Search or add a thesis

Advanced Search (Beta)
Home > Corporate Governance, Financial Constraints and Dividend Policy: Evidence from Pakistan

Corporate Governance, Financial Constraints and Dividend Policy: Evidence from Pakistan

Thesis Info

Access Option

External Link

Author

Azeem, Muhammad

Program

PhD

Institute

COMSATS University Islamabad

City

Islamabad

Province

Islamabad.

Country

Pakistan

Thesis Completing Year

2019

Thesis Completion Status

Completed

Subject

Finance

Language

English

Link

http://prr.hec.gov.pk/jspui/bitstream/123456789/10341/1/Muhammad%20Azeem_Mngt%20Sci%20%28Fin%29_2019_Comsats_PRR.docx

Added

2021-02-17 19:49:13

Modified

2024-03-24 20:25:49

ARI ID

1676724576919

Asian Research Index Whatsapp Chanel
Asian Research Index Whatsapp Chanel

Join our Whatsapp Channel to get regular updates.

Similar


Corporate Governance, Financial Constraints and Dividend Policy: Evidence from Pakistan Information asymmetry between insiders and outsiders creates various issues for a firm, such as the agency problem where managers pursue their own interests even at the cost of the wellbeing of the firm’s shareholders and probable external financial constraints where external investors discount risk by causing a surge in the cost of financing. Normally, a firm manages the issues of the agency problem and external financing constraints by omitting or initiating dividend payments. In most existing studies, scholars have focused on the direct relationship between corporate governance and dividend policies and, thus far, they have produced inconclusive and contradictory results. Most probably, these studies have not considered the role of financial constraints in dividend payment decisions. Moreover, the substantial emergence of corporate scams, along with weak regulatory environments coupled with the underdevelopment of the financial sector of Pakistan, has encouraged the study of the aforesaid tradeoff. Therefore, this study investigated the impact of corporate governance on dividend policies in the presence of financial constraints using a sample of 139 non-financial firms listed in the KSE in Pakistan, where a weak regulatory framework generates agency problems and the underdevelopment of financial sector causes financing constraints for businesses. The results reveal that, in Pakistan, dividends are an Outcome of governance practices. As the quality of firm-level governance improves, shareholders are provided with the legal strength to ultimately force firm managersto pay dividends.Along with the agency problem, the availability of external financing is an important factor related to dividend payment decisions in Pakistan. When a company is confronted with the agency problem and financial constraints simultaneously, managers try to avoid costly external financing rather than reducing agency problem. The corporate regulatory machinery of Pakistan completely inherits the characteristics of low efficiency, and as a result, the issue of unsymmetrical firm-level governance practices has emerged. Eventually, the influence of financial constraints on dividend policies also varies across different corporate governance regimes.
Loading...
Loading...

Similar Books

Loading...

Similar Chapters

Loading...

Similar News

Loading...

Similar Articles

Loading...

Similar Article Headings

Loading...

١۔اجازت

اجازت

شاہد اشرف

"یہ راستہ آگے چل کر چشمے کی طرف نکلتا ہے " راہگیر یہ کہ کر آگے بڑھ گیا. میں شش و پنج میں مبتلا اسے جاتے ہوئے دیکھتا رہا پھر آہستہ آہستہ رستے پر گامزن ہو گیا. اس نے کہا تھا کہ. تھوڑے فاصلے پر چشمہ ہے اور چشمے کا نام و نشان دکھائی نہیں دیتا تھا. میں تھکن, پژ مردگی اور مایوسی سے پہلے ہر حال میں چشمے تک پہنچنا چاہتا تھا. پختہ سڑک کے بعد یہ راستہ زائرین کو پیدل طے کرنا پڑتا تھا. آخر کار چشمہ آ گیا . میں نے پانی پیا اور وہیں زمین پر بیٹھ گیا. اُس نے مجھے یہاں تک آنے کے لیے کہا تھا, اس کے بعد مزار تک پہنچنے کا فاصلہ مجھے اس کے ساتھ طے کرنا تھا. وہ میرے بعد چشمے پر پہنچا اور آتے ہی بولا " آؤ چلیں " ہم چل پڑے اور راستے میں باتیں کرتے رہے. ایک طویل فاصلہ طے کرنے کے بعد اس نے دور سے مزار کی طرف اشارہ کیا اور پھر نا معلوم منزل کی جانب گامزن ہو گیا۔ میں مزار کی طرف بڑھنے لگا ۔ جلد ہی مجھے احساس ہو گیا۔ میں جتنا مزار کے قریب جاتا ہوں ۔ مزار اتنا ہی مجھ سے دور ہو جاتا ہے ۔ میں نے تیز بھاگنے کی کوشش کی اور میرا سانس پھول گیا. میرے پاؤں بوجھل ہونے لگے اور میں حسرت و یاس کے عالم میں مزار کی طرف دیکھتا رہا. مجھے معلوم ہو گیا کہ مجھے باریابی کی اجازت نہیں ہے. میں اپنے بعد آنے والوں کو مزار کی سمت جاتے دیکھتا ہوں۔ سب مجھے حیرت سے دیکھ کر گزر جاتے ہیں۔ میں خستہ حال اور تہی دست ایک عمر سے وہاں پر رکا ہوا ہوں.

