اسلامی فوجداریت کا ضابطۂ قرائن

Qara’in - usually translated as circumstantial evidence - is a derived form of Arabic word " " قر ن which literally means a fact associated or accompanied with an event or circumstances. But when an event or circumstances discloses such associated or accompanied fact then such a fact becomes circumstantial evidence. Both proto-juristic and modern legal terms held circumstantial evidence for an evidence which is offered to prove certain attendant circumstances from which the existence of the fact at issue may be inferred. In Islamic Law, majority of jurists do not endorse Qara’in as an authoritative evidence, particularly, in offences leading to corporal punishments. On the other side, Ibn Farhun from Malikites and Ibn Qayyem from Hanbalites terms it equal to the direct evidence of Iqrar and Shahadah. It is not very strange that Dr. Anwarullah, a prominent Muslim scholar and Prof. Robert Preach are of the opinion that circumstantial evidence is, after all, more authentic even than the aforesaid two evidences. Herbert Broom- a western legal expert- also says that certain hidden facts can be deducted from the mode of a relevant act or to some extent it is modus operandi which gives birth to a circumstantial evidence. In this shortened article the juristic opinion of some early and contemporary legal experts has been discussed as to judge the legal mode and authenticity of circumstantial evidence.

Impact of Corporate Governance and Corporate Social Responsibility on Firms Performance: A Moderating Role of Corporate Philanthropy

The paper examines the effect of Corporate Governance and Corporate Social Responsibility on firm’s performance in the listed companies of Pakistan Stock Exchange in the presence of Corporate Philanthropy. The study employs yearly data spanning over the period of 2004 to 2017. Variables such as Corporate Governance, Corporate Social Responsibility and Firm Specific Variables serve as independent variables, Corporate Philanthropy as a moderating variable and firm’s performance proxies by Earning Yield, Tobin’s Q, Return on Assets and Return on Equity as dependent variables in the model. Data has been extracted from Annual reports of the firms, Security &Exchange Commission of Pakistan, Pakistan Stock Exchange and Pakistan Center of Philanthropy. Results deduced that Corporate Governance and Corporate Social Responsibility have significant effect on firm’s performance. The data has been analyzed with a view to check cause and effect relationship by using Multivariate Panel Data Analysis. Generalized Method of Movement (GMM) / Dynamic Panel Method (DPM) method is used to ensure that there are no issues of Reverse Causality, Feedback affect, Endogeneity and Simultaneity. Firm Age, Leverage, Board Independence, CEO Duality, Miscellaneous Project of Social Responsibility, Cash Donation, Earthquake and Natural Disaster have negative impact on firm’s performance i.e. Earning Yield, Tobin’s Q, Return on Assets and Return on Equity. However, Firm Size, Education Sector, Infrastructure Development, Charity in shape of material and Miscellaneous Project of Philanthropy have positive impact on firm’s performance. Mixed results were found in case of Board Size and Corporate Social Responsibility. While considering the Earning Yield and Return on Assets as a firm’s performance, Board Size has negative and Corporate Social Responsibility has positive impact on Earning Yield and Return on Assets. The role of Corporate Philanthropy as moderator between Corporate Governance and firm’s performance is also significant. Corporate Philanthropy represents negative significant moderating effect in relation with Firm Age, Firm Size and Leverage; moreover, it has positive significant moderating effect in relation to Board Independence and Board Size. Results also reveal that Cash Donation, Infrastructure Development and Natural Disaster show significant positive moderating effect on Board Independence with firm’s performance. Similarly, Infrastructure Development and Miscellaneous Project of Philanthropy have also shown positive moderating impact on Board Size and Firm Size with firm’s performance. After using the GMM / DPM technique, three out of five different settings of Corporate Governance, Corporate Social Responsibility and Firm Specific Variables on firm’s performance in the presence of Corporate Philanthropy encountered problem of Reverse Causality, Feedback’s influence, endogeneity and simultaneity. These results showed no variation from previous findings except Corporate Social Responsibility has positive significant impact on firm’s performance. Results confirmed that Corporate Philanthropy moderates the relation between Corporate Governance and firm’s performance. Results reveal that Market based measures (Earning Yield and Tobin’s Q) are more dynamic in nature. Nonexistence of standard format for reporting philanthropy data poses difficulty in making rational analysis and developing uniformity basis for all the firms. The philanthropic contribution of any organization is attributed towards the enhancement of firm’s performance. Results unfold that this study will be a guideline for regulatory bodies to formulate a comprehensive policy framework to Pakistan Stock Exchange so that uniformity of reporting philanthropy should be adhered.