M.Phil / MS
Permanent URI for this collectionhttps://repository.cuilahore.edu.pk/handle/123456789/48
This collection archives the complete set of theses produced by students of the COMSATS University Islamabad, Lahore Campus.
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Item Capital Structure and Firm Performance: Moderating Role of Business Strategy and Competitive Intensity(Library Information Services, COMSATS University Islamabad, Lahore Campus, 2018) Sheikh Naveed Ahmed Prof. Dr. Talat Afza LHR TP 5286; FA10-PMS-006; Prof. Dr. Talat Afza; LHR TP 5286The optimal blend of debt and equity financing plays a vital role not only in reducing the overall cost of capital but also helps in enhancing the overall performance of the firms. The purpose of the present research was three folds. Firstly, this study investigated the relationship between capital structure and performance of non-financial firms of Pakistan. Secondly, the novel contribution of the current study was to examine the moderating role of business strategy between the relationship of capital structure and firm’s performance. Thirdly, the present study also contributed in the existing literature by exploring the extent to which firm’s competitive intensity moderated the leverage-performance relationship. The data of 333 listed non-financial firms of Pakistan over the period of eight years (2006-2013) was selected for the final analysis. Both book and market based measures were utilized to compute the performance of the selected firms whereas capital structure of the firms was measured through three different proxies. Business strategy was divided into four strategic categories and Herfindahl-Hirschman index was selected to compute the competitive intensity of the firms. The results of the study depicted that capital structure negatively and significantly influence the accounting measures of performance whereas the relationship between capital structure and market performance (Q ratio) was significantly positive. In addition, the results showed that 31% of the selected sample firms were inclined towards the cost leadership strategy to accomplish their business objectives. The results of moderating analysis showed that cost leadership strategy positively moderate the relationship between capital structure and firm performance. It implies that debt financing is financially viable for the cost leadership firms. In addition, the results specified that when the firms try to maintain high debt ratio while pursuing a product differentiation or hybrid strategy, incur a significant performance penalty. Moreover, the results showed that debt financing is also harmful for the performance of “stuck in the middle” firms but the results were statistically insignificant in most cases. Furthermore, the results also revealed that product market competition can be used as a substitute for debt to limit the discretionary resources of the managers. Consequently, debt financing cannot create real financial benefits in the presence of high product market competition. Finally, based on the findings of the research, the present study also suggested some policy implications for the regulators, policy makers and firm’s managers.Item Impact of Transformational Leadership on Team Efficacy: An Empirical Study in Telecommunication Sector of Pakistan(Library Information Services, COMSATS University Islamabad, Lahore Campus, 2013) Asma Altaf; FA10-MSMS-003; LHR TP 4389The criterion of success has been shifted from ―how hard organizations work‖ to ―how innovatively organizations work to be succeeded‖. In this current era, innovation has considered the lifeblood of competitive organizations. Employees have well thought-out to be the most valuable asset of organization. In order to profitably exploit that talent their commitment intensity should be increased; and leadership style has one of the most important determinants that have an effect on commitment of personnel. The current study intended to explore the correlation between transformational leadership and team efficacy. The second required rationale incorporated in the scope of this study has to figure out that how employee commitment mediated the relationship between transformational leadership and team efficacy. The nature of this study required probability sampling in which Stratified Random Sampling was employed. The research was carried out on selected sample of 65 teams functioning in the Telecommunication Sector of Lahore (Pakistan). A 5-point Likert scale questionnaire, containing 20 items, divided into three components has been developed to measure the responses of the employees. Overall, 350 questionnaires were disseminated, out of which 325 returned back were indicating response rate of 91%. SPSS was used for analyzing data. Results of the study depicted that a significant and positive relationship exists between transformational leadership and team efficacy. Results also revealed that transformational leadership is a strong dimension of employee commitment. Furthermore, the current study suggested that organizations ought to exercise transformational leadership style in order to enhance the effectiveness of teams working in Telecom Sector and provides realistic implications for researchers interested in investigation the team efficacy with regard to transformational leadership in broader contexItem Determinants of Corporate Investment in Pakistan: Analysis of Firm Level Data(Library Information Services COMSATS University Islamabad Lahore Campus, 2013-02-03) Kashif Naeem; FA10-MSMS-018; Dr. Abdul Haque; LHR TP 4447The purpose of the study is to investigate and analyze different determinants of corporate investment in Pakistan. Researchers are muddled in finding the exact determinants of corporate investment and