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Corporate Diversification, Cost of Capital, Financial Policies and Firms Performance: Evidence from Pakistan

Thesis Info

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Author

Mehmood, Rashid

Program

PhD

Institute

Pir Mehr Ali Shah Arid Agriculture University

City

Rawalpindi

Province

Punjab

Country

Pakistan

Thesis Completing Year

2019

Thesis Completion Status

Completed

Subject

Management Sciences

Language

English

Link

http://prr.hec.gov.pk/jspui/bitstream/123456789/11320/1/Rahid%20mehmood_PMAS_2019_Mangement%20Sciences.pdf

Added

2021-02-17 19:49:13

Modified

2024-03-24 20:25:49

ARI ID

1676724576338

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Diversification has become a popular practice for firm expansion and growth. When firms go for diversification strategy, they need extra capital and they have to manage cost of capital and other financial policies. This research examines the effect of corporate diversification, cost of capital and financial policies on firms’ financial performance.The population of the study is manufacturing firms of Pakistan, with the sample being from 2004 to 2017. Two-step dynamic estimation was used for the analysis. Data was collected from DataStream. Financial performance of firms is measured through Return on Assets (ROA), Return on Equity (ROE) and Tobin’s Q. First, overall analysis of manufacturing sector was done followed by sectoral analysis. In the first and second models, Product Diversification (PD) and Geographic Diversification (GD) were used to measure corporate diversification. In the third model, the combined effect of PD and GD was analyzed. Firms’ financial policies measured as capital structure decision, dividend policy, investment policy, corporate governance, and audit quality are included in firms’ financial policies.Overall analysis reveals that both measures of corporate diversification have a significant impact on ROE and Tobin’s Q. Cost of capital, capital structure and dividend policy have a significant effect on all three measures of financial performance. Investment policy has an insignificant effect on financial performance. Analysis reveals mixed findings regarding the impact of corporate governance and audit quality on ROA and ROE. However, these variables have significant impact on Tobin’s Q. Sectoral analysis reveals mixed results depending on the nature, features and policies of the sectors. It is recommended that firms may manage diversification strategy and financial policies to make rational decision to improve the firms’ financial performance.
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انج تاں توں ڈکینڈا نئیں ہائیں۔

انج تاں توں ڈکیندا نہیں ہائیں، ڈکیا ہنجواں ہاہواں نال
انج تاں توں ٹھلیہندا نہیں ہائیں، ٹھلیا ٹھنڈیاں ساہواں نال
بدل ماحول گیا اے سارا نویاں قدراں بدلن نال
گولاں اج وناں تے نہیں نے، نہیں نے بور اکاہواں نال
سر دا بھار اوڑک نوں اپنے پیراں اتے اونا ایں
اپنے بھار نے چونے پوندے ٹٹیاں ہویاں باہواں نال
ہک دوجے نال مل کے سارے لوک ترقی کر دے نیں
بندے نکل جاندے نیں اگے، اپنیاں اپنیاں ٹھاہواں نال
پٹھے وڈھ کے چھیڑ مجھیں دا اج رجونا پوندا اے
ڈھور کدے وی رج دے نہیں نیں، بنیوں پٹے گھاہواں نال
نازک جان ملوک تیری اے، اوکھا پیار دا پینڈا ای
ساڈی ریس ناں کر توں جھلیا، اسیں ہاں حال تباہواں نال
بھانویں اوگنہار ہاں میں، پاک نبیؐ دی امت ہاں
مینوں ساڑ دوزخ نہیں سکدا اگاں اتے بھاہواں نال

اسلام اورہندومت میں احترام انسانیت ایک تقابلی جائزہ Respect for Humanity in Islam and Hinduism A Comparative Review

Every person in the world is respectable because he is a human being. All religions of the world have taught respect for humanity. It will not be wrong if we say that respect is the common heritage of humanity living in the world. Mutual respect is the secret and distinction of the development of nations. How many nations and cultures became enviable simply because they respected each other? In the present era, the dignity of humanity is being trampled everywhere. The murder market is hot everywhere. The standards of human respect are changing, sincerity, truth, human equality, and values ​​are being replaced by deceit, greed, envy, and selfishness. And it is done according to the resources. Man is the best of creation and legitimate respect and honor is his basic right. Therefore, no one can see his self-respect being undermined. That's why it has become very important to bring up topics like respect for humanity and explain the position and status of human beings in the light of religious books so that the respect and dignity of human beings are being trampled underfoot today, people should be made aware of the true status and status of human beings should be informed so that the importance of human blood can be estimated. An attempt will be made in this paper to present a comparative review regarding the respect and reverence that human has for Islam and Hinduism. Keywords: Respect for Humanity, Superior to all creatures, Religion, Islam, Hinduism, Respect, Self-respect

Effect of Physiological States on Milk Fatty Acids Profile in Dairy Cows and Buffaloes

