زرتشت ازم کے شعائر، رسوم اور روایات: اسلامی تناظر میں اجمالی جائزہ

Zoroastrianism is an ancient Iranian religion founded by an Iranian Prophet and scholar Zoroaster. It is claimed by some foremost scholars that this is the most ancient religion of the world which influenced the other major religions of the world like, Judaism, Christianity and Islam. The main source to know the Zoroastrianism is Avesta, Denkart and Bundahishn (sacred books) from which we know the terminologies and traditions of this religion. Main two spirits are Ahura mazda (god of pleasure and goodness) and Ahriman (god of evil) and seven more main spirits which are called as angels are Amesha spentas which show the actual spirit and direction of this ancient religion. Some of the concepts and traditions are same which exists in Islam but with different names and features, like prayers and matters after death, heaven and hell. In this article, main focus is on tradition and terminologies of this ancient religion to know its actual spirit to get the basic information and main themes for initial reader of this religion from Islamic theological pers-pective. No doubt, Zoroastrianism is one the amended religions exist on earth yet because of the similarity of various rituals with Islam. However, Zoroastrianism is being considered reve-aled religion and Zoroaster as true prophet of Allah.

Relationship of Value-Added Measures, Accounting Measures and Cash Flow Measures With Shareholders? Wealth: An Empirical Evidence of Psx Listed Non-Financial Firms

Measuring performance is an important part of monitoring the state of affairs and progress of an organization. It comprises of measuring the actual performance of management in an organization against the pre-set goals that were set for the given period. When it comes to performance, it is always a challenge to determine what to measure and of course, how to measure it. Traditionally, organizations use accounting based performance metrics to determine the performance of management in an organization. These accounting based performance metrics are considered vulnerable to mislead the end user. As a result, reliance on these measures has resulted into major corporate failures like Enron, World Com etc. Secondly, stock investors particularly institutions have now been focusing on intrinsic value for their investment decisions. These two changes have put accounting based measures under question and call for other measures that are more reliable. Researchers and practitioners in industry have devised new metrics that include cash flow measures and value added measures. Some researchers consider cash flow measures more effective in determining enterprise effectiveness and competitiveness in the market as it is a more dynamic examination of actual return on assets and equity. Others take value added measures as a yardstick in measuring the performance by reflecting the impact of managerial decisions in stock returns. The primary objective of this study was to find evidence whether accounting measures, cash flow measures or value added measures, as a yard stick to measure managerial performance, are the best suitable to measure performance of corporate firms working in Pakistan. The hypothesis of this study was to check the significance of all these measures in determining stock returns translated into market value added (MVA) and the relationship with MVA. These variables include accounting variables - net profit margin (NPM), return on assets (ROA), earning per share (EPS), cash flow variables ? operating cash flows (OCF), free cash flows (FCF) and value added variables ? economic value added (EVA) refined economic value added REVA), created shareholder value (CSV). This hypothesis was tested on the cross section data of 33 non-financial Pakistani companies listed on the Karachi stock exchanges for a period of 8 years (2007-08 to 2014-15). This study proved that OCF gives better results as compared to other variables in explaining variation in MVA.