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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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مرزا مرتضیٰ بیگ
جناب مرزا مرتضی بیگ اعظم گڑھ کے بہت ہی لائق، ممتاز اور وضعدار وکیل تھے، دارالمصنفین کی مجلس انتظامیہ کے اہم رکن بھی ایک عرصہ تک رہے، ان کی وفات کراچی میں ہوئی، اﷲ تبارک و تعالیٰ ان کو اپنی رحمتوں اور برکتوں سے سرفراز رکھے، آمین۔
(’صباح الدین عبدالرحمن، فروری ۱۹۷۶ء)

 

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Demand Side Management in Smart Grid

Demand Side Management in Smart Grid This dissertation explores and identifies that home energy management systems (HEMSs) are used to implement demand side management in homes. Based on integration of renewable energy sources (RESs) and energy storage systems (ESSs), HEMS optimal operation (HEMO)isclassifiedintopricedrivendemandresponse(DR)andDRsynergizedwithRESs and ESSs optimal dispatch (DR-RED). DR-based HEMO depends on shifting of the consumer load towards off-peak times. DR-RED-based HEMS benefits the consumer and the utility by reducing the cost of generation, reducing energy bills, minimizing green-housegas emissions, achieving overall energy savings and increasing energy sustainability. The methodology to compute an optimal scheme for the aforementioned operations is called HEMS optimization. The terms optimal HEMS operation and HEMS optimization (both abbreviated as HEMO) has been used interchangeably in this dissertation. The contributions in this dissertation are three fold. First, this dissertation reviews the most recent literature on various models for DR-RED-based HEMO. The reviewed models for HEMO are classified into dichotomous approaches as DRversus DR-RED-based,individual versus coordinated, deterministic versus stochastic, single-objective versus multi-objective and conventional techniques versus advanced heuristics-based. The tradeoffs among the dichotomous approaches are analyzed and the challenges pertinent to coordination, standardization in modeling of home appliances, testing of HEMS algorithms, and handling of multi-objectivity are investigated. Second, animprovedalgorithmforaDR-RED-basedHEMSisthenproposedinthisdissertation. This heuristic algorithm considers DR, photovoltaic availability, the state of charge and charge/discharge rates of the storage battery and the sharing-based parallel operation of more than one power sources to supply the scheduled load. The HEMS problem has been solved to minimize the cost of energy (CE) and time-based discomfort (TBD) with conflicting tradeoffs. An innovative scheme for mixed scheduling of shiftable home appliances (delayed scheduling for some appliances and advanced scheduling for others) is introduced to improve the CE and TBD performance parameters. The peak load has also been minimized using an inclining block rate pricing scheme. Multi-objective genetic algorithm with pareto optimization (MOGA/PO) has been used to handle multi-objectivity. Pareto optimal setfortradeoffsbetweenCE andTBDhasbeencomputedtoprovidetheconsumerwiththe selection of choice for a feasible solution. Algorithm for DR-RED-based HEMS for mixed scheduling outperformed the ones based on delayed scheduling (presently in use) for CE and TBD. x Third, a drastically rising demand of electricity has forced a number of utilities in developing countries to impose large-scale load shedding. An algorithm for HEMS optimal operation for DR-RED integrated with a load-shedding-compensating dispatchable generator (LDG) (DR-RED-LDG) has been presented. An inventive method for optimal sizing of an LDG that ensures an uninterrupted supply of power to the consumers exposed to scheduled load-sheddingisalsoproposed. TheLDGoperationtocompensatetheinterruptedsupplyof powerduringtheload-sheddinghours;however,accompaniesthereleaseofgreen-house-gas emissions as well that need to be minimized to conserve the environment. A 3-step simulations based posteriori method is proposed to develop a scheme for eco-efficient operation of DR-RED-LDG-based HEMS. The method is novel in nature and provides the tradeoffs between net cost of energy (CEnet) to be paid by the consumer, TBD due to shifted operations of home appliances to participate in the demand response, and minimal value of total emissions (TEMiss) from the local LDG. 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