Search or add a thesis

Advanced Search (Beta)
Home > Determinants of Firms’ Acquisition Ability and its Impact on Cost Efficiency, Operational Hedging and Returns of Acquirer Firms in Pakistan

Determinants of Firms’ Acquisition Ability and its Impact on Cost Efficiency, Operational Hedging and Returns of Acquirer Firms in Pakistan

Thesis Info

Access Option

External Link

Author

Tahira Awan

Supervisor

syed Zulifiqar Ali Shah

Program

PhD

Institute

International Islamic University

City

Islamabad

Province

Islamabad.

Country

Pakistan

Thesis Completing Year

2017

Thesis Completion Status

Completed

Subject

Financial economics

Language

English

Link

http://prr.hec.gov.pk/jspui/bitstream/123456789/8364/1/Tahira_Awan_Management_Science_Finance_HSR_IIU_2017_21.08.2017.pdf

Added

2021-02-17 19:49:13

Modified

2024-03-24 20:25:49

ARI ID

1676724598250

Asian Research Index Whatsapp Chanel
Asian Research Index Whatsapp Chanel

Join our Whatsapp Channel to get regular updates.

Similar


The capital markets witness phenomenal shifts of corporate control. With the shift of world economy into a global one, there has been a rapid increase in the volume of acquisitions. The previous studies shed light on the motives behinds acquisition and its impact on both bidding and target firm. Less effort has been placed to check the ability of a firm dealing in market of corporate control. This study is bridging in the gap in literature by exploring the factors affecting the acquisition ability of the firm. The study has analysed the role of financial strength, corporate governance related variables and regulatory influence on acquisition ability of acquiring firm. Later on, impact of such acquisition ability has been tested on various firm characteristics like cost efficiency, returns and operational hedging of acquirer firms. Data has been analysed with respect to Pakistan stock Exchange for a period of 2004 to 2012. Empirical analysis indicates that firm specific variables are important determinants in firm’s decision to acquire. Chief Executive Officer duality and institutional shareholders presence on the board contributes to this important phenomenon in the life of the acquiring firms. Bidding firm’s financial strength is also another important considerations. The empirical results indicate the better acquisition ability for firms characterized by minimum capacity utilization, lower level of intangible assets, lower debt levels and lower advertising expenses. Acquisition announcement is an important event in the capital markets. The event study technique indicates the significant abnormal returns after 3 days of acquisition announcement. Cost efficiency has been analysed for bidding firms three years prior to the acquisition and three years post acquisition. Overall results suggest an improvement in the efficiency of financial firms after acquisition. Non-financial sector is indicating opposite results where most of the firms are showing declining trend in efficiency. The percentage change in operational volatility is accounted for as operational hedging. The empirical results show a large level decrease in the operational income volatility after the takeover deal. It shows that combined firm after acquisition bring the benefit of diversification thus reducing volatility and increasing operational hedging which may ultimately reduce financial hedging. So acquiring firms should analyse their strength before going for acquisition deal as acquisition impact their short term and long term performance. Key Words: Corporate Control, Acquisitions, Event Study, Data Envelopment analysis, Operational Hedging, Cost Efficiency, Abnormal Returns
Loading...
Loading...

Similar Books

Loading...

Similar Chapters

Loading...

Similar News

Loading...

Similar Articles

Loading...

Similar Article Headings

Loading...

اسلام دہشت گردی نہیں امن چاہتا ہے

اسلام دہشت گردی نہیں امن چاہتا ہے
نحمدہ ونصلی علی رسولہ الکریم امّا بعد فاعوذ بااللہ من الشیطن الرجیم
بسم اللہ الرحمن الرحیم
صدرِذی وقار ،معزز اسا تذہ کرام اور میرے ہم مکتب ساتھیو!
آج مجھے جس موضوع پر لب کشائی کا موقع فراہم کیا گیا ہے وہ ہے:’’اسلام دہشت گردی نہیں امن چاہتا ہے ‘‘
جنابِ صدر!
دہشت گردی ایک ایسا ناسور ہے جس نے معاشرے کے حسن کو ختم کر دیا ہے، ایک ایسا عفریت ہے جس کے خوفناک مجسمے نے امن و سکون کو خاک میں ملا دیا ہے۔ دہشت گردی ایک ایسی ظلمت ہے جس سے نور وضیا دور ہوتے چلے جاتے ہیں۔
جنابِ صدر!
دہشت گردی گھر میں ہو، گھر سے باہر ہو، محلہ میں ہو کوچوں میں ہو ،تعلیمی اداروں میں ہو، درسگاہوں میں ہو، دہشت گردی جہاں کہیں بھی ہواپنے منحوس سایوں کے باعث زندگی اجیرن کر کے رکھ دیتی ہے۔
جنابِ صدر!
دہشت گردی کی فضاء میں پروان چڑھنے والا پودا کبھی تناور درخت نہیں بن سکتا۔ دہشت گردی کے ماحول میں بڑھنے والا پھول کبھی گر دونواح کو معطر نہیں کرسکتا۔دہشت گردی کی فضاء میں سانس لے کر پروان چڑھنے والا مرد حر کا لباس زیب تن نہیں کر سکتا۔
معزز سامعین!
برائی جو بھی ہو اس کو ختم کرنا اس کو جڑ سے اکھیڑنا، اس کو صفحہ ہستی سے مٹانا، اس کو نیست و نابود کرنا انتہائی ناگزیر ہو جا تا ہے اس کے لیے سر توڑ کوشش کی جاتی ہے، جہد مسلسل سے کام لیا جاتا ہے، شب وروز کاوش کی جاتی ہے۔
جنابِ صدر!
پیہم محنت سے اس کے تن ناقص پہ کاری ضرب لگائی جاسکتی ہے۔ اس کے وجود بد سے بچاؤکی صورت اختیار کی جاسکتی ہے۔ دہشت گردی جیسی لعنت سے چھٹکارا ایک مرد مجاہد کے لیے...

