Department of Management Science
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Item THE IMPACT OF ACQUISITION ON SHAREHOLDER WEALTH CASE STUDY OF ROYAL BANK OF SCOTLAND PAKISTAN AND FAYSAL BANK LIMITED(Library Information Services, COMSATS University Islamabad, Lahore Campus, 2025) Rabiya Asim; CIIT/SP24-RBA-010-LHR; Dr. Samya Tahir; LHR TP 10091This project discussed the long term financial impact of the acquisition of Pakistan operations of the Royal Bank of Scotland into the Faysal Bank Limited in 2010. The project will seek to establish whether or not the acquisition has enhanced the shareholder wealth by using four typically utilized measures of financial performance, which are, Earnings per Share (EPS), Market Value per Share (MVPS), Return on Equity (ROE) and Price-to-Earnings (P/E) Ratio. It entails ex-post facto research design, which is quantitative and, it is founded on nine years of pre-acquisition content (2002-2010) and nine years of post-acquisition (2011-2019), all of which were collected with the usage of audited financial statements. Descriptive statistics show that all the four indicators declined after the acquisition. However, the Shapiro-Wilk based normality test indicated that the data were normally distributed and paired sample t-test could be used. The results indicate that EPS (p = 0.153) and P/E Ratio (p = 0.095) did not change significantly to mean that the acquisition had not produced a significant change on the earnings performance and investor sentiments. MVPS (p = 0.034) and ROE (p = 0.046) on the other hand dropped significantly and signaled the effect of the acquisition proving to be against the market value and profitability of the bank. The outcomes indicate that the acquisition failed to generate the long term value to the shareholders, and might have translated to financial burden due to the challenges to integrate the acquired company and its restructuring costs. The conclusion of the study is that the acquisition of RBS Pakistan did not help in raise the shareholder wealth of Faysal Bank, and in general, negatively influenced the crucial financial indicators. There have been recommendations to intensify the process of integrating upon acquisition, increase the cost, interaction with the investors, audit synergy, and reassessment on the future growth plans. The restraints provide the use of secondary data and financial- indicators, which excludes the opportunities of the future work that should be oriented to the qualitative variables, comparative bank researches, and event-studies.Item Impact of Board Interlocking into Voluntary Disclosure: Moderating Roles of Board Independence, Institutional Ownership, and Family Ownership(Library Information Services, CUI Lahore, 2024) Remsha Shahzady; SP21-RBA-102; Dr. Samya TahirThe research examines the relationship between Board Interlocking (B_Int) and Voluntary Disclosure (VD) practices within firms listed on Stock Exchange Pakistan (PSX). The study further investigates the moderating roles of Board Independence (B_Ind), institutional Ownership (Inst_Own), and Family Ownership (Fam_Own) on the relationship between B_Int and VD. B_Int where members of one company sit on other boards. This research examines how B_Int negatively affects how much information companies voluntarily disclose to the public. This happen when companies become more secretive and board members prioritize protecting their networks over transparency. It also examines how factors like B_Ind, Inst_Own, and Fam_Own influence this negative relationship. This negative impact of B_Int on VD is lessened when boards have more B_Ind. B_Ind does not have strong personal ties with company and not involve in company’s management. They encourage unbiased decision-making for all shareholders. They encourage openness and accountability. Higher level of Inst_Own help to reduce the negative effect of B_Int on VD. Inst_Own represents the percentage of company’s share owned by large organizations. They invest on the behalf of their clients and influence company’s decisions due to the size of their holdings. Their presence pushes companies to disclose more information. Fam_Own boost the negative impact of B_Int on VD. In Fam_Own families hold significant shares and influence company’s decision and management. Family controlled companies are more inclined to keep information private and reduce overall transparency. This study uses agency theory and legitimacy theory to explain how B_Int affects VD. Agency theory explains B_Int help to align interests between shareholders and management. Legitimacy theory helps to understand that companies seek to gain and maintain approval from society and stakeholders. By showing transparency and sharing information companies build trust. Companies ensure that their actions are seen as acceptable and legitimate. This research will use Regression Analysis method to measure the impact of B_Int on VD and the moderating variables B_Ind, Inst_Own, and Fam_Own. Regression model quantitatively assess the relationship between these variables. This model will help to understand how these variables positively or negatively influence VD practices. And data will be collected from annual reports available on PSXItem Impact of Board Interlocking into Voluntary Disclosure: Moderating Roles of Board Independence, Institutional Ownership, and Family Ownership(Library Information Services, COMSATS University Islamabad, Lahore