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Determinants of Tunneling: A Study of Non-Financial Concentrated Firms in Pakistan

Thesis Info

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Author

Wajid Alim

Program

PhD

Institute

Kohat University of Science and Technology

City

Kohat

Province

KPK

Country

Pakistan

Thesis Completing Year

2019

Thesis Completion Status

Completed

Subject

Finance

Language

English

Link

http://prr.hec.gov.pk/jspui/bitstream/123456789/11539/1/wajid%20alim%20finance%202019.pdf

Added

2021-02-17 19:49:13

Modified

2024-03-24 20:25:49

ARI ID

1676724600619

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Conflicting interests of minority and majority shareholders in concentrated firms entice severe illegal tunneling. Tunneling is siphoning of firm’s resources by the controlling shareholders for their private benefits at the cost of minority shareholders. This consequently inflicts losses to minority shareholders, discourages investors and affects the entire firm''s operations. This study aims to examine determinants of tunneling in the non-financial concentrated firms and to predict the short and long run association of influential factors. Study is relying on the secondary panel data collected during 2000 to 2015. Firm’s annual report, Pakistan Stock Exchange and State Bank of Pakistan were used as data sources. Using Fixed Effect Model andARDL, results show that except executive compensation, all are statistically significant using inter-corporate loan as proxy for tunneling. Similarly, all the factors are statistically significant using cash dividend as proxy for tunneling. Results also present that these factors show a significant effect in association with tunneling for short and long run confirmed through ARDL. Theoretically, this study contributes to agency theory and economic theory of crime. While, practically the study contributes to investors, owners and regulatory institutions of the market. Findings of the study share thorough information to investors which may help them for better portfolio decision. Additionally, study also apprise a vast array of stakholders of the firms about the severity of the tunneling and its deep rooted impairments to entire firm’s operations. Recommendations of the study guide regulatory infrastructure of the market to establish and implement rules for shareholders’ protection, encourage investment and harness transparent business environemnts.
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درد کا حد سے گزرنا ہے دوا ہو جانا

درد کا حد سے گزرنا ہے دوا ہو جانا
نحمدہ ونصلی علی رسولہ الکریم امّا بعد فاعوذ بااللہ من الشیطن الرجیم
بسم اللہ الرحمن الرحیم
معزز اسا تذہ کرام اور میرے ہم مکتب ساتھیو!السلام علیکم! آج مجھے جس موضوع پر گفتگو کرنی ہے وہ ہے:’’درد کا حد سے گزرنا ہے دوا ہو جانا ‘‘
جنابِ صدر!
دکھ درد، تکلیف ہم معنی الفاظ ہیں، زندگی میں ہر شخص کوکسی نہ کسی موقع پر رنج وغم اور دکھ و تکلیف سے واسطہ پڑتا ہے خوشیاں روٹھ جاتی ہیں، رنج و الم کے بادل گھٹائیں بن کر برسنا شروع ہو جاتے ہیں گھر کے آنگن میں نوید ومسرت کی چاندنی بکھیرنے والا قمر گہنا جاتا ہے۔
صدرِ ذی وقار!
زندگی کے نشیب وفراز سے انسان ہمکنارر ہتا ہے۔ افراط و تفریط کا سلسلہ شروع رہتا ہے، کامیاب انسان وہ ہے جوایسے حالات میں مستقل مزاج رہتا ہے ان بوقلمونیوں سے اس کے پائے استقلال میں لغزش نہیں آتی اور یوں اس کی زندگی کی گاڑی رواں دواں رہتی ہے۔بقول غالبؔ
رنج سے خوگر ہوا انساں تو مٹ جاتا ہے رنج
مشکلیں اتنی پڑیں مجھ پر کہ آساں ہو گئیں
صدرِ محترم!
جب کوئی چیز حد سے بڑھ جاتی ہے، اپنی انتہا کو پہنچ جاتی ہے تو اس کا وجود عنقا ہو جاتاہے اس کی حیثیت بدل جاتی ہے اس کے نفع نقصان کا تصور تبدیل ہو جاتا ہے۔ اس کے مضر اثرات مصلح ہو جاتے ہیں اس میں یکسر تبدیلی آجاتی ہے اور ایّام کے ساتھ ساتھ وہ قصہ پارینہ بن جاتی ہے۔
محترم سامعین!
رات اپنی انتہا کو پہنچتی ہے تو بادِ نسیم صبح کے حیات بخش جھونکوں سے آشنا ہے۔ دن اپنی بلندیوں کومس کرتا ہے تو قمر کی برووت بھری چاندنی قلب و ذہن کی طراوت کا باعث بنتی...

