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This note is written to facilitate the faculty member

and students in presenting, collating and
organizing research theses.

Prof. Dr. Muhammad Ali Chaudhary

Chairperson Business Administration

Systematic organization of a research thesis is necessary to show its real scientific value.
A poor organization may render even a high quality thesis as a worthless piece of work. In fact,
improper organization of a thesis is likely to frustrate all the valuable efforts made in
identification of its .research problem, review of literature, collection of data and performance of
analysis. Ordinarily, a research thesis may be written and organized in different styles1. Highly
differentiated patterns of arranging, ordering and collating research material of theses are in
practice in different universities of Pakistan. In fact, students of different departments of even the
same university are found to follow different patterns of organizing theses especially in writing
their captions, constructing tables, designing graphs and referring literature. Following different
styles of writing and organizing theses aside, many times their actual contents are misplaced.

Following any particular pattern of organizing a thesis per se may not be objectionable as
long as it satisfies all the necessary requirements of writing and collating its research material.
What is objectionable is to follow different methods in organizing different sections of a thesis.
In fact, the practice of mixing different patterns of referring literature, numbering tables/graphs,
citing quotations, adding footnotes, etc of a thesis offends the basic norm of its presentation on
the one hand and leads at times to serious mistakes on the other. Since a thesis is expected to be
completely free from errors, due attention must be paid to both its write up and organization. It is
believed that the organization of a thesis on a single pattern can help avoid many mistakes. With
these concerns in view, an effort is made through this “note” to orient and facilitate students to
write their theses on scientific lines and organize their contents on a single pattern.

Appearance of initial Pages

The hard bound cover and the next first page are identical in shape and contents. The title of
the thesis is written on the top of these pages. About four to five lines below the topic, the
University LOGO is depicted. . Usually, in about the middle of the page, the name of the student,
who has written the thesis, is mentioned. Then towards the bottoms of these pages, the names of
the Department and the University along with the date of submission of the thesis are written.
The other important points about the preparation of other initial pages are mentioned below:

1. All the writing on the hard bound cover of the thesis except the name of the student and the
date of submission of the thesis should be in capital letters.
2. Do not close the title of the thesis, name of the student and names of the Department and
University in inverted commas or brackets or such other signs.
3. When the topic is composed of two parts, they should be combined by using the sign of colon.
How the hard bound page and some other initial pages may actually appear in a thesis is
shown in the next pages.
1. Researchers have commonly used the following three systems in writing and organizing their research work: the
Modern Language Association (MLA) method, American Psychological Association (APA) method and the
Numbered References method. These are also called the methods of documenting sources of citations. My objective
is not to repeat or explain these methods here. The purpose of this note is to serve as a ready reference for students
for writing and organizing their theses.

Univ. Logo

Afia Umer


August, 2008

(When Thesis Topic is made up of Two Parts)



Univ. Logo

Fatima Batool


August 2008



Afia Umer

A Thesis Submitted to Fatima Jinnah Women University, Rawalpindi,

in Partial Fulfillment of the Requirement of Degree of Master in Business Administration,
Fatima Jinnah Women University, Rawalpindi, Pakistan
August 2008


It is certified that this thesis titled “An Economic Analysis of Default Rate in Rural Credit
of Zari Tarraqiati Bank of Pakistan” by Afia Umer, Roll No. xxxxxxxxxx , is approved
for submission to Fatima Jinnah University, Rawalpindi, for external evaluation.

Name of Supervisor



Afia Umer

Approved By

Name of Supervisor

Name of External Examiner



Different people write acknowledgement in different ways. However, thanks and

appreciation for the help and cooperation extended by individuals, organizations and friends
should be expressed in simple words. Tall words and flattering statements acknowledging the
cooperation and help received from others should be avoided. In fact, the researcher should
express appreciation for the help and cooperation received from those individuals and
organizations, who were not duty- bound to provide the information sought from them.


Contents Page









.. ..
It must be kept in mind that the numbers of pages from which different chapters/sections begin are hypothetical
numbers and are mentioned here only as a way of example. Needless to say that these numbers will differ from
thesis to thesis. The same applies to the pages for the lists of tables, figures, appendices and annexure. This footnote
is only to the students that the pages given here are arbitrary numbers.

Table Title Page

1.1. Socio Economic and Demographic Characteristics of Sample 22









The first digit of the number of a table refers to the number of the chapter of the thesis in which the table is
presented and the second is the number of the table itself. For example, 1.3 means the third table in the first chapter
and 3.1 means the first table in the third chapter of the thesis. The same applies to figures, graphs and diagrams.
Appendices are indicated by numbers like 1, 2, 3……and so on. However, the annexure is represented by capital
letters like A, B, C. and so on. All of them are started from new pages.

Figure Title Page

1.1. Contribution of Sectors to Gross Domestic Product of Pakistan 30







Appendix Title Page




Annexure Title Page


How an abstract of a thesis or for that matter any research work should be written is
important to know. It must be realized on the onset that an abstract of a thesis is its essence.
Every sentence of it should state some hard fact of the study. Qualifying statements should be
avoided and only the crux of the research conducted should be stated briefly. More specifically,
the opening sentence should tell directly what the study is about. The beginning sentence about
the nature of the study should be followed by a few lines (2 to 3) explaining the nature,
collection and analysis of the data used in the study. The main portion of the abstract should be
on the important findings of the study. The precise statement of the results should immediately
be followed by the main conclusion(s) of the study. After them, important policy implications of
the results obtained should be mentioned. In the end, the some main but feasible
recommendation(s), if any, may be stated, again in a very brief manner. The total length of the
abstract should not exceed three quarters of the standard page recommended for use in theses.


The first chapter of thesis is usually devoted to Introduction. It is in many ways the most
important chapter of a thesis. It identifies and states the research problem of the thesis. It
explains the background of the issue selected for research. It points out the probable reasons of
the occurrence of the problem. It highlights the significance of the research problem and supports
it with relevant empirical evidence. In fact, the researcher delves deep into the circumstances
surrounding the issue and articulates the reasons responsible for its occurrence in a systematic

It should be kept in mind that the first basic requirement of a thesis is the identification of
a research problem. While stating the research problem, the researcher argues how it has come to
occur and what is its academic and practical significance. Based on empirical and research
evidence, the researcher justifies the need of investigating the chosen research problem.

The investigation of the research problem identified may then begin from the point of
view of an objective or a set of objectives. It can also be conducted in the manner of answering
certain questions listed for research. Further, the investigation can also be conducted on the
pattern of testing a hypothesis or a set of hypotheses adopted for the needed research.

