The study identifies and evaluates the association among corporate solvency management strategies and the corporate performance valuation in Chemical industry of Pakistan. The study uses purposive sampling or judgmental sampling for selecting 30 sample companies from the sector; covering 10 years financial statements data ranging from year 2002 to 2011. Balanced panel data is taken for the purpose of study. Levin, Lin & Chu test is used to check the stationarity of data whereas White Test is used to check the heteroskedasticity of data. Panel Least square technique with fixed effects is used to generalize the relationship between studied variables. The study observed that the performance of the chemical sector in terms of market to book value is affected by internal firm and industry specific factors related to solvency management strategic decisions. Findings of the study provide with the overview of historic performance and the potential performance of the selected sector to help policy makers including finance, economics and industry experts for creating value through the idiosyncratic resources.
The Impact of Capital Structure on the Performance of Industrial Commodity an...IJEAB
This paper investigates the impact of capital structure on the performance of commodity and service firms listed on the Vietnamese Stock Exchange. Data used in the paper were collected from the 142 firms listed on Ho Chi Minh and Ha Noi Stock Exchange during time 2009-2015. By using the descriptive statistics and linear regression model, the findings shows that there is negative relationship between capital structure (e.i. STD. LTD and DA) and peformance of the firms (i.e. ROE) for the commodity and services firms listed on two given Stock Exchange Market of Vietnam. Following are possible implications for the study.
The Impact of Capital Structure on the Performance of Industrial Commodity an...IJEAB
This paper investigates the impact of capital structure on the performance of commodity and service firms listed on the Vietnamese Stock Exchange. Data used in the paper were collected from the 142 firms listed on Ho Chi Minh and Ha Noi Stock Exchange during time 2009-2015. By using the descriptive statistics and linear regression model, the findings shows that there is negative relationship between capital structure (e.i. STD. LTD and DA) and peformance of the firms (i.e. ROE) for the commodity and services firms listed on two given Stock Exchange Market of Vietnam. Following are possible implications for the study.
Impact of profitability, bank and macroeconomic factors on the market capital...inventionjournals
Panel data has been collected for 44 Middle Eastern banks that are operated during 2005 to 2014 in different Middle Eastern countries. Secondary data has been collected primarily through the DataStream database. The study is conducted to investigate the impact of profitability, bank and macroeconomic factors on the market capitalization of the Middle Eastern banks. Results of Hausman test have explained that fixed effect model is appropriate for the analysis. The result of multiple regression have shown that market capitalization has positive relationship with ROI while negative relationship with credit risk, inflation, and year dummy for the Middle Eastern banks. Furthermore, no relationship has been observed between market capitalization and the ROA, ROE, growth and exchange rate for the Middle Eastern banks.
International Journal of Engineering Research and DevelopmentIJERD Editor
Electrical, Electronics and Computer Engineering,
Information Engineering and Technology,
Mechanical, Industrial and Manufacturing Engineering,
Automation and Mechatronics Engineering,
Material and Chemical Engineering,
Civil and Architecture Engineering,
Biotechnology and Bio Engineering,
Environmental Engineering,
Petroleum and Mining Engineering,
Marine and Agriculture engineering,
Aerospace Engineering.
Determinants of Share Prices of listed Commercial Banks in Pakistaniosrjce
The focus of this paper is to identify the determinants of share prices for the listed commercial banks
in Karachi stock exchange over the period 2007-2013. One of the unique features of this paper is to find out the
impact of both internal and external factors on share price. Linear multiple regression analysis is used to
determine whether the selected independent variables have influence on share prices or not. The results indicate
that earning per share has more influence on share prices and it has positive and significant relationship with
share prices, book to market value ratio and interest rate have also significant but negative relation with share
prices while other variables (gross domestic product, price earnings ratio, dividend per share, leverage) have
no relationship with share prices
The Effect of Capital Structure on Firm Performance: Empirical Evidence from ...inventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
Impact of ISO9001 Certification on the Beverage Company's Performance: A case...AkashSharma618775
This study tries to shade light on the effect of ISO9001 on Performance of Brewery companies in
Ethiopia. It empirically analyzes the impact of ISO9001 on the performance of brewery company's proxied by
profit of companies during the sample period of 2002-2015.The sample consists three brewery companies namely:
BGI-Ethiopia, Metha-Abo and Dashen brewery companies. The methodology is based on the Fixed effect model
estimator proposed for dynamic panel data, which is strong in the presence of endogenous covariates, allowing for
individual companies fixed effects, heteroskedasticity and autocorrelation. Based on findings, out of the four
independent variables average revenue and dummy of ISO9001 are positive and significant effect on companies
profit i.e an increase (decrease) in average revenue of companies results in a 5.517 percent increase (decrease) in
the company's profit. The result indicates that ISO9001 certification does have a strong significant positive impact
on brewery companies performance. As the result revealed a company's profit increases by 1.052% due to
ISO9001 certification. The other two explanatory variables average cost and natural logarithm of total sale become
statistically insignificant. In sum, the result of the study indicates that Having ISO9001 certification improves the
profitability of the brewery companies. This finding seems to agree with the study done by T. Dejene (2011) on five
brewery companies in Ethiopia and other scholars like D.S. Sharma(2005),M. Pinar(2001) and J. Singles et
al.(2000)
Corporate Governance and Earning Management in Saudi ArabiaAkashSharma618775
The research paper examines the corporate governance and earning management in Saudi Arabia. It
explores certain studies that worked in different areas and discusses their findings. The essential goal of this paper
is to exactly research the impact of the late corporate administration controls presented by Capital Market
Authority (CMA) on compelling income administration hone in Saudi Arabia. Corporate governance theory is
discussed here that elaborates the procedures of organization and different strategies. At that point speculations
are tried utilizing multivariate procedure to figure out whether corporate administration qualities essentially
oblige optional accumulations. The paper also discusses literature of previous studies and some methodologies are
discussed that are important. Three different types of methodologies are described here that are related to
organization. At the end, conclusion is presented.
