This study examines the nature of the association among financial development, economic growth, foreign direct investment and trade openness in four South Asian countries from the period 1990–2019. The study employed Granger Causality test in Vector Error Correction Model (VECM) framework to find out the dynamic relationship among the variables. Further, variance decomposition analysis (VDA) and impulse response function (IRF) is also applied to determine the relationships among the variables beyond the sample period. The empirical result shows support for growth-led financial development, growth-led foreign direct investment and growth-led trade openness hypothesis for India. For Pakistan, the results suggest growth-led financial development and growth-led foreign direct investment. In the case of Sri Lanka, the results suggest foreign direct investment-led growth and trade openness-led growth hypothesis. The results do not support any kind of causal relationship among the variables in the case of Bangladesh in the short run. Furthermore, no bidirectional causality among the variables was found for all the countries. The findings imply that all four countries should adopt policies to promote further trade liberalization, financial sector development and also need to fast-track reforms to improve the investment climate and attract investments to attain high economic growth in the long run.
This paper seeks to study the relationship between corporate governance and firm's performance of twenty five companies listed at Karachi Stock Market. The performance of corporate governance is analyzed through whereas the performance of the companies is measured by return on assets (ROA) and return on equity (ROE).The data set is obtained from the State Bank of Pakistan Annual Reports for the year 2011-2015. The multiple regression models are applied to check the significance of corporate governance and firm profit. The result shows that leverage and growth have a positive relationship between impacts in measure performance of the firm.
Corporate governance is one of the major topics under discussion from the last two decades. The knowledge is increasing with every passing day as new scandal keeps appearing in the financial world and so are the weaknesses in the CG mechanisms. This study aims to find a relationship between two major elements of CG mechanisms including (board size & composition and audit committee) and firm performance (ROE and profit margin). The sample size consists of 33 chemical companies listed on the Karachi stock exchange from 2005 to 2015. The results show a positive relationship between the variables tested in the study. The results also confirm that the theoretical notion of firms with good financial results and performance are those with better corporate governance practices.
India's export sector has considerably improved since 1991 economic and trade reforms. It has gained momentum after the signing of various trade agreements with several countries. India and Australia started free trade agreement (FTA) negotiations over a decade ago in 2011 and finally concluded a landmark Economic Cooperation and Trade Agreement (ECTA) on 2nd April 2022. This study examines India's trade relations with Australia using the revealed comparative advantage (RCA) index and trade intensity index (TII) for exports and imports, to determine the patterns of exports and areas of specialisation of the two countries. The findings suggest that the bilateral trade between India and Australia has not strengthened. However, India enjoys a comparative advantage in several product groups, which fall into the category of primary goods, low-technology manufacturers, and manufactured goods as well. Overall, the RCA is much higher for India's exports than that for Australia's exports to India. The study finds that India has trade potential in several product groups with Australia and efforts should be made to bring greater benefits from the trade agreement for both countries in the years to come.
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