Campus, 2024) Remsha Shahzady; CIIT/SP21-RBA-102/LHR; Dr. Samya Tahir; LHR TP 9593The research examines the relationship between Board Interlocking (B_Int) and Voluntary Disclosure (VD) practices within firms listed on Stock Exchange Pakistan (PSX). The study further investigates the moderating roles of Board Independence (B_Ind), institutional Ownership (Inst_Own), and Family Ownership (Fam_Own) on the relationship between B_Int and VD. B_Int where members of one company sit on other boards. This research examines how B_Int negatively affects how much information companies voluntarily disclose to the public. This happen when companies become more secretive and board members prioritize protecting their networks over transparency. It also examines how factors like B_Ind, Inst_Own, and Fam_Own influence this negative relationship. This negative impact of B_Int on VD is lessened when boards have more B_Ind. B_Ind does not have strong personal ties with company and not involve in company’s management. They encourage unbiased decision-making for all shareholders. They encourage openness and accountability. Higher level of Inst_Own help to reduce the negative effect of B_Int on VD. Inst_Own represents the percentage of company’s share owned by large organizations. They invest on the behalf of their clients and influence company’s decisions due to the size of their holdings. Their presence pushes companies to disclose more information. Fam_Own boost the negative impact of B_Int on VD. In Fam_Own families hold significant shares and influence company’s decision and management. Family controlled companies are more inclined to keep information private and reduce overall transparency. This study uses agency theory and legitimacy theory to explain how B_Int affects VD. Agency theory explains B_Int help to align interests between shareholders and management. Legitimacy theory helps to understand that companies seek to gain and maintain approval from society and stakeholders. By showing transparency and sharing information companies build trust. Companies ensure that their actions are seen as acceptable and legitimate. This research will use Regression Analysis method to measure the impact of B_Int on VD and the moderating variables B_Ind, Inst_Own, and Fam_Own. Regression model quantitatively assess the relationship between these variables. This model will help to understand how these variables positively or negatively influence VD practices. And data will be collected from annual reports available on PSX.Item mpact of Government Debt and Macroeconomic Indicators on Economic Growth in Pakistan(Library Information Services, COMSATS University Islamabad, Lahore Campus, 2024) Muhammad Imran Shafi; SP23-RBA-001; Dr. Samya Tahir; LHR TP 9438This study is conducted to investigate the relationship of government debt alongside other macroeconomic variables with Pakistan's economic growth from 1983 to 2022. Regardless of the progress Pakistan has made between 2001 to 2018, economy is still facing challenges of soaring inflation, current account imbalances, inefficient government spending, and requiring IMF support. We have analyzed how economic growth is affected by debt level, government expenditure, inflation, and current account deficits (or surplus). For this objective, we have used secondary time series data from the World Bank and IMF sources for 40 years, and analyzed using the Ordinary Least Squares (OLS) method, we discovered positive and significant relation among government debt and economic growth, for each 1% increase in debt level, there is 2.43% growth in GDP. However, there is a significant negative relationship of the current account balance and economic growth. While, there is no significant relationship found among government expenditure and inflation. The effective use of debt is important for economic development. However, debt needs to be in controllable levels. The current account deficits need to be addressed by reduction in imports and enhancing exports. Study has limitations due to adoption of on annual data and ignores short term relations. For future researches, other macroeconomic variables may be studied. Study has insights for policymakersItem Impact of Voluntary Disclosure Practices on Company’s Performance in Pakistan’s Petroleum Sector(Library Information Services, COMSATS University Islamabad, Lahore Campus, 2024) Maheen Nasir; CIIT/SP23-RBA-010/LHR; Dr. Samya Tahir; LHR TP 9452The study explores the influence of voluntary disclosures on the performance of Pakistan's petroleum sector, which faces fluctuating regulations, market volatility, and risks associated with corruption. Voluntary disclosures can enhance transparency, helping investors and stakeholders understand how companies manage these risks, thus potentially improving corporate integrity and mitigating fraudulent activities. The research aims to create a Voluntary Disclosure Index (VDI) tailored to the petroleum sector in Pakistan, analyse the extent of voluntary disclosure practices, and assess their impact on financial performance. Additionally, it highlights the importance of voluntary disclosure in building corporate reputation and brand equity through enhanced transparency, accountability, and stakeholder engagement. The literature indicates that voluntary disclosures significantly impact market valuation, investor confidence, and overall firm performance. Studies from various