It is also important to keep in mind that unnecessary details regarding, for example, the
organization, policy program/regulations, market structure, trade barriers, financial institution,
labor groups, investment strategies, product groups, etc, to which the chosen research problem
may relate, are not included in this chapter. Only the information with direct bearing on the
research problem of the thesis should be provided. Any additional data, which may support the
argument in some indirect way, may be put in the appendices. If there is a need to elaborate any
point further with some additional point, which if mentioned then and there is likely to obstruct
the smooth flow of the text, may be given in footnote(s).

The other key point worth remembering is that the statement of the research problem
must be based on recent numerical information. To this end, the researcher should consult latest
books; current journal articles, recent proceedings of conferences/seminars/workshops, fresh
research reports and up to date office record. If the study concerns the analysis of trends and
fluctuations of some variables like, for example, prices, production, wages, sales, exports,
imports and investment, etc., it can also use old data. One must, however, be aware of the fact
that skipping a good recent source of relevant data or information may in certain instances
jeopardize the statement of the research problem. In fact, the current expansion in research and
research infrastructure is replacing the old literature at an unprecedented speed and therefore the
relevance of recent data and literature in stating the research problem can hardly be


The second chapter of a research thesis generally reports review of literature. The main
objective of the review of literature is to know the extent of the previous research work done in
the area of the thesis research problem. In the process of reviewing literature, the researcher
comes to know which aspects of a given broad problem area still await investigation. In other
words, a review of relevant literature enables a researcher to identify the gaps in knowledge
about the given area of research. Briefly, the researcher learns from the review of literature the
current status of the research work already done in the area of interest and thereby avoids the
possibility of its repetition. Similarly, it is also a way to critically assess the relevance of the data
method of collection, nature of variables and the procedure applied in the analysis performed in
earlier research work on the issue of interest to the researcher. In fact, review of literature is a
commentary of arguments in favor or against the issue at hand.

The review of literature is generally attempted in two ways: First, each relevant research
study is reviewed one by one and comments about the relevance of data, method of collection
and analysis are noted to refer them subsequently in support or contradiction of the findings of
the thesis. Second and perhaps more appropriate approach is to refer together studies in
agreement or disagreement with the important dimension of the research problem of the thesis.
This is because there may be more than one study highlighting the same or a slightly different
dimension of the research problem under focus and therefore referring them at one place will
suffice. Briefly, the objective is to clearly highlight views of other researchers and thereby to
emphasize the need of undertaking the proposed research.

Another key point regarding the review of literature is that it must at the end have a
concluding paragraph explaining how far the research studies reviewed have not been able to
cover or answer some new questions about the chosen research problem or where gaps exist in
the available knowledge about certain vital aspects of the research area or where the data quality
was questionable or where analytical framework applied was found as irrelevant, if only to
justify the need of conducting research on the chosen issue of the thesis.


This chapter explains the methodology applied in conducting the needed research for a
thesis. From one point of view, the approach of conducting research for a thesis comprises three
specific stages/steps. This chapter explains those phases. However, it is possible that in some
cases the research approach followed may have involved some additional steps. In those cases,
all those steps should accordingly be explained.

Data Collection
The investigation of a chosen research problem begins with the collection of the needed
data. It must be mentioned on the onset that the use of quality data in adequate quantity is a sine
qua non of a standard thesis. It must be remembered that the deficiencies left in data at the time
of collection can not be removed later on by applying any sophisticated techniques of analysis.
Utmost care must, therefore, be exercised in collecting the correct data. The quality of data tends
to improve if the sampling frame in terms of the size, composition and location of the sample
respondents along with the method of gathering the needed data are clearly specified before
starting the actual collection. Similarly, published data must be obtained from reliable sources.

There is no need of explanation of the types of data. For example, there is no need of
mentioning that there are two main sources of data: primary and secondary sources. Primary
data are those data which are assembled by the researcher either by conducting a survey or by
running some experiment. Similarly, secondary data are those data, which are obtained from
some published sources. Instead of mentioning the sources of data, the researcher should tell
directly that, for example, the required data were collected by interviewing 150 small-scale
manufacturing enterprises chosen with the stratified sampling technique. The sample enterprises
were located in Rawalpindi and Islamabad and their responses were recorded in a suitably
constructed questionnaire.

Such a statement shows that the required analysis was based on primary data collected
by recording the responses of the sample interviewees in a questionnaire. If the needed data were
collected from certain groups of households or individuals, then one can say that, for example,
100 males and females in equal proportions in 25-30 year age-group were interviewed
personally from the universities of Quaid-I-Azam University, Federal Urdu University and Pir
Meher Ali Shah Arid University of Agriculture in Islamabad and Rawalpindi and their responses
were recorded in a questionnaire. In certain cases, the questionnaire designed may have been
given to the chosen persons for them to fill them on their own. Further, in certain other cases,
the sample individuals may have been contacted on telephone for responses of questions put in a
questionnaire. Still in some other cases, questionnaires may have been mailed to and sent back
by the chosen individuals or organizations after filling them. All these methods of collecting the
required data should be properly explained. In some special cases, the needed data may have
been generated by running some experiment(s). Here again, the researcher needs to explain in
some detail the whole scheme of running the experiment in terms of the choice of locality, choice
of cases, its layout, its duration and the system of recording the data generated from it1.

Like primary data, secondary data are also equally frequently used in theses. Secondary
data are obtainable from books, journals, proceedings, magazines reports, etc. Similarly, varied
official documents of different national and international organizations embody data on diverse
aspects of nations’ production, consumption, investment, trade, finance, markets, labor, business
and industry. Further, national governments regularly publish statistics on education, healthcare,
income, employment, bonds, stocks, exchange rates, foreign investment, land, water, energy,
communication, etc. These statistics are accessible to the interested individuals and
organizations, inter alia, for research. Unpublished research theses and files of different
government departments, agencies, private business firms and non-government organizations are
also a good source of secondary data. In fact, any data, which are collected, organized, processed
and recorded in some usable form account for secondary data. Just as in the case of primary data,
the researcher should explain directly the source, composition and transformation of the
secondary data used for analysis. The researcher can, for example, say that the required data on
annual production of crops, prices, fertilizer intake and annual supply of irrigation water for the
period from 1990 to 2008 were obtained from different issues of Pakistan Economic Survey.
Similarly, one can further say that in measuring the risk involved in the prices of stocks of
various companies, shares traded daily were first aggregated by weeks and then used to
determine the standard deviations to compare the risk involved in their stocks. Briefly, all the
modifications made need to be explained one by one so that one can understand how the final set
of data was prepared for the required analysis.

