Home > Impact of Working Capital Management on Profitability of Pharmaceutical and Chemical Companies of Pakistan and India Listed at Karachi and Bombay Stock Exchanges: A Comparative Study
Impact of Working Capital Management on Profitability of Pharmaceutical and Chemical Companies of Pakistan and India Listed at Karachi and Bombay Stock Exchanges: A Comparative Study
The current study has its focus on investigating the relationship between working capital management and profitability of Pakistani and Indian firms. In order to measure the profitability, ROA and ROE has been chosen as proxies for dependent variable, while current ratio (Cr), quick ratio (Qr), accounts receivable turnover (ARCTR), inventory turnover in days (INVTR), accounts payable turnover (APTR), assets turnover (ATR) and cash conversion cycle (CCC) have been utilized as independent variables. The same set of dependent and independent variables are selected for Indian firms as well. The focus of the study is pharmaceutical and chemical sectors of both these countries. Forty-two companies each from India Pakistan are selected and the data from 2008 – 2012 has been collected. QR, ARCTR, INVTR and CCC are statistically, significant and positively related with ROA of the Pakistani firms while APTRD is statistically, significant and negatively related with ROA. In the same line, ATR is statistically, insignificant and inversely related with ROA. While, CR is statistically insignificant and positively related with ROA. It has been observed that ATR, CR, ARCTR, are statistically, insignificant and positively related with ROE, while, QR, INVTR and CCC are statistically significant and positively related with ROE of Pakistani firms. In Indian firms, Cr, Qr, CCC, INVTR, and ARCTR are statistically, significant and positively related with ROA, while APTR is statistically, insignificant and Inversely related with both ROA and ROE. The relationship with ROE is same except that of CCC and Cr are found to be insignificant. In addition, there is statistically significant mean difference between the working capital management in Pakistan and India. The outcome of the study can be deployed by policy makers, financial analysts and financial managers.
جدوں اویس دا ٹُٹا دند ہوئے حضوری وچ پسند رہن عاشق توں پاسے پاسے ہور نہیں دیندے کوئی گزند عشق توں رہندے دور دراڈے جیہڑے بندے عقل مند سوہنے ڈگدے سوہنیاں اتے کر کے ساڈا ساہ بند ہمدردی تے خدمت سیوا ایہو نیکاں دی ہے ، ھند دکھاں درداں دے جو ساتھی دنیا اتے بندے چند ڈرے حنیف خدا توں خبرے کیہڑا اوہنوں رنگ پسند
Allah Almighty sent mankind in this world for His worship only. This is high right on humans those who keep the faith and belief in the one Supreme God and obey His orders. When they followed satanic powers, they forgot the eternal lesson of Tawheed (Oneness of Allah) and engaged Shirk (polytheism). It is the dogma of Oneness of Allah with which mankind gets tranquility and peacefulness in society and becomesconstructive and valuable for humanity. And when human left his belief on Allah, they germinate their negative role and made the society despicable. In this scenario Allah Almighty sends His prophets to those nations which create mess and fill the society with clutter. At that time prophets play their role as a bounty of Allah on human race. They purify people by their teachings granted by Allah and focus their attention to the eternal massage of God. So Eman (faith) on prophet hood considered as essential as belief on Oneness of Allah. Both these beliefs; Tawheed and Risallah effect human life prominently in such a way that man redevelops his whole personality and becomes a required sound character of Eman. Then worldly contamination cannot harm human being's decency and he becomes a felicitous character of vigorous society.
Birds living in densely-populated (urban) areas are exposed to different environmental challenges. One of them is an exposure to a vast range of environmental pathogens simply due to lack of appropriate biosafety and biosecurity measures in hospitals and research centers. Therefore, wild/feral birds living in close vicinity to urban settings are hypothesized to be more immunocompetent and/or resistant to different pathogens than are birds living in rural settings. This hypothesis of varying immunocompetence in birds originating from rural and urban setting was evaluated using an endemic pathogen of birds, the Newcastle disease virus (NDV).The virus was isolated from migratory bird, the mallard (Anas platyrhynchos), at Chashma barrage and was found to be virulent on the basis of genomic (typical F protein cleaving motif: 112R-R-Q-K-R↓F117) and biological characteristics (EID50 =108.5 mL-1 and MDT= 49.5-50 hrs). Immunocompetence among individual group of each of 20 feral birds (pigeon, mynah, sparrow, crow and quail), both from urban and rural settings (n=10), were administered 0.1mL of a mitogen (1mg/mL), the phytohemagglutinin (PHA) and thickness of patagium at different time intervals as 12, 24, 36, 48 and 60hr of post injection was measured through digital caliper. Post administration of PHA, all studied birds’ species showed a similar pattern of increase in web-thickness by the timer interval of 48 hours followed by a decline by 60 hr. Though variations in magnitude of swelling were observed among and/or within birds’ specie group, compared to their respective rural counterparts, birds originating from urban setting showed an enhanced swelling response (e.g., 1.26 2 mm ±0.03 vs 0.980 mm ±0.04 for pigeon, 0.235 mm ±0.02 vs 0.194 mm ±0.03 for sparrow, and 1.10 mm±0.03 vs 0.855 mm±0.04 crow) by 48 hours. For instance, in case of rural and urban pigeon, difference in thickness was continuous for each of the time interval (p < 0.05) whereas, in case of crow, this difference between birds in rural and urban setting was limited to time interval of 24 hrs (95% CI: 0.024-0.082; p < 0.05), 36 hrs (95% CI: 0.026-0.085; p < 0.05), 48 hrs (95% CI: 0.052-0.110; p < 0.05) and 60 hrs (95% CI: 0.036-0.097; p < 0.05). On the other hand, a lack of significant difference was found between urban and rural groups of sparrow, mynah and quail birds (p > 0.05). Following comparative immunocompetence evaluation, all birds were acclimatized for two weeks to diminish the effect of PHA and then challenged with Newcastle disease virus (1mL of 10-8 EID50/mL) isolated from mallard. The results of this study indicated that the urban birds were more resistant as evidenced by increased morbidity and mortality pattern, tissue tropism and virus shedding from 3rd dpi by 9th dpi among birds group. The study birds showed an equal potential to disseminate the virus in apparently healthy chicken where 100% mortality was observed in broiler by 6th dpi. The study outcome ascertains a need for continuous monitoring and surveillance of wild/migratory birds for NDV and also implementation of strict biosecurity measures not only in commercial setting but also in public sectors to control the spillover of pathogen to environment and wild birds.