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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

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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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فصل دوم: آیاتِ استفہام میں فہمِ ایمانیات

تفسیر تدبر قرآن میں امین احسن اصلاحی نے بہت سے مقامات پر آیاتِ استفہام کی وضاحت کی ہے اور ان میں اللہ تعالیٰ کے سوال کرنے کے اغراض و مقاصد پر بھی روشنی ڈالی ہے۔اس فصل میں تفسیر تدبر قرآن کی روشنی میں آیاتِ استفہام کی تفسیر و تشریح بیان کی جا رہی ہے آیاتِ استفہام کی اقسام بھی بیان کی گئیں ہیں اور ہر قسم کے حوالے سے ماتحت آیات کی تفسیر کی جا رہی ہے۔

 اللہ ہی ساری کائنات کا نظام چلانے والا ہے کوئی اس کا شریک نہیں عبادت اور رازونیاز کا صرف وہی مستحق ہے اللہ تعالیٰ نے قرآن مجید میں اپنی صفات جگہ جگہ بےنظیر طریقے سے بیان کی ہیں جن سے ذات الٰہی کا نہایت واضح تصور حاصل ہوتا ہے۔

 دل کے لئے سلامتی اور کوئی صلاح وبھلائی اللہ وحدہ لاشریك له کی توحید کے بغیر ممکن نہیں۔ جس قدر انسان کے پاس توحید کی صداقت اور سلامتی اعتقاد میں پائی جائے گی اسی قدر اس کے لئے سلامتی صدر اور اصلاح قلب پائی جائے گی چنانچہ دل کی تخلیق کا مقصد یہی ہے کہ اپنے پیدا کرنے والے کو پہچانا جائے اور اس کی شایان شان اس سے محبت کی جائے اور اس کی وحدانیت کا اقرارویقین کیا جائے اور اس بات کو بھی عملی تطبیق دے کہ اللہ ہی دنیا کی ہر شے سے بڑھ کر اس کو محبوب ہےاور دنیا کی ہر چیز سے بڑھ کر وہی ہستی نہایت عظیم ہے، تو دل کی بھلائی بس اسی چیز کے حصول میں ہے۔

اللہ تعالیٰ قرآن میں ارشاد فرماتے ہیں:

"وَہُوَاللہُ لَآ اِلٰہَ اِلَّا ہُوَ لَہُ الْحَمْدُ فِي الْاُوْلٰى وَالْاٰخِرَۃِ وَلَہُ الْحُكْمُ وَاِلَيْہِ تُرْجَعُوْنَ"۔[[1]]

" اور وہی اللہ ہے...

History as Profession and as Political Capital

History comes to us from various agencies not just academics in schools and colleges; but diverse inputs to all those who haven’t studied history, like popular history, through cinema, poetry, folklore, myths, theatre; history has several modes of percolation to society. Also, a kind of history is propagated in an organised manner as is done by organisations as RSS which is a practical approach to history as differentiated from an academic approach to history; the former is more political than the latter though both come with an aspect of politics. History thus has much wider reach than what is taught in schools or colleges.

Sorption Properties of Surface Modified Activated Carbon and Polymer Hydrogels for Environmental Remediation

In this work, the removal of eight ionic liquids (ILs) of types of bromide based imidazolium, pyrrolidinium and pyridinium having different alkyl chain lengths, two dyes (nylosan red N-2RBL, palatine orange) and copper from simulated waste water were investigated. Three adsorbent systems were used depending upon the type of adsorbate. These systems include inorganic system based on activated carbon (AC) and polymer based system including both natural and synthetic polymer. Two types of activated carbons (ACs), fabric and granulated, were used. The granulated activated carbon was further modified using nitric acid and sodium hypochlorite as oxidizing agents, to enhance the oxygenated functional groups on AC. They were well characterized in terms of surface chemistry by “Boehm” titrations and pH of point of zero charge measurements and porosity by N2 adsorption at 77 K and CO2 adsorption at 273 K. Upon modification, AC contained carboxylic, lectonic, and phenolic type’s functionality. The adsorptions of ILs on these ACs were studied at different temperatures (25-55 °C) and pH range. Thermodynamic studies indicated that the adsorption of ILs onto ACs was an exothermic process. Their removal efficiency increased with increase in alkyl chain length, which was due to the increase in hydrophobicity of long chain ILs cations determined with the evolution of the calculated octanol–water constant (Kow) and negative values of free energies indicated its spontaneous nature. The 2nd adsorption system used in this work was based on polymer membranes prepared from chitosan (CS). The chitosan was mixed with two different amount of poly vinyl alcohol (PVA) and chemically crosslinked by using a new crosslinking agent i.e. methyltrimethoxysilane (MTMS). The crosslinked CS/PVA membranes showed hydrogel properties and swelling was decreased with increase in PVA content. Infrared spectroscopy confirmed the crosslinking reaction between the feed components and the existence of siloxane bond. The membrane swelling was greatly affected by pH, ionic strength and temperature of the solution. These membranes showed high swelling in acidic and low swelling in basic pH range. This switchable pH response of these membranes was exploited and used to adsorb dyes from aqueous solution. The effect of dye concentration, contact time, adsorbent amount and pH on the selectivity and sensitivity of the removal process was investigated. The pH of solution greatly affected the removal efficiency and maximum adsorption was observed at pH 3. Thermodynamic parameters suggested that the dyes adsorption on the membrane was spontaneous and the process was endothermic. The effect of time, pH and salt concentration on swelling were investigated. The high adsorption of dyes in acidic media is very useful because most of textile effluents in acidic pH range and the membranes are quite suitable for such type of system. In 3rd system, acrylic acid was polymerized by gamma radiations in the presence of phenyltriethoxysilane (PTES). Different amounts of PTES were incorporated in acrylic acid and irradiated at different doses upto maximum of 30 kGy. The crosslinked poly (acrylic acid) (PAA) showed hydrogel properties and adsorb maximum of 246 g.g-1 of water. The increased PTES concentration decreased the EDS of the PAA hydrogels. Thermogravimetric analysis showed an increase in the stability of the hydrogels having high PTES content. The swelling of the hydrogel affected by pH, ionic strength and temperature. These hydrogels showed low swelling in acidic and basic pH range and high swelling around neutral pH. The adsorption of copper onto these hydrogels was studied. The pH of solution greatly affected the removal efficiency and maximum adsorption was achieved at pH 3. The effect of contact time, dye concentration, adsorbent amount and pH on the selectivity and sensitivity of the removal process was investigated. All the data of ionic liquids, dyes and copper metal were analyzed by applying different kinetics models such as: pseudo-first order and pseudo-second order, models, diffusion law and Boyd law. The equilibrium adsorption capacities of the adsorbent for all adsorbates removal were measured and the experimental data was analyzed by applying adsorption model such as: Langmuir, Freundlich and Langmuir Freundlich isotherm models.