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Item Determinants of Renewable Energy Consumption(UMT.Lahore, 2021) Shanemohammad Chaudry AbdulgaforThis study analyses the relationship between renewable energy consumption and macroeconomic variables in Pakistan by using the estimation technique of autoregressive distributed lags (ARDL) bound testing method originate by analyzing the long-run relationships between renewable energy consumption with macroeconomic variables for the period of 1988 – 2018 in Pakistan. The results present the assurance of a significant but negative long-run relationship of renewable energy consumption with oil prices, gross capital fixed formation, financial development, and exchange rate in Pakistan. That is why research finds that renewable energy may enhance the economic growth in the long term if the Pakistani government may feasibly take steps in the development and find new ways to the exploration of renewable energy sources.Item Ethical Identity Disclosure; Its Determinants and Effects on Profitability(UMT.Lahore, 2021-04-30) Ayesha SaeedIslamic Banks are established and run in the light of the principles of Islam and Islamic law i.e. Shariah. It is also pertinent for Islamic Banks to communicate their information to them shareholders and stakeholders to show them at what level they are in communicating voluntary ethical identity disclosures, which corporate governance factors influence the ethical identity disclosures and eventually how much effect EID has on the profitability of the Islamic Banks. This thesis investigates the ethical identity disclosure: 1) it is determining factors and 2) the impact it has on the profitability of Islamic Banks. Using a sample of full-fledged Islamic banks from Pakistan, Bangladesh and Malaysia (2012-2018), panel regression with fixed effect was applied on the regression models in which the first step has board size, board independence and Shariah Supervisory Board are independent variables and ethical identity index is the dependent variable. Whereas, in the next step the equations consist of ethical identity index as independent variable and ROE are the dependent variable. The empirical calculations show that SSB has a significant positive relationship with ethical identity disclosures, while board size and board independence have no influence on ethical identity disclosure. Ethical identity disclosure significantly impact ROE. The association is positive i.e. an increase in ethical identity disclosure also increases ROE. Lastly, Pakistan has the highest percentage of ethical identity disclosure (68%) among the three countries.Item Corporate Social Responsibility and its Impact on Distance to Default and Credit Ratings – An empirical study on Banking Sector of Pakistan(UMT.Lahore, 2021-03) Rana Muhammad UsmanThe study analyzed the impact of Corporate Social Responsibility on the Default Risk and Credit Rating. By using the balanced panel data of 31 banks working in Pakistan, without the difference of their scale, for the duration of 2008 to 2017. Econometric models were analyzed by using the STATA (ver.15) software, by testing Pooled OLS and GMM models. Price to book value, Market capitalization and E volatility are kept control variable. DD is tested through Naïve model formula and Credit ratings are given a scale of 1 to 9 for lowest to highest i..e CCC to AAA. The results of the study revealed overall corporate social responsibility has a significant impact on credit rating as well as DD of banks in Pakistan.Item A Viable Takaful Model for Live Stock Industry in Pakistan(UMT.Lahore, 2021-11-29) MUHAMMAD AMMAR ASHRAFPakistan is an agricultural country where most of the country’s economy is based on agriculture. Due to the huge potential in the market farmers tend to minimize their risk by taking insurance policies for their livestock and Takaful industry does not have any Shariah alternative product for this sector. The purpose of the study is to suggest new product for Takaful industry that insures the safety and prosperity of livestock. This research has qualitative approach, utilizing unstructured interview technique with eleven participants. From interviews we gathered the views and opinions of participants about the best suitable and viable Takaful model for livestock in Pakistan. To have a comprehensive understanding of these issues, interviews were conducted with Shariah experts of Takaful industry including Shariah compliance Department, Shariah Advisors and Product Development Department. This study differs from prior studies on livestock. Findings of the interviews from these experts are that among all existing Takaful models, Waqf-Wakala model is the most suitable for livestock industry in Pakistan. Regulatory bodies needs to create a workable environment that motivates positive steps towards livestock Takaful. Currently livestock industry is providing most percentage of progression in the economy of Pakistan. And whenever something is this vital for a country, it must be kept safe. Hence ensuring the livestock is very important for its safety. Through Takaful we make sure that the livestock animals that we eliminate all risk factors such as catching an illness or virus or get injured etc. insurance will cover all such risks and additionally provide good nutrition and health to these animals as well. The livestock animal will be looked after and be kept in very good conditions in order to combat all the risk factors involved and the animal is safe and healthy.Item The Moderating effect of grоwth орроrtunity оn the relаtiоnshiр between соrроrаte gоvernаnсe tоwаrd key finаnсiаl indiсаtоrs оf the firms – Рrоfitаbility, Liquidity, аnd Leverage(UMT.Lahore, 2021) Muhammad. Shahzad SaleemThe purpose of this study is to investigate the influence of corporate governance on strong profitability, liquidity and leverage and also to investigate moderating variable can enhance the relationship between independent and reliable variables. In this study dependent variables profit (ROA), monetization (CR) and leverage (TD / TA) and independent variations such as board size, board independence, managerial and foreign ownership. The moderating variable is growth opportunity and the proxy of growth opportunity is MV/BV. In research use quantitative approach and sample of this research is 70 companies listed on KSE-100 index and the data period is 2011-2018 sequentially. To find out the results panel regression with fixed