Finance

The main purpose of this paper is to overview the goal and objectives of corporate governance from the theoretical perspective within the financial sector of Pakistan. This sector has experienced some high profile corporate scandals in all over the world, for example BCCI, Baring Bank, and Equitable life. The corporate governance structure set the rules and regulations for the distribution of rights and responsibilities among different stakeholders to avoid fraud. In this conceptual paper first the broad parameters of corporate governance are discussed, from a theoretical perspective, and specific characteristics are derived from theoretical knowledge that is applicable to financial services sector of Pakistan. Different issues are examined and the extent to which they have been addressed by contemporary academic or policy-related studies is considered. The main focus of this paper is banks. The key issue arising is the rapid changes brought about by globalization, deregulation and technological advances are increasing the risks in banking systems. External regulators, SECP, and auditors should play significant role to minimize these risk and should encourage sound governance practices. One avenue of future research would be to assess the effectiveness of compliance in the Pakistan; given that financial companies have obligations concerning code provisions. Some key issues pertaining to corporate governance in financial services are addressed, highlighting their significance to encourage further research by academic and practitioners in the field.

International Trade relations of each nation can be effective on their economic growth. These relations can lead to using the production factors on economy sectors that have more advantages and leads to improvement in efficiency of production factors and Gross Domestic Product (GDP) of each nation. In recent years many studies have been done by using different econometric modules and methods in order to answer the question that is export growth will lead to the economic growth? In this study the effect of the export value (Oil & Gas) on the national production growth (Economic Growth) had been examined through 1961 to 2011 by Johansen Test that the result shows a strong positive correlation between the value of Oil & Gas Export and Iran Economic Growth. In fact if the value of Iran Oil & Gas Export increases in 1 unit, the Economic Growth will increase 2/301 units.

Growth prospects of Mutual fund is likely to improve in the coming months as measure taken by the government have contributed to arresting the rate of decline in stock index in the last few months. The two main categories i.e. equity diversified and sector specific in which all the 16 schemes have been divided for the present study. These schemes have been analysed on various parameters. Franklin Prima fund is the top ranked fund and UTI advantage is the lowest. HDFC, Reliance and ICICI funds have also faired well

The general objective of this study was to investigate the effect of diversification of the financial performance in Somalia with specific focus of the industrial small businesses in bakara market. This study investigated to ascertain how liquidity, risk diversification and mergers and acquisition affects financial performance of an organization in small businesses bakara market in Mogadishu. The study employed a survey research design in data collection.This research employed quantitative data collection method whereby data was gathered by the use of closed ended questionnaires which were self-administered. Factor analysis was used to assess the validity and Cronbach alpha to assess reliability of the questionnaire. Multiple regression analysis (standard and step wise) were conducted to determine the effects between the effect of diversification determinants and financial performance. Results confirm the varying importance of diversification determinants in the small businesses processing in Bakara market Mogadishu-Somalia. In general, the results reveal that risk diversification and marchers acquisition have significant and positive effects on financial performance, liquidity and risk diversification have insignificant effects on financial performance in the small businesses in bakara market Mogadishu-Somalia. The study recommends that to improve financial performance in the small businesses in bakar market Mogadishu-Somalia, managers of the small businesses in bakara market Mogadishu-somalia should nurture and develop market Competition and financial performance. Based on the findings of the study, it is essential to give recommendations in order to gather more gains from diversification. It is recommended that; 4 Management should in still discipline upon itself by ensuring good financial performance, promote technological progress and increase it?s paid up capital regardless of the statutory requirements so that the continued existence of the firm is not jeopardized after undergoing diversification. Management should not only undertake diversification in order to improve operation and sustain failing businesses but also improve their competitiveness and financial performance. Management should come up with a sound strategy towards liquidity and risk diversification management so as to avert the problem of mismatching investments and also the quality of liquidity should be enhanced. Management should put into consideration the degree of transferability and marketability of liquidity invested in so that these assets can provide liquidity to the firm with ease.

