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Corporate Governance and Market Value in Pakistan

Thesis Info

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Author

Syed Mohsin Ahmad Bukhari

Institute

Virtual University of Pakistan

Institute Type

Public

City

Lahore

Province

Punjab

Country

Pakistan

Thesis Completing Year

2018

Thesis Completion Status

Completed

Subject

Software Engineering

Language

English

Link

http://vspace.vu.edu.pk/detail.aspx?id=166

Added

2021-02-17 19:49:13

Modified

2024-03-24 20:25:49

ARI ID

1676720983491

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Corporate Governance is the mechanism by which companies are managed and controlled in the best interest of the shareholders. In order to eliminate the agency problems and to strive for goal congruence between the corporate managers and shareholders, different codes of corporate governance have been developed keeping in view the legal, social and economic structure of a particular country. In Pakistan code of Corporate Governance 2003 was initially adopted which was revised and updated in the form of Code of Corporate Governance 2012. This research study focuses on the relationship between corporate governance and market valuation in order to confirm that those companies that employ good corporate governance mechanism are valued more than other non-complying companies. For this purpose, two measures of value i.e. Tobin Q and MVA have been used while corporate governance is measures through six variables i.e.Ratio of Executive directors to Total Directors (Re), Ratio of Independent Directors to Total Directors (Ri), Role duality (Rd), Ratio of Management Remuneration to Total Salaries (Rm), Number of Board Meetings (Dm) and Ownership concentration (Ow) along-with four control variables i.e. Size of the firm (Sz), Sales Growth (Sg), Leverage of firm (Lev) and Return on Assets (ROA). In order to determine the relationship between the two variables sample of companies included in KSE-100 index of Pakistan Stock Exchange have been selected while multiple regression technique and Pearson?s correlation is used for the purpose of analysis. The result of data analysis shows significant relationship of corporate governance measures with both Tobin Q and MVA, which is consistent with the previous studies. The findings of the study recommend adoption of corporate governance practices to the Governments Agencies, Policy makers and Corporate managers as it will result in enhancing profitability, growth, market value at microeconomic level while it with lead to greater market stability by enhancing investor?s confidence, development of corporate and financial markets, improving FDI and GDP growth at macroeconomic level. Pakistan is the major emerging market of South Asia and being strategic partner of China in the China Pakistan Economic Corridor (CPEC) it will be the center of major economic and corporate activity in the near future. However in order to attract potential corporate investors the corporate governance framework requires further restructuring and improvement while financial, legal and economic environment needs to strengthen along with development of physical infrastructure to obtain maximum economic gains from the CPEC projects.
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وفا آزمانی نہیں جانتا تھا

وفا آزمانی نہیں جانتا تھا
کہ میں بد گمانی نہیں جانتا تھا

ترا شکریہ، تو نے سمجھا دیے ہیں
میں غم کے معانی نہیں جانتا تھا

زمانہ محبت کا دشمن رہے گا
محبت کا بانی نہیں جانتا تھا

ڈبو کر مجھے اُس نے خود ڈوبنا ہے
یہ دریا کا پانی نہیں جانتا تھا

اسی نے تو مجھ پر تھی انگلی اٹھائی
جو میری کہانی نہیں جانتا تھا

ترے لہجے کی نغمگی نے سکھا دی
کہ میں شعر خوانی نہیں جانتا تھا

مرے غم کی تصویر کیسے بناتا
مرے غم کو ’’مانی‘‘ نہیں جانتا تھا

جدا تن سے ہے کچھ یہ سر اس لیے بھی
میں گردن جھکانی نہیں جانتا تھا

دور الشباب في رقي الأمم وازدهارها الحضاري على أساس الدين والعلم والأخلاق من منظور السيرة النبوية

Islam took great care of youth, because youth in Islamic nation are the shining stars, they are the backbone of nation and source of its survival and the pillars of advancement in the peace, and the soldier of victory in the war, and the hope of nation's present and future. Nations achieve greatness on the shoulders of their faithful and committed youth those who want progress, innovation and scientific competition in all sphere of the life, and serve great in uplifting of their Islamic nation. This article is an attempt to answer some questions, such as: possibility of the renewal of ideas of youth and concepts of the religious texts to work on drafting a practical approach for the advancement and prosperity based on the teachings of the religion that urges to wisdom with knowledge and ethics? This article deals with the Importance of youth’s role in progress of the nations and development of their civilizations in light of Holy Qur’an, Writing the idiomatic concept of the word "civilization, the impact of religion, science and ethics in advancement and property of nations, the causes and factors that led to the decline of the Islamic civilization, the foundations and pillars of western civilization, and the most important foundations on of the youth for advancement and prosperity of the nation. All these points are discussed in the article with a special reference an as taken is (صلى الله عليه وسلم) Prophet Holy of life the and Sunnah and Quran of excellent example for the development of nation with special reference to its youth.

