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Identification and Estimation of the Role of Internal Micro Level Factors Towards Efficient Working Capital Management

Thesis Info

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Author

Shahid Ali

Program

PhD

Institute

Mohammad Ali Jinnah University

City

Islamabad

Province

Islamabad

Country

Pakistan

Thesis Completing Year

2012

Thesis Completion Status

Completed

Subject

Applied Sciences

Language

English

Link

http://prr.hec.gov.pk/jspui/handle/123456789/1011

Added

2021-02-17 19:49:13

Modified

2024-03-24 20:25:49

ARI ID

1676726388533

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Pakistan is a developing country and for the accelerated growth of its economy an effective route is through proliferation and growth of commercial firms by enhancing their profitability. However, this requires reduction in the marginal cost of output of these firms. Therefore, the most important consideration is to find ways and means of reducing cost in the components of working capital. This thesis aims to look into firm-specific internal micro level factors that may impact the working capital efficiency of large scale manufacturing firms in Pakistan. The study is empirical in nature and attempts to check working capital efficiency standards for firms of different sectors. In addition to this, economic effect of micro level factors on business performance is investigated. Working capital requirements, liquidity requirements, and working capital efficiency of business firms are examined on the basis of firm-specific internal micro level factors. All findings are based on an objective sample of 207 non-financial business firms listed on Karachi Stock Exchange from thirteen large scale manufacturing sectors of Pakistan. Reliable sources that are used for secondary data include State Bank of Pakistan, Ministry of Finance, Federal Bureau of Statistics, Business Recorder, websites of sampled firms, Trade Associations for some sectors etc. The thesis relies on using fixed effect method after controlling multicollinearity, autocorrelation, hetroskedasticity, and misspecification biases. Firms of different sectors are found more inclined towards improving their business performance through the use of current assets. Few firms in a sector are found improving their efficiency standards and are in status-quo with respect to their working capital strategies. Cash conversion cycle and size of the firm are identified as some main firm-specific internal micro level factors having significant influence on business performance of firms in most of the sectors. Leverage, cash flows, and growth of the firm are found to significantly influence the working capital requirements of firms. Liquidity needs of the firms are found to take significant influence of firms’ profitability, leverage, cash flows, and growth of the firm. It is observed that liquidity requirements and working capital requirements of business firms increase in poor economic conditions. A notable finding in the thesis is that receivables management, inventory management, cash conversion cycle, and firms’ growth have significant influence on the efficiency of working capital management in all economic sectors. This finding confirms that there exist internal micro level factors which impact the working capital efficiency of business firms.
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ڈینگی بخار قابلِ علاج ہے

ڈینگی بخار قابل علاج ہے
انسان جب سے منصہ شہود پر جلوہ گر ہوا ہے نشیب و فراز اور افراط و تفریط اس کا مقدر رہے ہیں۔ کہیں مسرتوں اور خوشیوں نے اس کا ساتھ دیا ہے تو کہیں غم و اندوہ کی بھیا نک وادیاں اس کا مسکن رہی ہیں،کبھی اس کے دل و دماغ خوش و خرم ہوتے ہیں اورکبھی افسردگی اور پژمردگی کی تپش اس کے سہانے خوابوں کو ملیا میٹ کر دیتی ہے، ان متنوع حالات سے انسان کو پالا پڑتا رہتا ہے۔ اور پھر حالات بدلتے رہتے ہیں اور مشکلات آسانیوں کا لباس زیب تن کر لیتی ہیں۔
رنج سے خوگر ہوا انساں تو مٹ جاتا ہے رنج
مشکلیں اتنی پڑیں مجھ پہ کہ آساں ہو گئیں
در دوالم کا ستایا ہوا انسان آج کل پھر ایک بیماری جس کوڈینگی بخار کے نام سے یاد کیا جاتا ہے کی لپیٹ میں ہے۔ یہ بخار 1775 میں افریقہ ،شمالی امریکہ اور ایشیاء میں پراسرار طور پرنمودار ہوا، اس بخار کا سبب مادہ مچھر ہوتی ہے جو کاٹتی ہے تو بخار ہو جاتا ہے۔ اس بخار کے پیراسائیٹس کو پلازموڈیم کہتے ہیں۔ یہ مادہ مچھر طلوع آفتاب اور غروب آفتاب کے وقت عروج و شباب پر ہوتی ہے اور پھر اس کے حملے شدید ہو جاتے ہیں۔ یہ مادہ مچھر ایک اعلیٰ ترین نسل سے منسوب کی جاتی ہے جو گندے پانی وغیرہ کو پسند نہیں کرتی بلکہ خوشنما، سرسبز پھولوں، پھلوں والے پودوں اور درختوں پر ڈیرہ جماتی ہے، اس کی حکومت زیادہ سے زیادہ دو ہفتے ہوتی ہے اور پھر ختم ہوجاتی ہے۔
قرآنِ پاک میں ارشادِ باری تعالیٰ ہے’’ کہ جب میں بیمار ہوتا ہوں تو وہ ( اللہ تعالیٰ) مجھے شفاء دیتا ہے‘‘ (پارہ-19 سورۃ الشعرائ) اسی طرح حدیث پاک میںارشاد رسالت مآب صلی اللہ علیہ و آلہٖ...