Business practices in Somalia have gone through many innovations. One of the most dynamic of these innovations has been mobile money. Different telecom companies provide different brands of mobile money. However, amongst EVC plus offered by Hormuud telecom is the most popular mobile money that people depend on their daily transactions in south and central Somalia. However, without effective functioning of central bank, limited education of business owners, unfavorable domestic environment, lack of business information; wide spread of mobile money adaptation by SMEs is likely to affect their financial performance. However the study sought to investigate the effects of mobile transfer on the financial performance of Small and Medium Enterprises (SMEs) in Mogadishu, Somalia. More specifically, the study sought to achieve the following objectives; to assess the extent to which mobile money transaction cost, number of mobile money transactions, financial literacy and mobile money transfer regulations affect the financial performance of SMEs in Mogadishu, Somalia. The study adopted a descriptive survey method which was conducted through administration of questionnaires. Data was collected from a sample of 146 SMEs in Bakara market using purposive sampling technique. Both descriptive and inferential statistics were then used to analyze data with the help of statistical package for social sciences (SPSS) version 21.0.The results of this study revealed that there was a relationship between mobile money transfer and financial performance of small and medium enterprises. On the basis of the findings of this study, it was concluded that mobile money transfer had positive effect on financial performance of small and medium enterprises. The study found that mobile money transaction costs, financial literacy and mobile transfer regulation, affected financial performance of small and medium enterprises. It was recommended that due to the effect of financial literacy and mobile transfer regulation, managers should ensure they build capacity in terms of financial knowledge and also liaise with the regulator on the various regulations to be adopted. It is suggested that the Central Bank of Somalia needs to come up with a complex regulatory framework on how mobile platforms can transact effectively in the financial system. The Central Bank of Somalia needs to build capacity amongst its employees so as to be prepared for mobile innovations especially where money transfers are involved.

The main purpose of the current research is evaluating the effect of successful implementation of information systems on firms’ performance; case study is Bojnourd Cement Company during 2001 to 2004. Productivity, managers’ decision-making process, information quality, and human resources are considered as variables of the study. Research method is of questionnaire type, using general and professional questions in Likert scale. Research type, in terms of aim, is considered as applied research type. For data analysis, descriptive and inferential statistics is used. In inferential statistics-part of the study, to answer and to make decisions regarding study hypothesis as well as generalization of them to the statistical population under investigation, various tests such as one-tailed Student's t-test, one-tailed variance analysis test and Duncan Compare Means Test is used after converting study variables from ordinal scale to interval scale. The results of the study indicate that implementation of a successful accounting information system is effective on all performance components except productivity.

This empirical study attempts to examine Random walk and Weak Form Efficiency of capital markets of Pakistan , India , Srilanka and Bangladesh constituted as SAARC countries . The Daily , Weekly and Monthly observations of period Jan 2005 to Dec 2010 were examined by using broadly used tests; Autocorrelation, Ljung-Box Q-Statistic, Run test, Unit root test and Variance Ratio tests were used. All daily returns of indices found to be follow non-normal distribution and all monthly returns of all indices were negatively skewed. To sum all, we conclude that none of capital markets is characterized by Random walk and hence are not Weak form Efficient for the examined period. This indicates that there exists utility for technical analysis, availability of arbitrage profit and opportunities for investment management by diversification of portfolios across the markets.

The aim of this paper is to analyze the case of a joint venture stage to determine the successes and failures to undertake this business, based on the theory of resources and skills of entrepreneurship and business. It is intended to answer the question, what were the successes and failures committed by entrepreneurs to run the business plan in this particular case? The answers were found relating the situations described in the case with the theories of resources and skills and entrepreneurship. The analysis concludes that the empirical knowledge of entrepreneurs, in this case were not sufficient to direct the business to success, and that the lack of structured knowledge and adequate scientific support for this project strongly directed towards the non-permanence on the market.

This discourse is directed at highlighting the importance of financial accountability in school management. Budgeting is a managerial function that enables every administrator to efficiently utilize all financial resources available to the organisation. Financial accountability will be difficult to achieve in the absence of good budgeting. The role of the school administrator in effective budgeting, as well as the challenges to effective budgeting in the face of a negatively skewed national budgetary allocations are also highlighted. It concludes that effective budgeting will be difficult to achieve in the existence of financial uncertainties, policy inconsistency in educational development and increasing pressure on education facilities arising from growing demand for formal education in the public school system. It recommends the development of an education policy that will have a minimum life span of twenty years; and the development of a body of school system personnel that is compliant to the digital system of information management. A reliable information base and efficient information management system will go a long way in facilitating good budgeting practice and effective accountability.

The present study investigates the relationship between corporate governance profile of acquiring firms and operating performance changes associated with merger and acquisitions in political uncertainty in Nepal. The financial sector mergers and acquisitions have been selected as sample transactions for the period of 2008 to 2011 and two years pre- and post-merger analysis has been conducted by using OLS regression. The estimated results indicated that post-merger operating performance of acquiring firms is positively related to its pre-merger level. Moreover, board size and CEO duality are negatively while board independence, outside dominated boards, and presence of large independent block holder are positively related to change in post-merger operating performance of acquiring firms in Nepal. The results were also robust with an alternative dependent variable of change in market value of acquiring firms. The results from replaced dependent variable were found to be more strong and cohesive with corporate governance profile of acquiring firms. Aligned with the existing literature, the study concluded that effective corporate governance mechanism does play its role in aligning the interests of managers with shareholders and enhances value for firms, particularly in large scale transactions of mergers and acquisition.