa leaves extract (PLE + CLE) spray and M. oleifera + P. hystorophorus + C. sativa leaves extract (MLE + PLE + CLE) spray. The analysis of data revealed reduction in number of leaves of weeds, leaf and shoot length of various weeds of maize where moringa + parthenium + cannabis leaves extract was sprayed as compared to untreated control and other treatments. It was also noted that combined application of extracts was much effective in controlling weeds as compared to sole application. The data showed maximum improvement in number of leaves, leaf and shoot length of maize was recorded when mixture of moringa + parthenium + cannabis leaves v extract was applied as compared to alone moringa, parthenium and cannabis leaves extract. The 2nd pot experiment was conducted on wheat in the presence of weeds The analysis of data revealed inhibitory effects on number of weed leaves, leaves and shoot length of various weeds of wheat crop where mixture of moringa + parthenium + cannabis leaves extract was sprayed as compared to sole spray of moringa, moringa + parthenium, moringa + cannabis and parthenium + cannabis leaves extract. While wheat improved its number of leaves, leaf and shoot length where mixture of moringa + parthenium + cannabis leaves extract was applied as compared to sole application of moringa, parthenium and cannabis leaves extract. Various phenolic compounds were detected in moringa, parthenium and cannabis leaves. Maximum phenolic compounds were present in parthenium followed by cannabis and moringa. The 3rd experiment conducted under field conditions on maize comprised eight treatments: untreated control, wheat straw mulching, dry leaves of eucalyptus mulching, rice straw mulching, grass clipping mulching, living mulch intercropping of (soybean), black plastic mulching and herbicide (Primixtra) spray @ 400 ml acre-1 to evaluate their effect on weed density, relative weed density, fresh and dry biomass of different weed species of maize at 25, 50 and 75 DAS (days after sowing). The analysis of data revealed that weed density increased where no mulch was used followed by soybean and dry leaves of eucalyptus while primixtra herbicide @ 400 ml acre-1 and black plastic significantly reduced weed density followed by rice and wheat straw mulch. Similarly, more reduction in weed density, relative weed density, fresh and dry biomass in all weed species was recorded for primixtra @ 400 ml acre-1 and black plastic, rice straw and wheat straw mulch. Maximum weed density, relative weed density, fresh and dry biomass of all the weed species was found where soybean was intercropped with maize and grass clippings were used. Plant height, number of leaves, leaf area, cobs length, weight, number of grains per cob, 1000-grains weight, grain yield and root shoot of maize progressively improved where primixtra herbicide @ 400 ml acre-1, black plastic mulch, rice, wheat straw, eucalyptus leaves were used. However, more economic benefits were obtained from dry leaves of eucalyptus followed by rice straw mulch. The 4th field experiment conducted at field conditions with wheat comprised eight treatments: control, maize stalk mulching, dry leaves of mulberry mulching, sugarcane bagasse mulching, grass clipping mulch, living mulch intercropping of lentil crop with vi wheat, black plastic mulch and herbicides topik @ 120 g & buctrilsuper @ 300 ml acre-1 to evaluate their effect on weed density, relative weed density, fresh and dry biomass of different weed species of wheat under rainfed conditions at 25, 50 and 75 DAS. The analysis of data revealed highest reduction in weed density, relative weed density, fresh and dry biomass in all the weed species where herbicides topik @ 120 g & buctrilsuper @ 300 ml acre-1 and black plastic mulch were applied followed by sugarcane bagasse as compared to control and living mulch. There was maximum weed density, relative weed density, fresh and dry biomass of all weed species where lentil was intercropped with wheat and dry leaves of mulberry were used. There was significant effect of various mulch materials on seed germination percentage, wheat growth and agronomic traits. More improvements in wheat plant height, number of leaves, leaf area, number of tillers, number of spike, spike length, number of grains and 1000-grains weight were observed where topik @ 120 g & buctrilsuper @ 300 ml acre-1, black plastic mulch and sugarcane bagasse and living mulch was used as compared to control. More economic benefits were obtained from sugarcane bagasse and grass clippings were used. In Conclusion moringa, parthenium and cannabis have allelopathic potential to suppress various weeds of maize and wheat. In case of foliar spray of various plants leaves extracts, moringa + parthenium + cannabis were found more effective than any other combinations to manage weeds. Hence in maize, rice and wheat straw and dry leaves of eucalyptus have more allelopathic potential and suppressive effects on maize weeds under rain-fed condition. In case of wheat, sugarcane bagasse has suppressive effect.