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A Study of Capital Structure Decisions : Comparison of Large and Small Firms of Pakistan

Thesis Info

Author

Muhammad Awais

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

1676728787358

Similar


This study is conducted to determine the any difference between the large and small firms listed at Karachi Stock Exchange regarding capital structure decisions. For this purpose, a total of 323 firms are selected as a sample. Firms are categorized into small and large firms on the basis of SMEDA definition. Debt ratio is the dependent variable for the study. The independent variables include Non debt tax shields, Liquidity, Tangibility, Growth, Profitability, Corporate Size and Dividend Payout Ratio. The different statistical techniques like Descriptive statistics, Correlation, and Regression have been applied and results are concluded on their basis. The study revealed that capital structure choice of Large and Small firms of Pakistan is same regarding NDTS, Liquidity, Growth, and Profitability while Tangibility, Size of firms, and Dividend payout ratio differently affect the small and large firms of Pakistan. Mostly, results are consistent with the capital structure theories. This study is the addition in the existing literature as this aspect has not been explored.
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سید علی سردار جعفری

جعفری، سید علی سردار
اردو کا سردار چلا گیا
مدت سے اردو کا گلشن صیادوں اور گل چینوں کے نرغے میں ہے، بادِ حوادث بھی اس میں خاک اڑا کر اسے ویرانے میں تبدیل کرنے کے درپے ہے، اردو کے پرانے بادہ کش اٹھتے جارہے ہیں۔ ابھی مجروح ۱؂ سلطان پوری کے غم میں آنسو تھمے نہیں تھے کہ یکم اگست کو اردو کا بہت ممتاز اور قدر آور شخص بین الاقوامی شہرت کا حامل انقلابی شاعر، وسیع النظر ادیب و نقاد، اچھا مقرر و خطیب اور ترقی پسند تحریک کا میرکارواں، سید علی سردار جعفری بھی چل بسا۔ جس کے جانے سے اردو کی دلکش اور رنگارنگ گنگاجمنی تہذیب کا خاتمہ ہوگیا اور اردو دنیا میں ویرانی اور تاریکی چھاگئی، اردو والے بے قرار ہوکر کہہ رہے ہیں:
؂ اس غم کی تلافی کیا ہوگی ، اس درد کا درماں کیا ہوگا
جناب سید علی سردار جعفری کے بزرگ ریاست بلرام پور میں اونچے عہدوں پر فائز تھے۔ اس لئے ان کا خاندان آگرہ سے بلرام پور چلا آیاتھا۔ یہیں نومبر ۱۹۱۳؁ء میں سردار کی ولادت ہوئی اور اعلیٰ تعلیم علی گڑھ مسلم یونیورسٹی میں ہوئی، وہ طلبہ کے لیڈر بھی رہے اس وقت ملک میں قومی اور سیاسی سرگرمیاں عروج پر تھیں، ہر طرف سرفروشان وطن نے انگریزوں کے خلاف پرچم بغاوت بلند کر رکھا تھا اور پورا ملک انقلاب کے نعروں اور آزادی کے ترانوں سے گونج رہا تھا۔ سردار بھی اقبال سہیل کا یہ رجز پڑھتے ہوئے، آزادی کے دیوانوں کے لشکر میں جاملے۔
قید غلامی و حیات ننگ ہے، ننگ کائنات

Mلعنتِ بندگی کے ساتھ صووت زندگی نہ دیکھ
Mپھاڑ کے جیب و آستیں کر علمِ جنوں بلند

Gعشق کے میرکارواں پرچم خسروی نہ دیکھ
~ ابتدا ہی سے وہ مارکس کے خیالات سے متاثر تھے...

A Comparative Study of Dawn and Jang with Special Regard to Agenda Setting Theory of Press: Ten Years before and after 9/11

The relationship between Pakistan and America has always been a focus of the media of both countries as well as the international media. Even a slight shift in the policies of these two countries for each other is capable of making newspaper headlines and attracting maximum attention of the press of both countries. This study is a comparative analysis of the editorial pages of daily Dawn (English) and daily Jang (Urdu) to explore the agenda setting role of two of Pakistan’s oldest and most credible newspapers, vis-à-vis the Pakistan-US relationship. The research takes into consideration a total of 20 years of Pakistan-US relations by dividing the period into two groups which are ten years before the incident of 9/11 and ten years after 9/11. This understudied period is specifically important because the relations between Pakistan and America during these phases have vacillated between periods of engagements, wherein Pakistan enjoyed the status of the most favoured ally without compromising its regional interest, and the periods of disengagements wherein Pakistan faced sanctions from the US and was left alone to deal with the aftermath of the Afghan war and the War on Terrorism. Hence, this study obtains interesting insights about how the two Pakistani newspapers which represent the Urdu and the English press of Pakistan highlighted the agenda-setting role of the press through the coverage of the issues between Pakistan and US on their editorial pages.

