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Corporate Governance, Product Market Competition, Corporate Diversification and Value of Cash Holding

Thesis Info

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Author

Idrees Ali Shah

Supervisor

Syed Zulfqar Ali Shah

Program

PhD

Institute

International Islamic University

City

Islamabad

Province

Islamabad.

Country

Pakistan

Thesis Completing Year

2018

Thesis Completion Status

Completed

Subject

Finance

Language

English

Link

http://prr.hec.gov.pk/jspui/bitstream/123456789/12868/1/Idrees%20Ali%20Shah_Finance_2018_IIU_PRR.pdf

Added

2021-02-17 19:49:13

Modified

2024-03-24 20:25:49

ARI ID

1676724577182

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The purpose of this research is to investigate effect of corporate governance on different facets of cash management i-e, level of cash holding, value of cash holding, utilization of excess cash and performance. Furthermore, the role of product market competition is checked in the relationship of corporate governance with different facets of cash management and to get more detail analysis role of family ownership and Shariah compliance is also checked. The research also investigated effect of corporate diversification on value of cash holding in strong governed firms and poorly governed firms; competitive and concentrated industries; family and non-family firms; Shariah and non-Shariah compliant firms. The study used unbalanced panel data of 196 companies from the years 2006 to 2014. All models generally include time dummies and industry fixed effect with standard error cluster to firm. The result shows that corporate governance has significant negative effect on corporate cash holding which supports flexibility hypothesis. Moreover, corporate governance has significant positive effect on value of cash holding and performance of firm through efficient utilization of excess cash due to corporate governance. The role of product market competition is explained in the context of substitution and complementary effect argument. The results generally support complementary effect of product market competition for corporate governance in all relationship with cash management and performance except with level of cash holding that support substitution effect. Substitution effect claim that external market discipline alone is enough mitigate agency problem. On the other hand, complementary hypothesis claim that external market discipline need efficient internal governance to mitigate agency problem. Family firms have high agency problem compared to non-family firms and corporate governance leads to proper utilization of excess cash that leads to high value of cash holding and performance in family firms. The dissertation also investigated effect of corporate governance on different facets of cash management in Shariah compliant firms and nonShariah compliant firms. The result portray that corporate governance has no significant effect on level of cash holding. The result postulates insignificant effect on value of cash holding and utilization of excess cash in Shariah compliant firms which support substitution effect of Shariah compliance for corporate governance. Excess cash under good governance has same effect on performance in Shariah and non-Shariah compliant firms and the result does not support agency theory. The result also indicates that corporate diversification decreases value of cash holding due to agency problem. However, it increases value of cash holding in good governed firms compared to poorly governed firms. Similarly, it increases value of cash holding in competitive industries compared to concentrated industries because external market discipline mitigate agency problem. On the other hand, corporate diversification decreases value of cash holding in family firms, while it has significant effect on value of cash holding in Shariah compliant firms.
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PARADIGMA BARU PENDIDIKAN KONTEMPORER DI INDONESIA

Education is a series of processes of human empowerment towards maturity, both intellectually, mentally and morally, to carry out the humanitarian function carried as a servant (abd) in front of his Khaliq and as a "preserver" (caliph) in the earth. The position of contemporary education in the midst of the spirit of national education reform, of course it is necessary to look at the meaning and role of contemporary education in this national life. Similarly, in order to find a new paradigm of contemporary education, it should begin with the existence of Islamic education in the history of national and state life. And in developing the quality of contemporary education, of course it is necessary to pay attention. First, education is increasingly demanded to appear as emerging in the development of the quality of human resources (output of education). Second, in the perspective of the world of work, an orientation to real abilities (what one can do) that can be displayed by very strong education graduates Third, as a result of globalization.

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One of the most important rules of Islamic jurisprudents, which have vital significance in Islamic jurisprudence, is Istishab. ". It has been used as a solution of various social, personal and economic proЫems after the time of Holy prophet (s.a.w) and his pious Caliphs. It is practiced and counted up as a rule of Sharia after the HoIy Quran and Sunnah as a solution for most of the probems. "Istishab" means presumption of continuity or the continuance of companionship. Technically it refers to the presumption of constant of an earlier rule or continuance absence. In this sense it is used for the maintenance of a status with respect to the ru1e. The previous rule is accepted, unless a new rule is found that goes against. It is an easy orientation one may refer to "lstishab" as the "accompanying rule. But the fact is that, Istishab is neither a source of law nor it is a source for estaЫishing new rules, but it is mereIy a set of presumptions. Istishab is practiced and used as a rule till the time a new rule is estaЫished which is derived from the HoIy Quran and Sunnah as a Hukm. "Shakk" is an important part of human Iife and Istishab has solution for this problem of "Shakk" therefore Istishab is used as one of the sources of sharia after HoIy Quran, Sunnah, Ijma, Qiyas and personal activity of human life. Moreover, І tried to discuss Istishab in the light of the Ah1-e-sunnat аr1d Ah1-e-tashayyo researchers of Usol-e-Fiqah which is the need of this time for the unity of Muslim Ummah. So 1 suggest to alI researchers specially the researchers of Islamic studies to comprise the aII Muslims ideas with broad mind, so our struggles may become a source to bring Muslim Ummah closer to each other and give a message of unity, реасе and harmony. The thesis deals with its main four chapters and their sub-chapters: Frist Chapter is containing complete definition of lstishab in the light of scholars of both sects and compression between the views of them. Second Chapter contains the Arguments of scholars from both sects on the Hujiayat- e-lstishab (acceptance) in the light of HoIy Quran, Sunnah, Ijma, and AqI and contrast between them. Third chapter is containing arguments of the Munkeren-e-Istishab (one who rejects Istishab) from the scholars of both sects and contrast the views from both of them on the acceptance and rejection of Istishab. Last chapter is focusing on an overall view of Istishab from the HoIy Quran, Sunnah and Aql, some important topics of Istishab and the views of scholars on it. At the end the thesis leads to its consequence that lstishab is an accepted rule of Islamic jurisprudence in all Islamic sects in the Iight of НоІу Quran, Sunnah, Ijma and Aqal, but the lstishab is neither designated as a permanent rule nor designated a source for estaЫishing new rules. Hopefully, this kind of research can provide a base to bring peace and harmony among the various segments of the society.