Institutional Ownership Heterogeneity and Earnings Management Practices

Muhammad Adnan PARWAR,Shahzad HUSSAIN,Abdul WAHEED,Qaisar Ali MALIK,Muddasir MEHBOOBMuhammad Adnan PARWAR,Shahzad HUSSAIN,Abdul WAHEED,Qaisar Ali MALIK,Muddasir MEHBOOB 한국유통과학회 2021 The Journal of Asian Finance, Economics and Busine Vol.8 No.6

The manipulation of the firms’ earnings reported in the financial statements, also known as earnings management, is common among companies. The current study examined the relationship of institutional ownership heterogeneity and earnings management practices through the Arellano-Bond Dynamic Data-Estimation regression approach. The study adopted the Kothari et al. (2005) model for the measurement of earnings management practices. The research classified the institutional investors into different categories such as mutual funds, pension funds, investment companies, foreign companies, and group ownership. The study analyzed the selected variables by tanking a sample of 206 listed companies on Pakistan Stock Exchange (PSX) for 2013 to 2018. Consistent with agency theory, the results reveal that mutual funds and financial firms’ ownership curtail earnings management practices. Our results reveal the negligible effect of group ownership, investment companies’ ownership, and pension funds ownership in curtailing the earnings management practices in Pakistan. As a result, the findings support monitoring the role of hedge funds and international ownership in earnings management, which restricts managers’ opportunistic behavior. Thus, the proclivity of earnings management practices by managers is mitigated by mutual funds and foreign ownership as compared to the other institutional ownership structure in Pakistani firms.

Simultaneous Equations and Endogeneity in Corporate Finance: The Linkage between Institutional Ownership and Corporate Financial Performance

MALIK, Qaisar Ali,HUSSAIN, Shahzad,ULLAH, Naeem,WAHEED, Abdul,NAEEM, Muhammad,MANSOOR, Muhammad Korea Distribution Science Association 2021 The Journal of Asian Finance, Economics and Busine Vol.8 No.3

The objective of this research is to explore the inconclusive theoretical and empirical association between institutional ownership and firm performance in the context of emerging Pakistani economy. The data set consists of all the non-financial firms listed on the Pakistan Stock Exchange (PSX). Annual data set covers the period ranging from 2010 to 2015. However, the econometric analysis does not include those firms with incomplete data. Thus the final data set comprised of an unbalanced panel of sample of 276 firms with 1231 firms years observations. Data related to the institutional ownership and other variables taken for the study were extracted through the annual financial reports of the firms. The research used Tobin's Q as a proxy of market measure of firm performance and tested the endogenous relation with institutional ownership through OLS and 2SLS approach. The study also applied Durbin-Wu-Hausman test to determine the endogeneity before analyzing the 2SLS model. The Durbin-Wu-Hausman Test (DWH) conform the endogenous link between institutional ownership and performance and vice versa. The results derived from 2SLS also confirm a highly significant relationship and two way direct proportional relationships between the institutional investment and corporate performance in the studied companies.

Seroprevalence and Spatial Distribution of Toxoplasmosis in Sheep and Goats in North-Eastern Region of Pakistan

Haroon Ahmed,Ayesha Malik,Irfan Mustafa,Muhammad Arshad,Mobushir Riaz Khan,Sohail Afzal,Shahzad Ali,M. Mobeen Hashmi,Sami Simsek 대한기생충학열대의학회 2016 The Korean Journal of Parasitology Vol.54 No.4

Adaptive Beamforming Algorithms for Anti-Jamming

Rana Liaqat Ali,Anum Ali,Anis-ur-Rehman,Shahid A. Khan,Shahzad A. Malik 보안공학연구지원센터(IJSIP) 2011 International Journal of Signal Processing, Image Vol.4 No.1

Investigating the Regression Analysis Results for Classification in Test Case Prioritization: A Replicated Study

Muhammad Hasnain,Imran Ghani,Muhammad Fermi Pasha,Ishrat Hayat Malik,Shahzad Malik 한국인터넷방송통신학회 2019 International Journal of Internet, Broadcasting an Vol.11 No.2

Research classification of software modules was done to validate the approaches proposed for addressing limitations in existing classification approaches. The objective of this study was to replicate the experiments of a recently published research study and re-evaluate its results. The reason to repeat the experiment(s) and re-evaluate the results was to verify the approach to identify the faulty and non-faulty modules applied in the original study for the prioritization of test cases. As a methodology, weconducted this study to re-evaluate the results of the study. The results showed that binary logistic regression analysis remains helpful for researchers for predictions, as it provides an overall prediction of accuracy in percentage. Our study shows a prediction accuracy of 92.9% for the PureMVC Java open source program, while the original study showed an 82% prediction accuracy for the same Java program classes. It is believed by the authors that future research can refine the criteria used to classify classes of web systemswritten in various programming languages based on the results of this study.