The Impact of Adopting International Auditing Standards on audit quality in S...AkashSharma618775
This study will investigate the Impact of Adopting International Auditing Standards on audit quality in
Saudi Arabia. The current research focuses on Saudi Arabia. This relatively large country in the Middle East is
known for two main things, its oil and Islam. The research objectives can be identified as: To evaluate the current
state of auditing practise in Saudi Arabia, to identify the need for the adoption of international auditing standards
in Saudi Arabia, to identify the challenges in the adoption of international auditing standards in Saudi Arabia, and
to evaluate the impact of the adoption of international auditing standards in Saudi Arabia. The research is
adopting a mixed methods strategy that will combine both qualitative and quantitative research. This research is
making several contributions to the academic literature in adoption International Auditing Standards in devolving
countries in in general, and more specific in Saudi Arabia.
Risk management committee and disclosure of hedging activities information am...Azrul Abdullah
This paper examines the relationship between Risk Management Committee (RMC) characteristics and the extent of hedging activities disclosure within the annual reports of the Malaysian listed companies. In particular, relationships are tested on RMC size, independence, RMC meeting, RMC gender diversity and RMC training. Our regression analysis shows that RMC independence significantly and negatively influences the extent of hedging activities information disclosure, while RMC meeting positively influences the disclosure. The implications of these findings are discussed.
The comprehensive development of information and communication technology in the recent decades has made human face wonderfulevolution in all aspects of his life. Indeed, this evolution has had undeniable effects on economy general structure and social and cultural parts at the international level. Also, this evolution includes financial and banking services of the current century economy. They are so efficient that they have created some innovations on the kind, quality and quantity of the presented services. Technological revolutions creating high speed and low cost systems of electronic exchanges have seriously evolved financial and banking market structure. Thus this research considers e-banking fulfillmen.
The Effect Of Planning And Control To Bureaucracy Behavior In The Improving S...IOSR Journals
The main problem in this study is the service quality in the Department of Population and Civil Registration Jakarta is considered optimal. Bureaucratic behavior, presumably as a result of poor planning and oversight that cannot be implemented properly. The purpose of this research is to gain any influence planning on the bureaucratic behavior, monitoring on bureaucratic behavior, and the influence of bureaucratic behavior on the service quality and to obtain a new concept for the development of science and useful and can be applied in the community, especially in the Department of Population and Civil Jakarta. The method used in this study is non-experimental survey method with sampling Stratified Random Sampling. Technical analysis is the data used path analysis. Test the validity of the instrument using the Pearson correlation test product moment and reliability of the instrument using Cronbach alpha The results showed that the positive effect the planning on the bureaucracy behavior, oversight positive effect controlling on the behavior of bureaucracy and positive effect bureaucratic behavior on service quality. The findings in this study are not routinely conducted surveillance dimension thus potentially deviant bureaucracy behavior is not optimal to improve the service quality. The implications of this research are bureaucratic behavior is important in improving Service quality.
Descriptive New features of high angular momentum rotational states in some r...IOSR Journals
The results from the variable moment of inertia (VMI) and cubic polynomial (CP) models with the available experimental information on transition energies for the yrast band levels in all studied nuclei. These models has been generalized so as to be applicable to transitional and vibrational nuclei by requiring that the extended models reduce at low angular momentum, to the polynomial dependence which gives excellent fits to the experimental spectra in the spherical, transitional and deformed regions. The level structure indicate a transition from collective to few-particle characteristics at high spin, possibly suggesting a change shape from prolate through triaxial to oblate. The loss of collectivity occurs at much lower angular momentum than predicted by calculations. The calculated Qt-value of the yrast band of the nucleus with N = 90.
Impact of profitability, bank and macroeconomic factors on the market capital...inventionjournals
Panel data has been collected for 44 Middle Eastern banks that are operated during 2005 to 2014 in different Middle Eastern countries. Secondary data has been collected primarily through the DataStream database. The study is conducted to investigate the impact of profitability, bank and macroeconomic factors on the market capitalization of the Middle Eastern banks. Results of Hausman test have explained that fixed effect model is appropriate for the analysis. The result of multiple regression have shown that market capitalization has positive relationship with ROI while negative relationship with credit risk, inflation, and year dummy for the Middle Eastern banks. Furthermore, no relationship has been observed between market capitalization and the ROA, ROE, growth and exchange rate for the Middle Eastern banks.
International Journal of Engineering Research and DevelopmentIJERD Editor
Electrical, Electronics and Computer Engineering,
Information Engineering and Technology,
Mechanical, Industrial and Manufacturing Engineering,
Automation and Mechatronics Engineering,
Material and Chemical Engineering,
Civil and Architecture Engineering,
Biotechnology and Bio Engineering,
Environmental Engineering,
Petroleum and Mining Engineering,
Marine and Agriculture engineering,
Aerospace Engineering.
Determinants of Share Prices of listed Commercial Banks in Pakistaniosrjce
The focus of this paper is to identify the determinants of share prices for the listed commercial banks
in Karachi stock exchange over the period 2007-2013. One of the unique features of this paper is to find out the
impact of both internal and external factors on share price. Linear multiple regression analysis is used to
determine whether the selected independent variables have influence on share prices or not. The results indicate
that earning per share has more influence on share prices and it has positive and significant relationship with
share prices, book to market value ratio and interest rate have also significant but negative relation with share
prices while other variables (gross domestic product, price earnings ratio, dividend per share, leverage) have
no relationship with share prices
The Effect of Capital Structure on Firm Performance: Empirical Evidence from ...inventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
Impact of ISO9001 Certification on the Beverage Company's Performance: A case...AkashSharma618775
This study tries to shade light on the effect of ISO9001 on Performance of Brewery companies in
Ethiopia. It empirically analyzes the impact of ISO9001 on the performance of brewery company's proxied by
profit of companies during the sample period of 2002-2015.The sample consists three brewery companies namely:
BGI-Ethiopia, Metha-Abo and Dashen brewery companies. The methodology is based on the Fixed effect model
estimator proposed for dynamic panel data, which is strong in the presence of endogenous covariates, allowing for
individual companies fixed effects, heteroskedasticity and autocorrelation. Based on findings, out of the four
independent variables average revenue and dummy of ISO9001 are positive and significant effect on companies
profit i.e an increase (decrease) in average revenue of companies results in a 5.517 percent increase (decrease) in
the company's profit. The result indicates that ISO9001 certification does have a strong significant positive impact
on brewery companies performance. As the result revealed a company's profit increases by 1.052% due to
ISO9001 certification. The other two explanatory variables average cost and natural logarithm of total sale become
statistically insignificant. In sum, the result of the study indicates that Having ISO9001 certification improves the
profitability of the brewery companies. This finding seems to agree with the study done by T. Dejene (2011) on five
brewery companies in Ethiopia and other scholars like D.S. Sharma(2005),M. Pinar(2001) and J. Singles et
al.(2000)
Corporate Governance and Earning Management in Saudi ArabiaAkashSharma618775
The research paper examines the corporate governance and earning management in Saudi Arabia. It
explores certain studies that worked in different areas and discusses their findings. The essential goal of this paper
is to exactly research the impact of the late corporate administration controls presented by Capital Market
Authority (CMA) on compelling income administration hone in Saudi Arabia. Corporate governance theory is
discussed here that elaborates the procedures of organization and different strategies. At that point speculations
are tried utilizing multivariate procedure to figure out whether corporate administration qualities essentially
oblige optional accumulations. The paper also discusses literature of previous studies and some methodologies are
discussed that are important. Three different types of methodologies are described here that are related to
organization. At the end, conclusion is presented.