contrasting results have been reported in literature. This study provides a comprehensive and an in-depth analysis of the impact of certain variables such as cash flows, leverage, corporate income tax, firms’ age, growth opportunities (Tobin’s q), firms’ size, stock mispricing, dividend payouts and stock returns. Fixed effect model has been employed on a panel of 414 non – financial firms listed in Karachi stock exchange (KSE) during 1998 – 2011. The main findings of the study assert that increased leverage, corporate income tax, firm age and dividends are significantly (p<0.05) and inversely associated with corporate investment. Cash flow, firm size Tobin’s q, mispricing (overvaluation) and stock returns are observed as positive predictors of corporate investment.Item DETERMINANTS OF FOREIGN EXCHANGE RATE EXPOSURE: EVIDENCE FROM PAKISTAN(Library Information Services COMSATS University Islamabad Lahore Campus, 2013-02-03) MEHNOOR IFTIKHAR; FA10-MSMS-009; LHR TP 4425; Prof. Dr. Waqar AkramThe study investigates foreign exchange rate exposure of 59 non financial firms listed in Karachi stock exchange (KSE). The time period of the study is 2006- 2010 and three industries have been included. The foreign exchange rate exposure of firms has been measured by multi currency rate model the exchange rates includes rupees to US dollar, Rupees to yen, rupees to UK pound and rupees to Euro . Firms found positively exposed to US dollar and negatively exposed to Euro. Different time horizon such as weekly, monthly and quarterly is used in linear and non linear model. Further in the study important determinants of foreign exchange rate exposure have been identified such as Export ratio, firm’s size, Growth opportunity, Leverage, Liquidity, firms’ age, competitiveness and industry effect. The research reveals that firm’s exposure to foreign exchange rate significantly increased as time horizon increases. Euro resulted to be most important exchange rate and more negatively exposed to foreign risk. As far as determinants have been concerned export ratio is positive and significantly related to foreign exposure and growth found to be least important in providing impact on foreign exchange rate exposure. The firm’s size showed mix and significant relationship with exposure.Item Dr. Abdus Sattar Abbasi(Library Information Services COMSATS University Islamabad Lahore Campus, 2013-02-03) Tariq Hameed Alvi; FA10-MSMS-022; LHR TP 4441Purpose – The basic purpose of the study is to understand the ethical judgment, moral identity, love of money, spirituality, and religiosity as predictors of ethical intention and to investigate how ethical work climate moderates these relationships. Rationale – Ethical decision making literature doesn’t shed much light on love of money, religiosity, and spirituality impact on ethical intention especially under configurations of ethical work climate. Design/methodology/approach – A significant literature gap was identified through a de-tailed literature review. Mail survey was employed to solicit responses from members of Marketing Association of Pakistan (MAP), Lahore chapter. Findings – Pearson correlation results showed that: ethical judgment is highly significant-ly correlated with ethical intention; love of money (LoM) has significant negative corre-lation with ethical intention; religiosity, spirituality, and moral identity are positively re-lated to ethical intention but this correlation is not significant. Pair wise simple regression largely confirmed the correlation results in that ethical judg-ment was highly significant positive predictor of ethical intention; LoM negative but sig-nificant predictor of ethical intention; spirituality was a positive marginally significant predictor of ethical intention; and religiosity and moral identity, though having positive relationship, were not found to be significant predictors of ethical intention. In pair wise hierarchal regression, the only significant predictors of ethical intention were ethical judgment and love of money (positive and negative predictor respectively); in-strumental work climate was a significant negative predictor of ethical intention in all iterations of hierarchal regression and caring work climate moderates the religiosity-ethical intention link. There also have been supplementary findings that instrumental and caring work climate deters ethical intention though former being more detrimental that later. Implications – Our study has important practical implications especially configuring ethi-cal work climate in a way so as to foster ethical decision. The study also had important research implications. Originality/value – Very few studies have tested the relationship between moral identity, love of money, spirituality, and religiosity on ethical intentionItem DETERMINANTS OF FOREIGN EXCHANGE RATE EXPOSURE: EVIDENCE FROM PAKISTAN(Library Information Services COMSATS University Islamabad Lahore Campus, 2012-02-02) MEHNOOR IFTIKHAR; MSMS-FA10-09; Assitant Prof. Dr. Waqar Akram; LHR TP 4425The study investigates foreign exchange rate exposure of 59 non financial firms listed in Karachi stock exchange (KSE). The time period of the study is 2006- 2010 and three industries have been included. The foreign exchange rate exposure of firms has been measured by multi currency rate model the exchange rates includes rupees to US dollar, Rupees to yen, rupees to UK pound and rupees to Euro . Firms found positively exposed to US dollar and negatively exposed to Euro. Different time horizon such as weekly, monthly and quarterly is used in linear and non linear model. Further in the study important determinants of foreign exchange rate exposure have been identified such as Export ratio, firm’s size, Growth opportunity, Leverage, Liquidity, firms’ age, competitiveness and industry effect. The research reveals that firm’s exposure to foreign exchange rate significantly increased as time horizon increases. Euro resulted to be most important exchange rate and more negatively exposed to foreign risk. As far as determinants have been concerned export ratio is positive and significantly related to foreign exposure and growth found to be least important in providing impact on foreign exchange rate exposure. The firm’s size showed mix and significant relationship with exposureItem Impact of Team Member Resources and Team Structure on Emergency Response Performance: An Empirical Evidence from Pakistan(Library Information Services COMSATS University Islamabad Lahore Campus, 2013-01-30) Faheem Ather Haqqani; FA10-MSMS-006; Prof. Dr. Hafiz Zahid Mahmood; LHR TP 4387The role of emergency response is vital for any nation due to their sensitive nature of work. These teams are supposed to help the needy persons who trapped in any accidental or medical emergency. This study has been devised to investigate various factors affecting performance of emergency response rescue teams. Amongs the pyramids of a few 8 elements were selected including team structure (leadership, role clarity, norms, age) and team member resources (personality, training), critical incident stressors, and chronic stressors. The Impact of critical incident stressors and chronic stressors were also investigated as moderator between the link of independent variables and dependent variable. For empirical evidence data was collected from Rescue 1122, an emergency response organization working in 36 districts of Punjab province, in Pakistan. Three cities Fasialabad, Sargodha and Khushab were selected by employing Stratified Sampling Techniques based on common characteristics. Self administered questionnaire was used to collect the data from rescue workers. Various data analytical tools including descriptive and inferential statistics were employed. Exploratory factor analysis (EFA) carries out as data analytical tool for data reduction. Afterword, regression analysis using Preacher & Hayes regression method of moderation was employed. Moreover, one way ANOVA test and Post hoc test were also conducted to judge the city wise comparisons of performances. The results of these analyses proved that there was significant and positive relationship between emergency response performance and leadership, role clarity, norms, age, personality. Critical incident stressors and chronic stressors had significant but negative relationship, as independent variable, with emergency performance. But no relationship was found when these 2 factors were investigated as moderators. Moreover, no relationship was found between training and emergency performance. Therefore, it is concluded that Performance of the rescue workers can improve with the improvements in factors of team member resources & team structures, and by reducing the critical and chronic stresses.Item Capital Structure and Firm Performance: Moderating Role of Business Strategy and Competitive Intensity(Library Information Services COMSATS University Islamabad Lahore Campus, 2017-01-29) Sheikh Naveed Ahmed; FA10-PMS-006; Prof. Dr. Talat Afza; LHR TP 5937overall cost of capital but also helps in enhancing the overall performance of the firms. The purpose of the present research was three folds. Firstly, this study investigated the relationship between capital structure and performance of non-financial firms of Pakistan. Secondly, the novel contribution of the current study was to examine the moderating role of business strategy between the relationship of capital structure and firm’s performance. Thirdly, the present study also contributed in the existing literature by exploring the extent to which firm’s competitive intensity moderated the leverage-performance relationship. The data of 333 listed non-financial firms of Pakistan over the period of eight years (2006-2013) was selected for the final analysis. Both book and market based measures were utilized to compute the performance of the selected firms whereas capital structure of the firms was measured through three different proxies. Business strategy was divided into four strategic categories and Herfindahl-Hirschman index was selected to compute the competitive intensity of the firms. The results of the study depicted that capital structure negatively and significantly influence the accounting measures of performance whereas the relationship between capital structure and market performance (Q ratio) was significantly positive. In addition, the results showed that 31% of the selected sample firms were inclined towards the cost leadership strategy to accomplish their business objectives. The results of moderating analysis showed that cost leadership strategy positively moderate the relationship between capital structure and firm performance. It implies that debt financing is financially viable for the cost leadership firms. In addition, the results specified that when the firms try to maintain high debt ratio while pursuing a product differentiation or hybrid strategy, incur a significant performance penalty. Moreover, the results showed that debt financing is also harmful for the performance of “stuck in the middle” firms but the results were statistically insignificant in most cases. Furthermore, the results also revealed that product market competition can be used as a substitute for debt to limit the discretionary resources of the managers. Consequently, debt financing cannot create real financial benefits in the presence of high product market competition. Finally, based on the findings of the research, the present study also suggested some policy implications for the regulators, policy makers and firm’s managers.