he introduction of financial sector reforms in developing countries has captured great attention of the researchers. In an imperfect capital market, external funds are more costly than internal funds and firms face financial constraints. Financial liberalization adverts to a reduction of regulation on the financial industry and helps to relax financial constraints, reduce cost of debt, and thereby increase the firm level investment. Previous studies at macro level resultantly favor the financial liberalization and growth of a country. On the other side the studies conducted at the micro level show mixed results and there is a dearth of literature for accepting/rejecting the notion of financial liberalization at the micro level. This dissertation examines the Impact of Financial Sector Reforms on the Capital Structure, Investment and Cost of Debt of Large Scale Manufacturing Sector listed at Pakistan Stock Exchange. A unique index for measuring the Financial Liberalization is developed obtaining the data from Financial Sector Assessment Progress Review Report (1991-2004) and Economic Survey of Pakistan (2005-2014). Principal Component Method is employed for the development of Financial Liberalization Index for the period 1991-2014. The data for large scale manufacturing firms is extracted from Balance Sheet Analysis published by State Bank of Pakistan. The sample includes the companies that remained listed at Pakistan Stock Exchange from 1993 to 2014 but the firms that did not survive for the period or are new entrants were not included in sample. The study utilized descriptive analysis and fixed effect model on the panel data of two hundred and ninety four (294) firms in GRATEL. In order to capture the insight effect of financial liberalization reforms fixed effect models were applied by categorized the data on the basis of small and large size firms. Separate analyses were made on different manufacturing sectors that includes Textiles, Food, Chemicals, Other manufacturing, Motor Vehicle, Fuel & Energy, Communication, Refined Petroleum, Paperboard, and Electrical Machinery. To observe during which government structure financial liberalization paved benefits the data was further segregated on the basis of democratic and non democratic government structure in Pakistan. Utilizing fixed effect model the study concludes that financial liberalization has significant impact on the leverage, investment, and cost of debt of manufacturing firms. Results drawn from the interaction of firm specific factors and liberalization iv index reveal that financial liberalization improves the access of external funds for the financially constrained firms. The finding also concludes that firm level investment is also increased and financial reforms helped to reduce the cost of debt for the large scale manufacturing firms. Hence all the sectors did not gain benefit uniformly and it is also observed that small size firms gained the most from liberalization in terms of access to capital. Among different industries other manufacturing sector gained the most and textile sector did not gain much benefit from financial liberalization in terms of access to external funds. Research also unveils that reforms were beneficial during democratic government structure in Pakistan. Amongst different industries the investment level of textile sector is increased whereas, food and non metallic minerals did not improve much. It also concludes that investment level of firms is raised in democratic government structure. Furthermore, the cost of debt for the large size firm is improved as compared to the small size firms. The cost of debt for the manufacturing firms is favorable during the democratic government structure.
معاشی ترقی میں تعلیم کا کردار نحمدہ ونصلی علی رسولہ الکریم امّا بعد فاعوذ بااللہ من الشیطن الرجیم بسم اللہ الرحمن الرحیم معزز سامعین اور میرے ہم مکتب ساتھیو! آج مجھے جس موضوع پر لب کشائی کا موقع فراہم کیا گیا ہے وہ ہے:’’معاشی ترقی میں تعلیم کا کردار ‘‘ جنابِ صدر! ہر شخص یہ چاہتا ہے کہ معاشرے میں میرا مقام بلند ہو جائے ، مجھے لوگ امیر انسان تصور کریں۔ میرے مشوروں پرعمل کیا جائے ، میری رائے کو اہمیت دی جائے ، میری شخصیت مسحور کن ہوں ،میری عادات متوازن ہوں ، میر ااٹھنا بیٹھنا معیاری ہو ، میری نشت و برخاست میں آن بان اور شان کی جھلک نمایاں ہو۔ میں طلسماتی شخصیت کا مالک ہوں۔ جنابِ صدر! ان تمام اعزازات کے حصول کے لیے درعلم و حکمت پر دستک دینا پڑے گی ، اپنی معاشی حیثیت کو بحال کرنا ہوگا، کیونکہ جس کے گھر میں خوردونوش کا سامان نہ ہو، اس کی سوچ کے انداز تبدیل ہو جاتے ہیں وہ صرف یہ سوچتا ہے کہ رات کا کھانا کہاں سے آئے گا، بچوں کا پیٹ کس طرح پالا جائے گا، بچوں کو ڈھانپنے کے لیے کپڑے کہاں سے آئیں گے۔ اس کو اور کسی بات سے غرض نہیں۔ محترم صدر! معاشی ترقی کے لیے تعلیم اہم کردار ادا کرتی ہے۔ تعلیم کے حصول سے نہ صرف انسان معاشی طور پر مضبوط ہو جاتا ہے بلکہ اس کی ترقی مثالی ہو جاتی ہے۔ جسمانی لوازمات کو پورا کرنے کے ساتھ ساتھ تعلیم اس کو روحانی تازگی اور تراوٹ بھی فراہم کرتی ہے اور نا جائز ذرائع سے معاشی آسودگی کا خواہش مندتحصیل علم کے بعد اپنی اسی خواہش کی تکمیل میں کوشاں رہتاہے۔ لاتی ہے گلستاں میں معیشت کی یہ بہار تعلیم کی یہ جستجو ضائع نہیں جاتی جنابِ...