The Impact of Adopting International Auditing Standards on audit quality in S...AkashSharma618775
This study will investigate the Impact of Adopting International Auditing Standards on audit quality in
Saudi Arabia. The current research focuses on Saudi Arabia. This relatively large country in the Middle East is
known for two main things, its oil and Islam. The research objectives can be identified as: To evaluate the current
state of auditing practise in Saudi Arabia, to identify the need for the adoption of international auditing standards
in Saudi Arabia, to identify the challenges in the adoption of international auditing standards in Saudi Arabia, and
to evaluate the impact of the adoption of international auditing standards in Saudi Arabia. The research is
adopting a mixed methods strategy that will combine both qualitative and quantitative research. This research is
making several contributions to the academic literature in adoption International Auditing Standards in devolving
countries in in general, and more specific in Saudi Arabia.
Risk management committee and disclosure of hedging activities information am...Azrul Abdullah
This paper examines the relationship between Risk Management Committee (RMC) characteristics and the extent of hedging activities disclosure within the annual reports of the Malaysian listed companies. In particular, relationships are tested on RMC size, independence, RMC meeting, RMC gender diversity and RMC training. Our regression analysis shows that RMC independence significantly and negatively influences the extent of hedging activities information disclosure, while RMC meeting positively influences the disclosure. The implications of these findings are discussed.
The comprehensive development of information and communication technology in the recent decades has made human face wonderfulevolution in all aspects of his life. Indeed, this evolution has had undeniable effects on economy general structure and social and cultural parts at the international level. Also, this evolution includes financial and banking services of the current century economy. They are so efficient that they have created some innovations on the kind, quality and quantity of the presented services. Technological revolutions creating high speed and low cost systems of electronic exchanges have seriously evolved financial and banking market structure. Thus this research considers e-banking fulfillmen.
The Effect Of Planning And Control To Bureaucracy Behavior In The Improving S...IOSR Journals
The main problem in this study is the service quality in the Department of Population and Civil Registration Jakarta is considered optimal. Bureaucratic behavior, presumably as a result of poor planning and oversight that cannot be implemented properly. The purpose of this research is to gain any influence planning on the bureaucratic behavior, monitoring on bureaucratic behavior, and the influence of bureaucratic behavior on the service quality and to obtain a new concept for the development of science and useful and can be applied in the community, especially in the Department of Population and Civil Jakarta. The method used in this study is non-experimental survey method with sampling Stratified Random Sampling. Technical analysis is the data used path analysis. Test the validity of the instrument using the Pearson correlation test product moment and reliability of the instrument using Cronbach alpha The results showed that the positive effect the planning on the bureaucracy behavior, oversight positive effect controlling on the behavior of bureaucracy and positive effect bureaucratic behavior on service quality. The findings in this study are not routinely conducted surveillance dimension thus potentially deviant bureaucracy behavior is not optimal to improve the service quality. The implications of this research are bureaucratic behavior is important in improving Service quality.
Descriptive New features of high angular momentum rotational states in some r...IOSR Journals
The results from the variable moment of inertia (VMI) and cubic polynomial (CP) models with the available experimental information on transition energies for the yrast band levels in all studied nuclei. These models has been generalized so as to be applicable to transitional and vibrational nuclei by requiring that the extended models reduce at low angular momentum, to the polynomial dependence which gives excellent fits to the experimental spectra in the spherical, transitional and deformed regions. The level structure indicate a transition from collective to few-particle characteristics at high spin, possibly suggesting a change shape from prolate through triaxial to oblate. The loss of collectivity occurs at much lower angular momentum than predicted by calculations. The calculated Qt-value of the yrast band of the nucleus with N = 90.
Steganography Technique of Sending Random Passwords on Receiver’s Mobile (A N...IOSR Journals
Abstract: Steganography is the art of hiding the fact that communication is taking place, by hiding information
in other information. There are many application of Steganography with different carrier file format. Here we
perform Steganography Technique with sending OTP on receiver mobile, which is one of the best secured
technique in current scenario. This technique is hiding file information into image with OTP password that is
only known by receiver. And can decrypt using that OTP only this is pure Steganography. Pure Steganography
means that there is none prior information shared by two communication parties. We are not sharing OTP
information by two communication parties. So this is more secure than other technique.
Key Words : Steganography, OTP, ICT, Password, IP, UDP, SIHS, LSB.
Climatological Effects of Total Solar Radiation in Awka, NigeriaIOSR Journals
Harmattan, humidity and temperature are amongst some climatological variables that affect solar radiations. In this paper we evaluated the effects of these climatological variables on solar radiation in Awka, Anambra State, Nigeria. The city Awka has the latitude of 6.06oN and longitude of 7.0oE. We took various readings of temperature and humidity from December, 2012 to July 2013 and we observed as expected that solar radiation increased with increase in temperature, while increase in humidity greatly reduces solar energy. The harmattan effect on solar radiation showed less fluctuations in the value of solar radiation during any particular day. The basic problem during this period is dust, which uniformly reduces the solar radiation during any particular day. Observations during the period of measurement showed that the fluctuations during harmattan and high temperature were essentially due to dust which was responsible for the high diffuse nature and attenuation on the solar radiation. The regression co-efficient for the periods under study in the city were determined for use in predicting solar radiation.