PROBLEMATIKA PEMBELAJARAN ANAK USIA DINI DI MASA COVID-19

Pendidikan yang semula dengan metode tatap muka di lembaga pendidikan, kini diubah menjadi pembelajaran daring/online dan dilaksanakan dari rumah masing-masing untuk mencegah dan menanggulangi penyebaran virus COVID-19 ini. Kebijakan tersebut berlaku bagi semua jenjang pendidikan baik dari tingkat PAUD hingga tingkat perguruan tinggi. Hal tersebut menimbulkan banyak problematika khususnya pelaksanaan pembelajaran bagi anak usia dini. Pembelajaran dengan menggunakan sistem daring ataupun sistem online ini masih mengalami banyak problematika dalam penerapannya, karena anak tidak dapat belajar sendiri tanpa pendampingan dari orang tua. Dalam mendorong kualitas pembelajaran pada Anak Usia Dini perlu kerjasama dan dukungan  orang tua. Orang tua menjadi salah satu pihak yang bertanggung jawab dalam keberlangsungan pendidikan anak usia dini di masa covid-19. Pengasuhan positif, penyediaan lingkungan belajar yang memadai, dan sumber belajar yang relevan akan sangat membantu anak usia dini dalam menjalani masa transisi menuju era new normal. Oleh karena itu, komunikasi antara guru dan orang tua harus berjalan dengan baik. Kebijakan pemerintah tentang belajar dari rumah tidak serta merta membuat guru melepaskan tugasnya dalam memberikan pendidikan kepada anak usia dini. Justru hal tersebut menuntut guru untuk meningkatkan kompetensinya dalam melakukan pembelajaran jarak jauh dan tetap menilai perkembangan anak berdasarkan laporan kegiatan dari para orang tua.

Attitude of Teachers, Administrators and Policy Makers Towards Inclusive Education

This study was conducted to measure the attitude of teachers, administrators and policy makers towards inclusive education. It was conducted to achieve the following objectives: 1) to construct an attitude towards Inclusive Education Scale; 2) to measure attitude of representative sample of stake holders towards IE; 3) t o find out difference between the attitude of special education and regular education teachers; 4) to find out difference between the attitude of female and male teachers both in regular and special education; 5) to find out difference between the attitude of rural and urban respondents; 6) to find out difference among the attitude of teachers, administrators and policy makers. An intensive review of related literature covered the to topics such as concept of inclusive education, emergence of Inclusive Education, International initiatives of inclusive education, benefits of inclusive education, National commitments, barriers for inclusive education, reservations about inclusive education, attitude, factors influencing attitude about inclusive education. A five point Likert Scale instrument was developed for the study. A panel of experts examined the content validity of instrument. Analysis of the data showed reliability of the instrument was .79. Instrument was piloted and improved then it was administrated for data collection. The population of the study comprised all the teachers, administrators and policy makers working in the province of Punjab. A sample of the 590 respondents was selected randomly. As many as 432 teachers, 108 administrators and 50 policy makers were selected from both special education and regular education systems. Descriptive statistics were used to summarize the responses of the sample and inferential statistics were used to compare the differences among the sample. Different comparisons were made during the analysis of data on following basis age, academic qualification, professional qualification, regular and special education, personal relation with persons with disability, experience of interaction with persons with disability, monthly income, mother tongue, gender, living area, administrative division, marital status, professional experience and profession. Findings of the research showed that objectives of the study have been achieved. It was concluded that teachers, administrators and policy makers had positive attitudes towards inclusive education.