خلع فسخ نکاح ہے یا طلاق فقہائے کرام کی آراء کا تجزیاتی مطالعہ Whether Khula is Dissolution of Marriage or Divorce Critical Analysis of the Views of Islamic Jurists

Islam is an entire way of life. It illuminates every facet of daily existence. There is no problem for which Islam has not provided a remedy. Every aspect of beliefs and ethics, including human affairs, has also been examined. Islam is the only religion on earth that can be compared the height of Western culture and civilization. People have become its slavish disciples in the most literal sense. To stay up with the rest of the world, they are creating new interpretations of Islam for this reason. Accepted wisdom is a benefit, but only within the bounds of Sharia. Otherwise, it is Shaytan's legacy. ۔(شیطان) One of the most significant and crucial stages in a person's life is the nikah. It is expressly covered in the Qur'an and Hadith. It is created necessary for sustaining human existence. It is referred to as the culmination of human life and one of the Prophet's (ﷺ) required Sunnas. However, one of the most despised actions is the dissolution of a marriage. Islam, however, differs from other faiths. It contains the entire procedure/laws for dissolving a marriage. The appropriate discussion of Talaq and Khula is illustrated by the jurists' use of Estihsan and Qayas. Recent years have seen various crises and a collapse in Pakistani society. Smear and family system disturbance are the main issues among them. "Nikkah" is the fundamental element of a family system; in reality, a family system is based on Nikkah. If this Nikkah is intact, the entire family system is stable; nevertheless, if this Nikkah is broken, not only is the family system traumatised, but the entire society begins to suffer. The summary of this thesis explains that the Islamic Ideological Council's recommendations have been reviewed in light of the non-Sharia practises of the judicial authorities in relation to Khula and judicial powers related to Khula, as well as an analytical study of the remarks and opinions of commentators and jurists, including future jurists, regarding Khula. Key Words: Khul‘a, Judicial Khul‘a, Tansīkh e Nikaḥ, Divorce, ‘Īddat.

Effect of Replacing Dietary Soybean Meal With Dried Distillery Yeast Sludge on Health and Performance of Layers

