Finance

This study examines integration among Karachi Stock Exchange of Pakistan and Shanghai Stock Exchange of China. Monthly data ranging from January 2001 to December 2010 is included and tested in this paper. This relationship is tested by using descriptive statistics and correlation matrix. Data stationary is ensured by Unit Root Test. Evidence from Granger Causality and Impulse Response Test. The Results shows that SSE and KSE has no long term relationship or impact on each other focusing on the data of KSE (Karachi Stock Exchange) and SSE (Shanghai Stock Exchange).

This research study is an attempt to examine the impact of Neutral Information, Classic, Accounting Information, Firm-Image Coincidence, Advocate Recommendation and Personal Financial Needs on individual investors’ decision making through the empirical research from Pakistan equity market. The objective of this study is that how an investor makes his decisions and what are the main factors that influence on the investor’s decision making. Quantitative research was conducted to determine the relationship between desired explanatory and response variables and also to check the reliability of questionnaire by Cronbach's alpha. Regression analysis is used to check the intensity between variables. For this purpose, SPSS 20 is used. Result shows that there is a strong positive correlation between variables as (r=0.858) and also value of R-Square (0.81) indicates that 81% independent variables effecting the investors decision. At the end it is recommended to the investors that they should invest freely in the stock market but the investment they make should not be made by making a proper feasibility plan and they should gain all the information about the factors that can influence their investment decisions.

This paper examined the impact of non-performing loans on the profitability of the banking industry of Pakistan. We have taken the Return on Assets (ROA), Return on Equity (ROE) as Total Assets (TA) as profitability measure for the time span of 1998-2010. We have taken the data of Non-Performing Loans from the central bank of Pakistan. By applying the regression analysis, we have concluded that Non-Performing Loans have significant negative impact on the profitability and growth of the Banking sector of Pakistan.

Foreign direct investment (FDI) considered vital for economic development of capital scarce countries, as it provides not only financial assistance but also capital, technology, new jobs, management skill and expertise. Contemporary, FDI is considered a most important source of private external inflows of capital for less developed countries almost in all over the world. Total FDI inflows into Pakistan recorded US$ 3205.4 million during 2008-09 as compared to US$ 3719.1 million in the last year which shows a decline of 13.8%. Likewise Pakistan’s total public debt estimated US$ 39593 million during 2007-08 and such as during 2006-07 per capita debt in Pakistan was US$ 247 million. For empirical analysis secondary data have been used ranging from 1981 to 2007. For estimating the impact of public debt on FDI, simple log linear regression model and the method of Least Squares has been used. The empirical results found statistically significant and indicates that public debt discourages FDI inflows into Pakistan. Thus, it has been concluded, that public debt be managed, through active and proper debt management policy, in order to utilize the maximum benefits of FDI in Pakistan.

Gross demotic product known as GDP are affected by multi factors. Some factors affect it positive and some hold a negative relation with GDP. Each variable has its own importance and our study will discuss the effect of inflation and interest rate on GDP. Some theorists have found that these variables are inversely proportional to growth of an economy while other researchers have found a direct association among them. In Pakistan these studies are very critical, because economic growth in Pakistan has not been up to the mark for last few years. A continuous increase in the Interest rates and inflation has been observed. Godwin (2007) defines real gross domestic product (GDP) increases when economic growth increases. Gyimah-Brempong (1989) found that the military expenses adversely affect the growth of economy. Sub-Saharan African countries using a simultaneous-equations model for the military expenditure effect the economic growth. Khilji and Mahmood (1997) proposed that the GDP growth has negative relation with defence expenses.

This paper is to examine the relationship between the KSE100 index and some of economic variables namely interest rate, inflation rate, CPI and foreign exchange rate. For analysis purpose secondary data were used for the period of 1991 to 2005. Multiple Regressions and Pearson,s correlation model were applied to the data to find the relationship between KSE100 index and macroeconomic variables. Model was good fit and was strong relationship between dependent and independent variables. The tests show that there is 83% variation in the stock prices by variation in independent variables. The results also suggest that the impact of independent variables is positive on KSE-100 index except interest rate.

