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All Journal SEISENSE Journal of Management
Qamar Uz Zaman Malik
COMSATS Institute of Information Technology
Economics, Econometrics & Finance Social Sciences

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Capital Structure Dynamics and Bank Affiliation of Business Groups: Evidence from Pakistan Qamar Uz Zaman Malik
SEISENSE Journal of Management Vol. 1 No. 1 (2018): SEISENSE Journal of Management
Publisher : SEISENSE (PRIVATE) LIMITED

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (284.686 KB) | DOI: 10.5281/zenodo.1218190

Abstract

Objective – An empirical investigation to assess the impact of the bank-affiliated business group on firm’s capital structure decisions. Design/methodology/approach – A sample of 146 group affiliated firms and subsamples for bank and non-bank affiliated firms was analyzed with random-effect panel regression model to determine the relationship of the bank-affiliated business group on firm’s capital structure determinants of listed firms in Pakistan using data for 2006-2011. Findings – We have found that bank-affiliated firms financing decisions are significantly different from that of non-bank affiliated firms with a common factor of the internal capital market. Bank-affiliated firm capital structure determinants of growth, asset tangibility, non-debt tax shield and operating risk show significantly different association with choice of leverage compared to non-bank affiliated firms. Policy implications – Our results show that group affiliated firms particularly bank-affiliated firms are the reason for market imperfections and have successfully eliminated the market distortions keeping others at a disadvantage. Hence, Policymakers are suggested to improve the regulatory system and its implementation. Originality/value – According to best of our knowledge, this is the first study to extend the literature of firm financing decisions in relation to bank-group affiliation in Pakistan.
Dogma of Profit Maximization: A Sight to Open Secrets Qamar Uz Zaman Malik
SEISENSE Journal of Management Vol. 1 No. 2 (2018): SEISENSE Journal of Management
Publisher : SEISENSE (PRIVATE) LIMITED

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (125.711 KB) | DOI: 10.5281/zenodo.1228047

Abstract

This essay is a philosophical enquiry into the dogma of profit maximization as one of the dogma premises of capitalism. Being attracted by the cyclical nature of financial crises as an existential challenge the case is argued to be biased and undemocratic in presence of profit maximization as a guiding principle. Philosophy as un-dogmatic procedure seems suitably sustained to keep the notion of maximization alive and leaves ground to draw valid arguments considering theory of greater good and justice. The epistemological approach to understand the efficiency argument as defended seems vague to establish justice, stability and economic democracies. Bottom up approach may resolve the issue using evident and biased ruling of interest tax deductibility under maximization approach and gain greater good and justice at all levels. According to reasonable judgment of consequences “equitable and sustainable wealth creation” tends to be more valid corporate guiding principle negating “maximization of profit”.
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