Performance Analysis of Rake Receivers in IR–UWB SystemIOSR Journals
ABSTRACT : Suppression of interference in time domain equalizers is attempted for high data rate impulse radio (IR) ultra wideband communication system. The narrow band systems may cause interference with UWB devices as it is having very low transmission power and the large bandwidth. SRAKE receiver improves system performance by equalizing signals from different paths. This enables the use of SRAKE receiver techniques in IR UWB systems A semi analytical approach is used to investigate the BER performance of SRAKE receiver on IEEE 802.15.3a UWB channel models. Study on non-line of sight indoor channel models (both CM3 and CM4) illustrates that bit error rate performance of SRake receiver with NBI performs better than that of Rake receiver without NBI Keywords – Bit error rate, Impulse radio, Non-line of sight, SRAKE receiver, Ultra wideband (UWB)
Javanese Traditional Market Cultural Value in Accounting WorldIOSR Journals
This study explores the accounting values of Javanese traditional market and the potential extinction of those values that now are being marginalized by modern accounting. Modern accounting notions that only focus on economic value have lack meaning to a society whose need not only economic but also non economic value. This study uses grounded theory method to explore the Javanese traditional market values. This study found that tolerance which is consisted of hesitate and trust among traders in Javanese traditional market are the values that can be used in accounting as a concept to challenge the marginalization and domination of modern accounting notions.
Study on Coefficient of Permeability of Copper slag when admixed with Lime an...IOSR Journals
Production of waste in unpredictable amounts is almost in every part of metal and non metal casting
trade. These wastes can be converted to material goods if processed for vital improvement of valuables
provided it is cost-effective. Random dumping of these wastes may lead to environmental problems and
therefore, presently the reuse of the waste materials in various fields is seen for fairly various periods. Copper
slag is a waste product generated during the smelting process for the production of copper. It has been
estimated that for every tonne of copper produced, about 1.8-2.2 tonnes of copper slag is generated as a waste.
Due to increase in production capacity of copper, copper slag getting accumulated require additional dumping
space and causing wastage of good cultivable land. The present paper discusses the laboratory test results of
coefficient of permeability tests conducted on copper slag mixed with cement and lime. The copper slag mixed
with lime and cement in various percentages were kept for curing and then tested after 7, 14, 28 days. Effective
results were observed for the coefficient of permeability of copper slag on addition of lime and cement from 0%
to 10%. There is a decrease in coefficient of permeability value as the percentage of addition of lime and cement
increases and with the curing period. The coefficient of permeability is very high for copper slag alone. When
copper slag is mixed with a binding material like lime or cement, there is a reduction in permeability. Also upon
mixing the same with an expansive soil, it may be suitable to reduce the swelling characteristics by developing
pozzolanic reactions.
Experimental & Finite Element Analysis of Left Side Lower Wishbone Arm of Ind...IOSR Journals
: The Wishbone control arm is a type of independent suspension used in motor vehicles. The general
function of control arms is to keep the wheels of a motor vehicle from uncontrollably swerving when the road
conditions are not smooth. The control arm suspension normally consists of upper and lower arms. The upper
and lower control arms have different structures based on the model and purpose of the vehicle. By many
accounts, the lower control arm is the better shock absorber than the upper arm because of its position and load
bearing capacities. It has an “A” shape on the bottom known as wishbone shape which carries most of the load
from the shock received. The lower control arm takes most of the impact that the road has on the wheels of the
motor vehicle. It either stores that impact or sends it to the coils of the suspension depending on its shape.
During the actual working condition, the maximum load is transferred from upper wishbone arm to the lower
arm which creates possibility of failure in the arm. Similarly, impact loading produces the bending which is not
desirable. Hence it is essential to focus on the stress strain analysis study of lower wishbone arm to improve and
modify the existing design. The present study will contribute in this problem by using finite element analysis
approach.
Energy Conservation in Wireless Sensor Networks: A ReviewIOSR Journals
Abstract: A wireless sensor network consists of a large number of sensor nodes which are deployed over an
area to perform local computations based on information gathered from the surroundings. Each node in the
network consists of a battery, but it is very difficult to change or recharge batteries. So the question is how to
enhance the lifetime of the network to such a long time. Therefore, in order to maximize the lifetime of the
network, the consumption of energy must be minimized. This is an important challenge in sensor networks as
sensors can not be easily replaced or recharged due to their ad-hoc deployment in hazardous environment. In
this paper, the main techniques used for energy conservation in sensor networks are discussed which include
duty cycling scheme, data driven approaches, mobility-based schemes, energy efficient MAC protocols and node
self scheduling scheme. These schemes can be used to improve the energy efficiency of the wireless sensor
network so that the network can work with greater efficiency and high battery lifetime.
Keywords : Energy conservation, energy consumption, sensor nodes, wireless sensor networks
On Fuzzy - Semi Open Sets and Fuzzy - Semi Closed Sets in Fuzzy Topologic...IOSR Journals
Abstract: The aim of this paper is to introduce the concept of fuzzy - semi open and fuzzy - semi closed sets of a fuzzy topological space. Some characterizations are discussed, examples are given and properties are established. Also, we define fuzzy - semi interior and fuzzy - semi closure operators. And we introduce fuzzy
- t-set, -SO extremely disconnected space analyse the relations between them.
MSC 2010: 54A40, 03E72.
The contribution of Sport and Physical activity towards the achievement of co...IOSR Journals
Abstract: In the last two decades Zimbabwe suffered severe socioeconomic and political crisis. The crisis was
characterised by unprecedented rates of inflation which were exacerbated by political instability and economic
sanctions. The economic challenges led to severe brain drain of Zimbabwe health professionals. The elements of
a previously well maintained health care system severely deteriorated. Community health was therefore
seriously compromised. Now that Zimbabwe seem to be on the recovery path this article critiques, reviews and
justifies the potential contribution which sport and physical activity can make towards the achievement of
community healthy objectives in Zimbabwe in line with millennium development goal number six. The content
analysis and review identified that sport and physical activity can play a significant role in improving the health
of members of the Zimbabwean community. It is apparent from the review that Sport and physical activity can
help reduce the incidence of obesity, cardiovascular diseases, HIV/AIDS, diabetes, hypertension and many other
health problems bedevilling the Zimbabwean society today and hence contribute towards the achievement of
Millennium Development Goal number six.
