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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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۲-عبادات کے بیان میں ا ستفہامی اسلوب

-عبادات کے بیان میں ا ستفہامی اسلوب

قرآن مجید میں اللہ تعالیٰ اپنی عبادت کا حکم دینے اور انسانی نفس کو عبادت کیلئے آمادہ کرنے کیلئے بھی استفہامی اسلوب کو ہی استعمال کیا ہے،چنانچہ اللہ تعالیٰ نے انسانوں سے انکی تخلیق سے پہلے ایک وعدہ لیا تھا جس کا ذکر قرآن مجید میں اس انداز میں فرمایا:

"أَلَسْتُ بِرَبِّكُمْ قَالُواْ بَلَىٰ شَهِدْنَآ"۔ [[1]]

"کیا میں تمہارا رب نہیں ہوں؟ اس وقت سب نے یہ کہا کیوں نہیں اے ہمارے رب! "۔

اس وقت سب نے ربوبیت کا اقرار کیا تھا گویا اللہ تعالیٰ کی ربوبیت کا اعتراف و اقرار انسانوں کی فطرت میں داخل اور انکے وجدان میں شامل ہے۔

سورة الانعام میں اللہ تعالیٰ توحیدِ خالص کے بیان میں بھی استفہامی اسلوب کو بیان کرتے ہیں:

"قُلْ أَغَيْرَ ٱللَّهِ أَبْغِى رَبّاً وَهُوَ رَبُّ كُلِّ شَيْءٍ وَلاَ تَكْسِبُ كُلُّ نَفْسٍ إِلاَّ عَلَيْهَا وَلاَ تَزِرُ وَازِرَةٌ وِزْرَ أُخْرَىٰ ثُمَّ إِلَىٰ رَبِّكُمْ مَّرْجِعُكُمْ فَيُنَبِّئُكُمْ بِمَا كُنْتُمْ فِيهِ تَخْتَلِفُونَ"۔ [[2]]

"کہہ دیجئے کیا میں اللہ کے سوا کوئی اور رب تلاش کروں اور وہی ہر چیز کا رب ہے اور جو کوئی گناہ کرتا ہے وہ اسی کے ذمہ پر ہےایک شخص دوسرے کا بوجھ نہ اٹھائے گا تم سب کو اسی کی طرف لوٹ کر جانا ہےپس وہ تمہیں خبر دے دے گا جس بات میں تم جھگڑتے ہو"۔

"یہ آیت مشرکین مکہ ولید بن مغیرہ کی اس بات کا جواب ہے جو وہ رسول اللہ صلی اللہ علیہ وسلم اور مسلمانوں سے کہا کرتے تھے کہ ہمارے دین میں...

Post-Independence Colonial Impacts on the Political Development of Pakistan: The Bureaucracy

The ethos of every postcolonial country was shaped by the way in which it secured its independence, therefore in analyzing the political development of Pakistan from its creation one must consider the related development of India prior to Partition, exploring the nature of colonial rule and it’s far reaching impacts on the political development of Pakistan after independence. While India has seen innumerable kingdoms rise and fall and many waves of invasions, the British encroachment in India from the 18th century onwards, particularly the direct incorporation of India as the jewel of the British Empire in 1857, was unique in that it wrenched the locus of political and economic control away from the Subcontinent to Europe. However, many British residents in India ‘went native’, by adopting local religion and culture. The British loved India, whether residents such as Rudyard Kipling or the ruling elite in Britain (e.g. Queen Victoria had Indian servants and companions). The British cultivated an elite group of administrators from the powerful indigenous landowners and middle-class professionals (the latter of whom were mainly from Hindu castes), which helped the British to consolidate their vested interests to strengthen their rule in India. The amalgamated British army consisted of Indian and British soldiers under the command of British officers. This paper discusses in detail the impacts of British colonial rule in the Subcontinent with special reference to post-independence Pakistan drawing on archival records and other written materials on the subject.

Elucidation of Molecular Genetic Basis of Schizophrenia and Primary Microcephaly in Pakistani Population

The high degree of consanguineous marriages, languages, and religion are important factors responsible for high frequency of diverse hereditary disorders in Pakistani population. High incidence of inherited disorders is an ideal substrate to initiate molecular studies in Pakistani population. In this thesis I have systematically identified, phenotyped and sampled complex disorder (Schizophrenia) and rare Mendelian disorder (Primary Microcephaly) in families of different ethnicities/regions in Pakistan. Schizophrenia is a chronic neuropsychiatric disease afflicting around 1.1% of the population worldwide. The symptoms appear in late adolescence or early adulthood, and mainly manifest as hallucination, delusions, cognitive deficit, abnormal moods and behavior. In this thesis 16 multiplex schizophrenia families were systematically identified, diagnosed and sampled from different ethnicities/regions of Pakistan, along with a second cohort of 508 unrelated Pakistani schizophrenia patients. Fifteen out of the sixteen families were excluded for the presence of pathogenic Copy Number Variations (CNVs) by genome wide array screening. While in one of the 16 families pathogenic rare novel duplication was detected on chromosome 5q14.1_q14.2 that truly segregated with the phenotype. Exome sequencing of schizophrenia families revealed three rare and eight common variants in two families. A set of top schizophrenia candidate genes (MIR137, CACNA1C, CSMD1, GRM3 and DRD2) was selected to evaluate their association with schizophrenia in Pakistani population. A case control association study revealed a significant difference in the genotype and allele frequencies of three SNPs between the patients and controls (p = 0.000). Autosomal Recessive Primary Microcephaly (MCPH) is a neurodevelopment defect, characterized by congenital reduction in Occipitofrontal Circumferance (OFC)/Head Circumference (HC) is at least 4 standard deviations (SD) below the ethnically matched, age and sex related mean. MCPH is associated with some degree of mental retardation which persists throughout their life without additional xx morphological or clinical symptoms. The prevalence of primary MCPH is 1 in 10,000 in Pakistani population. In this thesis six consanguineous MCPH families originating from different cities of Punjab were analyzed. Linkage analysis and exome sequencing revealed four novel and two known mutations in MCPH families. The findings in this study will help in understanding the disease mechanism and related pathways as well as annotating various entities of genome. This knowledge will help in efficient carrier screening, genetic counseling and prenatal diagnosis of affected families and ultimately to development of effective therapeutic approaches.