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Effect of Family Control on Firm Value and Financial Performance Evidence From Non-Financial

Thesis Info

Author

Muhammad Zulfiqar

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

2016

Subject

Management Sciences

Language

English

Added

2021-02-17 19:49:13

Modified

2024-03-24 20:25:49

ARI ID

1676728801215

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Effect of Family Control on Firm Value and Financial Performance (Evidence From Non-Financial Sector of Pakistan) This study is conducted to analyze the relationship of Ownership Structure with Firm Performance in non- financial companies listed at Karachi Stock Exchange during the period 2008 to 2013. The basic focus in this study was related to the performance of family firms as compared to non-family firms. The distinction between both types have been explained in literature review with the help of definitions given by different authors and scholars. Keeping in view the research aims and objectives the researcher has taken non-financial sector of Pakistan as population/ unit of analysis. Afterward, the researcher has adopted simple random sampling technique in accordance to research requirements and extracted a sample of 120 firms for analysis purpose. All these firms are listed on Karachi Stock Exchange (KSE). Tobin's Q, ROA and ROE have been used as a proxy variable to explore the firm value and firm's financial performance. The researcher has incorporated 8 independent variables i.e. firm type (family/ non-family), ownership concentration, founder/ descendent firm, age, size, growth, leverage, and interest coverage ratio. Sophisticated data analysis techniques such as descriptive, correlational, panel data regression analysis have been used. Panel Data technique has also been employed to identify the significant relationships among the variables. Results showed that Family firms are negatively correlated and Non-Family firms gives better performance. Whereas Concentrated Ownership has shown significant relationship but negative correlation with proxy variables (ROA = -0.1627; ROE = -0.0381; Tobin's Q = -0.0938). On the basis of results obtained through data analysis it is concluded that Firm Performance critically depends on Managerial Ownership. Panel data analysis has shown that firm leverage and size has no relationship with proxy variables while remaining independent variables have significant relationship with performance variables. Agency problems arise due to increase in Managerial Shareholdings in Pakistani context, which ultimately affects the performance of the firms.
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نظریہ پاکستان اور نسلِ نو

نظریہ پاکستان اور نسلِ نو
نحمدہ ونصلی علی رسولہ الکریم امّا بعد فاعوذ بااللہ من الشیطن الرجیم
بسم اللہ الرحمن الرحیم
معززصدراور میرے ہم مکتب ساتھیو! آج مجھے جس موضوع پر لب کشائی کی سعادت حاصل ہورہی ہے وہ ہے:’’نظریہ پاکستان اورنسلِ نو‘‘
صدرِذی وقار!
پاکستان کا نظریہ وہی ہے جو اسلام کا نظریہ ہے، نظریہ اسلام اور نظریہ پاکستان قریب قریب ہیں، پاکستان کے بنانے کا مقصد ہی احکام ِاسلام کی بجا آوری کے لیے خطہ ارضی کا حصول تھا، اور اس مقصد کے لیے پاکستان حاصل کرلیا ہے۔
جنابِ صدر!
پاکستان جس نظریہ کے تحت معرضِ وجود میں آیا اب اگر اس مقصد کے تحت یہ پاک سرزمین استعمال ہوتو گویا یہ ایک عظیم کامیابی ہے اور اگر اس میں وہ کچھ ہو جو کچھ ہورہا ہے اور سراسر اسلامی اصولوں کی دھجیاں اڑائی جارہی ہیں اور نظریہ پاکستان کی توہین کی جارہی ہے تو یہ ایک کامیابی نہیں بلکہ سراسر اپنے ساتھ اور اپنے سلف صالحین کے ساتھ زیادتی ہے۔
صدرِذی وقار!
پاکستان اس مقصد کے لیے بنا تھا کہ یہاں اللہ کے حضور سجدے ہوں گے زکوٰۃ کی منصفانہ تقسیم ہوگی ، یہاں صدقہ و خیرات کا مال بلا شرکت غیرے مستحقین تک پہنچایا جائے گا۔ یہاں خداخوفی ہوگی، یہاں خلوص اور عدل و انصاف ہوگا ، یا عفوودرگز راور شجاعت کے مظاہرے ہوں گے۔
جنابِ صدر!
لیکن اس خطہ زمین میں جو کچھ ہورہا ہے۔ نظریہ پاکستان اس کی قطعاً تائید نہیں کرتا۔ اس کے بوڑھے، جوان اور بچے اصل نظریہ سے کوسوں دور ہیں۔ اس میں اسلامی اصولوں کی دھجیاں اڑائی جارہی ہیں۔ اس ارضِ پاک کو نجس مشروبات ہے نا پاک کیا جارہا ہے۔ رشوت ستانی ، اقرباء پروری ، منافقت ، دروغ گوئی ، غیبت اور بدگمانی کے زہر نے اپنے مسموم اثرات چھوڑنے شروع...

صفات الجنة في سورة الرحمن: دراسة موضوعية

Thus the whole sayings or acts of the Prophet Muhammad (PBUH) proved to be the explanation of the Qur’an. Keeping this reality in view the writer has studied the whole treasure of the Hadith analytically and discussed the duty of the Prophet Muhammad (PBUH) for explanation of the Qur’an and primary and secondary sources of this pious duty pointing out different aspects of the explanation of the Qur’an by the Hadith; Qur’anic words, Qur’anic terms, Qur’anic notions, Qur’anic thoughts and even valuable points and conclusions the Prophet (PBUH) made through pondering upon this Holy Book.

Effect of Samarium Additions on Shape Memory and Thermomechanical Behavior of Iron Based Shape Memory Alloys

In the present work, a comparative study of the shape memory and thermomechanical behavior of four alloys containing different amount of samarium have been carried out at a strain rate of 0.08x10 -6 s -1 . After hot rolling, annealing and solution treatment, the alloy samples were tensile deformed at room temperature from 1% to 5% and were then recovered at 600̊C for 20 minutes repeatedly for six times to complete six training cycles. It has been found that the addition of samarium strengthens the austenitic matrix, increases the c/a ratio and reduces the grain size. It has been noticed that the addition of samarium (0.64 wt. %) improves the shape memory effect when the alloys were strained from 1% to 5%. This improvement in shape memory effect presumably can be regarded as the increase in strength, increase in c/a ratio and absence of ά (martensite). It has been further noticed that when samarium contents are gradually reduced from 0.64 % to 0.21% the shape memory effect decreases. The decrease in shape memory effect by the decrease in samarium contents can be attributed to decrease in strength, decrease in c/a ratio and formation of ά (martensite). It has been further noticed that the shape memory effect decreases with the increase in amount of strain. It is found that thermomechanical treatment (training) results in improvement of shape memory effect and has a significant influence on mechanical parameters like proof stress (σ 0.002 ), critical stress (σ 0.0008 ) and strain hardening exponent. The improvement in shape memory effect by thermomechanical treatment can be regarded as the effect of reduction in the values of proof stress and critical stress during training which facilitates the formation of ε (martensite). It has also been noticed that excessive training may result in the formation of ά (martensite) due to continuous softening of the alloy during training, thus degrading the shape memory effect. Finally, it has also been noticed that the addition of samarium increases the values of proof stress, critical stress and strain hardening exponent. Although the addition of samarium increases the values of proof stress, critical stress and strain hardening exponent yet it has not an adverse effect on shape memory effect.