Keywords: Community health, Physical activity, Sport, MDGs, Zimbabwe
Effects of Variable Fluid Properties and MHD on Mixed Convection Heat Transfe...IOSR Journals
The effects of variable Fluid Properties like variation of permeability, porosity, thermal conductivity and magnetic field on Mixed Convection Heat transfer from Vertical Heated Plate Embedded in a Sparsely Packed Porous Medium have been approached numerically. The boundary layer flow in the porous medium is governed by Lapwood – Forchheimer – Brinkman extended Darcy model and the Lorentz force. The natures of these equations are highly non-linear and coupled each other. The non-linear differential equations are non-dimensionalised using the non-dimensional parameter involving Grashoff number Gr, Prandtl number Pr, Hartmann number M, Eckert number E and so on. Similarity transformations are employed and the resulting ordinary differential equations are solved numerically by using shooting algorithm with Runge – Kutta and Newton – Raphson method to obtain velocity and temperature distributions. Besides, skin friction and Nusselt number are also computed for various physical parameters governing the problem under consideration. It is found that the inertial parameter has a significant influence in decreasing the flow field, whereas its influence is reversed on the rate of heat transfer for all values of permeability considered. The effect of Magnetic field is diminution with velocity of the fluid flow. Further, the obtained results under the two limiting conditions were found to be in good agreement with the existing results
Analytical Optimization of Chassis Frame for 40ft Dual-Axle Flatbed Trailer D...IOSR Journals
This article will review a design and analysis study that reduces trailer chassis mass while
minimizing the total cost impact. Design approaches, material selections and proposed section were reviewed.
The Trailer chassis main member were quantified and summarized to create an overall mass and weighted cost
estimate for a low mass Trailer.
Recent Developments and Analysis of Electromagnetic Metamaterial with all of ...IOSR Journals
Abstract: Recent advances in metamaterials (MMs) research have highlighted the possibility to create novel devices with electromagnetic functionality. The metamaterial have the power which can easily construct materials with a user-designed EM response with a particular target frequency. This is the important phenomena of THz frequency region that can make a considerable progress in design fabrication, and define the characteristics of MMs at THz frequencies. This article illustrates the latest advancements of THz MMs research. Key word: Metamaterials (MMs), Terahertz (THz).
Modification of Disc Brakes Using Rotating Brake PadsIOSR Journals
Under the topic ‘Modification of Disc Brakes using Rotating Friction Pads’, I have studied different
components of disc brake which includes rotor, calipers, and fixed friction pads.My main aim is to increase the
braking effect by modifying the existing design by using rotating friction pad. This friction pad is made to rotate
in opposite direction as that of rotor, this is done by using a separate assembly of compound gear train. In this
assembly 2 shafts are used, one shaft is connected between tire and gear and second shaft connects gear and
rotating friction pad. Both the gears are meshed with each other. As the wheel rotates in clockwise direction,
the gear attached to it will also rotate. Other gear which is in meshed position with first gear will rotate in anticlockwise
direction. This will help to move friction pad in anti-clockwise direction as that of wheel’s clockwise
motion. Aim for using rotating friction pad is to provide maximum possible friction which results in retardation
of motion, rotating friction pad not only will provide the friction due to contact but will also provide the friction
due to rotation. Calculations regarding speed of gears, and motion of wheel will clearly elaborate the idea, this
slight modification helps in reducing braking time. Important thing in this innovation is that the energy required
to stop the wheel or disc of brakes is transmitted from wheel only
Design, Analysis and Implementation of Modified Luby Transform CodeIOSR Journals
Abstract : Bit losses in erasure channels like computer networks are of great concern. The existing methods to combat bit losses are either inefficient or time consuming due to the retransmission protocols involved. Through this paper, we propose a Modified Luby Transform (MLT) coding scheme to efficiently transmit data over live computer networks. The MLT code can combat bit losses as well as eliminate the need for retransmission. The usability and reliability of the proposed MLT code is verified by testing it on a live computer network. Keywords : Erasure channel, Fountain Codes, Luby Transform Codes , Wired Networks, Wireless Networks
Intellectual capital: A modern model to measure the value creation in a businessAI Publications
Using a sample of 92 patients, this study looked into the impact of intellectual capital on the efficiency of private hospitals. The researchers used a quantitative approach to assess the effect of Intellectual capital (Human capital, Structural capital, and Relational capital) on long-term competitive advantage in private hospitals in Iraq's Kurdistan region. The research sample was selected using a random sampling method and conducted in various locations across Iraq's Kurdistan province. A total of 110 questionnaires were distributed, but only 92 people correctly completed them. The findings revealed that the most effective relationship with firm success was between human capital as an element of Intellectual capital, while the least effective relationship was between ownership as an element of Intellectual capital. Furthermore, our findings indicate that finance managers should use debts as a last resort in terms of intellectual capital. Finally, our research can be improved by using more controlled variables, a greater sample size, and data from a longer time span in the regression models. Other methods and steps can be used as well.
Corporate Governance and Firm Performance: The Role of Transparency & Disclos...Muhammad Arslan
Purpose: This purpose of this paper is to empirically examine the relationship between transparency and disclosure and firm performance. Highlighting the importance of corporate governance in banking sector, the paper has focused in depth over its role, level and its impact on performance in banking industry of Pakistan. Design/methodology/approach: The paper access this purpose by constructing transparency and disclosure index for the past five year 2007-2011, using proxies for three sub-categories which are board and management structure disclosure, ownership structure disclosure and financial transparency disclosure. The paper also investigated structural changes of T&D Index and its effect on bank financial performance over the sample of 30 banks operating in Pakistan. Findings: Empirical analysis results by using ordinary least square regression model, reveals that financial performance is positively related to the transparency and disclosure and their sub levels except ownership structure disclosure which has negative relation with both ROA and ROE. Furthermore the average T&D level in Pakistani banking sector is above average. Practical implications: The current research paper aims for important policy implementation to reduce information asymmetry and improve corporate governance and firm performance in banking sector of Pakistan.
This study attempts to investigate the role of Corporate Governance in mitigating agency cost. For
this purpose a sample of 100 firms selected on the basis of 100 INDEX of Karachi Stock Exchange during the
period 2007 to 2011. To do so, alternative proxies for agency costs are employing: the ratio of total sales to total
assets (asset turnover) and the ratio of selling, general & administrative expenses (SG&A) to total sales.
