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Home > Relationship Between Investment and Cash Flow Under High and Low Investment Opportunities: Evidence From Pakistani Manufacturing Firms

Relationship Between Investment and Cash Flow Under High and Low Investment Opportunities: Evidence From Pakistani Manufacturing Firms

Thesis Info

Author

Imtiaz Zahid

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

1676728803094

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This research is related to the examination of the relationship of cash flow and level of investment under high and low investment opportunities of 167 Pakistani non-financial manufacturing firms listed in the Karachi Stock Exchange (KSE) during the period 2004-2013. It includes two definite objectives 1) to investigate the relationship between investment and cash flow under high investment opportunities manufacturing firms listed on KSE for the period 2004 to 2013. 2) to investigate the relationship between investment and cash flow under low investment opportunities manufacturing firms listed on KSE for the period 2004 to 2013.Tobin's Q is employed to capture the investment opportunities and sales are taken as control variable. A panel data regression model is used to investigate the relationship of cash flow, Tobin's Q and sales on the level of investment. In case of high investment opportunities firms, the relationship of investment and cash flow is positive and significant while under low investment opportunities firms, this relationship is also positive but insignificant. These results indicate that the high opportunities firms rely mostly on internally generated cash flow where as the low investment opportunities firms prefer to distribute its earning as dividend.
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١۔اجازت

اجازت

شاہد اشرف

"یہ راستہ آگے چل کر چشمے کی طرف نکلتا ہے " راہگیر یہ کہ کر آگے بڑھ گیا. میں شش و پنج میں مبتلا اسے جاتے ہوئے دیکھتا رہا پھر آہستہ آہستہ رستے پر گامزن ہو گیا. اس نے کہا تھا کہ. تھوڑے فاصلے پر چشمہ ہے اور چشمے کا نام و نشان دکھائی نہیں دیتا تھا. میں تھکن, پژ مردگی اور مایوسی سے پہلے ہر حال میں چشمے تک پہنچنا چاہتا تھا. پختہ سڑک کے بعد یہ راستہ زائرین کو پیدل طے کرنا پڑتا تھا. آخر کار چشمہ آ گیا . میں نے پانی پیا اور وہیں زمین پر بیٹھ گیا. اُس نے مجھے یہاں تک آنے کے لیے کہا تھا, اس کے بعد مزار تک پہنچنے کا فاصلہ مجھے اس کے ساتھ طے کرنا تھا. وہ میرے بعد چشمے پر پہنچا اور آتے ہی بولا " آؤ چلیں " ہم چل پڑے اور راستے میں باتیں کرتے رہے. ایک طویل فاصلہ طے کرنے کے بعد اس نے دور سے مزار کی طرف اشارہ کیا اور پھر نا معلوم منزل کی جانب گامزن ہو گیا۔ میں مزار کی طرف بڑھنے لگا ۔ جلد ہی مجھے احساس ہو گیا۔ میں جتنا مزار کے قریب جاتا ہوں ۔ مزار اتنا ہی مجھ سے دور ہو جاتا ہے ۔ میں نے تیز بھاگنے کی کوشش کی اور میرا سانس پھول گیا. میرے پاؤں بوجھل ہونے لگے اور میں حسرت و یاس کے عالم میں مزار کی طرف دیکھتا رہا. مجھے معلوم ہو گیا کہ مجھے باریابی کی اجازت نہیں ہے. میں اپنے بعد آنے والوں کو مزار کی سمت جاتے دیکھتا ہوں۔ سب مجھے حیرت سے دیکھ کر گزر جاتے ہیں۔ میں خستہ حال اور تہی دست ایک عمر سے وہاں پر رکا ہوا ہوں.

الامثال النبوية و بلاغتها

The use of similes, metaphors, proverbs and idioms is given its due prestige in the annals of literature. To mention their use in the Islamic literature especially in the sayings of our Holy Prophet (PBUH) renders an ease and comfort in order to elaborate upon the Islamic teachings. It not only enhances interest but renders an inexplicable charm to explicate Islamic teachings so as to make them easy to comprehend. The use of figurative language enhances the rhythmic flow and charm of language and thus brings in a huge impact on literature. It is in this way that the proselytization task be done in an easy effective manner.

Biochemical Profile of Milk from Oxytocin Injected Buffaloes

Milk is a lacteal secretion obtained by milking of healthy animals in its natural form, free from colostrum contains a highly rich source of energy, protein, fats, minerals, trace elements, vitamins, enzymes and others. Oxytocin, a hormone, released by pituitary gland into the blood, stimulates the secretion of milk and is bound with myoepithilial cells to induce the contraction of mammary gland resulting the expulsion of milk into the milk ducts (let down). The use of exogenous oxytocin is increasing day by day in Pakistan, which could affect the consumer’s health and milk constituents. Selected breed of buffaloes (Nili Ravi) is the best dairy animals existing in Pakistan, with good milk production. Milk of 24 Nili Ravi buffaloes were collected fortnightly fromcontrol and oxytocin treated samples from Tarir Dairy Farm, Dhanola. The samples were analyzed to determine changes in composition, enzyme activity, fatty acids, vitamins and minerals due to oxytocin. Data obtained for each attribute was subjected to statistical analysis.Oxytocin administration to buffaloes resulted in increasedpH, proteins, lactose and solid-not-fat and decreased in fat percent. Alkaline phosphotase, acid phosphotase, lactoperoxidase activity, and thiocyanate were high in oxytocin treated buffaloes while lipase activity was increased in control. Caprylic acid(C 8 ), capric acid (C 10 ), myristic acid (C 14 ), palmitic (C 16 ) were high while butyric acid (C 4 ), caproic acid (C 6 ), lauric acid (C 12 ), steric acid (C 18 ), oleic acid (C 18:1 ), linoleic acid (C 18:2 ) were low in oxytocin treated buffalo. Vitamins (A, D, E and C) were increased in oxytocin treated buffaloes as compared to control. Sodium, phosphorus, copper were increased whereas decrease in potassium, iron and zinc in experimental group. From this study it is concluded that regular oxytocin injections should be discouraged because it not only affect the milk composition but also has a promising effect on health of the consumers.