In certain instances, both the primary and secondary data may have been used in analysis.
Again, both these sets of data where used should be properly explained. Many times, students
use time series data in their theses, which may or may not be complete. There is a need and
researchers do fill the gaps in the time series before using them. In such cases, the process of
filling the gaps in the time series applied should be explained. Further, the expected impact on
the analysis of filling of the gaps also needs to be explained then and there. For example, take the
case of the first example mentioned above. If certain secondary data were also used in analyzing
the behavior of small-scale enterprises, one can say that the primary data were supplemented
with secondary data on annual production, advertising expenditure, sales abroad, etc of the
sample enterprises obtained from their annual reports and from government documents like Year
Book of Statistics 2008, Annual Exports and Imports of Pakistan 2000-2008 and Pakistan
Economic Surveys 2007-2008. The gaps where existed were filled by using, for example, the
techniques of interpolation and moving averages where relevant.

.Analytical Framework or Procedure of Analysis

The data collected are analyzed to obtain results. The method of analysis may involve the
application of a certain analytical framework or a model. In certain cases, the method of analysis
1. It may be realized that the required data were mentioned as collected from a sample of firms, households,
university students and skilled workers in certain manufacturing units. As such, there is no need of
describing the nature of population from which the sample was drawn. The survey data based on a sample
implies that, for example, the chosen small-scale enterprises are chosen from the population of all such
enterprises in Rawalpindi and Islamabad. Similarly, a sample of 100 students is drawn from all the students
of the named public sector universities and thus all the students of these universities constitute the
population from which the sample was drawn.
used may be very simple. It may, for example, involve the calculations of percentages of sample
responses recorded in questionnaire or the estimation of certain financial ratios from the balance
sheets of companies. Similarly, it may concern only the finding of a simple distribution of
sample households by income or of a frequency distribution of sample students by level of
intelligence. The results thus obtained may then be presented in suitable tables. In some cases,
the specific features of data collected may be explained with diagrams/graphs depending upon
the objective of the analysis.

One, however, frequently comes across that tables especially small tables in the text of a
thesis are often followed by graphs showing the same results. It may be necessary in certain
cases to depict the results in tables and then also to show them by graphs at the same place.
However, it is not necessary for every table to be accompanied by a graph showing the same
results. Putting a graph after every table showing the same results is just a repetition of the
findings, which should be avoided as far as possible. The best approach perhaps is to judge and
use either a table or a graph whichever is suitable for presenting the results. In fact, greater
attention should be paid to the discussion of results than to adding more and more tables and
graphs in the text. Presentation of findings in tables followed by graphs without a concomitant
discussion does not serve the purpose of research data analysis.

It is also likely that the needed analysis of a thesis was proposed to be performed with
some econometric model or an advanced mathematical technique. To this end, the researcher
may have designed a model or proposed a functional relationship(s) among certain variables on
his/her own. It may also be that the researcher has adopted a model developed and applied by an
other researcher in some earlier research work as such or have adapted it to suit the purpose at
hand. There is a need in all such case to properly explain whatever the formulation of new
models/ functional relationships and the modifications of old models were made for performing
the intended analysis1. For example, the analysis of a thesis may relate to the identification
through a regression model of the factors that affect the exports of a product. Theoretically, the
exports of a product may be expected to be affected by the following factors:

Y=f (P, Po, Et-1, A, Q)


Y= Annual exports in million tons, P= Price in the export market in rupees per ton
P0 = Price of the competing product in rupees per ton, Et-1= Volume of exports in previous year
A = Annual advertising expenditure in rupees, Q = Quality index of the product

This general function may then have been expressed in the following specific regression
function with the chosen independent variables assumed to be linearly related to the overtime
exports, for example, of leather jackets:
1. There are some models, which are very famous and have widely been used by different researchers without any
adaptation. The researcher may only refer to the application of those models without any illustration except for some
explanation about its necessity or relevance for the study at hand. The same holds for those models which are very
lengthy and to explain them in detail will be time-consuming and thus not desirable. However, some important
features of the model being considered for application may be explained in the appendix
Y= b0 + b1P + b2Po + b3 Et-1 + b4A+ b5Q

Estimation of Model

The coefficients of this model i.e. b0, b1, b2, b3, b4, and b5, and, for that matter, those of any
other similar model(s) may be estimated by applying, for example, the ordinary least squares
(OLS) method of regression analysis. The estimation of this model needs time-series data for the
variables included in it. Since time series data often suffer from different econometric problems
like autocorrelation, multicollinearity, etc1. Such data must be pre-tested for the presence of any
such problem. If any econometric problem is detected, it must be removed before estimating
such regression functions. The running of such models without remedying the econometric
problems involved does not give “best” estimates of their coefficients. The remedies of
commonly occurring econometric problems are embodied in relevant computer packages.

In many instances, the original data, especially the published data, may not be in the
desired forms. Under such situations, the original data may have been modified in accordance
with the requirements of the model estimated. The modifications made of the original data
should be explicitly stated. If the required analysis is performed by applying the methodology
designed by some other researcher, it should be similarly explained. The models, which are
universally known and used as such, they may be mentioned without any explanation.

Estimation and Application of Statistical Concepts

Statistical analysis of data often involves the determination of their means, standard
deviations, coefficients of variation, correlation coefficients or the values of the tests of
significance like Z, t, F, Chi-square, etc. The researcher should know the procedures of
determining them but should not write the actual procedures in the thesis. It is because the
methods of their determination are well established. What is required is to report only the values
of the needed statistical concepts and discuss their relevance and significance in relation to the
chosen research problem

Application and Analysis of Likert Scale Responses

In Likert scale related survey questionnaires, questions have a certain number of boxes
placed after them. These boxes are assigned numbers 1, 2, and so on either in ascending or in
descending order showing the degree of agreement or disagreement with the “statement” about
some aspect of the issue at large. In fact, there are as many boxes as there are options. However,
there are usually 3 or 5 options associated with each statement. Each sample respondent is urged
to tick a box or indicate his/her level of agreement/disagreement with the given “statement”.
How the sample responses recorded may be analyzed is explained below:
1. In economics studies, which are strongly quantitative in nature, data used for analysis are also needed to be
tested for the presence of certain additional econometric problems like the endogeniety, stationarity,
specification bias, aggregation bias, etc. They need to be rectified before estimation of the model. The data
that are susceptible to seasonal variations are to be treated to remove them. If the analytical framework or
model specified for a thesis comprises of more than one equation, then the issue of identification is also
required to be resolved before its estimation.
It is possible to analyze the responses question by question. However, it is not always
necessary. It should, if at all, be limited only to a few questions. It is because the main objective
of analysis is to find out if there is any “regularity” in the sample responses. On the basis of such
a regularity found in the sample responses, the researcher “generalizes” about the attitudes,
opinions and reactions of the population from which the interviewees were drawn. To this end,
two approaches may be adopted. First, questions in the questionnaire may be arranged in
categories around the main dimensions of the chosen research problem and the values of the
required statistical concepts calculated for the responses of those questions. Second, all the
responses to all the questions included in the entire questionnaire may be considered together to
calculate the values of the same statistical concepts.

