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Home > The Relationship Among Free Case Flows, Agency costs and Firm Performance: A Case of Pakistani Listed Firms

The Relationship Among Free Case Flows, Agency costs and Firm Performance: A Case of Pakistani Listed Firms

Thesis Info

Author

Abdul Majeed

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

2015

Subject

Management Sciences

Language

English

Added

2021-02-17 19:49:13

Modified

2024-03-24 20:25:49

ARI ID

1676728791475

Similar


This research work is completed to check the relationship among free cash flows, agency costs and firm performance. Firstly, free cash flows are used as independent variable along with two control variables to check the impact on agency costs. Secondly, free cash flows and agency costs used as independent variables along with two control variables to check the impact on firm performance in Karachi stock exchange textile listed firms during the period of 2004 to 2013. Free cash flows are calculated directly but agency costs is measured by using five proxy variables. It is concluded that free cash flows have a significant impact on two proxy variables of agency costs net operating income volatility and net income volatility and contrary effects on other three variables. On one hand, free cash flows could incur agency costs due to perquisite consumption and shirking behavior; on the other hand, generation of free cash flows resulting from internal efficiency could lead to better firm performance. This research finds evidence to support the agency theory, meaning that agency costs first three proxy variables have a significant impact on return on assets and firm value which concluded firm performance. In contrast, free cash flows also have positive impact on return on assets and stock returns while contrary effect on firm value. This research work provides a better understanding of the relationship among free cash flows, agency costs and firm performance.
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ایمان بالملائکہ

فرشتے اللہ کی نورانی مخلوق ہیں نہ مرد اور نہ عورت اللہ کی ذرہ برابر نا فرمانی نہیں کرتے۔

 ایمان بالکتب

ایمان بالکتب سے مراد اللہ کی بھیجے ہوئے نبیوں پر جو کتابیں نازل کی گئیں ان پر ایمان رکھنا۔جیسا کی انجیل حضرت عیسیء پر نازل ہوئی ۔زبور حضرت داؤدء پر نازل ہوئی۔توریت حضرت موسیٰ پر نازل ہوئی ۔اور قران مجید آخری نبی حضرت محمد مصطفئ پر نازل کی گئی۔

ایمان بالرسالت

ایمان بالرسالۃ کا مطلب ہے رسولوں پر ایمان لانا۔ اللہ رب العزت نے انسانیت کی ہدایت و رہنمائی کے لیے حضرت آدم علیہ السلام کی تخلیق سے ہی رسولوں اور نبیوں کا سلسلہ شروع فرمایا ہے، سب سے پہلے نبی حضرت آدم علیہ السلام تھے، اور سب سے آخری رسول محمد صلی اللہ علیہ وسلم ہیں۔ اس دوران اللہ تعالی نے بے شمار انبیاء کرام مبعوث فرمائے، اور وہ سب انسانیت کو اللہ کی طرف بلاتے رہے۔ ایمان بالرسالۃ میں یہ بات بھی داخل ہے کہ گزشتہ انبیاء کرام پر ایمان رکھا جائے۔ ایمان بالرسالۃ کا اہم ترین جزو حضور صلی اللہ علیہ وسلم کی ختم نبوت پر ایمان رکھنا بھی شامل ہے۔" [[1]]

قرآن مجید میں مختلف مقامات پر ایمانیات کے ضمن میں استفہامی آیات وارد ہوئیں ہیں جو کہ درج ذیل ہیں۔

(۱) اللہ تبارک وتعالیٰ سورة آل عمران میں ارشاد فرماتے ہیں:

"اِن يَّنصُركُمُ اللّٰهُ فَلَا غَالِبَ لَـكُم‌ وَاِن يَّخذُلكُم فَمَن ذَا الَّذِى يَنصُرُكُم مِّنۢ بَعدِهٖ ‌ وَعَلَى اللّٰهِ فَليَتَوَكَّلِ المُؤمِنُونَ "[[2]]

"اللہ تمہاری مدد پر ہو تو کوئی طاقت تم پر غالب آنے والی نہیں، اور وہ تمہیں چھوڑ دے ، تو اسکے بعد...

Islamic Perception of Freedom of Expression: An Exploration of Islamic Thought

Islam considers freedom of expression, speech and thought as an imperative human right and liberty. Primary Islamic sources, as the Holy Quran, Hadith and Seerah of the beloved Prophet Muhammad (SAW) and Islamic jurisprudence discuss its principles parameters and boundaries comprehensively. There are many verses of the Quran, ?h?d?th of the Prophet Muhammad (SAW) and many terms of Islamic Fiqh, which guide us to describe the freedom of expression, its meanings, significance, principles and limits. Islamic scholars of different fields define the freedom of expression in different ways. It’s also observed during exploration in Islamic and Western perspectives, there is no specific and agreed upon definition of freedom of expression. Some scholars try to define it according to their own interest and requirement, but they can’t make an agreement on its definition. So, there is found a variety of definitions of freedom of expression in academic discourse. Different Islamic scholars mention different definitions due to its being a modern term. In this study efforts are made to elaborate Islamic concept of freedom of expression, thought and speech in modern context. It’s concluded, the Islamic teachings give all kind of freedom and rights to human being but their limits and boundaries are different from Western thought.

Exploring the Relationship Between the Beliefs and Practices of an English Teacher in Reading Instruction in a Private School in Karachi, Pakistan

Reading is a skill that is much in focus in the academia in today's world. It provides the base for the development of other language skills through the provision of vocabulary, command over grammar, the accuracy and fluency led by comprehension that aims at developing critical thinking abilities among readers to enable them to look at the world with a different perspective. Thus, the ultimate goal of reading can only be achieved if the students are provided with a reading friendly culture within the schools and the home environment. This cannot be possible without the teachers and teacher educators, who hold the responsibility of nurturing the young minds by putting deliberate efforts through their teaching practices. Thus, it is important to explore the teachers' own views about reading in order to see its impact on students by developing good reading skills. The purpose of this study was to explore the beliefs of an English language teacher to see its relationship with the classroom practices in an English medium secondary school in Karachi, Pakistan. The participant selected for this study was an ELT faculty currently teaching English language at secondary level. The research design was qualitative in nature. The interviews, classroom observations, field notes, document analysis and informal discussions were used as main modes of data collection. The data analysis was done through making codes and then developing themes and sub-themes which were further analyzed in depth. The findings of the data reveal that the beliefs of the teacher about reading are the main source that guides her classroom practices and decisions. Since she believes that the development of critical thinking abilities is the ultimate purpose of reading, she employs diverse teaching reading strategies to make it possible. Her reading friendly classroom environment is the mirror of her beliefs about providing a reading friendly culture to the readers. This shows the consistency between beliefs and practices of the EL T in this particular case. Thus, the study suggests that by conducting professional development sessions for the teachers, they can be helped to explore their beliefs that guide their actions. Moreover, there is a need for conducting further researches in this area with maximum teachers to explore the relationship between diverse dimensions of beliefs and practice.