Multivariate fixed effect regression is used to analyze the data. The explanatory variables include director
ownership, institutional ownership, ownership Concentration, board size, CEO/Chair duality, Non Executive
Directors, Debt Ratio, remuneration structure and board independence. The analysis is controlled for the
influence of company size. The results show that higher director and institutional ownership reduces the level of
agency cost. Smaller sized boards also results in lowering agency cost. Board independence has positive
association with asset utilization ratio. The separation of the post of CEO and chairperson and higher
remuneration lower agency cost. Bank debt constitutes one of the most important Corporate Governance devices
for Pakistani Listed Companies. Also, managerial ownership, managerial compensation and ownership
concentration seem to play an important role in mitigating agency costs
Impact of Corporate Governance on Organizational PerformanceJenıstön Delımä
Citation: Delima, V. J., & Ragel, V. R. (2017). Impact of corporate governance on organizational performance. International Journal of Engineering Research and General Science, 5(5).
Abstract- This study examined whether corporate governance has impact on organizational performance in Financial Institutions as research problem. This research was carried out with objective to measure association between Corporate Governance and Financial Institution’s Performance in Batticaloa district. Conceptual framework has been developed to measure linkages between Corporate Governance and Financial Institution’s Performance. Board Size, Corporate Governance Mechanism, Communication Strategies, and Code of Conduct are considered as the measurement variables of Corporate Governance which was derived from Changezi & Saeed (2013) and Customer Satisfaction, Employee Commitment and Corporate Reputation are considered as the measurement variable of Organizational Performance which was derived from Bayoud (2012) and Carton (2004). Questionnaires were used to collect data for this study. 115 Management Respondents and 115 Customers from whole Financial Institutions in Batticaloa district have been selected for this study. Data were analyzed and evaluated by Univariate and Bivariate techniques. In Univariate analysis, Descriptive statistic has been used for the analysis. In Bivariate analysis, Correlation and multiple regressions have been used for the analysis. Findings have shown the Corporate Governance and Organizational Performance are at high level. Moreover, it also found that there is a strong positive relationship between Corporate Governance and Organizational Performance. Corporate Governance significantly impacts Organizational Performance of Financial Institutions. These findings would be useful to consider more on Corporate Governance practices to avoid the Corporate Collapses and to achieve successful Organizational Performance
Corporate governance is of great importance for financial performance. Corporate governance issues have attracted public interest in the financial sector both locally and internationally after waves of corporate rip-offs and failures that almost led to loss of confidence in the finance sector. The general objective of this study was to determine the effect of corporate governance on financial performance of Savings and Credit Co-operatives in Kenya. The study adopted a descriptive research design. The study targeted a population of 65 active Savings and credit Co-operatives operating in Embu County. A sample size of 57 Savings and Credit Co-operatives was used in this study. Stratified sampling technique was used to select the sample. Primary data was collected using self-administered semi-structured questionnaires while secondary data was obtained from financial statements and periodicals using a record survey sheet. Pre-testing of research tool was conducted before the actual data collection was carried, to determine the reliability of the questionnaire by use of a Cronbach‘s alpha, statistical coefficient, while the validity was tested to ensure that the questions in the questionnaire provides adequate coverage to the investigative questions. Correlation and multiple regression analysis was used to establish the relationship between independent and dependent variables. The study findings indicated that corporate governance positively affected the financial performance. In specific the board composition and corporate risk management for SACCOs had a positive effect on the financial performances of the SACCOs. The study is beneficial to SACCOs management in improving the performance of Savings and Credit Co-operatives and enabling them to compete globally. The study recommends gender parity consideration and balanced mix of skilled board members during appointments of the board members. The recommendations are important to the government, especially the department of cooperatives in strengthening policies regarding cooperative societies.
The present study aimed to examine the effect of the entrepreneurial orientation (EO) on organizational performance (OP). This study was motivated by the mixed findings in literature regarding the relationships between EO and organizational performance. Owing to the mixed results, a novel stream of research was created and this motivated further examining of the impact of other variables that may shed a light on the nature of the relationship. Several theories have been proposed in literature posit the direct relationships among strategies, resources and capabilities as antecedents of success. In this study, copies of questionnaires were distributed to 300 Libyan banks branches, where 200 copies of questionnaires were returned and analyzed. The proposed hypothesis was tested through PLS-SEM and the study results showed that EO positively predicted organizational performance.
This research work investigated the influence of firm size on the financial performance of deposit money banks quoted on the Nigerian stock exchange. The research work is necessitated by the need to find the factors that respond positively or negatively to the financial performance of deposit money banks in Nigeria. Five deposit money banks were sampled with the aid of Taro Yemeni sampling technique to represent the entire banking industry in Nigeria. The firm size proxied by log of total assets represents the explanatory variable while the financial performance measured by profitability proxied by return on asset is the dependent variable. The analysis was conducted using the pooled OLS regression and fixed effect/random effect regression with the aid of STATA for panel regression. In addition, descriptive statistics and correlation analysis were computed. The finding of the study indicates that firm size insignificantly negatively influenced financial performance as a result of diseconomies of scale. The study therefore recommends that the industry should minimize the cost of expansion and enjoy maximum benefits of economies of scale in addition to other factors that may stimulate financial performance should be considered instead of the firm size that indicate insignificantly negative effect.
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Idiosyncratic Effect of Corporate Solvency Management Strategies on Corporate Performance Valuation – A Study of Chemical Industry
1. IOSR Journal of Business and Management (IOSR-JBM)
e-ISSN: 2278-487X, p-ISSN: 2319-7668. Volume 10, Issue 2 (May. - Jun. 2013), PP 49-54
www.iosrjournals.org
www.iosrjournals.org 49 | Page
Idiosyncratic Effect of Corporate Solvency Management
Strategies on Corporate Performance Valuation – A Study of
Chemical Industry
Qaisar A. Malik, Dr. M. I. Saif
Assistant Professor, Department of Business & Economics, FURC
Professor, HOD - Department of Humanities & Social Sciences, Bahria University
Abstract: The study identifies and evaluates the association among corporate solvency management strategies
and the corporate performance valuation in Chemical industry of Pakistan. The study uses purposive sampling
or judgmental sampling for selecting 30 sample companies from the sector; covering 10 years financial
statements data ranging from year 2002 to 2011. Balanced panel data is taken for the purpose of study. Levin,
Lin & Chu test is used to check the stationarity of data whereas White Test is used to check the
heteroskedasticity of data. Panel Least square technique with fixed effects is used to generalize the relationship
between studied variables. The study observed that the performance of the chemical sector in terms of market to
book value is affected by internal firm and industry specific factors related to solvency management strategic
decisions. Findings of the study provide with the overview of historic performance and the potential
performance of the selected sector to help policy makers including finance, economics and industry experts for
creating value through the idiosyncratic resources.