Evaluation of Teaching Practices of Teachers at Early Childhood Level in Public Schools of Pakistan

The main purpose of the study was to evaluate the teaching practices of teachers at early childhood level in public schools of Pakistan. The objectives of study were to: (a) find out academic and professional qualification of ECE teachers; (b) its impact on student''s learning; (c) teacher''s problems; (d) their teaching practices; and (e) suggestions for the solution of the problems faced by ECE teachers in public schools of Punjab. The major research questions were about: (a) the status of ECE teachers; (b) their competency level regarding qualification; (c) their teaching problems; (d) teaching strategies regard to urban/rural schools of Punjab. The study was conducted on 994 ECE teachers teaching in 9 districts of Punjab. They were selected randomly. The overall response rate was 80% (N=720). Three research instruments were developed for data collection: i) One questionnaire; ii) A teaching competency scale; and A Checklist for classroom observations. ii) Focus group discussions were conducted for incorporation of opinions of educational executives of four districts i-e Faisalabad, Nankana sahib, Narowal, and Sialkot. about the overall status of ECE in public schools. Topics for focus group discussion were also selected with consultation of supervisor. All these tools got validated through experts’ opinion and pilot study. The overall reliability of questionnaire was (.734). The questionnaire and teaching competency scale were administered to ECE teachers of public schools. Checklist was administered to 36 classrooms to observe the level of knowledge of ECE teachers about their connected fields. For this the researcher himself observed each and every classroom to get data as per checklist. The descriptive statistics were used for analysis and interpretation of data, the inferential statistics to determine the significant difference in perceptions of the respondents and the Cohen’s d formula to identify the effects of items of above mentioned research tools. The data collected through questionnaire was used to compare the teaching practices of ECE teachers regarding their gender and locality and to identify the academic and professional status of ECE teachers. The data collected in the shape of results from student records were used to examine the impact of teacher''s academic and professional qualification on student''s learning. It was categories into three levels i.e. excellent, good and average. Teaching competency scale was used to identify the competency level of ECE teachers of public schools about their teaching practices. The classroom observation schedule was used to assess the lesson presentation skills and the use of others related strategies and techniques which are important for ECE teaching. Through this data, level of students was ascertained. Discussion on data analysis was divided into four parts. Part–I illustrates the demographic profile of teachers as well as complete picture of teaching practices of ECE teachers, their academic & professional qualification and its impact on students learning achievements, comparison of teaching practices with respect to gender and location. Part-II describes the level of teaching competencies of ECE teachers about knowledge of children, subject knowledge and professional practices and practical wisdom. Part-III shows the results of observations of classrooms and Part-IV indicates the discussion of focus group of educational executives. The finding shows that majority of ECE teachers were teaching to ECE children by using different strategies at ECE level in public schools and their effect according to Cohen’s d formula was ranged from 0.00 to 0.91. This is range of scores across all the individual teachers. Their competency level was ranged from 0.002 to 0.253 (p value). This is range of scores of perception of ECE teachers about children strengths, subject knowledge and professional practices & practical teaching wisdom. The comparison between teaching practices of male and female ECE teachers has made as per teaching competency scale. The impact of their competency has measured through the achievements of students (table 39). Finding related to the identified indicators for observations of the ECE teachers working in the public schools were showed that 35% to 72% ECE teachers have the knowledge of their observed fields. It means that 28% ECE teachers have no knowledge about their relevant fields. This figure is different in other observations (table 41). Mark means that the desired level (standard) set by the department, parents and society Major findings related to focus group discussion indicated that curriculum for ECE class has developed but no one teacher had any awareness about the curriculum. They were following the text-books considering those a curriculum which was prepared for ECE children. Learning material, teaching kits and provision of A.V.Aids for teaching to ECE children were not ensured. Refresher courses and trainings were not provided to ECE teachers as per required level. The study concluded that the overall conditions for ECE classroom practices were not satisfactory. Many of problems were faced by ECE teachers with regards to their teaching methodology, availability & use of A.V.Aids and learning and teaching material. ECE teachers of public schools were not well equipped professionally to teach the young babies. Finally, some recommendations were made for betterment and development of early childhood education in Pakistan. It was also suggested that future studies in this area should be conducted on different aspects.