ڈاکٹر اسرار احمد: بیسویں صدی کا عظیم مدرس و داعی قرآن

Dr. Israr Ahmed was a great thinker, intellectual and a reformer. He was diverse scholar and took inspiration from a great and diverse spectrum of sholars like Dr. Allama Iqbal and Dr. Rafiuddin; Abul Aa’la Maoudoodi and Abul Kalam Azad; Hameed uddin Farahi and Amin Ahsan Islahi and Sheikh ul Hind Maulana Mahmood ul Hasan and Shiekh ul Islam Maulana Shabbir Ahmed Usmani. His thought and wisdom was quite influenced by these people. We trace out this remarkable and renowned sholar’s rendered his educational, authorial and religious services. For this purpose Dr. Israr Ahmed started his mission with lecture of Quran. Soon, his lectures were well known throughout the country. He established a great institute namely ‘Markazi Anjuman e Khudaam ul Quran’ in Lahore in order to render educational, authorial and religious services in an organized manner. To spread reformative and preaching services in a better way, he established a party with the name of ‘Tanzeem e Islam Pakistan’In view of his great services, especially in the field of Holy Quran, we may mark him as great scholar of twentieth centur

Use of a Plant Virus Vector for Screening of Gene Constructs With Potential Insecticidal Activity

Extending the novel implications of plant viruses as invaluable genetic tools in the field of transgenic plant technology, Potato Virus X (PVX) based transient gene expression is a simple rapid, inexpensive methodology employed for preliminary screening and evaluation of insecticidal gene constructs in plant sucking insect species. In this study, PVX vector was employed to achieve high throughput expression of two-candidate insecticidal proteins viz. Hvt, (Hydronyche versuta spider) and ACA Lectin (Allium cepa agglutinin) in tobacco plants. The Reverse transcriptase (RT-PCR) revealed a high throughput expression of 117 bp Hvt, 325 bp ACA Lectin in tobacco were bioassayed in Phenacoccus solenopsis Tinsley (P. solenopsis Tinsley), Aphis gossypii Glover, (A. gossypii Glover), M. persicae Sulzer (M. persicae Sulzer) and herbivorous insect species of Helicoverpa virescens (H. virescens), Spodoptera littoralis (S. littoralis). The results revealed severe insecticidal and antagonistic effect of Hvt in terms of significant insect mortality p<0.01%, reduced population survival and nymph production in P. solenopsis Tinsley, A. gossypii Glover and M. persicae Sulzer. ACA Lectin also exerted significant anti-feedent and insecticidal characteristics at p<0.01% on colonization and population survival in tested insects and larval mortality and lower dry weight gain in herbivorous insect species of H. virescens and S. littoralis. The practical application of PVX vector was extended through PVX- based VIGS mediated production of dsRNAs of two partial insect gene transcripts i.e. Voltage Gated Calcium Channel (PSCaVα1) and Elongation Factor (PSEF-1α) in tobacco plants and RNAi response in P. solenopsis Tinsley. The Reverse Transcriptase (RT-PCR) revealed a high throughput expression of 117 bp Hvt, 325 bp ACA Lectin and plants dsRNAs of 152 bp PSCaVα1 and 325 bp PSEF-1α in tobacco used in plant feeding bioassays. The results revealed significant insect mortality 96% PSCaV-α1 and 46% PSEF-1α and several allied phenotypic deformities like stiffing, melanization and shedding of cuticle, arrested growth and reduced fecundity in P. solenopsis Tinsley were consonant with declined expression of targeted genes in insects feeding corresponding dsRNAs duly elaborated by a semi-quantitative RT-PCR. The specificity of dsRNAs 152 bp PSCaV-α1 and 325 bp PSEF-1α dsRNAs derived from P. solenopsis Tinsley and 402 bp Arginine kinase (AK) from A. gossypii Glover was checked through feeding bioassays in non-target insect species like M. persicae Sulzer, H. virescens and S. littoralis. The results revealed non-significant effect of 152 bp PSCaV-α1 and 325 bp PSEF-1α and significant effect of AK in adult aphid in terms of mortality, nymphs produced and survived, larval mortality and dry weight gain in tested insect species. The cumulative results of this study highlighted the significance of PVX vector as valuable genetic tool for preliminary screening and evaluation of candidate insecticidal proteins and RNAi gene constructs. This study will enhance the efforts of biologists in a way to screen the candidate insect genes and design the complementary transgenic crop protection strategies.