If the researcher has proposed to test a specific hypothesis, then he/she needs first to
calculate what are called the “scores” of respondents. The calculated scores are then used to find
out the values of the relevant statistical concepts. The scores are calculated, when, for example, a
researcher intends to test the difference in the average performance of two groups of students, in
the degree of job stress of male and female doctors, in the average marks obtained by a class
before and after attending a training program, in the average number of mistakes made by
students of two-age groups in a written test of a subject taught by two different methods and so
on. Similarly, a researcher may also like to test the difference in the proportions of workers of
some enterprise in favor or against some new policy of fixing wages. As mentioned above, the
testing of the hypothesis may proceed in two different ways. The scores of the sample
respondents may be calculated for questions about some important dimensions of the research
problem or for all the questions put together. These scores are then used to find out the values of
Z, t, etc, which enable the researcher to accept or reject the chosen (null) hypothesis
(hypotheses). Similarly, if the researcher is interested in statistically testing the significance of
the differences in the averages or proportions of scores of more than two groups of respondents,
then the analysis will extend to the application of “ANOVA” and the Chi- square, respectively.

The process involved in the analysis of the Likert scale related data is explained here with
the help of a practical, though hypothetical, example. Suppose a student has proposed to attempt
a thesis on reactions of regular and contract employees to a new incentive package adopted by
their employer named XYZ. Further suppose that the new incentive package was introduced to
improve the efficiency of its workers. The package proposed, for example, has both material and
non-material incentives. The material components relate primarily to higher wages and salaries,
increased overtime payment rates, promotion, annual pay increments, annual bonuses,
reimbursement of medical expenses, provision of subsidized residential accommodation, etc. The
non-material incentives, on the other hand, are sick leave, training opportunities, increased
participation in decision-making process, etc. However, the offer of the new incentive package is
subject to the fulfillment of some additional conditions. Those constrains account for strict
penalties for uninformed absence from duty, weekly progress report, decline in performance,
involvement in labor union activities, progressive tax deduction, reduction in casual leave, etc.
The needed data are proposed to be collected from 50 respondents each from the regular and
contract employees of this company. The selected employees were interviewed and their
responses to 30 Likert scale-related questions were recorded in a questionnaire. Each question
had 5 options showing the level of agreement with the issue raised in the statement.
Now suppose the questions asked relate to different dimensions of the proposed incentive
package. For example, the main dimension of the package are the magnitude of emoluments,
opportunities of training and promotion, job security, education and healthcare benefits and
accumulation of valuable occupational experience. Further suppose that the questionnaire is
designed in a way that there are six questions regarding each of these dimensions. As mentioned
above, the sample respondents were advised to tick or suggest one out of 5 boxes associated with
each question, which indicates their level of agreement with the issue raised in the statement.

As mentioned before, the analysis of the responses thus recorded may first be performed
by some important individual questions. For example, one question related to the enhancement
of salary and overtime payment, which may have been worded as below:

Do you agree the financial increase announced in the incentive package will improve your work

Each sample respondent was asked to show his/her level agreement by either by
personally ticking or suggesting to the enumerator to tick one box as is done below:

Strongly Disagree Disagree Neutral Agree Strongly disagree

1 2 3 4 5*

*The second row may not be there for every question. It may be mentioned in the instructions that the numbers
increase in an ascending or decrease in a descending order, as the case may be.

The sample responses to this and similar other questions may be analyzed and the results
presented as shown in Table 1.1.

To test a hypothesis about the difference between the levels of agreement of the two
classes of employees, the over all percentages or the mean scores of the responses of all the
sample respondents should be calculated. Whether the difference in the proportions or in the
mean scores thus calculated is significant is tested by applying the tests of Z or t depending on
whether the sample size is 30 or more or less than 30, respectively.

Table1.1. Percentage Distribution of Responses of Contract and Regular Employees

Level of Agreement Regular Employees Contract Employees
Strongly Disagree 10 14

Disagree 14 20

Neutral 16 14

Agree 34 30

Strongly Agree 26 22

Source: Derived from the Thesis Survey Data

. The process of measuring the scores to test a hypothesis, for example, about the
difference in the means of the levels of agreement involves the addition of the numerical
numbers of the options ticked or suggested by each respondent for each question. This process of
calculating the needed scores of the sample respondents and their means is explained below:

Regular Employees

Respondent Q1. Q2 …………………………... Qn Score

.  


As mentioned before, suppose each of the main dimensions of the incentive package has
8 statements. In line with the above scheme, the score of each respondent from the responses of 8
statements, which is the sum of the numerical values of the boxes ticked or suggested, will range
from 8 to 40. This range is determined by supposing two hypothetical scenarios: Suppose if a
respondent ticks or suggests, in an extreme case, the first box of all the 8 statements. If the first
box is assigned a numerical value of 1, then the sum of the numbers of the boxes thus ticked or
suggested of 8 statements will be 8. If, on the other extreme, we suppose that a respondent ticks
or suggests the last box of each statement, which is assigned the numerical value of 5, the sum of
the numbers of those boxes will be 40. However, the individual scores are expected for this
hypothetical case to normally lie between 8 and 40. Such scores calculated for all the sample
respondents will form a set of values equal to the number of the sample regular employees. A
similar set of scores can be found for the sample contract employees. These two sets of scores
can subsequently serve to work out the mean scores, which are then used to measure the values
of Z and t. A comparison of the calculated values of Z and t with their respective book values
will enable the researcher to reject or accept the (null) hypothesis.
As mentioned above, the same scheme can be extended to calculate the overall scores
for the sample respondents for all the questions included in the questionnaire. Suppose a
questionnaire designed to collect the needed data has, in all, 30 questions in it. If each question
has a single statement, the sample scores will range from 30 to 150. If there is more than one
statement associated with each question, the range of the score will change accordingly.



This chapter reports the results of the analysis. In fact, this is the place where the
researcher draws upon his/her ability to explain the findings of the research conducted and make
a case in relation to the thesis. For this purpose, the researcher presents the consolidated results
and discusses them as clearly as possible.