countries, including China, Saudi Arabia, UAE, Iraq, and Bangladesh, have shown that higher levels of voluntary disclosure correlate with better financial outcomes and stronger corporate governance. These findings suggest that strong ownership structures and legal frameworks are crucial for encouraging voluntary disclosure practices. The study uses a mixed-methods approach, combining qualitative and quantitative analyses of secondary data from annual reports of Pakistani petroleum companies for the fiscal years 2022-2023. A Voluntary Disclosure Index (VDI) was developed to evaluate the disclosure level of companies based on corporate governance, environmental policies, corporate social responsibility, risk management, and future prospects. Companies were then categorized into Excellent, Good, or Negligent Disclosure based on their VDI scores.Item Stock Market Bubbles and their Determinants: An Empirical Investigation on the Developing Economies(Library Information Services, COMSATS University Islamabad, Lahore Campus, 2023) Rehan Jamil; FA19-RMS-017; Dr. Samya TahirA country’s stock market is a fundamental pillar of the country’s economy that reflects investors’ sentiment and propels economic growth. Changes in the monetary policy, i.e., interest rate and money supply, contribute to the formation of stock market bubbles. In the developing stage of the bubble, economic activity increases significantly. On the contrary, economic activities slow down in the event of a bubble burst. Historically, financial experts have observed that extensive credit growth or asset market bubbles usually lead to financial crises. Credit growth usually stems from the reduction of interest rates and weaker regulatory control, while stock market bubbles are influenced by GDP growth. So, the need for early detection of the stock market bubble increased in developing economies. This study first detected the stock market bubbles in the leading index of 49 developing economies from 1991 to 2022 and observed bubbles in 41 (i.e., 83.67%) leading stock exchange indexes of the developing countries. Secondly, this study proved that interest rates have a heterogeneous impact of interest rates on the stock market bubble. Thirdly, confirmed that the money supply (M2) positively impacts the stock market bubble. This study contributed in numerous ways, i.e., by identifying the bubbles in the leading stock exchanges and identifying the determinants of the stock market bubble in the developing economies, i.e., the interest rate, money supply (M2), and gross domestic product proxied by industrial growth. Secondly, identified the determinants of the stock market bubbles in developing economies from 2001 to 2022, particularly PakistanItem Problems and Possible Solutions for Oil Marketing Companies in Pakistan(Library Information Services, COMSATS University Islamabad, Lahore Campus, 2023) Izhar Ali; FA22-RBA-016; Dr. Samya Tahir; LHR TP 8757The project report is primarily concerned with identifying and resolving problems that Oil Marketing Companies (OMCs) in Pakistan confront. The institutional and regulatory features of OMCs in the country are also covered in the project. OMCs are vital to Pakistan's energy sector, supplying companies and consumers with necessary petroleum products. However, a few obstacles prevent these businesses from operating efficiently and expanding. These Problems include shifting oil prices around the world, interruptions in the supply chain, limited infrastructure, and strict regulatory policies. The fluctuation of oil prices around the world is one of the biggest problems OMCs confront. Which have the potential to cause both financial instability and planning difficulty. Furthermore, supply chain interruptions, which are frequently brought on by natural disasters or geopolitical unrest, affect how consistently products are available to customers. OMCs must create resilient and flexible supply chain strategies in response to these disturbances. Limited infrastructure presents another difficulty for OMCs operating in Pakistan. Product delivery delays and inefficiencies can result from inadequate distribution and storage networks. This has an impact on the nation's overall energy supply in addition to the bottom lines of the affected companies. The operations of OMCs are made more complex by Pakistan's regulatory framework. Careful planning and coordination are necessary to comply with stringent regulations pertaining to pricing, quality standards, and safety precautions. Conflicts or overlaps in the requirements for compliance can result from the involvement of multiple regulatory bodies. Several strategies can be used to address these problems. To begin with, OMCs ought to diversify their product lines in order to lessen their reliance on a single energy source. This may entail looking into alternative fuel technologies and making investments in renewable energy sources. OMCs should also spend money on supply chain management systems that are driven by technology. In the event of supply chain disruptions, efficiency and responsiveness can be improved through automation and data-driven decision-making. Development of the infrastructure is also essential. Improved distribution and storage networks can result from cooperative efforts between OMCs and the government, guaranteeing a consistent supply of goods even in times of vi emergency. Processes for compliance can be streamlined by improving regulatory