Three experiments were conducted to assess the potential of partially replacing dietary soybean meal (SBM) with dried distillery yeast sludge (DYS) and its influence on starter, grower and laying hens’ growth and productive performance. In experiment 1, the influence of varying levels of dried DYS on feed consumption, gut health, immunity, histopathology, mortality and growth performance of starter layer chicks from day-one to 8 weeks of age was examined. Five isonitrogenous (CP 21%) and isocaloric (ME 2800 Kcal/Kg) diets were formulated. The control diet (C) was without DYS, whereas DYS5, DYS10, DYS15 and DYS20 diets had 5, 10, 15 and 20% dried DYS, respectively. The higher (P<0.05) feed intake (FI) was noticed in chicks fed C (1701g) and DYS5 (1685g) diets than those fed DYS10, DYS15 and DYS20 diets. Chicks fed C, DYS5 and DYS10 diets had better growth, immune and gut health status than those fed DYS15 and DYS20 diets. Birds fed DYS15 and DYS20 diets showed pathological lesions. The highest weight gain (603g) was noticed in birds fed DYS5 diet. The best feed conversion ratio (FCR) was noticed in birds fed C (2.77) diet followed by DYS5 (2.79), DYS10 (2.82), DYS15 (3.00) and DYS20 (3.13) diets. The higher antibody titers of newcatle disease (ND) and avian influenza (AI) virus were observed in birds fed C diet followed by DYS5 and DYS10, DYS15 and DYS20 diets. The higher lactobacillus count in birds fed DYS5 (13.39 105 cfu/gram) and DYS10 (6.67 105 cfu/gram) diets were noticed. Increasing dietary dried DYS showed enhanced ill effects in birds. In experiment 2, effect of varying dried dietary DYS concentration on feed consumption, gut health, immunity, histopathology, mortality and growth performance of grower layer chicks from weeks 9 to 16 of age was examined. Five isocaloric (ME 2700 Kcal/Kg) and isonitrogenous (CP 16%) experimental diets were formulated. The feed consumption remained unaltered among birds fed C (3248g), DYS5 (3211g), DYS10 (3183g) and DYS15 (3163g) diets. The weight gained by birds fed C (535g), DYS5 (525g) and DYS10 (517g) diets was unchanged. The best feed conversion ratio was found in chicks fed C (6.07) DYS5 (6.12) and DYS10 (6.16) diets than those fed DYS15 and DYS20 diets. The better immune response was observed in chicks fed low dietary DYS than those fed high dietary DYS.A higher lactobacillus count was found in birds fed C (13.40 105 cfu/gram) and DYS5 (13.37 105 cfu/gram) diets. However, it was the lowest (6.50 105 cfu/gram) in birds fed DYS20 diets. The pronounced histological changes were noticed among birds reared on high dietary DYS concentration. In experiment 3, influence of varying dried dietary DYS concentration on feed consumption, gut health, immunity, histopathology, mortality, hematology and hormone profile, egg producrion and its quality in laying hens kept on cage and floor production systems was studied. Five isocaloric (ME 2800 Kcal/Kg) and isonitrogenous (CP 17%) experimental diets were formulated. The FI between cage and floor system remained almost similar. However, the highest feed consumption was noticed in birds fed C diet in cage (11768g) and floor (11799g) production systems and it was the lowest in birds fed DYS diets both in cage and floor production systems. Increasing rate of DYS supplementation in laying hens diet decreased FI. However, FI by hens fed C, DYS5 and DYS10 diets remained unaltered (P>0.05). Similarly hens fed DYS15 and DYS20 diets showed similar (P>0.05) FI in both production sytems. The more eggs per bird were produced by layers fed C diet and they also laid higher eggs both in cage (94) and floor (91) production systems. However, egg production decreased in birds fed increasing dietary DYS concentrations kept under both production sytems. The FCR (calculated per dozen eggs or on egg mass basis) of diets containing varying dietary DYS concentrations remained unaltered in layers kept under both cage and floor production system. The better FCR was found in birds fed C diet and was the lowest in birds fed DYS20 diet. The FCR in birds fed C and DYS5 diets remained unaltered (P>0.05) when compared to those fed DYS10, DYS15 and DYS20 diets. However, increasing dietary DYS concentration reduced FCR in layers. The highest mortality was observed in birds fed DYS20 diet and it was the lowest in those fed C and DYS5 diets but increasing dietary DYS increased mortality in laying hens reared under both cage and floor production systems. The egg weight was higher (P>0.05) in caged hens (62.31g) than those kept on floor (60.27g) production system. The higher egg weight was recored in birds fed C diet and it was the lowest in birds fed DYS20 dietin both cage and floor production systems. The egg weight decreased in birds fed increasing dietary DYS. The egg shell weight and its thickness remained unaltered in both cage and floor production systems. The egg shell weight and its thickness was more in birds fed C diet and it decreased with increasing dietary DYS. The egg shell weight in layers fed DYS20 diet was the lowest among all dietary treatments. The egg’s albumin height was greater birds fed C diet in cages (8.47 mm) and floor (8.35 mm). However, it gradually decreased with increasing dietary DYS. The higher haugh unit score was observed in birds fed C diet in both production systems while it was the lowest in birds fed DYS20 diet. The increased dietary DYS gradually lowered haugh unit score. The lymphocyte and RBCs count were higher in layers fed C diet reared under cage and floor production system but it decreased in birds fed DYS20 diet. The highest Lactobacillus countwas observed in birds fed C (13.25 105cfu/gram) dietand was the lowest in birds fed DYS20 (5.87 105cfu/gram) The increasing dietary DYS reduced Lactobacillus count. The maximum cumulative mean antibody titers against ND were observed in birds fed C diet and was the lowest in birds fed DYS20 diet. The gradual increasing dietary DYS reduced antibody titers in layers. The T3 and T4 hormone values in birds kept under both cage and floor production systems were same, indicating that birds did not experience any kind of stress because of cage and floor production systems. The birds fed DYS10 diet showed highest concentration of T3 hormone (3.96 ng/ml) and it was the lowest (3.88 ng/ml) in birds fed C diet. The gradual increase of DYS supplementation reduced the feed cost per kg during the starter grower and laying phases of production. The highest feed cost was observed in birds fed C diet but it was lowest in chicks fed DYS20 diet. In conclusion, DYS level upto to 10% can be used to replace SBM in poultry diet on protein equivalent basis.