This study investigates the factors affecting voluntary disclosures in the annual reports of list... more This study investigates the factors affecting voluntary disclosures in the annual reports of listed companies in Karachi stock exchange (KSE) of Pakistan. The degree of voluntary disclosure is calculated by an index which is based on financial, non-financial and strategic information. For exploring determinants of voluntary information latest data of 372 manufacturing companies of Pakistan in 2012 is collected. Most recommended cross sectional data analysis techniques multiple regression analysis was used in this study. In order to obtained robust results of regression analysis, diagnostic tests were applied. These tests check the assumptions of multi-collinearty and heteroskdasticity in regression analysis. The finding of this study shows that firm characteristics; profitability, firm size, age and auditor size have positive and significant relationship with voluntary disclosure while leverage has negative and significant relationship with voluntary disclosure. According to author’...
To investigate the determinants of profitability two most applicable panel data techniques (fixed... more To investigate the determinants of profitability two most applicable panel data techniques (fixed effects and random effects models) are employed and then Hausman's specification test is applied to select the most effective model. This test proves that fixed effects model is the most appropriate model for this study. The outcomes of fixed effects model propose that leverage, size, earnings volatility and age of the firm, are significant determinants of profitability while growth opportunities and liquidity are not significant determinants of profitability. According to the best knowledge of authors this is the first study that covers the whole financial sector and employs the appropriate models on the panel data. This study is very handy for the management of insurance sector of Pakistan in regarding their profitability decisions and stakeholders of insurance sector.
The core objective of current study is to investigate the costs of financial distress of ongoing ... more The core objective of current study is to investigate the costs of financial distress of ongoing manufacturing sector of Pakistan. A panel of 146 manufacturing firms Pakistan are selected for this study for the period of 2001-2011. Two most applicable panel data techniques (fixed effects and random effects models) are utilized to investigate the costs of financial distress and Hausman's specification test recommended that fixed effects model is most appropriated model in this study. The results of fixed effects model suggest that financial distress of ongoing firms of Pakistan has significant direct impact on opportunity losses in case of Pakistan after control average collection period, total assets growth, fixed to total assets ratio, tangibility of assets and sector distressed. The upcoming studies must explore direct costs of financial distress and bankruptcy in case of manufacturing as well as service sector of Pakistan.
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Papers by Sumaira Tufail