It needs to be mentioned on the onset that the empirical results of the analysis serve as the
basis to build an argument about the outcome of the analysis. The empirical findings establish
the extent of the role played by different factors in the occurrence of the problem in question. In
general, the analysis of the findings is the discussion of the behavior, performance, efficiency,
motivation, achievements, etc of individuals, social groups, labor, markets, organizations,
decision-makers, etc learnt from the analysis. The aim is to coherently argue about the
significance and policy-relevance of the results. As such, the discussion of the empirical findings
goes beyond their presentation in tables and graphs.

The discussion of the results should explain the message(s) or lesson(s) ascertained
especially from the empirical analysis. The results presented in any tabular or graphical form
should serve to support the argument being put forward about their possible impact on
individuals, organizations, groups, sectors, markets and even the society as a whole. A simple
description of the contents of tables and graphs does not serve the real purpose of a research
thesis. What is required is a proper discussion of results and their implications. It has often been
seen that the results of analysis are presented in tables and then they are immediately followed by
graphs based on the same results. The graphical presentation of the same results immediately
after the table amounts to a great extent to their repetition. The ideal approach is to present the
results at one place in tables and at another place by graphs depending on their suitability.

The presentation of empirical results in tables1 is a fairly popular approach followed in

virtually all types of research works including theses. Are there any rules of preparing a table?
There are perhaps no hard and fast rules of preparing tables. However, researchers seem to tacitly
agree to the tabular presentation of the results, which meets the following conditions:
1. Numbering of Tables and Selection of their Heading. Each table must have a “Number” and a
properly worded “Heading”. If the table embodies some time-series data, then the relevant
year or the period of time should also be mentioned there in the heading.

2. Contents of Table. Each table should have only a reasonable quantity of data in its body.
Putting too much data in a table is not appreciated because it tends to render it uninteresting
and even incomprehensible
1. It is not only the chapter on data analysis, where numerical results are presented in tables. Different tables
containing different sets of data are also included in other sections of a thesis. In certain instances, certain
important data derived from other documents are put in tables to buttress the discussion.

3. Placing of Tables in Text. Efforts should be made to place a table in one page. Splitting the
table in two pages should be avoided as for as possible. Putting a table in a full page
irrespective of its size is also allowed. It is only in research journals where tables are
variously adjusted and parsimoniously accommodated because of serious space limitations.
Since a thesis does not usually have such serious space limitations, tables should be decently
but not unnecessarily decoratively framed and located at suitable places in the text.

4. Footnotes of Table. Any footnote about the data put in a table should be indicated through
superscripts of small letters like “a”, “b” and “c” and so on and explained at its bottom.

5. Source of Data. All the source(s) of data put in a table must be clearly documented. In fact,
the sources of all data mentioned any where in the text must be documented

Discussion of Results

How the tabulated results of analysis may be discussed is explained with an example. The
chosen example shows the tabular presentation and discussion of the results obtained from a
study on the estimation of the price and income elasticities of demand of certain consumer items.

Price and Income Elasticities of Household Consumption Products

The price and income elasticities of demand have great policy relevance. On the basis of
the characteristic values of these elasticities, consumer products are classified into different
categories. Specifically, the products with values of the price elasticity of demand less than one
are categorized as necessities and those with greater than one as luxuries of life. Similarly, the
products with smaller values of income elasticities of demand are termed as inferior goods and
those with large values as normal and luxurious products. Similarly, the values of the price
elasticities of demand serve to assess the probable effect on total revenue of producer of changes
in sale prices of commodities produced. Further, knowledge about the nature of the elasticities
is also useful in assessing the impact on government revenue of levying, for example, sales taxes
on consumer goods. The price and income elasticities of consumer demand for common food
commodities are reported in Table 4.5. They are derived with regression analysis of data based
on time-series and Household Income and Expenditure Surveys (HIES).
Elasticities of Meat and Poultry Group
As expected, all the own-price elasticities of beef, mutton, chicken and eggs are
associated with negative signs and have reasonable magnitudes. However, the own-price
elasticity of chicken is not statistically significant. The consumer demand for beef, mutton and
chicken depicts an inelastic pattern while the elasticity of demand for fish and, to some extent,
eggs shows an elastic behavior. More specifically, except for fish, the own-price elasticity of all
items included in this group is less than one, indicating their demand to be inelastic. What does
this signify is important to know for many purposes? For instance, the own-price elasticity of
beef at -0.46 shows that, holding income and prices of other commodities constant, a 10 %
increase in the price of beef leads to only 4.6% decrease in beef demand. A similar increase in
the prices of mutton and eggs reduces their demand by 3.7% and 8.3% respectively. By
comparison, the own-price elasticity of fish was found as highly elastic where a 10% increase in
the price of fish reduces fish demand by about 28.5%.

The values of the elasticities of demand for beef, mutton and chicken suggest that sellers
of these products have the leverage to raise prices because doing so will ensure more revenues
for them. Similarly, government can also be tempted to generate more revenue by levying, for
example, sales taxes on these commodities as they are characterized by their inelastic consumer
demand. In practice, however, government policies of taxation should accord precedence to the
welfare of both producers and consumers over the impulses of generating revenues by taxing
household food items.

Meats, except for beef and fish, have relatively higher income elasticities among food
commodities analyzed. A cursory look at their values in the above table will reveal that the
relative magnitudes of the income elasticities of meat and poultry products are consistent with
their relative ranking in consumer preferences. Within the meat group, consumers have a lower
preference for beef than for mutton, chicken and fish. This agrees with earlier research evidence
on the relative values of their elasticities (Burki, 1997). This is also indicated by relatively a
large difference in the price of beef vis-à-vis other relatively more popular meats considered for
analysis. Thus, the cheapest meat (beef) has lowest income elasticity while mutton and chicken,
which account for relatively more expensive meat, have significantly higher income elaticities.

The results relating to the other food groups mentioned in this table may be discussed in
a similar manner. It may be realized from the above discussion that the results presented in this
table are not repeated in words; only the significance and the message emanating from them are
highlighted. To mention that such and such meats, for example, have such and suchnumerical
values of their income and price elasticities will be just a repetition. It should be avoided.

Analysis of Responses to Dichotomous Questions

Many questionnaires prepared by students for their theses also include certain dichotomous
questions. Responses to such questions are then frequently analyzed again question by question
and their results, which are generally the frequencies of sample respondents ticking or suggesting
a box headed “Yes” or “No”, are presented in tables. In such cases, series of small tables are
presented and they are invariably accompanied by bar charts or pie charts based on the same
frequencies or percentages depicted in them. The discussion of these tables has often culminated
in a mere translation of the numerical figures in words. It is suggested that the discussion should
be about the main outcomes and not about the tables as such. One way to do this may be that the
questions may again be grouped into certain categories and each question may be represented by
a suitable word indicative of the theme behind it and the relevant frequencies or percentages may
be given in columns with headings of “Yes” and “No”. The discussion of these tables should then
relate to the overall message ascertainable from them.

