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Investmant in non-financial corporations: a case of Pakistan

Thesis Info

Author

Ijaz Hussain Bajwa

Program

MS

Institute

Institute of Business Administration

Institute Type

Private

City

Karachi

Province

Sindh

Country

Pakistan

Thesis Completing Year

2014

Page

80

Subject

Economics

Language

English

Other

CallNo: 332.67

Added

2021-02-17 19:49:13

Modified

2024-03-24 20:25:49

ARI ID

1676720933432

Similar


Micro Data use to understand aggregate macroeconomic relationships is increasing after critique by micro-economists on the census data sets, especially after the recent Global Financial Crisis. ln Pakistan, work on investment was done using Census of Manufacturing Industries (CMI) Data. In this study of investment function, relationship is tested with micro Balance Sheet data. Data was constructed for this purpose of non-financial registered firms in Karachi Stock Exchange (KSE) from 1988 to 2011 of 323 consistent firms. Empirical work is done by using Panel data estimation approaches. Different investment theories are tested through a nested approach. Empirical results in Pakistan do match with established theories of investment. lnvestment relationship is established by using Jorgenson neo-classical model, accelerator theory based on sales. Tobin‘s q-ratio theory, capacity utilization theory, and financial constraints theories. It is found that cash flow, q-ratio, firm size, and taxes are statistically significant. Marco variables like GDP, exchange rate, and average lending rate affect investment in Pakistan
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