علم الروایہ و الدرايۃ٬ مفہوم اور تاریخی پس منظر

Hadith and Science of Hadith are the terms used by specialists of Hadith known as Mohaditeen. A hadith is a recorded statement, action or approval of the Prophet Muhammad (S.A.W). It is considered as the second primary source of Islamic law after Quran. It is also a part of revelation. Prophet Muhammad (S.A.W) described it through his words. The science of hadith examplifies the principles with which a specialist in the field of Hadith evaluates the authenticity and accuracy of narrations. In the past there were two specific and developmental stages for the Books of Hadith terminology. In its 1st stage, the Scholars focused on the compilation of the statements of earlier scholars, quoting the expressions they had used without evaluating those terms or suggesting terms applicable to those expressions. This methodology was adopted by the earlier scholars such as Yaḥyā ibn Ma`īn, `Alī ibn al-Madīnī, Muslim ibn al-Ḥajjāj, and Al – Tirmidi. In the second period the Authors cited the quoted statements of the earlier works and began the collection and codification of relevant terms. In this period, the specific Principles were established. Examples of books authored in this manner are: Ma`rifah `Ulūm al-Ḥadīth by al-Ḥākim, Al-Kifāyah by al-Khaṭīb alBaghdādī and the Introduction of Ibn al-Ṣalāḥ. In this article the two major types of science of Hadith have been mentioned, Rewayat-ul-Hadith and Derayat-ulHadith. Its definition and historical background has been described.

Towards Conducting Effective Clinical Conferences in a Diploma Nursing Programme in Pakistan

The focus of this study was to explore how to conduct effective clinical conferences with Diploma nursing students at The Aga Khan University School of Nursing (AKUSON) a private nursing school in Pakistan. To accomplish this goal I worked with two nursing faculty of year two and year three along with their clinical group consisting of eleven students each. In this situation I worked as a catalyst being a resource person and facilitator, using action research in my attempt to make clinical conferences more effective. Even though students course work comprises of both theory and practice my project focused on the improvement of the process of clinical conferences as it is related to the clinical component of students' learning. Since all existing research on clinical conferences is based in western countries, I have used Wink (1995) and Matheney (1969) as a framework to guide this study and look at their applicability to the Pakistani context. Teachers mostly used students presentation as a strategy to conduct clinical conferences, in the pre-intervention stage of the study. Four out of five teachers asked students to present, although 64% of students admitted that they did not like presentations as a strategy for learning (N=22). During these conferences one or two students presented to the clinical group of 10-12 students. Initially less time was given to discuss nursing, whereas, in the intervention stage the conferences were entirely nursing based. In the intervention stage post-conferences were held using teaching strategies such as guided imagery, role-play, case-studies, debate, nursing rounds, and cooperative learning. Presentation style of conducting post-conferences was modified, whereby students participated, shared experiences, learnt from and between each other. These prototype conferences were rated as highly effective' both by students and teachers. In the post-intervention stage 73% of students (N=22) rated the conferences as ‘good' and ‘excellent'. The students' perception of an effective clinical conference at the post-intervention stage was that it should consists of two way communication involving many strategies to build on clinical practice where everyone participates. During the intervention stage students worked in small groups, the teacher as part of the group, sharing ideas, information and experiences with each other. Time was utilized effectively and the conferences were enjoyable. In this way the teacher helped and encouraged the students in the learning process.