Effect of Magnetic Field on Laser Induced Breakdown Spectroscopy of Metallic Alloys

The dissertation deals with the investigation of magnetic field effect on plasma parameters and surface structuring of two metallic alloys (Cu & Mg) after laser irradiation. The plasma parameters are evaluated by using Laser Induced Breakdown Spectroscopy (LIBS) technique, whereas, micro/nano structuring of metallic alloys is explored by Scanning Electron Microscopy (SEM) analysis. This dissertation consists of following two parts. In part (A) the effect of magnetic field on ns-LIBS analysis and surface modifications of both metallic alloys has been investigated. Part (A) is further divided into sections. In section I, the effect of laser irradiance on metallic alloys plasma is exposed in the presence and absence of Transverse Magnetic Field (TMF) while keeping the pressure of environmental gases constant i.e. 5 Torr. For this purpose both metallic alloys were exposed to Nd: YAG laser (1064 nm, 10 ns) pulsed energies ranging from 25 mJ to 200 mJ. Cu-alloy is exposed at various ns laser irradiances ranging from 1.9 GW/cm2 to 5 GW/cm2, whereas, for Mg alloy irradiances are ranging from 0.3 GW/cm2 to 2.6 GW/cm2 under Argon (Ar), Neon (Ne), and Helium (He). Section II of this part deals with the investigation of different pressures of environmental gases with & without magnetic field by keeping irradiance constant. For this purpose time integrated Laser Produced Plasma (LPP) parameters of metallic alloys evaluated under Ar, Ne and He environments at different pressures ranging from 1 Torr to 100 Torr at constant irradiance of 4.4 GW/cm2 (Cu-alloy) and 2 GW/cm2 (Mg-alloy) and at constant time delay of 1.25 µs have been explored. The values of excitation temperature (Texc) and electron number density (ne) of LPP of metallic alloys are higher in the presence of 1.1 Tesla magnetic field as compared to field free case. Both Cu & Mg alloys show similar trends for used range of ns laser irradiances in the presence of Ar, Ne & He. It is also found that trends of both excitation temperature and electron number density are increasing with increasing laser irradiances from 1.9 GW/cm2 to 4.4 GW/cm2 for Cu-alloy & from 0.3 GW/cm2 to 2 GW/cm2 for Mg-alloy. For the highest used irradiance for both metallic alloys the decrease in both parameters is observed. In the case of pressure variation an increase in both plasma parameters is observed by increasing pressure from 1 Torr to 5 Torr at fixed irradiance of 4.4 GW/cm2 & 2 GW/cm2 for Cu-alloy and Mg-alloy respectively. A decrease in LPP parameters by increasing pressure from 5 Torr to 100 Torr for both metallic alloys is observed. The magnetic confinement validity is confirmed by analytically evaluating thermal beta (βt), directional beta (βd), confinement radius (Rb) and diffusion time (td) for LPP of both Cu and Mg-alloys. Surface modifications of laser ablated Cu & Mg alloys is performed by Scanning Electron Microscope (SEM) analysis. The formation of less distinct surface structures are observed on Cu-alloy in the presence of TMF as compared to field free case. Whereas, for Mg-alloy distinct and well-defined structuring is observed with TMF as compared to absence of field. In order to investigate the effect of femtosecond laser irradiation effects on plasma parameters and surface modifications, part (B) is performed. In part (B), the effect of magnetic field on fs-LIBS analysis and surface modifications of both metallic alloys has been investigated. Femto second pulses of Ti: Sapphire laser system (800 nm, 35 fs, 1 KHz) are employed as source of irradiation. Part (B) is further divided into sections. Section I, deals with measurements performed at various irradiances ranging from 0.011 PW/cm2 to 0.117 PW/cm2 for Cu-alloy and irradiances ranging from 0.0052 PW/cm2 to 0.0526 PW/cm2 for Mg alloy under fixed 15 torr pressure of Ar and Ne with & without TMF. This section also deals with exploring the effect of different pressures of Ar ranging from 1 Torr to 35 Torr with & without TMF at fixed irradiance of 0.082 PW/cm2 & 0.043 PW/cm2 for Cu-alloy and Mg-alloy respectively. For fs-LIBS analysis the same trends of Texc and ne are observed as have been observed for ns-LIBS for both metallic alloys for irradiance variation as well as pressure variation. In order to confirm the validity of magnetic confinement for fs- LIBS analysis. The values of βt, βd, Rb and td are also evaluated.To correlate the LPP parameters of metallic alloys with surface modifications Field Emission Scanning Electron Microscope (FE-SEM) analysis is performed. It reveals the formation of Laser Induced Periodic Surface Structures (LIPSSs). These LIPSSs are of two kinds LSFL (Low-spatial-frequency LIPSSs) and HSFL (High-spatial-frequency LIPSSs) along agglomers and nano rims which are not formed in case of ns-laser ablation. For both metallic alloys distinct and well-defined surface structuring is observed in the presence of the field as compared to absence of field.The comparison is made between ns-LIBS and fs-LIBS analyses. It is observed that both LPP parameters i.e. Texc and ne for both metallic alloys are higher for ns-LIBS as compared to fs-LIBS. It is also revealed that ns laser irradiation is responsible for micro scale surface structuring, whereas, in case of fs laser ablation nano scale well defined LIPSSs are formed. When comparison is made between Cu-alloy and Mg-alloy, it is observed that higher excitation temperature is associated with Mg-alloy plasma whereas, electron number density for Cu-alloy plasma is greater for both ns and fs laser. It is also revealed that both excitation temperature and electron number density play a substantial part for the growth of surface structures on both metallic alloys. It is concluded that by applying external magnetic field during laser irradiation, controlled material surface structuring is possible for applications such as formation of gratings and field emitters where spatial uniformity is critically important.