effect is used, performance and position data has taken from financial statements available at company's official website and PSX website. The study results show that in the first model where the profitability is taken as an dependent variable is revealed that the board size influenced profitability negatively, which is in consistent with the view that the smaller board size contribute more towards the profitability. Board independence has a negative impact with accounting measure of profitability such as “return on asset”, implying that the autonomous directors are not positively contributing. The interaction term of growth opportunity with BS, BI and FO are also significant at 1% significance level which concludes that growth opportunity moderates the relationship between the BS and profitability, BI and profitability and FO and profitability and further enhances the impact of BS towards profitability, BI towards profitability and FO towards profitability. In second model where the liquidity is taken as a dependent variable, only the foreign ownership is found to be significant at 1 % significance with positive impact of foreign ownership with liquidity, which reveals that higher level of foreign ownerships in firms increase the firm liquidity. The interaction term of growth opportunity with BS, BI and FO are also significant at 1% and 5% significance level which concludes that growth opportunity moderates the relationship between the BS and Liquidity, BI and Liquidity and FO and Liquidity and further enhances the impact of BS towards Liquidity, BI towards Liquidity and FO towards Liquidity. In third model where the leverage is taken as a dependent variable, only the foreign ownership is found to be significant at 1 % significance with negative impact of foreign ownership with leverage, which reveals that higher level of foreign ownerships in firms decreases the firm leverage. The interaction term of growth opportunity with BS, BI and FO are also significant at 1% and 5% significance level which concludes that growth opportunity moderates the relationship between the BS and Leverage, BI and Leverage and FO and Leverage and further enhances the impact of BS towards Leverage, BI towards Leverage and FO towards Leverage.Item DEBT TAKAFUL AS A RISK MITIGATION TOOL (A FEASIBLE TAKAFUL MODEL OF TRADING DEBTS FOR BUSINESS INDUSTRIES IN PAKISTAN)(UMT.Lahore, 2021-08-21) AMER ABBASIslamic finance is a need of time. People prefer Shariah-compliant solutions for their needs, such as Islamic banking, so the government must improve its position in Islamic finance so that people can find Shariah-compliant solutions to their problems. Takaful is a type of Islamic insurance. Takaful is an Islamic way of doing insurance. After many Fatwas, that were issued by Shariah Scholars and Fiqh academies in its favor it proved its viability. Many Takaful and Re-Takaful firms, and Takaful windows under conventional insurance, operate around the world at the moment. The significant growth in Takaful business around the world can be seen in the improved financial performance of selected Takaful companies. Takaful is a mechanism which is acceptable for Shariah. Some companies, such as "EULER HERMES" and "ZURICH," have recently begun providing credit insurance in various countries. They are not offering Takaful model for Trading Debts. Takaful is an alternate solution of conventional insurance. Insurance companies are providing insurance for this sector, but peoples prefer Takaful policies instead of insurance. That’s why a Takaful model for Business industries is needed so that an organization can cover its losses using a mechanism that is aligned with Shariah rulings. This research work will be regarded as a starting point for further enhancement of research about Debt Takaful in Pakistan to complete the cycle of Islamic finance. It is a step towards creating awareness among general public of the need and importance of Debt Takaful in present day environment as well as a way to break the cycle of poverty and wide income differences. This research provides alternate solution of credit insurance that is used by various companies in European countries. This research discusses different views of Islamic scholar on conventional insurance and Takaful models being practiced by different Takaful companies across the world. This research also discusses some Shariah related issues faced by Takaful companies practicing various Takaful models in different countries. In the light of recommendations of respondents, this study concludes by proffering suggestions and proposes the best debt Takaful model.Item ADJUSTMENT OF SPEED TOWARD TARGET CAPITAL STRUCTURE(UMT.Lahore, 2021-05-21) NABEEL AHSEN MALIKIn Corporate finance, we deal with companies' financial sources, their capital structure, and the companies' investment decisions. The main thing in corporate finance is Capital Structure. We adjust debt and equity to maintain expenses and benefits in the capital structure. So, a lot of companies set their capital structure for balancing debt and equity, also called the target capital structure. Companies observe that their observed capital structure varies from the target capital structure, which could be because of financial constraints or External Financing. Therefore, companies have to adjust the observed capital structure towards the target capital structure in adjusting costs. So, the purpose of this study is to explore the consequences of financial constraints on the adjustment of speed towards the target coital structure and whether these financial constraints positively or negatively affect the target capital structure in Pakistan. For this piupose. Panel data of 57 nonfinancial Firms registered in the Pakistan Stock Exchange from 2009-2019 are used. The estimations are performed by using panel regression with fixed effects. It is observed that Distance to coital structure positively affects our dependent variable the total leverage (TLEV). Similarly, Long Term Leverage (LLEV) also leaves a positive effect on Total Leverage (TLEV) while the variable Tangibility is negatively influencing our dependent variable i.e. Total Leverage (TLEV). Net Debt Tax Shield (NDTS) is not showing any impact on Total Leverage (TLEV). After that. Size of the firm is negatively affecting our dependent variable TLEV. Likewise, Profitability and Liquidity of firm are also showing negative impact on our dependent variable, i.e., the total leverage(TLEV).