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Working Capital Management and Corporate Performance in Presence of Financial Constraints

Thesis Info

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External Link

Author

Sara Sial

Institute

Virtual University of Pakistan

Institute Type

Public

City

Lahore

Province

Punjab

Country

Pakistan

Thesis Completing Year

2016

Thesis Completion Status

Completed

Subject

Software Engineering

Language

English

Link

http://vspace.vu.edu.pk/detail.aspx?id=55

Added

2021-02-17 19:49:13

Modified

2024-03-24 20:25:49

ARI ID

1676720954555

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The study aims to contribute to the previous studies by providing evidence regarding the relationship of working capital management and corporate performance in the financially constrained and unconstrained firms. A sample of 188 manufacturing firms listed on Karachi Stock Exchange Pakistan was selected for the time period of 2006 to 2014. The return on asset was used to measure the corporate performance while the working capital management was measured using the net trading cycle. The control variables used were operating cash flow, debt, fixed asset to total asset ratio, size and growth of firm. The findings of the study show that there exists a negative significant relationship between the net trading cycle and the return on asset. This means that a low level of working capital decrease the corporate performance. The firms were further segregated on the basis of size and debt to group the firms as financially constrained and unconstrained. No significant relationship of a low level and a high level of working capital with the corporate performance is found in the financially constrained firms. Further, the findings of the study show that in the financially constrained firms, the investing policy has a positive significant relationship with the return on asset, and the firms financing policy has a negative significant relationship with the return on asset. It is suggested that the manufacturing firms in Pakistan may efficiently manage their working capital in order to enhance the firm?s value and to attract more investors.
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۴-ايان

۴-ايان

"يَسْـَٔـلُوْنَ اَيَّانَ يَوْمُ الدِّيْنِ"[[1]]

"پوچھتے ہیں آخر وہ روز جزاء کب آئے گا؟"۔



[[1]]     القرآن ،۵۱ : ۱۲۔

اہل بدعت سے تحدیث و سماع کا حکم: علامہ احمد شاکر کی آراء کا اختصاصی مطالعہ

Allama Ahmad Shakir was a great researcher and has a good command on religious literatures and studies. In his era, he took a great place among the scholars as a specialist in hadith, Islamic jurisprudence, Quranic interpretation, history & principals of aforementioned Subjecta. Now, he is recognized as an authority on principalities of sciences of hadith and jurisprudence. He discussed in his books regarding Sciences of hadith about narrators of hadith which are called ahl e bid‘at and the status of their Ahad?th. Because, there is a huge conflict between many principalities in perspective of accepting their Ahad?th or rejecting them. In this article, based an analytical study, some of his major and innovent concepts and justified principals about ahl e bid‘at are discussed which he had presented in his books or shows his research methodologies in different books with a special study on al-musnad by Imam Ahmad Bin Hanbal (r.a). The research shows his viewpoints regarding this kind of narrators that they are, with some conditions, acceptable and their Ahad?th are also should be narrated. Although, some ancient scholars do not allow with primarily conditions, which are described in this study along with their status & conditions.

Document Clustering Based on Semantic Notions

The exponential growth of electronic documents, in both proprietary and public information systems, pose new challenges in finding relevant information from these large repositories. Document clustering is a specialized technique that has found its niche in effectively browsing, filtering, managing and summarizing these collections. Document clustering process has three distinct steps: (i) document representation, (ii) computation of pair-wise document similarity, and (iii) application of clustering algorithm. Document clustering methods are very sensitive to document representation schemes. Conventionally, document representations are based on extracting simple features such as terms/n-grams/frequent words/sequences from the documents that can be used as meta-descriptors for documents. These features reduce the dimensionality of the problem but simply fail to capture the semantics of the text in a transformed compact representation. These representations completely ignore the order and relationships among words/features. Documents written in human languages generally contain a context and use of words are mainly dependent on the same context. Motivated by this a novel document representation scheme that first extracts lexical chains from the documents and exploits topic maps structure for the lexical chains is proposed. The scheme takes advantage of lexical cohesion structure along with topic map relationships to get a semantic based representation of document. Topic Maps (TM) is an international standard for codification of knowledge. Moreover, a good similarity measure is essential for the clustering task. The similarity function should make use of semantic relationship among features (lexical topics) to provide a viable clue for relatedness between any pair of documents. A similarity function based on lexical chain similarity and frequent common tree patterns extracted from the topic maps of documents is defined. Hence these patterns (hierarchical lexical topics with different granularity) also inherently capture semantics in similarity calculation. An extensive set of experiments on four publicly available document datasets is performed. The evaluation measures like F-score, purity and entropy clearly established that the proposed approach is better than traditional document clustering approaches.