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The Investment-Cash Flow Sensitivity and Financing Constraints-Evidence from Pakistan

Thesis Info

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Author

Haidar 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=77

Added

2021-02-17 19:49:13

Modified

2024-03-24 20:25:49

ARI ID

1676720960640

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This study investigates the relationship of investment and cash flow in the presence of financial constraints of firms. Dividend, size and age are used as measure of financial constraint for firms and are applied to segregate the whole sample in to constrained and unconstrained firms. The Tobin?s Q, profitability, liquidity, leverage and sales growth are used as control variables. The topic is significant as it has limited research in developing countries as well as in Pakistan. The data for the period from 2004 to 2013 of the non-financial sector?s firms is used which are listed on Karachi stock Exchange. The fixed effect model of panel data is applied for data analysis. The findings reported the existence of relationship between investment and cash flow. It also showed that the investment-cash flow sensitivity is high for financially unconstrained firms and low for financially constrained firms. The results of the study are in line with the findings of Kaplan and Zingales (1997). Hence, it can be stated that the investment-cash flow sensitivity is inversely related to the firms constrained status.
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لبوں کی لالی بتا رہی ہے

ہجر اثاثہ رہ جائے گا
درد خلاصہ رہ جائے گا

آدم زاد سے لغزش ہو گی
ہاتھ میں کاسہ رہ جائے گا

زخم تمھارے ہیرے موتی
درد ذرا سا رہ جائے گا

شعر نگر میں نام ہمارا
اچھا خاصا رہ جائے گا

سب کی پیاس بجھانے والا
دریا پیاسا رہ جائے گا

آج تمھارے ساتھ فضاؔ بس
جھوٹ دلاسا رہ جائے گا

TOWARDS INTEGRATING REHABILITATION INTO HEALTH SYSTEMS THROUGH PROFESSIONAL REGULATION

Strengthening rehabilitation in health systems and integrating rehabilitation across all levels of care depends on a mix of strategies, however all depend on an appropriately trained, resourced and organized workforce. Indeed, among the ten areas for action described in the World Health Organization 2030 initiative is developing a strong multidisciplinary rehabilitation workforce that is suitable for country context, and promoting rehabilitation concepts across all health workforce education.   The rehabilitation workforce is constantly evolving as it strives to provide safe practices and treatment choices based on the best available evidence to improve function, promote independence and help people reach their maximum potential. However, barriers to this evolution include a lack of well-resourced training programs, variations in the competencies expected within the standard entry-level curriculum, limited opportunities for continuing professional development, geopolitical instability, competing demands for limited health budgets and persistent de-prioritization of rehabilitation.

Expression Patterns of Β–Catenin, Cox-2 and P27 in Colorectal Carcinomas at Aga Khan University Hospital, Nairobi

Introduction: Colorectal cancer is the third most common cancer worldwide, as indicated by WHO. Local published and unpublished data indicate that patients in the developing world with colorectal cancer tend to present at an early age, and possibly at a more advanced stage than described in the developed world. The reason for this difference is unclear, and as yet undefined. The Wnt/APC pathway, Microsatellite instability pathway and the Epigenetic pathway are three pathogenetically distinct pathways that have been implicated in the development of colorectal cancer. Exploration of these patterns may allow us to elucidate possible reasons for these differences. Objectives: The aim of this study was to investigate the expression patterns of three molecules, β-catenin, p27 and COX-2, which represent various points of interaction along the Wnt/APC pathway, in colorectal cancers diagnosed at the Department of Pathology,Aga KhanUniversityHospital,Nairobi, and to correlate the findings with clinical, demographic and pathological characteristics of the study subjects. Methods: Tissue blocks of 100 consecutive colorectal cancer resection specimens received during the period March 2006 to Dec 2009, were retrieved from the archives at the Department of Pathology. Haematoxylin and Eosin slides were prepared and reviewed for purposes of confirmation, typing, grading and staging of the colon cancer. Immunohistochemical expression for β-catenin, p27 and COX-2, was assessed and scored. Findings were correlated with relevant demographic, pathologic and clinical data. Data Management and analysis: Data were recorded using a data sheet and then entered into an MS Excel spreadsheet. Statistical analysis was done using SPSS version 15.0 (SPSS Inc, Chicago) and STATA version 10.0 (Stata Inc,Texas). Chi square test (or Fisher’s exact test when number was <5) was performed to determine the association between categorical variables. Results:β-catenin aberrant expression was found in 75% of tumours. 93% of cases showed moderate to strong nuclear p27 expression and 78% of cases demonstrated moderate to strong COX-2 overexpression. β-catenin expression patterns were associated with tumour location, and COX-2 overexpression with tumour histological subtype. Conclusion: The aberrant expression of β-catenin corresponds with the overexpression of COX-2, supporting their postulated relationship in the Chromosomal instability pathway. The Wnt/APC pathway still appears to be the most common pathway, despite our younger population. The utility of p27 still requires further evaluation and validation, due to conflicting results.