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All Journal Indonesian Capital Market Review
Shaique, Muhammad
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Economics, Econometrics & Finance

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Do Firms Approach the Target Working Capital Requirement? A Case of Pakistan Shaikh, Ruqia; Memon, Pervaiz; Shaique, Muhammad; Hassan, Ehsan ul
The Indonesian Capital Market Review Vol. 10, No. 1
Publisher : UI Scholars Hub

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The study investigates the dynamism of working capital requirement (WCR) in non-financial firms listed on Pakistan Stock Exchange from the period of 2007 to 2013. The purpose of this research is to analyze whether firms follow the target WCR, to estimate the speed with which firms adjust towards its target WCR and to investigate the firm specific and macroeconomic determinants of WCR. Difference GMM technique is used to analyze the speed and determinants of WCR to avoid the problems of endogeniety and unobservable heterogeneity. The study gives evidence that there is an existence of target WCR in firms of Pakistan and firm require 1.6 years to completely adjust back to target WCR. The factors which are statistically significant in determination of WCR are: the level of economic activity in the country, operating cash flow, profitability, leverage, financial distress, and financing cost. The WCR is measured by net trade cycle of a firm.
Impact of Earnings Management Practices on Stock Return Bhutto, Niaz Ahmed; Shaique, Muhammad; Kanwal, Sahar; Matlani, Anjlee
The Indonesian Capital Market Review Vol. 13, No. 1
Publisher : UI Scholars Hub

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This paper investigates the impact of earnings management (real and accrual) on stock returns ofPakistan stock exchange (PSX) listed companies. The study is done by testing a separate relationship of accrual and real earnings management and their collective relationship with the stock return. The study is conducted on 3900 firm-year observations from the non-financial PSX listed companies for the sample period 2005-17. The findings of the study show that a significant and negative relationship exists between stock returns and real and accrual earnings management. Moreover, the combined impact of real and accrual earnings management on stock return is also found to be significantly negative. This paper could prove a valuable addition to the knowledge of investors because investors can more or less price accrual earning management.
Co-Authors Bhutto, Niaz Ahmed Hassan, Ehsan ul Kanwal, Sahar Matlani, Anjlee Memon, Pervaiz Shaikh, Ruqia