cooperation and communication between OMCs and pertinent authorities. Regular discussions, open reporting, and proactive interaction with regulatory agencies can all help achieve this.Item PKF F.R.A.N.T.S(Library Information Services, CUI Lahore, 2023) MUZAMAL SAJJAD; CIIT-FA20-BAF-085/LHR; Dr. Samya TahirPKF F.R.A.T.S. is a well-known Pakistani accounting and financial services organization. My time as an intern at PKF F.R.A.T.S. is detailed in this report. PKF F.R.A.N.T.S. Pakistan & Afghanistan Chartered Accountants, a member firm of PKF International, is more than 30 years old firm, providing professional services in the fields of audit, accounting, tax and business management consultancy, Transaction advisory, merger and acquisition, IT Audits, Internet based trading system audits, penetration testing, to a wide range of clientele. The firms has 10 qualified partners and adequate qualified staff and has 7 locations in Pakistan and Afghanistan. This report serves as an overview of the company, its operations, and the skills I honed throughout my internship. With an emphasis on the company's collaborative culture, the first section gives an introduction of PKF F.R.A.N.T.S., including its objectives, mission, rivals, and organizational structure. The next section is the firm structure and SWOT analysis of the firm PKF Frants Pakistan may have a strong reputation in the market, backed by years of experience and expertise in the financial and consulting services. If PKF Frants Pakistan heavily relies on a few clients or operates within limited industries, it might be vulnerable to economic downturns in those sectors. Exploring new geographical areas or untapped markets can provide growth opportunities. Intense competition from other financial and consulting firms can pose a threat to market share. The next section details my internship experience, including the tasks I was responsible for, the time I spent there, and the specific department I was assigned to. The Audit Department was where I did my internship work. Preparing financial accounts, conducting audits, identifying problem areas and suggesting controls to improve the business operations of the various clients. I was under the supervision of Mr. Hamid, one of the two heads of the department of audit. I was assigned to work with Mr. Abuzar my supervisor. Throughout my internship, and he was important in my success. Overall, it's running well, but there are a few setbacks with time management, desk assignments, and workload inequality. Clients come in all shapes and sizes. The company is striving to improve daily and is one of those ever-growing businesses whose management is always looking for new ways to fix the problems that already exist.Item ALIF INDUSTRY (TURKPLAST)(Library Information Services, CUI Lahore, 2023) Muhammad Haroon Submission; FA20-BAF-078; Dr. Samya TahirThis internship report details my hands-on experience working with Alif Industry as an intern, a top producer and supplier of automation and industrial valves. The report gives a thorough rundown of the history of Alif Industry, how the company operates, and what I have learned during my internship. Alif Industry is a prominent supplier of automation products and industrial valves of superior quality. Its certificates attest to the company's dedication to environmental, safety, and quality requirements. To satisfy the various needs of its customer base, Alif Industry provides a vast array of products. The business enjoys a solid reputation as a brand and has an efficient organizational structure. Innovation, gratifying customers, and growing the market are the main focuses of Alif Industry's marketing and competitive strategies. Throughout my internship, I gained invaluable practical expertise and industrial insights at Alif industrial. My tasks and responsibilities at work were to provide administrative support, data entry, database management, vendor interaction, communication facilitation, inventory inspection, and ERP job completion. Several successes came from the internship, including increased competence with data management software, better task prioritization and time management abilities, fortified soft skills, and an understanding of industry rules. But there were also difficulties, like handling a lot of obligations, getting over obstacles in the way of communication, and setting priorities and managing time.Item Defence Housing Authority Lahore(Library Information Services, CUI Lahore, 2023) M. Abdul Haq; FA20-BAF-081; Dr. Samya TahirThis internship report explores thoroughly into my experience working as an intern at DHA Lahore, a reputable company with a strong reputation in the administrative and real estate industries. I got the opportunity to work in a range of sectors during my internship, learning vital knowledge, abilities, and perspectives that have greatly benefited my professional development. The report begins with an overview of the organization, followed by numerous analyses and suggestions, and then my tasks and responsibilities during the internship, which included jobs in Finance, Transfer, HR, and several other departments. This work experience gave me hands-on expertise with a variety of duties, ranging from mortgage case administration to workshop planning. In the Finance Department, I managed a number of mortgage cases, checked for tax compliance, and gave detailed instructions on the department's workflow.