Milk composition is the result of various biological reactions, affected by feed intake and physiological status of animal. Physiological status, in turn, is affected by environment modulated through hypothalamus and pituitary. Milk composition and quality are important characteristics that determine the nutritive value and consumer acceptability. The following three studies were conducted to investigate relationship of lactation stage and body condition with milk yield and composition with special reference to fatty acids in crossbred dairy cows and buffaloes (Bubalus bubalis) under tropical conditions. Study I - Variation in milk fatty acids composition with body condition: A total of 24 Nili-Ravi buffaloes within 60 days after parturition, were selected from a private dairy farm at district Peshawar. All the animals consumed the same diet during the experimental period. A total of 576 raw milk samples were collected for laboratory analysis. The study continued up to 6 months during the year 2008. Body condition score (BCS), milk yield and composition were recorded once a week. Means for milk fatty acids profile were compared for various levels of BCS. The mean milk yield and fat contents were 9.28 kg/d and 5.36 %, respectively. The total saturated fatty acids (SFAs) were 64.22 g/100g of total fatty acids and the unsaturated fatty acids (UFAs) were 35.79 g/100g of total fatty acids. Out of the SFAs, highest amount was recorded for C16:0, followed by C18:0 and C14:0. The total sum of hypercholestrolemic fatty acids (HCFAs, C12:0, C14:0 and C16:0) were 43.33 g/100g of total fatty acids. The concentrations of UFAs were greater with the moderate (2.5) BCS followed by poor (1.5) and highest one (3.5) while the SFAs showed an opposite trend. The correlation analysis showed that milk yield was negatively affected by BCS and milk fat positively though, non-significantly. The present study suggests that Nili-Ravi dairy buffaloes produce milk, with the highest concentration of C18:1 cis-9. Two HCFAs (C12:0 and C14:0) were associated with higher body condition. Buffaloes with moderate body condition yielded milk containing healthier fatty acids. Study II - Changes in milk fatty acid profile with advancing lactation: This study was conducted to determine the effect of lactation advancement on milk yield and its fatty acid composition in crossbred cows during the initial 16 weeks of lactation. A total of 28 F1 crossbred cows (HF x Sahiwal) within 1st week after parturition were selected from a large state farm. The animals were maintained under uniform management conditions in a well-ventilated shed. The animals were milked twice and milk samples were collected from each cow once a week during 1, 4, 8, 12 and 16 weeks of lactation. BCS and milk yield were recorded on the day of sample collection. Means for milk fatty acids composition were compared for five weeks (1, 4, 8, 12 and 16) of lactation. The i total amount of saturated fatty acids (SFAs) was on the average 67.88g/100g of total fatty acids and the unsaturated fatty acids (UFA) were 32.39 g/100g of total fatty acids. In the SFAs the highest amount was of palmitic acid (23.09 g/100g of total fatty acids). The highest monounsaturated fatty acids (MUFAs) level was of oleic acid (C18:1 cis-9, 24.68 g/100g of total fatty acids). Mean concentration of polyunsaturated fatty acids (PUFAs) was 3.95 g/100g of total fatty acids. The total sum of medium chain fatty acids C12:0, C14:0 and C16:0 identified as hypercholestrolemic fatty acids (HCFAs) was 38.40 g/100g of total fatty acids. The correlation analysis showed a significantly positive relationship between BCS and milk fat percent. The present study suggests that concentrations of UFAs were higher in earlier weeks and declined during mid lactation. With advancement of lactation, from wk 1 to 16 of lactation, the proportion of both de novo fatty acids and PUFAs increased and pre-formed fatty acids (specifically C18:0 and C18:1 cis9) decreased. The two hypercholestolemic fatty acids (C12:0 and C14:0) increased with advancing lactation and the cows in early lactation yielded milk containing healthier fatty acids. Study III - Body condition score as an indicator of milk yield and composition: This study was undertaken to evaluate the role of body condition score (BCS) as an indicator of milk yield and composition in Nili-Ravi buffaloes under subtropical conditions. A total of 36 buffaloes within 1st week of parturition were selected from a private peri-urban dairy farm at district Peshawar. All the animals were offered green fodders ad libitum and concentrate at the rate of 1kg per 2 kg of milk produced. Milk yield (kg/d) and BCS (scale 1-5) were recorded weekly and milk samples (n = 1008) were collected for analysis of fat, protein and lactose contents. The study continued for 7 months, starting from November 2007 to May 2008. BCS significantly affected milk yield and fat and protein contents. Lactose was least affected with changes in BCS during lactation. Highest yield was recorded with moderate BCS in buffaloes. BCS correlated positively with milk fat and protein and negatively with milk yield. Milk yield decreased while BCS increased with advancing lactation. The negative relationship may be due to mobilization of body reserves, indicating better genetic potential of buffalo as a dairy breed. The results indicated that BCS may be used as an indicator for maintaining milk yield and composition in dairy buffaloes. Keywords: Dairy buffalo, crossbred cows, milk composition, milk yield, lactation stage, body condition score, saturated fatty acids, unsaturated fatty acids, hypercholestrolemic fatty acids