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Home > Interrelationship Among Capital Structure, Corporate Governance Measures and Firm Value : Panel Study from Pakistan

Interrelationship Among Capital Structure, Corporate Governance Measures and Firm Value : Panel Study from Pakistan

Thesis Info

Author

Awais Javeed

Department

Department of Management Sciences

Program

Mphil

Institute

National University of Modern Languages

Institute Type

Public

City

Islamabad

Province

Islamabad

Country

Pakistan

Thesis Completing Year

2014

Subject

Management Sciences

Language

English

Added

2021-02-17 19:49:13

Modified

2024-03-24 20:25:49

ARI ID

1676728785840

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The aim of the study is to test most discussed relationship between capital structure and firm value by investigating the intervening impact of various corporate governance measures. Major objective of the study is to examine the moderating and mediating impact of selected governance measures (board size, board independence, CEO role duality, managerial ownership and ownership concentration) on the relationship between capital structure (leverage) and firm value (Tobin' Q). However, the study also investigated the impact of governance measures on firm value, and impact of leverage on these governance measures. The study used the 775 firm year observations of 155 non-financial companies listed at Karachi Stock Exchange for financial years containing 2008 to 2012. Keeping in view the nature of data (balanced panel), fixed effects regression method is employed to estimate the formulated relationships. To test the mediation and moderation impact of governance measures this research used methods suggested by Baron and Kenny (1986). For first relationship of interest (impact of leverage on firm value) the study found significant positive impact, but in case of corporate governance, only board independence and ownership concentration measures are found affecting firm value significant with positive sign. Intensity of relationship is also very high (more than 0.3 for both of the variables). For third relationship i.e., impact of leverage on governance measures, this study found no significant affects. While finding, moderation this study found significant positive moderation for board independence and ownership concentration. However for managerial ownership this study found significant negative moderating effect between leverage and firm value. Four steps of Baron and Kenny (1986) are followed to find mediation, but in second step (impact of leverage on governance measures) this study found no teneralizable effects, so as a result this research study concluded no mediation.
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اینٹی کرپشن

’’انٹی کرپشن‘‘ یعنی انسدادِ بد عنوانی!
نحمدہ ونصلی علی رسولہ الکریم امّا بعد فاعوذ بااللہ من الشیطن الرجیم
بسم اللہ الرحمن الرحیم
معزز اسا تذہ کرام اور میرے ہم مکتب شاہینو!آج مجھے جس موضوع پر اظہار خیال کرنا ہے وہ ہے:’’انٹی کرپشن‘‘ یعنی انسداد بدعنوانی!‘‘
ملاوٹ کرپشن ہے سب کا مزاج
خدا جانے بدلے گا کب یہ سماج
صاحبِ صدر!
انٹی کرپشن یعنی انسداد بدعنوانی کے لفظ سے ہی یہ بات مترشحّ ہورہی ہے کہ بدعنوانی کو :
کوئی معاشرہ ، کوئی قوم، کوئی خاندان کسی لحاظ سے بھی مستحسن قرارنہیں دیتا، جس مضمون کا عنوان ہی غیر مناسب اور ناموزوں ہو اس میں موجود موادکبھی اچھے نتائج برآمد نہیں کرسکتا۔
کرپشن کے لفظ میں سینکڑوں برائیاں ، سینکڑوں نازیبا حرکات پنہاں ہیں ، کرپشن کا اژدہا معاشرے کے حسن کو اپنی بھیانک شکل سے شب بیماراں کرنے کے درپے ہے۔ کرپشن جس مقام پر بھی ہو تو اس کی شائستگی اور شیفتگی کا قلع قمع کر دیتی ہے۔
جنابِ صدر!
مجاہد سرحد پر کھڑ اتساہل اور غفلت کا شکار ہے تو وہ بھی کرپشن کر رہا ہے۔ مسیحااپنے فرائضِ منصبی بطریقِ احسن سرانجام نہیں دے رہا تو وہ بھی بدعنوانی اور کرپشن کا شکار ہے۔ اس کی لا پرواہی سے مریض لقمہ اجل بن رہے ہیں تو اس عظیم پیشہ سے وابستہ شخص گویا انتہائی درجے کابدعنوان اور کرپٹ ہے۔
معزز سامعین!
کر پشن اور بدعنوانی کے حامل شخص سے خلاصی انتہائی ناگزیر ہے۔ بدعنوانی کے خوفناک سالوں سے نکلنے کے لیے دیانتداری اور ایمان داری کی شمع کو منور کرنا ہوگا۔ اسلام کے گلشن سے گلہائے رنگارنگ کا نظارہ کرنا ہوگا، جرأت اور جوانمردی کے اسپ تازی کی شاہسواری کرنی ہوگی۔
صدرِ ذی وقار!
کرپشن اور بدعنوانی ایسی نہیں کہ ناپ تول میں کمی کی جائے ، ہر غیر اخلاقی...