The discussion of the results obtained from the analysis of the responses to dichotomous
questions is shown below with the help again of a hypothetical example of “Management
Training Program and Productivity of MNK”. It is believed that continuous training of
employees is necessary for any organization because the skills learnt earlier are susceptible to
Table 4.3. Values of Own-Price and Income Elasticity of Food Commodities
Consumed in Pakistan
Commodity Group Price Elasticity t-value Income Elasticity Data Source

Meats Time Series

Beef -0.463 -2. 64 0.414
“ “
Mutton -0.371 -1.37 0.919 “ “

Chicken -0.144 -0.62 0.990 “ “

Fish -2.847 -10.99 0.608 “ “

Eggs -0.838 -6.93 0.377 “ “

Pulses HIES

Gram -0.918 -4.02 0.380 “ “

Masoor (Lentils) -2.728 -1.70 0.513 “ “

Mong -2.937 -1.19 0.353 “ “

Mash 0.140a 0.16 0.519 “ “

Vegetables Time-Series

Potatoes -0.240 -1.05 0.357 “ “

Onion -0.241 -2.12 0.324 “ “

Tomato -0.164 -0.74 0.382 “ “

Garlic -0.257 -1.57 0.206 “ “


Rice -0.158 -0.79 0.737 “ “

Wheat -0.477 -1.86 0.553 “ “

Maize -0.169 -0.81 0.693 “ “

Ghee -0.003 -0.01 0.748 “ “

Milk -0.861 -5.60 0.553 “ “

Tea and Beverages Time-Series

Tea -0.107 -0.55 0.721 “ “

Beverages -0.838 -3.43` 0.663 “ “

Source: Extracted from Table 3.1 in Chaudhary et al (1999), Income and Price Elasticities of Agricultural, Industrial and Energy
Products by Sector and Income Groups for Pakistan, Research Report prepared for Planning Commission, Government of
Pakistan, Islamabad.

a) This coefficient is invalid but statistically insignificant. Therefore, it is meaningless.

turn quickly ineffective on the advent of new technologies of production, storage,
transportation, and marketing. In fact, no organization operating under intense competition
can afford to ignore the application of new technologies. The use of new technologies, in
turn, necessitates regular up-gradation of competence of workers. Realizing the necessity of
regular improvement in the competence of employees reinforced by the adoption of new
technologies, the above named firm has been running a regular program of training.
However, despite the provision of skill improvement training opportunities commensurate
with the requirements of the new technologies, the employee efficiency has not improved
resulting in stagnation of output. Since the cost of production has tended to rise with the
passage of time because of general inflation and increased expenses on use of new
technologies, the prevalence of work inefficiencies of employees has tended to erode the
competitive position of the firm in question. As such, it has given rise to a serious concern
about the effectiveness of its training program in effect. To know why the training program in
operation has not succeeded in upgrading the skills of the employees, the executive of MNK
has decided to conduct a survey of those who had received training with a view to identifying
the factors that might have thwarted the required improvement in the competence of
employees. Indeed, the remedial measures and sources of actions required to be undertaken
would perhaps be more effective if they are based on prior identification of the causes of the
lack of the needed improvement in the efficiency of the workforce. Analysis of data gathered
in a survey of those who had received training can enable the identification of the factors that
may have frustrated any improvement in the efficiency of the employees of MNK. Suppose a
questionnaire is prepared with a set of dichotomous questions and the sample respondents
have recorded their responses by ticking or suggesting the boxes in consonance with their
views about the factors influencing the effectiveness of the training received. Suppose the
survey questionnaire applied for collecting the needed data contained, inter alia, the
following questions related to those factors/reasons that might have adversely affected the
improvement in skill competence of the employees of MNK.

Questions Yes No
1. Was the training based on sound planning?

2. Was the training relevant for your job?

3. Was the methodology of imparting training conducive for

4. Were the teaching materials relevant for the expected training?

5. Were the training sessions conducted during the prime time of the day?

6. Did the training proceed with any alleviation of work responsibilities?

7. Were the communication skills of the instructors of the right standard?

8. Did the trainees participate actively in the discussion?

9. Were you too old for the required training?

10. Did you get enough time for the needed practical work?

11. Did you get any raise in salary after completing the training?

12. Were you given any promotion after completing the training?

13. Did you move after training to another better job in the same pay?

14. Did the treatment of your supervisor improve after training?

Now also suppose that the firm has contacted 150 such employees as had attended the
training program for responses of the above questions. The responses tallied for “Yes” and “No”
show the number of respondents for or against the reasons cited in the questions. Now the point
is how to present the resultant frequencies or percentages in the form of a table. As mentioned
above, we need to represent each question by a word/concept reflective of the specific theme
behind it. An effort is made to show the themes behind these questions and the resultant
percentages in the following table.

Table 4.6. Factors Affecting Effectiveness of Training Program of MNK1

S. No. Factor Yes (%) No (%)
1 Sound planning 57 43
2 Relevance to job 51 49
3 Impressive methodology 60 40
4 Material relevance 52 48
5 Prime time classes 38 62
Workload Alleviation 44 56
7 Instructor’s communication standard 51 49
8 Class participation 40 60
9 Age 35 65
10 Practical work time 47 53
11 Salary enhancement 20 80
12 Promotion 15 85
13 Job shift 5 95
14 Supervisor’s attitude 48 52
Source: Based on Survey Data
1. The percentages depicted in this table are hypothetical figures presented only for the sake of explanation.

The objective of this explanation is to show how the responses to different questions may be
combined in as few tables as possible. Representing the resultant percentages of each question by
each separate table is not desirable. It may be clear from the figures of the above table that
combining the resultant percentages in one good table can enable us to understand what could on
the whole be the reasons for the lack of improvement in the competence of employees of MNK.
The above questions can also be divided into, for example, two groups and their percentages can
thus be represented in two tables, if the researchers so wishes.

