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Home > Impact of Financial Intermediation on Micro and Macro Level Growth in an Emerging Economy: An Analytical Study from Pakistan

Impact of Financial Intermediation on Micro and Macro Level Growth in an Emerging Economy: An Analytical Study from Pakistan

Thesis Info

Access Option

External Link

Author

Hashmi, Aijaz Mustafa.

Program

PhD

Institute

Capital University of Science & Technology

City

Islamabad

Province

Islamabad.

Country

Pakistan

Thesis Completing Year

2017

Thesis Completion Status

Completed

Subject

Management

Language

English

Link

http://prr.hec.gov.pk/jspui/bitstream/123456789/9354/1/Aijaz%20Mustafa%20Hashmi_Mngt%20Sci%20%28Fin%29_2017_CUST_PRR.pdf

Added

2021-02-17 19:49:13

Modified

2024-03-24 20:25:49

ARI ID

1676724765116

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The study has been performed to analyze the influence of financial intermediation on micro and macro growth in emerging economy of Pakistan. This study testifies the impact the financial intermediation functions on growth at three levels: Firm Level, Industry Level and the Macro Economic Level. Literature identifies a variety of functions performed by financial intermediaries beyond savings and pooling of funds. These functions include transaction cost function, liquidity assurance function, delegated monitoring function and information sharing function. Several proxies have been used to quantify the utilization of the financial intermediation functions while the growth has been measured as of firm size. In the first tier, a total of 130 Pakistani companies were investigated for the impact of functions of financial intermediation for the period 2004-2013 using Panel Data Analysis. Common Effect Model with Fixed Effects has been tested at the firm level panel data. According to the Fixed Effect Model in firm level panel, the proxies for the variable of Transaction Cost, Liquidity Assurance and Information Sharing Coalitions are found to have a significant impact on firm level growth while the proxies for the variable of Delegated Monitoring function have an insignificant impact on firm growth in the Pakistani sample. This is a reflection that the Delegated Monitoring function does not statistically influence firm growth. This can be attributed to inefficient corporate governance mechanism. The other variables show a statistically significant impact which reflects that firms utilizing these functions has been positively benefitted. The results reflect that firms with higher level of financial inclusion i.e. access to financial services have a positive influence on firm growth. In the second tier, the firms were grouped into 15 industries and industry wise panel data analysis is conducted to study the impact of financial intermediation functions on growth across the different industries. A fixed effect is found across the industries which show that the impact of financial intermediation functions is different for each industry. According to the Fixed Effect Model in industry wise panel, the proxies for the variable of Transaction Cost, Delegated Monitoring and Information Sharing Coalitions are found to have a significant impact on industry level growth. Further, each industry is then taken as a reference industry and the impact of financial intermediation is observed in each industry being similar or different from other industries. The industry wise panel data is done for exploring the moderating effect of the industry-variable interactive term to see whether a particular function moderates the impact of financial intermediation functions in a specific industry or not. All the functions are examined with relevance to the reference industry to empirically test the moderating impact of financial intermediation in each industry. The results report that several proxies of the financial intermediation functions moderate the impact on growth in different industries. In the third tier, macroeconomic data is examined to appraise the influence of financial intermediation on macro level economic growth. In Pakistan, the results reflect that there exists significant co-integration between financial intermediation and economic growth. However, there is no difference in the impact of financial liberalization on economic growth before and after the financial liberalization. The evidence concludes that the linkage between financial intermediation and economic growth is present as a significant interaction in the emerging economy of Pakistan.
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The Perception of Manobo Tribe on Different Aspects of Life: Their Effects on the Living and Social Conditions in San Luis, Agusan Del Sur

