Finance

The study investigates the significant determinants of stock returns of all non-financial listed companies in Karachi Stock Exchange (KSE), Pakistan from 1998-2011 by using panel data techniques. In addition, this study further categorized into Syariah and Non-Syariah compliant firms to examine the significant differences of stock determinants. All listed stocks in Karachi Meezan Index (KMI) are entitled as Syariah complaint firms, rest of the firms listed in KSE all index are identified as non-Syariah complaint firms. As Syariah complaint firms don’t use any unethical means to cater its stock prices, so, it was hypothesized that Syariah stocks follow the fundamental of the companies. Size, book to market, leverage, dividend yield, earning to price, cash flow to price and discretionary accrual represents the fundamentals while market premium, stock price volatility and trading volume indicates the stock market variables. Fixed effect model and Random effect model is applied for statistical estimations. Hausman test is further used to find the most significant model. Modified wald test find the heteroskedasticity, final results were robust to counter the heteroskedasticity issue. The results of all non-financial listed firms confirmed the significant positive market premium, size, stock price volatility and trading volume whereas significant negative book to market ratio. Market premium, leverage and stock price volatility are the only significant determinants of Syariah complaint firms. Insignificance of BM and TV confirms that Syariah stocks follow the fundamentals instead of noise trading. In a nutshell, Syariah complaint firms respond to fundamentals although non-Syariah complaint firms follow noise trading in Pakistani context.

The global financial crisis, brewing for a while, really started to show its effects in the middle of 2007 and into 2008. Around the world stock markets have fallen, large financial institutions have collapsed or been bought out, and governments in even the wealthiest nations have had to come up with rescue packages to bail out their financial systems. Indian economy began to slow down in 2007-08 (April-March) after reaching a GDP growth of 9.8 per cent in the last quarter of 2006-07. In fact, Indian economy grew at an annual average rate of 8.8 per cent during the five years ending 2007-08. In the first half of the financial year 2008-09, the growth rate dropped to 7.8 per cent. The global crisis has hit India through a “sudden stop” of capital inflows and a collapse of both external and domestic demand. The growth of the economy dropped to 6.7 per cent in 2008-09 from 9.0 per cent in the previous year and is slowly increased to 8% in 2009-10 and 8.5% for the financial year 2010-11. The present paper is an attempt to analyze the impact of global recession on Indian economy, how the Indian economy recovered and also analyze whether the global crisis still influencing the Indian economy

The main aim of present study is to examine the impact of environmental uncertainty (market ) , the investments and the quality of information available to the authority of the investments of accepted Tehran Stock Exchange listed companies , as well as the increasing introduction of a new theory named the actual authority .The investment authority in asset capital also like authority is on financial assets with the difference that these authorities appear on the real assets such as the land , building , machinery and other physical assets. By using the traditional methods of assessing projects such as the method of cash flow reduction (net present value and internal rate of return). With regard to the elements of environmental uncertainty, managerial authority and flexibility in projects and investments lead unrealistic assessment. So with regard to these drawbacks to use theory of investment authority and its effects in the value of the company and determining its value could be a great help to the better and more real assessment of projects and investments. So in case this question arises that with regard to this point that managers have such authority, how they regard the structure and the logic of investments authority in the analysis and designing their projects with a view to environmental uncertainty, the cost of investment, riskless interest rate and the quality of the information available for the company ?. For this purpose by using public formula of Cochrane a sample including 163 financial directors of the corporate (manufacturing) of Tehran Stock Exchange reviewed their views and opinions about the investments authorities. And also to analyze the data the linear regression was used. By regarding the conducted surveys it become clear that based on the above - mentioned managers points of view the independent variables ( environmental uncertainty , riskless interest rate, cost of investment and the quality of the information available ) have a significant impact on investment authority .

This paper empirically examines the existence of casual relation between insurance sector development and economic growth in Iran for the period 1960-2010. In this investigation we apply the Augmented Dickey-Fuller Unit Root test, the Johansen’s Cointegration test and the Granger Causality Wald test based on Vector Autoregression (VAR) model. According to the obtained results, there is a unidirectional causality relation from insurance development to economic growth. Therefore, we conclude that insurance development is an important prerequisite for stimulating economic growth in Iran. These results confirm the supply-leading theory.

