دلالة التركيز في قوله تعالى: فلا تقل لهمآ أفٍ

The Qur’ān is the divine renewed miracle in which the divine systemic rules stand for the collective good of humanity, the importance of caring for its reading and the significance of the meanings according to time and place and the new circumstances that man lives in. This research stands for analysis the significance contents mentioned in the Qur’ānic verse ﴿فَلا تقل لهمآ أُفٍ﴾. The dimensions include in the verse in terms of rules, judgments, and traditions are detailed in three main themes: firstly, is to read and explore the verse in terms of being a source of fundamentalist rules in the Islamic jurisprudence, which has a multiplicity of Schools of Islamic jurisprudence, in which it recognizes the concept of obedience to parents. Secondly, this verse is a reference to the social norms that governs the behavior of the individual and the society as evidence from the signs of discipline, whose meanings are interpreted by the fact of the children's respect for the parents and the establishment of a successful and balanced society based on family relations. Lastly, inspired from the existence of the significance in this verse to stand on the reality according to the concept of running this significance in the structure of Islamic law, which means the care of the individual and the society based on honor and human dignity. Thoroughly, it is concluded with recommendations in understanding the miraculous meaning of the verse, which ensures the implementation of the rules that the verse included in preserving the feelings of the parents according to the modern concepts of social care and services to preserve the existence of societies based on family relations.

The Determinants of Corporate Financial Flexibility: Empirical Evidence from Listed Firms in Pakistanthe Determinants of Corporate Financial Flexibility: Empirical Evidence from Listed Firms in Pakistan

Financial flexibility is an emerging area of study both, in developing as well as developed economies. In previous studies, researchers examined the financial flexibility from various aspects and used its various measures, but there are some important aspects, which have not been examined yet. For example, there is no consensus regarding a well-defined measure of financial flexibility, what are the various internal and external determinants of financial flexibility? How financial flexibility can be affected by variation in corporate governance setting etc. The objectives of this study are to examine the various measures of financial flexibility to identify an appropriate measure, and to identify various factors that determine firms’ financial flexibility. These factors are categorized as firm specific financial, corporate governance characteristics and country specific dynamics. The moderating effects of ownership concentration, managerial ownership, group affiliation, life cycle stage and CEO duality were also studied.Several measures of financial flexibility, such low leverage, spare debt capacity, cash holdings, Altman z score, modified z score and cash flow volatility were used to identify and analyze firm and country specific factors. The examination of this study was carried out by using unbalanced panel data of 193 nonfinancial listed firms in Pakistan Stock Exchange. The panel logistic regression applied for analysis over the period of 1991 to 2014.The data was collected from the annual financial statements of firms, World Bank database and State Bank of Pakistan. This study also differentiated and categorized the different sources and measures of financial flexibility and found that financial flexibility in the form of low leverage, modified Altman z score, Altman z score, are the first, second and third best measures of financial flexibility.Spare debt capacity, cash flow volatility and cash holding are the remaining good measures of financial flexibility respectively. The findings of the study indicate that firm specific financial, corporate governance related non-financial factors and country specific factors affect the corporate financial flexibility.Firms strive to attain and maintain the financial flexibility. Among firm specific factors, size of firm, tangibility, dividend, and age of the firm are the most significant determinants of financial flexibility. Among country specific factors, interest rate, inflation, equity market development and banking sector development are significant determinants of financial flexibility.However, equity market development is more economically and statistically more significant than banking sector development. The moderating effect of ownership concentration, managerial ownership, group affiliation, life cycle stage of firm and CEO duality were also studied. It was found that these variables have direct impact on FF and they moderate the relationship between firm specific factors and financial flexibility.Among these moderator life cycle stages, managerial ownership, and group affiliation are the most significant moderating variables. Overall, this study provides the evidence that FF measured by low leverage, spare debt capacity, cash holdings, Altman z score, modified z score and cash flow volatility may be affected by firm specific and country specific factors.Among all proxies of financial flexibility, low leverage and spare debt capacity were the most important and significant measures and sources of financial flexibility.These results are robust across alternative measures of financial flexibility.