The study attempted to determine the perception of the Manobo tribe and their effect on their living and social conditions in Barangay Sta. Ines, San Luis Agusan del Sur. The descriptive method was used in this study describes the perception among the Manobo tribe on different aspects of life: their living and social conditions.  This study was conducted in barangay Sta. Ines, san Luis Agusan Del Sur.  There were only 195 of them who were taken as the respondents and researcher used the standardized questionnaire which were taken from the book of Mendez and used by the previous researchers. Hence, no validation was needed.  The random sampling design was used in this study in selecting the respondents. On the level of perception among the Manobo tribe, the Manobos agree on their belief in god as supported with the total average weighted mean ranging from 2.01 to 2.73 or agree.  They strongly agree to get involved in social gathering as evidenced with total weighted mean of 2.21 or agree.  They strongly agree on good aspiration as evidenced with average weighted mean of 2.71 or agree.  They agree on the family practices as supported with the average weighted mean of 2.45 or agree.  They strongly agree on good family upbringing accompanied with an average weighted mean of 2.57 or strongly agree.  They also strongly agree on how to treat visitors accompanied with an average weighted mean of 2.79 or strongly agree. On the living conditions, the Manobos rank 1 that they do not depend their main source of income but they work hard to have additional income for their family needs.  They also rank 1 that their house is made up of wood, Nipa and bamboos for the shelter of their family and the Manobo rank 1 that they usually used herbal for their natural medicine but they send the sick person to the hospital for the health of the family. On the social conditions, the Manobos strongly agree to establish a neighborhood relationship with an average weighted mean of 2.78 or strongly agree.  They also agree to establish kinship relationship and community relationship as indicated with an average weighted mean of 2.84 and 2.78 or strongly agree respectively. On the effect of perception on different aspects of life, belief in God, social; gathering, family practices, family upbringing and aspiration are best predictors in the financial condition of Manobo.  Aspiration, family practices, treating visitors, wedding practices and social gathering are best predictors in neighborhood relationship.  Wedding practices, treating visitors, aspiration, family practices, social gathering, family upbringing and belief in God as the best predictors in kinship relationship Family upbringing, aspiration, and family practices are best predictors in community relationship.

Cloning and Transformation of Sucrose Synthase Sus Gene in Cotton Gossypium Hirsutum L.

Long staple length, optimum micronaire with good strength is the highest demand of the textile industry in Pakistan. Cotton fiber quality is a multifactorial trait controlled by different genes that play a decisive role in different stages of fiber development. However, only a few genes have been explored yet that are crucial in fiber development and some of them have shown a positive effect on fiber yield and quality in transgenic cotton. Sucrose synthase (SuS) is among the important factors involved in inter-conversion of sucrose to fructose and UDP-glucose that serve as a precursor for the synthesis of cell wall cellulose. In the current study, an attempt was made by the introduction of synthetic SuS gene under the control of a CaMV35S promoter. The cassette was cloned in pCAMBIA 1301 vector with BstX1 and Xho1 restriction sites. The recombinant plant expression vector pCAMBIA-SuS was introduced into local non-transgenic cotton (Gossypium hirsutum) variety CEMB-00 through Agrobacterium-mediated transformation method. The transformation efficiency in this study remained 1.02%. Molecular analyses of putative transgenic cotton plants were performed to verify their transgenic nature. Young leaves of T0 plants were used for histochemical GUS assay to confirm the transformation event. Amplification of 813bp fragment by using gene-specific internal detection primers confirmed the successful integration of SuS gene in the cotton genome. Maximum mRNA expression of SuS gene was obtained in MA0023 and MA0034 as compared to other transgenic cotton plants. Four transgenic plants were selected after PCR analysis for molecular and biochemical studies in advanced generations. SuS gene mRNA expression in fiber was significantly higher at 15 DPA and 20 DPA as compared to 8 DPA in all transgenic lines. The Leaf SuS activity in transgenic lines increased up to 54% as in the case of MA0023. SuS activity at the reproductive stage (15DPA) was also increased up to 40% in case of MA0034. In fiber of transgenic lines decrease in sucrose contents while the increase in total soluble sugars contents was evident from elongation (15DPA) towards secondary wall synthesis and maturation (40DPA). Cleavage of sucrose by SuS catalytic activity was found to be higher in transgenic cotton plants as compared to non-transgenic control plants. The mRNA expression was found positively correlated with SuS activity and cellulose contents. Fiber analyses of transgenic plants showed an increase in fiber length up to 11.7%, fiber strength 18.65% and 28% increase in cellulose contents. Improvement in micronaire value up to 3.00 was observed in transgenic line MA0023. SEM analyses revealed that fibers from transgenic plants were smooth, highly spiral and fiber twist number increased per unit length when compared with control. Improvement in fiber length, micronaire value and surface smoothness led to producing better quality fiber for textile purposes. Genetic modification of cotton with SuS gene also resulted in improvement in some morphological and agronomic traits like plant height increased up to 88.76%, number of bolls 87.80% and GOT increased up to 22.08 % as compared to control plants. FISH analysis showed single copy number at chromosome number 9 and no signal was detected in control plants. The results depict that increased SuS activity, fiber properties, morphological and agronomic traits in transgenic lines are caused by genome integration and constitutive expression of SuS gene in cotton. From the results, it is clear that the SuS gene holds the potential to improve fiber quality and also provide more positive effect when combined with other potential fiber trait. Stacking of fiber-related genes into a single plant could be a better way to improve fiber quality in local cotton varieties to meet the standards of the modern textile industry.