Keywords: Corporate Performance, Corporate Strategy, Solvency
I. Introduction
Capital market has been a significant part of the financial sector of the economy and an imperative
gauge to identify and evaluate the status of the economy. Its efficiency along with other factors also very much
depends on the level of information available to the investors; who use this information mostly through financial
statements for enhancing their returns (Zeytinoglu et al, 2012). Hence the factors affecting the stock returns
become the most significant aspect of empirical research in finance. The inter linkages between the corporate
financial strategies representing the firm specific factors and the outcomes of those in terms of market value
have to be understood and accordingly optimally utilized for the increased market value of the firms. Therefore
every corporate organization is assumed to develop and implement such financial strategies which could
actually help in maximizing the value for shareholders.
Objectives of the Study
The primary objective of the study is to identify and evaluate the association among corporate solvency
management strategies and the corporate performance valuation. The study intends to contribute to the construct
validity of solvency management indicators and their impact on corporate performance.
Significance of the Study
The study will check and evaluate the susceptibility of corporate sector’s performance in response to
corporate solvency management strategies; being of great use to finance, economics and industry experts.
II. Literature Review
Corporate strategic decisions have to be integrated and synchronized with corporate financial decisions
to avoid financial distress and bankruptcy (Mubashir et al., 2012). This study discusses the corporate financial
strategies regarding solvency management that are significant for adding value to the business (Kim et al., 1998;
Chathoth & Olsen, 2007; Su & Vo, 2010). The strategic management literature emphasized much on exploring
the factors affecting firms’ performance across firms and across industry (Jibao & Kai, 2010). The financial
performance of firms is dependent on corporate financial strategies regarding the assets to be held and financing
of the held assets (Kochhar, 1997). The resource based view also supports that the firm specific factors are
significant for value creation through the idiosyncratic resources (McGahan and Porter, 2002; Hawawini et al.,
2003; Ruefli & Wiggins, 2003; Mcnamara et al., 2005; Hough, 2006). Corporate capital structure decisions
reflecting the corporate solvency management strategies has always been the most debatable issue in finance
literature and has evolved as the most researched and interesting area in finance (Karadeniz et al., 2009;
2. Idiosyncratic Effect of Corporate Solvency Management Strategies
www.iosrjournals.org 50 | Page
Chakraborty, 2010) yet there is a question mark on the effect of capital structure on corporate performance . In a
nut shell, capital structure studies can be divided into two schools of thoughts the relevance theory or the static
trade off theory the irrelevance theory or the pecking order theory of capital structures for corporate valuation.
The former is supported by Myers (1984), Roden & Lewellen (1995), Champion (1999), Gosh et al. (2000),
Booth et al. (2001), Hadlock & James (2002), Fama & French (2002), Frank & Goyal (2003), Abor (2005),
Huang & Song (2006), Eriotis et al. (2007), Xiaoyan (2008), Jasim (2009), Pinar (2009), Chakraborty (2010),
Bistrova et al. (2011), Azhagaiah (2011), Javid & Imad (2012), Heydar et al. (2012), Uwalomwa & Uadiale
(2012), Mahdi & Zinat (2012), Darush (2012), Faruk & Ayub (2012), Salawu et al. (2012) and Nour (2012).
The later is supported by Myers (1984), Rajan & Zingales (1995), Wiwattanakantang (1999), Booth et al.
(2001), Chiang et al. (2002), Fama & French (2002), Deesomsak et al. (2004), Abor (2005), Huang & Song
(2006), Zeitun & Tian (2007), Eriotis et al. (2007), Richard (2008), Mehmet & Eda (2008), Arbabiyan & Safari
(2009), Karadeniz et al. (2009), Suhaila & Wan (2009), Faris (2011), Memon et al. (2011), Sebastian &
Rapuluchukwu (2012) and Khan (2012). Yet there are many studies, including Tang & Jang (2007), Mehmet &
Eda (2008), Ebaid (2009), Dimitrios et al. (2009), Darush (2012), Faruk & Ayub (2012) and Mahdi & Zinat
(2012) showing a very weak or insignificant impact of capital structure on corporate performance. This shows
that until today there has been a mired controversy in the studies conducted to advocate the acceptability and
applicability of one school of thought over the other one. Owing to the mixed results, the studying of empirical
relationships between capital structure and firm performance still holds logical (Ebaid, 2009). Further, though
such empirical relationships have been tested in mature capital markets, yet the emerging markets have a lot of
potential to be explored in such context to further generalize the earlier findings (Ebaid, 2009). Such
controversy and debate arises the need to explore the variables in Pakistani context for different sectors of the
industry to see how changes in capital structure affects the corporate performance in an emerging capital market
of Pakistan.
III. Methodology
On the basis of the review of the literature, the study employs the following methodology to develop
the construct solvency management and to measure the relationship between the studied construct and its impact
on corporate performance valuation.
Operationalization of Variables & Development of Hypotheses
Dependent Variable – Corporate Performance Valuation
Corporate performance valuation is measured through market to book - Tobin’s Q. Tobin’s Q is an
extensively used score for measuring corporate performance and estimating the value of stock as against its
replacement cost (Short, 2012).
Independent Variable – Solvency Management
Solvency analysis is conducted to determine how far a company is financially stable or otherwise in
payment of the principal amount of long term funds they have borrowed; along with the capability of the firm to
service the debt over its life in terms of interest payments. Hence following the earlier studies and their
methodologies it is measured through debt to equity ratio and interest coverage ratio.
Hypotheses: The review of the literature allows developing the following hypotheses for evaluating the
effect of solvency position on corporate performance valuation.