Virus COvid-19 sedang menjadi perhatian dunia termasuk di Indonesia sehingga pemerintah mengeluarkan berbagai kebijakan untuk mencegah penyebaran virus Covid-19. Kebijakan tersebut diantaranya penetapan PSBB (pembatasan sosial skala besar) sehingga semua kegiatan dialihkan ke rumah atau Work From Home (WFH) termasuk kegiatan perkulihan, dialihkan menjadi pembelajan via online. Karena dipindahkannya proses perkuliahan ke rumah menjadikan mahasiswa dituntut untuk mengelola serta mengatur belajarnya sendiri (Self Regulated Learning) selama masa Covid-19. Pengumpulan data pada penelitian ini menggunkan angket dan disebarkan secara onlien melalui google form. Penelitian ini menggunkan metode kuantitatif deskriptif dengan subjek penelitian mahasiswa angkatan 2017, 2019, dan 2018, jurusan psikologi Universitas Negeri Padang. Hasil pada penelitian ini menunjukan bahwa self regulated learning pada mahasiswa berada pada kategori sedang dengan persentase sebesar 61, 4%, kategori tinggi dengan persentase 38, 6%. Hel ini menunjukkan bahwa pada umunya mahasiswa sudah memahami dan melaksanakan self regulated learning pada kegiatan perkulihaan selama masa pandemi.
Fifty inbreds of maize from diverse origin were screened in the growth-chamber and glass-house for seedling parameters under both normal and high temperature regimes. Six parental lines were earmarked on the basis of various agro- physiological seedling traits under high temperature stress. The parental lines were sown in the field using diallel mating design to make all possible cross combinations. The parents, F1’s and their reciprocals were sown in the field in two sets using a triplicate RCBD. Normal irrigations were applied to both sets of experiment. Normal experiment was sown on Feb. 8th, whereas stress experiment was sown on March 8th. Data pertaining to various morpho-physiological parameters were recorded at different crop growth stages and subjected to statistical analysis. Significant mean square values for all the parameters under normal and heat stress environments revealed considerable genetic variability. Scaling tests were performed to check adequacy of data for analyzing additive-dominance model. Under both temperature regeims, all traits except RCI (fully inadequate) were fully adequate to additive-dominance model. Inheritance of all agro-physiological parameters was influenced by overdominant type of genetic effects as male × female interaction was also found significant for all parameters under both temperature regimes. Significant mean square values were observed for GCA & SCA effects under optimal and stress conditions in maize. Existence of highly significant GCA and SCA effects revealed that trait inheritance was controlled by additive, dominance and over-dominance type of genetic attributes under optimal and high temperature regimes. Reciprocal effects were highly significant for DTS, OP, PH, DTM, GDDs to 50 % silking and GDDs to 50 % maturity under optimal environmental conditions, while under stress environment significant reciprocal attributes were expressed by DTS, ELA, OP, PH, GDDs to 50 % silking and GDDs to 50 % maturity, depicting that inheritance of these traits is influenced by maternal or cytoplasmic contents. Magnitude of SCA variance was higher than GCA variance for all studied traits under both temperature regimes, due to which GCA/SCA variance ratio was less than unity indicating that all parameters were controlled by non-additive (dominance & over-dominance) type of genetic effects except leaf osmotic potential, whose inheritance was influenced by partial dominance type of genetic attributes under high temperature. Inbred lines D-103, NCIL-20-4 and NCIL-10-5 were best suited early maturing inbreds under both environments. Inbred lines NCIL-10-5, D-135 and NCIL-20-4 earmarked as high yielding parents under both temperature regimes. Three F1 crosses D-103 × NCIL-30-5, NCIL-20-4 × NCIL-10-5 and NCIL-10-5 × NCIL-30-5 were tagged as best combiners for most of the physiological, grain yield and yield related parameters under both environmental conditions. Heterotic estimates were studied for all traits under normal and high temperature. Under normal and heat stress environment, cross combinations D-103 × NCIL-30-5, NCIL-20-4 × NCIL-10-5 (its reciprocal) and NCIL-20-4 × WA3748 expressed maximal HP heterosis estimates for grain yield. Pioneer hybrid P-1543 used as commercial check to estimate standard heterosis for GPE, 100-KW and grain yield per plant under both environmental conditions. Results revealed cross combinations NCIL-20-4 × NCIL-10-5, its reciprocal and NCIL-10-5 × NCIL-30-5 as best F1’s due to their high performance over commercial hybrid. Under both temperature regimes, all seedling parameters were significantly interrelated with each other except root-shoot ratio. Under optimal and heat stress growth conditions in the field, agronomic parameters showed significant correlation with grain yield except days to 50 % tasseling, days to 50 % silking, ASI and days to 50 % maturity. All physiological parameters showed significant interrelation with grain yield except GDDs to tasseling, silking, GDDs between anthesis-silking and maturity.