Economic effects of human beings have been always focused on how to obtain the best results b using the least possibilities and factors available, such tendency can be called "attainment of higher efficiency and productivity". Productivity is a comprehensive concept encompassing efficiency an increase in which is taken into account by politic and economic authorities continuously in order to promote standard of living of, welfare of, and relaxation and peace of people. Some consider survival and persistence of a politico-economic system dependent on productivity. One way to increase productivity is privatization and free trade. Present research focuses on effects of these 2 variables on each other. Subject of this research is to study effects of privatization on total productivity of production factors in in Mellat Bank and its aim is to analyze productivity after Mellat Bank was privatized in order for resulting outcomes to create clearer outlook and wider perspective in front of managers. Considering research aim and subject, this research used descriptive-analytical method. In present research, inputs and outputs of 48 Mellat Bank of Kermanshah province were studied in 2 time intervals: one related to pre-privatization time (2005-2007) and other to post-privatization time (2009-2011) of Mellat Bank. This research inputs include personnel, administrative, and operational costs while outputs include volumes of deposits, facilities, and services provided. Data was analyzed by using MalmQuist index and data coverage analysis with EMS and GAMS software. Then, hypotheses were tested by SPSS software. Research results indicate that, following privatization, total productivity index and human force productivity increased significantly and it was found that technological changes relate directly to the level of productivity so that enhanced technology level can increase productivity level.

Employee welfare “ the efforts to make life worth living for workmen ”. Employee welfare means anything done for the comfort and improvement , Intellectual or social , of the employees over and above the wages paid which is not a necessity of the industry.”Organizations provide welfare facilities to their employees to keep their motivation levels high. In the light of above, the researcher has selected the M&M Limited (Tactor Division), to know the satisfaction levels of employees about labour welfare measures provided by the organization on the basis of responses of sample respondents.M&M Limited (Tactor Division) is always ahead in improving the working and living conditions of its employees and it has done a lot in respect of providing welfare measures for its employees in the areas of Education, Medical, Housing, Transport, Sports , Recreational facilities etc.

The purpose of this study is to investigate the effect of using the Information Technology (IT) on financial performance of the Petrochemical companies listed on Tehran Stock Exchange. For this purpose, 164 of the staff experts of information technology and finance departments of the Petrochemical companies listed on Tehran Stock Exchange have been selected as research sample by using simple random sampling method and responded to the questionnaire. The presence impact of IT with its variables together which were represented as follows (IT Knowledge, IT Operations and IT Infrastructures) in the financial performance,light of findings of study recommended a number for recommendations and notably such as providing an effective working environment in Petrochemical companies focusing on the information technology which companies are able to achieve competitive advantages.

The research work is conducted on the firms in the chemical sector of Pakistan. This is a capital intensive industry and an important sector of the economy. The data has been collected from 2009-13 and includes cross sectional regression analysis. The dependent variables are accounting based return on equity and returns on assets while independent are the debt ratio and total debt to total equity ratio. The results indicate that the capital structure holds a significant positive relationship with return on asset and return on equity. The firms in this sector have a high debt to equity and debt to asset ratio and the results are against the pecking order theory that states that firms prefer to generate funds from internal sources and have a least preference for debt financing.

Social responsibility of organizations has been the most important elements of philosophy, So that it is important to abide by organizations within the social identity theory, Satisfaction of stakeholders outside the organization to legitimate organizations will strengthen. Many of the behaviors and actions of managers and employees, was influenced by moral valuesrooted in ethics. Due to lack of work ethic in management, organizations, societies such as Iran, which was one rich in moral values? The advanced countries have a considerable distance, can create problems for organizations. In addition to increasing the social expectations of organizations, societies, such issues as the environment, women, children, minorities, disabled people, equal employment and staffing reductions, are more sensitive. Organizations ignoring these rights and ethics in dealing with external stakeholders can cause problems for the organization and the organization and action of legitimacy put it, profits, and thus affects the success of the organization. Poor work ethic, the attitude of jobs, organized and effective managers, can affect the performance of individual, group and organizational influence.

With regard to the importance of customers in insurance industry, This research explores how relationship quality and commitment influence customer loyalty. Relationship quality consists of two aspects: satisfaction and trust. So, along with how the above mentioned variables from loyalty in a insurance industry environment, the managers of the branches of private insurance industry are given the chance to design and perform effective and proper strategies leading to customer loyalty. The statistical populations of the research are the customers of private insurance industry and the data was collected using the questionnaire and also the data has been analyzed using SPSS software. The results of the research show the positive effect of the abovementioned variables on loyalty.