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Home > The Impact of Internal Finance on Investment When Information is Asymmetric: An Empirical Investigation into Pakistani Listed Firms

The Impact of Internal Finance on Investment When Information is Asymmetric: An Empirical Investigation into Pakistani Listed Firms

Thesis Info

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External Link

Author

Shoukat Ali

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=70

Added

2021-02-17 19:49:13

Modified

2024-03-24 20:25:49

ARI ID

1676720959222

Similar


Cash flow has been major determinant of investment in the most of the studies conducted in the area of finance. However the exact role of cash flow to determine the investment remained ambiguous.This research has been conducted mainly to investigate the relationship between investment and internal generated fund while the information is asymmetric in the environment of Pakistan.The Q model of investment has been used to investigate this relationship. The GMM model has been applied to test the hypothesis by using the balanced panel annual data of Pakistani listed non-financial KSE 100 index firms for the period 2008 to 2013.The empirical analysis includes 100 sample firms with 600 observations.The five measures of asymmetric information (i.e. Tobin?s Q, ownership concentration, firm size, profitability and the financial leverage) have been used in this study.The results derived by using all five measures of asymmetric information confirm the positive and statistically significant relationship between internal finance and firm?s investment when firms have information that is asymmetric.This study explains that investors misperceive the decisions made by firms? managers due to the information gap present among the investors and corporate investors. This misperception about decisions of firms? managers raises the demand of risk premium i.e., discount on new issue of securities by the investors.The increase in risk premium demand results in costly access to external finance.Therefore the firms have to rely on internally generated funds for investment decisions.This study contributes to the investment decisions in the capital markets that are imperfect like Pakistan consisting of information asymmetries. This study also provides guideline to the investors to assess the information present in the capital markets to make investment decisions and to understand the firms? decisions regarding to the new issue of securities and other indirect information attached to the new issue of securities.
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پروفیسر قیام الدین احمد

پروفیسر قیام الدین احمد صاحب مرحوم
(ڈاکٹر جاوید علی خاں)
پروفیسر قیام الدین احمد مرحوم ملک کے ممتاز مورخ اور مشہور عالم و محقق تھے، ۲۷؍ اگست ۱۹۹۸؁ء کو ان کا انتقال اچانک حرکت قلب بند ہوجانے کی وجہ سے ہوا، اس وقت وہ خدا بخش لائبریری پٹنہ کے ایک سمینار کے لیے اپنا مقالہ ٹائپ کررہے تھے جو آزادی کی گولڈن جبلی تقریبات کے سلسلے میں جامعہ ہمدرد دہلی میں ہونے والا تھا۔
ہندوستان کے عہد وسطیٰ کی تاریخ اور انیسویں صدی کا ہندو مسلم معاشرہ ان کا خاص موضوع تھا، اس پر ان کی نظر وسیع تھی۔ بہار میں ہندوستان کے عہد وسطیٰ کی تاریخ نویسی کی روایت کی بنیاد شاد عظیم آبادی اور ونایک پر شاد نے ڈالی تھی جس کو سرجدوناتھ سرکار نے پروان چڑھایا اور پدم شری پروفیسر سید حسن عسکری نے نقطۂ عروج تک پہنچایا، پروفیسر قیام الدین اسی سلسلہ کی آخری کڑی تھے، ان کی وفات سے جو خلا ہوا ہے اس کا پُر ہونا مشکل معلوم ہوتا ہے۔
ملک و قوم کی بے لوث خدمت اور آزادی وطن کی تحریک میں علمائے صادق پور کے کارنامے اظہر من الشمس ہیں، مرحوم قیام الدین کا تعلق اسی عظیم اور مقدس خانوادے سے تھا، حضرت سید احمد شہیدؒ کی تحریک اصلاح و جہاد میں بھی اس خاندان کے بزرگوں نے بڑے جوش و خروش اور نہایت عزم و استقلال سے حصہ لیا تھا۔
مرحوم کے اجداد میں مولانا احمد اﷲ صاحب اور کئی لوگوں کو ابنالہ مقدمات کے سلسلہ میں کالے پانی کی سزا ہوئی۔ موجودہ صدی کے اوائل میں اس خاندان کے افراد کا رجحان مغربی تعلیم کی طرف ہوگیا۔ پروفیسر قیام الدین احمد صاحب کے دادا ڈاکٹر عظیم الدین احمد عربی کے مشہور فاضل اور اردو کے معروف شاعر و نقاد تھے، انہوں نے سر محمد اقبال کے...

النورسي ومعالجته النقدية الايجابية البناءة للقضايا

From the very first day, the scholars of the Ummah, Particularly from the time of Im฀m Sh฀f฀ movements of Islamic thought originated, which affected not only the Arabic world but the whole Islamic world. There had been movements of severe revenge and bloodshed and a lot of people were killed. Im฀m Nawras฀ is one of those unique people who served the Islamic thought from such dangerous storms. Day and night he made selfless efforts. He criticized the falsehood and injustice. The period of Im฀m Nawras฀ was plagued with severe gales of argumentations. This became the cause of Invitational, reformative and renewing movement of Im฀m Nawras฀. It faced the western and European attacks which appeared after Industrial and ideological revolutions of Europe. Before starting the movement, he did deep study of current affairs, Islamic thought and history. He studied the reasons due to which chaos of Islamic thought began. It was necessary to study all the situations and to fight with the contemporary Atheistic thought and wipe out its effects. So this article discusses intellectual contributions of Im฀m Nawras฀. He is great in handling the critical situation, and his conservative positive criticism is excellent. He is one of those luckiest persons who survived and got a chance to serve humanity. He was unique in handling intellectual issues away from dialectical demagoguery. Im฀m Nawras฀ really worked great for Islam. His principles regarding intellectual positive criticism, his philosophical thoughts, his criticism on mystic issues are presented here in this article. It is important to study and analyze Nawras฀ ’s amazing ability and his critical positive approach and treatment of constructive issues away from the ego.

Addressing Linear Regression Models With Correlated Regressors: Some Package Development in R

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