Search or add a thesis

Advanced Search (Beta)
Home > Impact of Foreign Exchange Exposure Elasticity on Idiosyncratic Risk, Foreign Ownership and Financial Distress of Firms: A Comparative Analysis of Developed and Emerging Economies.

Impact of Foreign Exchange Exposure Elasticity on Idiosyncratic Risk, Foreign Ownership and Financial Distress of Firms: A Comparative Analysis of Developed and Emerging Economies.

Thesis Info

Access Option

External Link

Author

Allah Bakhsh

Program

PhD

Institute

International Islamic University

City

Islamabad

Province

Islamabad.

Country

Pakistan

Thesis Completing Year

2019

Thesis Completion Status

Completed

Subject

Management Sciences

Language

English

Link

http://prr.hec.gov.pk/jspui/bitstream/123456789/11730/1/Zaira%20Rehman%20Applied%20biosciences%202019%20nust%20isb%20prr.pdf

Added

2021-02-17 19:49:13

Modified

2024-03-24 20:25:49

ARI ID

1676724766147

Asian Research Index Whatsapp Chanel
Asian Research Index Whatsapp Chanel

Join our Whatsapp Channel to get regular updates.

Similar


This study makes comparison between an emerging economy (Pakistan) and a developed economy (USA) regarding effect of the foreign exchange exposure elasticity on financial distress, idiosyncratic risk, and foreign ownership of the firms. It also tests effect of the global financial crisis 2007-09 on the relationship between the foreign exchange exposure and financial distress of the firms. The study takes all non-financial firms of Pakistan Stock Exchange and all non-financial firms from S&P-500 index of US companies for a period of 2003 to 2015. It conducts a quantitative analysis of panel data of the sample firms followed by views of Chief Finance Officers of the companies. Asset pricing model and rolling regression technique are used for calculating foreign exchange exposure elasticity. It mainly uses multiple regression analysis using White’s Heteroskedasticity-consistent standard errors & covariance test, fixed effect, random effect and Logit model. The results show that the effect of foreign exchange exposure on the financial distress of Pak firms is positively significant at contemporaneous as well as lag level. The effect of the foreign exchange exposure of US manufacturing firms on their financial distress is also positively significant at contemporaneous and lagged level but a weak contemporaneous and lagged effect in case of US non-financial firms. The effect of the global financial crisis is significant during all the three years of the crisis (2007 09) in case of US firms but firms in Pakistan experienced this effect only during 2009. ix This study uses Fama–French three factor model and EGARCH for calculating idiosyncratic risk. The effect of the foreign exchange exposure elasticity on idiosyncratic risk of both the Pakistani and US firms is highly positively significant at contemporaneous as well as at lag level. We find a negative impact of the foreign exchange exposure elasticity on the foreign ownership in the Pakistani firms. In case of the US firms, the relation is insignificant. The study has a number of implications regarding financial stability of the firms, their idiosyncratic risks and of foreign equity. This study is unique on the relation between foreign exchange exposure and financial distress in Pakistan and adds in the literature on USA in this dimension. It also gives a good insight on valuation of firms taking foreign exchange exposure and idiosyncratic risk into consideration. The study makes number of valuable recommendations for carrying out future research on this domain.
Loading...
Loading...

Similar Books

Loading...

Similar Chapters

Loading...

Similar News

Loading...

Similar Articles

Loading...

Similar Article Headings

Loading...

نیلی چادر والی لڑکی

نیلی چادر والی لڑکی

گہری نیلی چادر اندر
لپٹی لڑکی یاد ہے اب تک

اُس کی آنکھیں ، اُس کا چہرا
بھول نہیں سکتا میں ہرگز
اُس کی بھولی بھالی باتیں
دل کے اندر بند ہیں اب تک

کوئی اگر پوچھے ، وہ لمحے
حرف بہ حرف سنا سکتا ہوں
جتنے دن بھی ساتھ تھے بیتے
اک اک پل بتلا سکتا ہوں
پوری کہانی یاد ہے اب تک

گہری نیلی چادر اندر
لپٹی لڑکی یاد ہے اب تک
نیلی چادر ، بھولی صورت
نقش ہے دل میں یاد ہے اب تک

گہری نیلی چادر اندر
لپٹی لڑکی یاد ہے اب تک

The Present Day Applications of Initial Muslim-Christian Interactions.

Throughout history, Interfaith Dialogue has been a continuous activity in Muslims and Christians alike. According to the historian, incident of Wafad-e-Najran[i] (Najran’s Delegation) was the first ever regular interaction between Muslims and Christians.  Therefore, this incident has an academic and historic importance in Muslim -Christian perspectives.  The Holy Quran describes this incident in detail. First 80 verses of Surah Ale-Imran were revealed in this context.  Further information is found in the books of Hadith, Seerah and Islamic History. This incident can become a base for modern Muslim- Christian Dialogue and we can derive from it some basic principles of Dialogue. This article elaborates the incident of Wafad-e-Najran, its importance and also derives some important rules from it. These principles are: interfaith tolerance, harmony, communication, understandings, peaceful co-existence, honour and respect, wisdom and beautiful reasoning, common basis for interfaith dialogue, Daw’ah and perfection of Hujjah. This article also describes its applications in the Present Dialogue.   [i] Wafad-e-Najran:   It is an Arabic word, used in Hadith History and other Islamic literature. It is meant by Najran’s Delegation and I shall use throughout the article as Wafad-e-Najran. 

The Role of Professional Development Teachers Pdt in Whole School Development Programme

Recently, the majority of literature on school effectiveness and school improvement, has tend to focus on whole school issues and whole school approaches to improve students' outcomes. The idea of whole school improvement approach was emerged after long time researches on the reasons of failure of different school improvement projects that worked in piecemeal, and in fragmented approaches to school reform. Meanwhile, researchers continue to pursue better understandings of how, whole school improvement can be achieved in order to foster the improvement of schools as per the students, outcomes. Reflecting on these international efforts, it is surprisingly that little is known about how external facilitators facilitate play a major role and use activities when working with schools, what challenges they face and which strategies they use. This research study explored, complexity of the role of professional development teachers (as external facilitators) by presenting case study of the role of PDTs in the whole school improvement programme, in the northern area Pakistan. This research paper describes the strategies and activities used by PDTs when working with the schools. Further, this research study discusses some outcomes of the work of PDTs after one year of intervention. Furthermore, this research study identified some of the factors that restricted or supported the role of the PDTs in both government and community school context. Lastly, there are suggestions and recommendations, which needs to be worked on, for the improvement, of the work of PDTs in facilitating the whole school improvement programme. Though the research conducted on the northern area of Pakistan, the findings are mostly applicable to the context of the developing countries. The contextual realities such as lack of resources, unavailability of fund and cultural barriers are few factors affecting the school improvement program, throughout the developing countries.