The researcher should not now repeat the percentages depicted in the table in words. Instead,
he/she should explain the main outcome (s) of the tabulated results. One may start the needed
explanation of the results in somewhat the following manner: A close reflection of Table 4.6
reveals that more or less a majority of the respondents considered the training program as
properly designed and planned. It is supported by the fact that the contents and the methodology
of the training program followed in conducting it as well as the standard of communication,
though to a somewhat lesser extent, were regarded as satisfactory by the participants of the
training program. Similarly, the usefulness of the training program examined has also been
established on its relevance to the jobs of the trainees. However, it seems that it has not improved
the work efficiency of certain employees primarily, if not exclusively, because of no relationship
of successful completion of training with any financial incentives or performance related
rewards. The extent of learning new techniques of performing the old jobs seems to have been
restricted by inadequate participation in class discussions, insufficient relief in office work and
holding of training sessions on non-prime time of the day. It transpires from the overall analysis
that the effectiveness of the training can improve considerably if a care is exercised in selecting
the relevant training material, employees of right age i.e. employees of younger age groups and
instructors with adequate, if not brilliant, communication skills. Its effectiveness will further
improve if reasonable incentives are provided to those who complete training with high
performance. Further, supervisor’s positive reinforcements for work for those who have
completed training can serve as catalysts for improvement in their efficiency.

It may be realized that an effort has been made here not to repeat the percentages in words.
The discussion has centered on what is being highlighted by the relative magnitudes of the
percentages in favor or against different aspects of the training program. Any researcher, who
has reviewed earlier research works on the topic and collected the needed data in the right
quantity and has personally analyzed it, will be in a very good position to provide an excellent
commentary of the results obtained. He/she must be able to critically examine the relationships
existing among the relevant variables, which are the ultimate objectives of conducting research
especially for a thesis. The approach adopted above can be followed in discussing other results
of analysis performed for a thesis.




This is the last chapter of a thesis. It recapitulates its entire research work. Specifically, it
describes very briefly the research problem, data, method of collection and technique of analysis.
It summarizes the analysis and reports its significant results. This is also the place where the
main conclusions of the analysis are discussed briefly with an emphasis on their implications and
policy relevance.

While summarizing the thesis, this chapter also provides certain suggestions for further
research in the area, if any. Any limitations that may characterize the study are also listed here in
a very brief form.

Another requirement of this chapter in to give certain recommendations for resolving the
issue raised in the thesis. It must necessarily be kept in mind that the recommendations
advanced must be based on the findings of the analysis performed. No recommendation however
good should be given, which is not supported by the analysis performed in the thesis. It is also
perhaps desirable that only those recommendations should be given which are feasible. It is
useless to give any recommendation which is hard to implement due to the scarcity of resources.


All the sources of literature in terms of books, research articles, monographs, research
reports, news papers, theses, magazines, brochures and data books from which the researcher
may have directly used any material, extracted any material, derived any idea, paraphrased any
part, gathered any theoretical or empirical evidence cited in the thesis are included in the list of
references. However, those books, magazines, articles, reports, government documents and office
files, which are read as such but are not cited in the text, are not included in this list. The list of
reference is placed in the last chapter of the thesis.

As mentioned before, there are three different methods or systems of reporting references
or documenting sources of literature cited in research works. These systems have a number of
similarities and differences among them. Similarly, every method has its own merits and
demerits. One outstanding requirement agreed in all the systems of listing references is that all
the sources cited in the text must be written by arranging them alphabetically with last name or
surname of the author first. It is also unanimously agreed that all the sources must also be
cited in the text with only the last name(s) of the author(s) and the citation sources and
entries in the reference list must be identical in names and years. The remaining
requirements of documenting sources are somewhat specific to each method. In my view, the
best approach is to follow only one system throughout the entire thesis to avoid inconsistencies
and ambiguities. With this in view, some examples of documenting sources of literature in a
thesis are given below, which are closer, though not identical, to the APA system of referring

1. Reference of a Single Author Research Article Published in Some Periodical.

How such a reference may appear in the reference entry list may be seen with reference to
the following example. Suppose Muhammad Ali Chaudhary wrote an article on A Quantitative
Analysis of Procurement Price Policy, which was published in Pakistan Economic and Social
Review in 1979. If a student has cited it in his/her thesis, it may appear in the list of references in
the following manner:

Chaudhary, Muhammad Ali (1979), “A Quantitative Analysis of Procurement Price Policy”

Pakistan Economic and Social Review, Vol. XVII (3-4), PP. 63-80.

In many cases, the first and second names of authors are written in abbreviated forms. In
such cases, the reference will be documented as shown below:
Chaudhary, M. A. (1979), “A Quantitative Analysis of Procurement Price Policy”, Pakistan
Economic and Social Review, Vol. XVII (3-4), PP. 63-80.

Jones, L. P. (1985), “Public Enterprises fro whom: Perverse Distributional Consequences of

Public Operational Decisions”, Economic Development and Cultural Change, Vol.33,
PP. 333-347.

In some cases, the name of the periodical in which a certain article is published is written in
italics. Then the above reference will appear in the following form:

Chaudhary, Muhammad Ali (1979), “A Quantitative Analysis of Procurement Price Policy”,

Pakistan Economic and Social Review, Vol. XVII (3-4), PP. 63-80.

It may be realized that each reference has a year of its publication mentioned along with
it. If any author has more than one article published in the same year and are referred in the
same thesis, then the article published first will be indicated by putting small letter “a” after the
year and then “b” with the same year for the second publication like, for example, (2008a),
(2008b) and so on. This holds even when two, three or more authors have jointly published more
than one article and is cited in a thesis. The following example will explain it.

Chaudhary, M. A. (1987a), “An Analysis of Price and Income Elasticities of Food Grains”,
Pakistan Economic and Social Review, Vol. XXII (1), PP. 21-38.

Chaudhary, M. A. (1987b), “An Economic Analysis of Interrelationships in Consumer Demand

for Food Grains”, Pakistan Journal of Social Sciences, PARC, Vol. 1(2), PP. 184-202.

2. Reference of a Double Author Research Article Published in a Journal

Chaudhary, M. A. and Ishfaq, M. (2004), “Credit Worthiness of Rural Borrowers of Pakistan”,

Journal of Social Sciences, Vol. 20, PP. 116-134.

Weatherspoon, D. D. and Reardon, T. (2003), “The Rise of Supermarkets in Africa: Implications

for Agri-food Systems and the Rural Poor”, Development Policy Review, Vol. 21, PP. 333-356.
2. Reference of Research Articles Written by Three Authors and Published in a Research
If an article is published jointly by three authors, the names of all of them should appear
in the same manner as for two authors. In fact, it is a simple extension of a two author reference.

Chaudhary, M. A., Khan, Mushtaq Ahmed and Naqvi, Kaukab Hassan (1998), “Estimation of
Farm Output Supply and Input Demand Elasticities: Translog Profit Function Approach”,
Pakistan Development Review, Vol. 37 (4), PP. 1031-1048.

