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Dynamics of Financial Structure Adjustments and Firms Financial Performance

Thesis Info

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Author

Sohail Amjed

Program

PhD

Institute

Capital University of Science & Technology

City

Islamabad

Province

Islamabad.

Country

Pakistan

Thesis Completing Year

2016

Thesis Completion Status

Completed

Subject

Applied Sciences

Language

English

Link

http://prr.hec.gov.pk/jspui/bitstream/123456789/7612/1/Sohail_Amjed_Management_Science_Finance_2016_HSR_CUST_18.01.2017.pdf

Added

2021-02-17 19:49:13

Modified

2024-03-24 20:25:49

ARI ID

1676725930879

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This longitudinal study is an empirical investigation into the financial policy of Pakistan''s non-financial corporate sector over a thirteen year period starting from 1999 to 2011 by using panel data methodologies. Most significant capital structure theories can be grouped into two broader categories, namely Pecking Order Theory and Tradeoff Theory. The Pecking order theorists believe that firms follow an order of preference for one source of finance over other sources. Tradeoff theory predicts that firms adjust their capital structure on the basis of underlying costs and benefits of the debt and equity capital. Firms optimize their capital structure by balancing marginal cost with the marginal benefit of the debt. Panel data regressions were applied in a systematic way to test the impact of speed of adjustment on financial performance. The empirical results indicate that the size of the firm, profitability, collateral value of assets, firm specific interest rate, non-debt tax shield, spontaneous finance and short term solvency are the significant determinants of the target capital structure. The Size of the firm, the collateral value of asset and short term solvency have a positive relationship with the target capital structure. On the other hand, profitability firm specific interest rate, non-debt tax shield and spontaneous finance has negative relationship. Growth opportunities have positive but statistically insignificant relationship with contractual debt to asset target ratio and positive and significant relationship with Long term debt to asset and total debt to asset target ratios. The results show that the adjustment speed towards target capital varies across industry and over time. The speed of adjustment is affected by the macroeconomic and firm specific factors. Results also indicate that volatile inflation and higher interest rates impedes the adjustment speed. Banking sector performance, GDP growth rate and distance to target capital structure accelerates the speed of adjustment. It is also found that closer the firms are to their target capital structure by speedy adjustments better the financial performance. Speed of adjustment has a significant effect on the financial performance of Pakistan''s corporate sector. The results are consistent with the other international studies with ignorable differences.
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فخر الدین علی احمد

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حلالہ اور مروجہ حلالہ سنٹرز: ایک تجزیاتی مطالعہ

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Science Teachers Pedagogical Beliefs and Teaching Practices in Private Nursing Schools of Karachi

The purpose of the study was to understand the pedagogical beliefs of science teachers in professional nursing education. The study also sought to understand their personal, professional beliefs and how these beliefs influenced their practices. Demographic questionnaires, along with life history interviews and classroom observations were used as key methods for data collection; life-history is used as a methodological lens for in-depth exploration of participants’ lives. Demographic data collected from 26 private, Pakistan Nursing Council (PNC) registered schools of nursing revealed that 71% of the science teachers were subject specialists with a masters’ degree in science, while the rest are doctors, engineers, pharmacists, and nurses. Based on demographic findings three subject specialists, two female and one male were selected as participants. Three life- history interviews and three classroom observations were conducted for each participant. An analysis of interviews and classroom observation data revealed that the participants entered the professional teaching context with pedagogical beliefs that developed in two contexts, their own schooling and the out of school contexts. Both of these contexts influenced their pedagogical beliefs. All the participants were nurtured differently, went to different academic institutions, were exposed to different professional development opportunities, and worked in different contexts (academic and professional institutions). Their biographies revealed that these differences shaped their experiences, perceptions, and reasons according to the ways they lived their lives, and conceptualized and practiced teaching in professional schools. The findings suggest a strong relationship between the science teachers’ experiences of teaching in professional nursing education and their developing pedagogies. The dynamic nature of their teaching and learning beliefs were affected by their personal, social, cultural, historical, and contextual influences. Participants’ understanding of the nature of science (NOS) was found to be one of the major influences in the pedagogical development and pedagogical beliefs. Cognitive dissonance was observed in their beliefs about the NOS and their reported and enacted teaching practices. The reported and the enacted beliefs of the participants imply that conceptually they are still holding a positivist view and hence positivist stance, but pedagogically they seemed inclined towards the constructivist views and positions. It was interesting to find similarities between cases that were from different contexts, yet to find differences in their professional practices when they belonged to the same profession and had similar academic backgrounds.