H1 Firms with high debt to equity tend to have high market to book value
H2 Firms with high interest coverage tend to have high market to book value
Measurement of Variables
On the basis of the review of literature the variables of the study are measured as follows:
Constructs Variables Measurements
Solvency Debt Equity (DE) Total Debt/Total Equity
Interest Coverage (IC) Operating Profit/Financial Charges
Corporate
Performance
Market to Book (MB)/
Tobin’s Q
Market Value Per Share/Book Value Per Share
Population & Sample of the Study
3. Idiosyncratic Effect of Corporate Solvency Management Strategies
www.iosrjournals.org 51 | Page
The population of the study is Chemical industry of Pakistan. The study uses purposive sampling or
judgmental sampling; a non probability sampling technique for selecting sample companies; based on the
knowledge of the population and the purpose of the study.
Population & Sample Distribution
Sector Listed
Companies
Deselected
Companies
Selected
Companies
Sample
Size
Chemical 43 13 30 70%
Period of study
The study took 10 years data from the financial statements of the selected 30 companies; covering
years 2002 to 2011. Hence 300 firm years data is used for measuring and analyzing the relationships between
the studied variables.
Data Collection
Financial statements data is collected through “Financial Statements Analysis of Nonfinancial
Companies Listed at Karachi Stock Exchange”; published by the Statistics & Data Warehouse Department of
State Bank of Pakistan.
Data Analysis Techniques
Balanced panel data is taken for the purpose of study. Both descriptive and inferential statistics are
used to analyze the data and generalize the results. Most commonly used descriptive statistics measures for
secondary data are mean, median, standard deviation, skewness and kurtosis. The present study will use Levin,
Lin & Chu (2002) test to check the stationarity of data. The reliability and validity of the model increases when
the data is stationary. The study uses White Test (1980) to check the heteroskedasticity of data. The reliability
and validity of the model increases when the data is free from heteroskedasticity problems. Panel least square
fixed effect model is used after adjusting for heteroskedasticity of data to measure the impact of independent
variables on dependent variable.
Data Analysis
Solvency & Corporate Performance Analysis
Table 1: Panel Descriptive Statistics – Solvency & Corporate Performance
MB DE IC
Mean 2.322745 5.049050 31.85593
Median 1.302700 1.026500 3.802800
Std. Dev. 6.060851 60.16123 94.70815
Skewness 11.34095 17.20827 5.797473
Kurtosis 159.5298 297.4165 46.37855
Observations 300 300 300
Source: Secondary Data
The above table indicates that DE and IC are positively skewed and leptokurtic. Mean values indicate
that overall solvency position is satisfactory in terms of IC but quite weak in terms of DE. Median values reflect
reasonably satisfactory solvency position in terms of IC but slightly weak solvency position in terms of DE. The
highly debt financed outliers have caused the mean DE to be quite high. Higher standard deviation of the
variables is also due to these outliers.
Table 2: Levin, Lin & Chu – Unit Root Test – Solvency & Corporate Performance
Null Hypothesis: Unit root (common unit root process)
Sample: 2002 2011
Exogenous variables: Individual effects
Automatic selection of maximum lags
Automatic selection of lags based on SIC: 0 to 1
Newey-West bandwidth selection using Bartlett kernel
Cross-sections included: 30
Method Variable Statistic Probability
4. Idiosyncratic Effect of Corporate Solvency Management Strategies
www.iosrjournals.org 52 | Page
Levin, Lin & Chu t* MB 8.53339 0.0000
Levin, Lin & Chu t* DE -3.47585 0.0003
Levin, Lin & Chu t* IC -13.1080 0.0000
Source: Secondary Data
The Levin, Lin & Chu test suggest the rejection of null hypothesis of presence of unit root.
Table 3: Panel Least Square–Fixed Effects Model–Solvency & Corporate Performance
Dependent Variable: MB
Method: Panel Least Squares
Sample: 2002 2011
Cross-sections included: 30
Total panel (balanced) observations: 300
White cross-section standard errors & covariance (d.f. corrected)
Variable Coefficient Std. Error t-Statistic Prob.
C -0.127351 0.134394 -0.947593 0.3442
DE 0.430119 0.086605 4.966425 0.0000
IC 0.170816 0.043523 3.924718 0.0001
Effects Specification
Cross-section fixed
R-squared 0.749933 F-statistic 25.92620
Adjusted R-squared 0.721007 Prob (F-statistic) 0.000000
Source: Secondary Data
The significance of t-statistics depicts that DE and IC are significant predictors of MB. Coefficients
depict that DE and IC are positively linked with MB. Adjusted R2 tells that almost 72% of the variation in MB
is explained by variation in DE and IC. The significance value of F statistics endorses the overall fitness of the
model. As per the fixed effects model results H1 & H2 are accepted. Mathematically the relationships may be
expressed as:
LS(CX=F,COV=CXWHITE) MB DE IC
MB = C(1) + C(2)*DE + C(3)*IC + [CX=F]
MB = -0.1273 + 0.4301*DE + 0.1708*IC + [CX=F]
IV. Discussion Of Results
Since due to low solvency; the below average companies from chemical and allied sector are facing
solvency risk or in other words they have more inclination towards relying on external financing (long term and
short term finances) rather than internal financing (shareholders’ equity); therefore such companies may face
lower profitability due to higher reliance on external financing carrying fixed obligatory interest payments as
against the internal financing carrying varying and optional dividend payments. The increased burden of interest
payment due to heavy debt financing decreases the profitability of the companies on one side yet it increases the
cash inflows due to tax advantages associated with such high debt financing, thus ultimately increase the returns
for the owners of the companies despite their lower investments. Hence present debt financing levels at
chemical and allied sectors is needed to be carefully reviewed; to financially evaluate the costs of debts as
against the returns generated on those funds. As long as the returns exceed the costs; debt financing may be
continued otherwise there is a serious need of restructuring the debt equity mix, since the higher debt to equity
ratio may lead the chemical and allied industry towards insolvency and eventual bankruptcy especially for the
outliers.
V. Conclusion
The present study observed that the performance of the chemical sector in terms of market to book
value is affected by solvency management strategies and decisions, hence the sector need to perceive clearly
about how their solvency management strategies would affect their performance and the valuation. The study
5. Idiosyncratic Effect of Corporate Solvency Management Strategies
www.iosrjournals.org 53 | Page
identified, measured and evaluated the association between the variables and contributed to the construct
validity of solvency management decisions and their impact on corporate performance. Moreover the study
determined the predictability of certain solvency management indicators for measuring corporate performance
and suggested what combination of these indicators may lead to improved corporate performance in future.
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