Cassia Angustifolia Primed ASCs Accelerate Burn Wound Healing by Modulation of Inflammatory Response

Tasneem Saba,Ghufran Hafiz,Azam Maryam,Arif Amna,Bin Umair Musab,Yousaf Muhammad Amin,Shahzad Khurrum,Mehmood Azra,Malik Kausar,Riazuddin Sheikh 한국조직공학과 재생의학회 2024 조직공학과 재생의학 Vol.21 No.1

Background: Thermal traumas impose a huge burden on healthcare systems. This merits the need for advanced but cost-effective remedies with clinical prospects. In this context, we prepared a regenerative 3D-construct comprising of Cassia angustifolia extract (SM) primed adipose-derived stem cells (ASCs) laden amniotic membrane for faster burn wound repair. Methods: ASCs were preconditioned with SM (30 µg/ml for 24 h), and subsequently exposed to in-vitro thermal injury (51 °C,10 min). In-vivo thermal injury was induced by placing pre-heated copper-disc (2 cm diameter) on dorsum of the Wistar rats. ASCs (2.0 × 105) pre-treated with SM (SM-ASCs), cultured on stromal side of amniotic membrane (AM) were transplanted in rat heat-injury model. Non-transplanted heat-injured rats and non-heat-injured rats were kept as controls. Results: The significantly upregulated expression of IGF1, SDF1A, TGFβ1, VEGF, GSS, GSR, IL4, BCL2 genes and downregulation of BAX, IL6, TNFα, and NFkB1 in SM-ASCs in in-vitro and in-vivo settings confirmed its potential in promoting cell-proliferation, migration, angiogenesis, antioxidant, cell-survival, anti-inflammatory, and wound healing activity. Moreover, SM-ASCs induced early wound closure, better architecture, normal epidermal thickness, orderly-arranged collagen fibers, and well-developed skin appendages in healed rat-skin transplanted with AM+SM-ASCs, additionally confirmed by increased expression of structural genes (Krt1, Krt8, Krt19, Desmin, Vimentin, α-Sma) in comparison to untreated-ASCs laden-AM transplanted in heat injured rats. Conclusion: SM priming effectively enabled ASCs to counter thermal injury by significantly enhancing cell survival and reducing inflammation upon transplantation. This study provides bases for development of effective combinational therapies (natural scaffold, medicine, and stem cells) with clinical prospects for treating burn wounds. Background: Thermal traumas impose a huge burden on healthcare systems. This merits the need for advanced but cost-effective remedies with clinical prospects. In this context, we prepared a regenerative 3D-construct comprising of Cassia angustifolia extract (SM) primed adipose-derived stem cells (ASCs) laden amniotic membrane for faster burn wound repair. Methods: ASCs were preconditioned with SM (30 µg/ml for 24 h), and subsequently exposed to in-vitro thermal injury (51 °C,10 min). In-vivo thermal injury was induced by placing pre-heated copper-disc (2 cm diameter) on dorsum of the Wistar rats. ASCs (2.0 × 105) pre-treated with SM (SM-ASCs), cultured on stromal side of amniotic membrane (AM) were transplanted in rat heat-injury model. Non-transplanted heat-injured rats and non-heat-injured rats were kept as controls. Results: The significantly upregulated expression of IGF1, SDF1A, TGFβ1, VEGF, GSS, GSR, IL4, BCL2 genes and downregulation of BAX, IL6, TNFα, and NFkB1 in SM-ASCs in in-vitro and in-vivo settings confirmed its potential in promoting cell-proliferation, migration, angiogenesis, antioxidant, cell-survival, anti-inflammatory, and wound healing activity. Moreover, SM-ASCs induced early wound closure, better architecture, normal epidermal thickness, orderly-arranged collagen fibers, and well-developed skin appendages in healed rat-skin transplanted with AM+SM-ASCs, additionally confirmed by increased expression of structural genes (Krt1, Krt8, Krt19, Desmin, Vimentin, α-Sma) in comparison to untreated-ASCs laden-AM transplanted in heat injured rats. Conclusion: SM priming effectively enabled ASCs to counter thermal injury by significantly enhancing cell survival and reducing inflammation upon transplantation. This study provides bases for development of effective combinational therapies (natural scaffold, medicine, and stem cells) with clinical prospects for treating burn wounds.

MeV carbon ion irradiation-induced changes in the electrical conductivity of silver nanowire networks

Bushra Bari,Shehla Honey,Madhuku Morgan,Ishaq Ahmad,Rauf Khan,Arshad Muhammad,Khalid Alamgir,Shahzad Naseem,Maaza Malik 한국물리학회 2015 Current Applied Physics Vol.15 No.5

MeV carbon ion irradiation-induced changes in the electrical conductivity of Silver nanowire (Ag-NW) networks is demonstrated systematically at different C+ ion fluences ranging from 1 × 1012 to 1 × 1016 ions/cm2 at room temperature. At low C+ ion fluences, the electrical conductivity of Ag-NWs decreases and subsequently increases with increase fluence. Finally, at high C+ ion fluences, conductivity again decreases. The variation in the electrical conductivity of Ag NW network is discussed after analysis using scanning electron microscopy (SEM) and X-ray diffraction (XRD) techniques. The observed increase in electrical conductivity is thought to be due to ion induced coalescence of Ag-NWs at contact position, which causes reduction of wire-wire contact resistance, while the decrease in electrical conductivity may be due to defect production by C+ ions into Ag-NWs. Ion beam technology is therefore a very promising technology that is capable of fabricating highly conductive Ag-NW networks for transparent electrodes. Moreover, a method for thinning, slicing and cutting of Ag-NWs using ion beam technology is also reported.