عِبَادَتْ اور اسْتِعانَتْ سورۃ الفاتحۃ کی روشنی میں

Sūrah al Fātiḥa it is a short Sūrah, yet full of facts and meanings, sweat and heart provoking. This Sūrah is the title of the Qur‘ān and the whole Qur‘ān is its explanation. The fundamental objectives of Qur‘ān, faith and good deeds have been explained in this Sūrah. That is why this Sūrah is also proclaimed as “Umm al Kitāb” and “Umm al Qur‘ān”. Its Scripture is related to worship and help. The worship proceeds to seeking help. The word worship has three meanings: devotion, slavery and submission. Allah Almighty, time and again, ordered towards His submission and worship in the Holy Qur‘ān. It is the esteem of worship on which Allah has honored His Prophet. He is the real Lord and all blessings and powers are for Him. He is Lord of lives and we should have trust in Him and seek help from Him. The separation, individuality and solitude are prohibited in Islam. The verses of Sūrah al Fātiḥa (و ایاک نستعین ایاک نعبد) gives the massage of congregation which is the solution of disturbance and riot. Who so ever wants to go paradise, should have attach to the Ummah.

Biochemical Changes in Protein and Lipid Fractions of Ultra-High Temperature Treated Milk and Dairy Drinks at Different Stages of Processing and Storage

This study is comprised of five experiments, in the first experiment chemical changes taking place in lipid fraction of pasteurized milk was studied. Raw milk from the same source was at once cooled down to chilling temperature and in second instance it was put on the lab shelf for two hours at ambient temperature and then chilled to same temperature, followed by pasteurization and chilled storage. In the second experiment, samples of UHT milk were tested for chemical characteristics and lipid oxidation. In third experiment, impact of UHT treatment (142oC for 2 sec) and 90 days ambient storage (30-35oC) on protein and amino acid profile of UHT milk and sedimentation was investigated. In fourth experiment, samples of UHT Treated products were stored for 90 days. Transition in antioxidant capacity, vitamin A, E, fatty acid profile was studied. Transition in protein profile, Maillard reaction products and lipid oxidation of flavored UHT treated milk was investigated. In fifth experiment, Samples of mango flavored UHT milk 200 ml pack (475 Nos.) were purchased from the market and stored at ambient temperature for the duration of 90 days. Proteolysis, hydroxyl methyl furfural furosine, Nε-carboxymethyl lysine, FAP, FFA, PV and sensory characteristics were studied at 0, 45 and 90 days of storage. It was observed that chemical characteristics and storage stability of raw milk in the second instance was different from the milk cooled at once. Therefore, it is recommended that milk collection system in the developing countries should be improved to avoid any delay in between milking and chilling of raw milk. The results of the second experiment disclosed that fatty acid and triglyceride profile were not affected till 60 days with a steady increase in lipase activity. Strong correlations between peroxide value and induction period were established. For the anticipation of oxidative stability of UHT milk, induction period can be used. After UHT treatment, β-lactoglobulin, β-lactalbumin, immunoglobulin and serum albumin decreased by 12.1%, 15.4%, 10.6% and 10.2% with no effect on casein fractions. Sedimentation was comprised of 14.9% αs1-casein, 3.42% αs2-casein, 9.88% β-casein, 2.27% κ-casein, 4.36% β-Lactoglobulin, 1.88% β-lactalbumin, 1.84% immunoglobulin and 0.61% Serum Albumin. Out of 80% casein and 20% whey, 38.5% and 8.7% became the part of sedimentation. Tyrosine content of flavored UHT milk increased during the storage. Tyrosine content of flavored UHT milk at 0, 45 and 90 days of storage were 3.5, 6.9 and 15.2 µg tyrosine/ml. HMF content of UHT milk at 0, 45 and 90 days of storage were 1.56, 4.18 and 7.61 (µmol/L). Furosine content of flavored UHT milk at 0, 45 and 90 days of storage intervals were 278, 392 and 561 mg/100g protein.