سماحت اور رہبانیت: شاہ ولی اللہ کا موقف

The hall mark of Shah Waliullah has been advocate moderation and the communal spirit of Isla shuns worldly attitude and abhors rejection of the wor and offers a middle path. There is no extremism in Isla and Shah Wali Ullah has preached the same. The juris the Sufis and the Muhaddisseen have taken up a differe line of thinking regarding "Tassawwuf" --- yet th essential spirit of Islam is the path of moderation. T spiritualism and physical world has to be kept in balance— with moderation and balance. It is this aspect of Sha Waliullah's writings that has been highlighted in th article.

Governance Role Played by Institutional Investors in Pakistan An Empirical Investigation Across Diversified Non-Financial Industries of Pakistan

Institutional investors should not be treated as homogeneous group of investors. The present study has segmented institutional shareholders in different classes. It explores the role played by different institutional investors in improving firm performance, investment efficiency and corporate governance mechanisms across diversified industries of Pakistan. Panel data estimation techniques are applied on a sample that include firms from chemical industry, food and personal care-products industry, sugar and allied industry, textile industry, cement industry, auto industry, power generation and distribution sector and miscellaneous industries for a period of ten (10) years i.e. from 2006 to 2015. Data for the purpose of analysis is collected on different accounting measures, corporate governance indicators and shareholding pattern from the annual reports of non-financial firms. An explorative analysis of the existing corporate governance mechanisms is provided for the firms by using a multivariate statistical technique i.e. factor analysis. Factor analysis is used not only for constructing the index but it also identifies the most important and the least important attributes of the corporate governance mechanisms in Pakistan. The findings confirm that institutional shareholders follow passive strategies and do not exercise the ownership rights attached to their shares. The average institutional ownership of stocks across different industries is less than the required minority percentage. Proportion of institutional investors’ shareholding is an important determinant in capturing their incentives for effective monitoring. Banks own substantial minority shares in most of the industries but still are reluctant in improving firm-level governance mechanisms or in monitoring managerial actions. The assessment of corporate governance mechanisms through factor analysis and pattern matrix confirms that the most important determinant of the existing corporate governance framework for non-financial firms in Pakistan is family ownership. Overall, the findings of the study facilitate not only the regulatory bodies and policy makers in understanding the essential determinants of good governance for non-financial firms in Pakistan but also provide directions for future empirical research on ownership structure, firm performance and corporate governance.