Christenson, L. R., Jorgenson, D. W. and Lau, L. J. (1976), “Transcendental Logarithmic

Production Function”, The Review of Economics and Statistics, Vol. 55, PP. 28-45.
4. Reference of Research Article Published by more than Three Authors

The alphabetized name of the first author is followed by a symbol of “et al” with et and al
parts separated by one space as shown below:

Amel. D. and et al (2004), “Consolidation and Efficiency in the Financial Sector: A Review of
the International Evidence”, Journal of Banking and Finance, Vol. 28, PP. 2493-519.

Flood, Patrick C. and et al. (1997), “Top Management Teams and Pioneering: Resource-Based
View”, The International Journal of Human Resource Management, Vol. 8 (3), PP. 291-306.

5. References of Working Papers and Reports of Research Project.

The name(s) of the author(s) of working papers and research reports .will appear in the same
manner as shown above in the context of research articles. After the title of the working paper,
the name of the author and the agency for which it was written are mentioned. Further, the
number of pages of the report and paper may also be mentioned followed by PP as shown below:

Choudhri, Ehsan U. and Hakura, Dalia S. (2001), Exchange Rate Pass-Through to Domestic
Prices: Does the Inflationary Environment Matter? IMF Working Paper No. 1, 194 PP.

Chaudhary, M. A., Azim, Parvez and Abid, A. A. (1989), Skill Generation and Entrepreneurship
Development under “Ostad-Shagird” System, Research Project, Manpower Commission of
Pakistan and Friedrich Ebert Stiftung, 152 PP.

6. Reference of a Book

The names of authors whether one, two, three or more will appear in the same manner as
shown in the cases of research articles. However, the name of the book is to be followed by the
name of the publisher and place of publication as shown below:

Robbins, Stephen P. (2006), Organizational Behavior, Eleventh Edition, Prentice-Hall,

New York
Certo, Samuel C. (1986), Principles of Modern Management: Functions and Systems, Brown
Publishers, New York.

Salvatore, Dominick (1998), Managerial Economics in a Global Economy, Third Edition,

McGraw-Hill, Inc. New York.

If a citation refers to a source of a revised edition of a book, then add after the title of
the book in brackets (Rev. ed).

If a person has edited a book, its entry in the list of references should appear in the
following form:
Stiglitz, J. and Mathewson, G. F. (Eds) (1986), New Developments in the Analysis of Market
Structure, Cambridge, Mass. MIT Press, 1986.

7. Reference of a Work/Article discussed in some other work

Chaudhary, M. A., Naqvi, Kaukab H. and Mufti, S. S.,(1997), Dynamics of Agricultural

Technology, Wage Structure and Employment as discussed in Chaudhary, M.A.(1998-200),
“Land Use, Technology Diffusion and Rural Employment”, Pakistan Journal of Social Sciences,
Quaid-I-Azam University, Islamabad, Vol. XXIV, PP. 1-17.

8. Reference of Article in Edited Books

Calvo, G. (1983), Staggered Contracts and Exchange Rate Policy, in J. A. Frankel (Ed).
Exchange Rates and International Macroeconomics, University of Chicago Press, Chicago.

Salop, J. K. (1974), Devaluation and Balance of Trade under Flexible Wages, in G. Horwich and
P.A. Samuelson (Eds), Trade, Stability and Macroeconomics, New York, New York Academic

9. Reference of papers presented in Conferences, Seminars, Workshops and Symposia

Longford, N. T. (1988), A Quasi-Likelihood Adaptation for Variance Component Analysis,

proceedings of Section of Computational Analysis, American Statistical Association,
Washington, USA.

Li, Y. C. and et al (2005), The Critical Factors Affecting Hospital Adoption of Mobile Nursing
Technologies, proceedings of 38th Hawaii International Conference on System Sciences IEEE.

Chaudhary, M. A. and Chaudhry, M. Aslam (1994), Agricultural and Rural Development in

Pakistan: A Case Study, presented at the Seminar organized at Islamabad, Pakistan, by Islamic
Research and Training Institute (IRTI), Islamic Development Bank

10. References of Unpublished Theses.

Himytullah, (1994), Economic Analysis of Post-Harvest Farm Level Wheat Losses in North
Western Frontier Province of Pakistan, Unpublished Ph. D. Thesis, Department of Economics,
Quaid-I-Azam University, Islamabad, Pakistan. .

11. References of Mimeographs

Linder, Robert K. (1980), Farm Size and Time Lag to Adoption of a Scale Neutral Innovation,
Mimeographed Adelaide, University of Adelaide.

12. References of Documents/Reports of Departments/ Ministries/ Organizations

Government of Pakistan (2007-2008), Pakistan Economic Survey 2007-2008, Finance Division,
Economic Advisor’s Wing, Islamabad.

UNDP (2005), Human Development Report, New York, USA.

World Bank (1996), The Agha Khan Rural Support Program: A Third Evaluation, XIX.

13. References of Internet

Kabir, Rezaul and Goldberg, Lawrence G. (2001), “The Stock Market Performance of the
Central Banks of Belgium and Japan”, Available at SSRN:

Khawaja, A. and Mian, A. (2004),”Unchecked Intermediaries: Price Manipulation in an

Emerging Stock Market, BREAD Working Paper No. 6. Available at

14. References of Magazines and Dailies

Goldberg, L. G., (2007, September 7), “Terrorism in Kashmir”, Time, 120, PP. 30.

Chaudhary, A. A. (2008, December 22), “Obstruction in Kala Bag Construction”, The Pakistan

15. Reference of Article in Press

Chaudhary, F. A. (In press), “Gender Disparities in Access to Leadership Opportunities”.

16. Reference of Anonymous Research Articles/Works

Anonymous, (2008), “Analysis of Employee Absenteeism from Office”.

17. Reference of an Abstract of a Thesis

Mufti, S. S., (1995), Estimation of Cost Function in Pakistan’s Agriculture (Abstract), M. Phil.
Thesis, Department of Economics, Quaid-I-Azam University, Islamabad, Pakistan. .

18. Quotations and Paraphrases

In general, quotations especially when they are long are given in the following manner:
In highlighting the management of cultural diversity among workers, Robbins (2005) remarked:

“Cultural diversity seems to be an asset for tasks that call for a variety of views.
But culturally heterogeneous teams have more difficulty in learning to work with
each other and in solving problems. The good news is that these difficulties seem
to dissipate with team” (P.281).

Paraphrasing is attempted in about the following way:

Baumol (1982) holds that even if an industry has a single firm (monopoly) or only a few firms, it
will still operate like a perfectly competitive firm if entry of new firms is absolutely frees (p. 5)