Governments all over the world rely on revenues majorly generated from variety of taxes in order to meet their numerous fiscal expenditures. The practice of tax evasion and tax avoidance has bedeviled the tax system of Pakistan since 1947. So this research is conducted in order to identify the nature, causes and magnitude of tax evasion and tax avoidance along with their social, economic and political impacts especially in context of economy of Pakistan. The integrated approach has been used in order to answer the objectives of this study. Study reveals that tax evasion and avoidance both leading to fiscal deficit and foreign debt in Pakistan; however, tax evasion is most important. The estimations of tax evasion and tax avoidance are not reliable on account of different assumptions and ambiguous methodologies. Our research deals only with the conditions prevailing in Pakistan so results cannot be generalized. Moreover, instead of using estimates of tax evasion or avoidance we have used indicators of tax evasion an avoidance to determine their magnitude.

Today's environmental performance is one very important factor in evaluating the success and the processes and products comply with environmental requirements, creates an important competitive advantage for companies. Environmental accounting can help companies large and small, industrial, manufacturing and service sectors and in large or small, based on a systematic basis according to requirement in the development of methods based on activities such as water costs, activity-based management, total quality management and process re-engineering to be used. Environmental accounting, the tool equips the traditional accounting system has been revised that environmental information processing and properly report and will give managers. Environmental accounting system, based on the classic ideas of accounting change is complete. In this respect, the benefits and elimination of pollution is calculated as a function of the product or service. Environmental accounting and accountants can make the link between environmental management and to encourage the two groups to work together to move to the next hand, the company's financial performance and improved environmental performance. In this paper, environmental accounting, of its usefulness and cost-sharing process has been studied.

Ethics are important because finances make people do some strange things. The spreadsheet does not have a conscience, and the goal of working with spreadsheets is to make numbers add up in a way that is pleasing to the organizations and its constituents. Ethical behavior is an important aspect for the success of a company, as it influences its relations with various stakeholders. Financial managers are responsible for the difficulty in interpreting sensitive and Exchanges presenting them in the form of financial reports that can be used to evaluate corporate performance is Month interest groups are responsible. So unethical professional practice includes providing financial information poor quality can destroy public confidence in financial management. With increasing global attention to the topic of ethics and quality of information in the accounting profession, in this paper an attempt has been made to the research vacuum in the corner of the financial manager explained the moral perspective on the quality of financial reporting to be filled. Field research companies in Tehran Stock Exchange are accepted. In this study, the ethical perspective of financial management as the independent variable is the moral status was assessed with a questionnaire. Quality and usefulness of financial reporting used to be correct financial reporting as dependent variables were examined. The aims of the present study include applied research, in terms of how to collect the required data from the standpoint of descriptive and correlation research is considered. For data analysis software (SPSS) was used. Based on the results obtained from the ethical perspective of financial management and financial reporting, there is a significant relationship; It is recommended that companies choose their money managers not only scientific and practical aspects of management should be considered But the ethical aspect of the study is important for managers should pay special attention to ethics and corporate managers have a choice.

Today, due to the effects of tourism activities in the economy of the tourist receptive areas on leaves, Great attention to this field of activity is focused. West of Islamabad city with great tourist potential and the potential remains for tourists unfamiliar, Therefore, tourist attractions in this city And planning with special geographical conditions appear to be necessary. For this purpose the paper uses a descriptive method and analytical and strategic models of SWOT, and field studies to determine the strengths, weaknesses, to provide a strategy to develop tourism opportunities and threats are discussed. After reviewing data collected barriers such as lack of facilities along with other attractions, Weak advertising, the neglect of infrastructure to attract tourists in this city and to provide guidelines for tourism development Use of modern methods of advertising west has been building facilities in the city of Islamabad. According to obtained results, strategies city near Islamabad, the West is aggressive strategies the authorities should try to take advantage of the strengths and opportunities and to take steps towards these strategies.