بجلی کے بحران پر قابو کیسے پایا جاسکتا ہے
نہ چھوڑیں واپڈا والے اگر بجلی تو کیا غم ہے
’’یدِ بیضا لیے بیٹھے ہیں اپنی آستینوں میں‘‘
انسان گھر میں موجود ہے۔ گھر کا سارا نظام اس کی سر پرستی میں بحسن وخوبی رواں دواں ہے۔ دریں اثناء گھر کے آنگن میں خفتہ شیر خوار بچہ آواز کے ساتھ رورہا ہے اور اس کے رونے کی وجہ کوئی بیماری نہیں، کوئی اور خار جی عمل نہیں صرف اور صرف لوڈ شیڈنگ کے سبب شدت حرارت ہے جس نے معصوم کی نیند حرام کر دی ہے، اس کی اس بے چینی نے والدین کے قویٰ کومضمحل کر دیا ہے اور پورے گھر میں ایک بحران کی سی کیفیت ہوگئی ہے۔ اور اس قسم کے بحران صرف کسی خاص علاقے میں نہیں ہیں بلکہ ملک کی کثیر آبادی اس سے متاثر ہے۔
برقی رو کی کمی یا قلت سے ہر ایک متاثر ہوتا ہے۔ لائبریری میں کوئی پرسکون فضاء میں محو مطالعہ کتب ہو، یا ظرف ہائے طعام اُٹھائے موجود غلام گردش ہو، کوئی کوچہ بازار میں موجود ہو، یا کوئی گھر کی بالکونی میں قیام پذیر ہو، کوئی صنعتکاری کے میدان سے مربوط ہو، یا کوئی زراعت و کاشتکاری کے میدان سے وابستہ سب کے سب بجلی سے نبردآزما ہیں۔
اس بحران پر قابو پانے کے لیے اقلیم عقل و خرد کی فرمانروائی کے ساتھ نصرت الٰہی کا طلبگار ہونا ہو گا۔ اس مہیب سائے کواجالے میں بدلنے کے لیے ابتدائی طور پر کاشانۂ خویش کو سامنے رکھنا ہو گا۔ اصراف وتبذیر جیسی خصائل قبیحہ سے کنار کشی اختیار کرنی ہوگی ،کفایت شعاری جیسی خصلت صالحہ کو اوڑھنا بچھونا ہوگا۔ اگر ایک شخص فضول خرچی جیسی لعنت سے چھٹکارا حاصل نہ کرے اور دن رات اسی عادت سے وابستہ رہے تووہ بھی اپنے مقصد میں کامیاب نہیں ہو...
The Holy Qur’an is miraculous in its words, methods, organization, statements, drawings and writing, as cited and agreed by all researchers, we aim through this research to: define the Ottoman drawing in Arabic language, terminologically, demonstrating its benefits, the rule of commitment to it, weighing between sayings, demonstrating its six rules, explaining and discussing the differences between the Quranic words drawings and mentioning several examples. The most important results of this research are: 1- The opinion which comforts one's self is the commitment to Ottoman drawing, and not to be written by modern spelling methods. 2- The Ottoman drawing has multiple benefits and advantages, which are not available in any other, so that it attracts commitment and reservation. 3- It has a very significant concurrence between the drawing and the meaning of the words and verses of Quran. 4- The Qura’nic word drawing strengthens the meaning and gives the full dimensions; achieving the honesty of Allah's saying: "and whose words can be truer than those of Allah?". 5- The letters' contiguity of Quranic word, knowing its characteristics embodies the meaning with the best picture. 6- The miracle of Ottoman drawing is a modern issue that Abdalaziz Ad-Dabbagh calls the most famous and the oldest one who declared this. The most important recommendations made in this article are: 1- Conducting more researches about the benefits of Ottoman drawing, where it still needs more studies to be conducted, and more thoughts and meditations. 2- The spread of Ottoman drawing commitment culture between Quran teachers and students. 3- Obligating all Quranic associations that adopts Quran writing to write in Ottoman drawing, and prevent any other forms of writing. 4- Obligating all students and researchers to depend on Ottoman drawing through their studies and researches; which establishes a promotion to spread its culture. 5- Guiding the researchers for more studies on this topic, throughout a focused studies and clear scientific plans.
Prior major studies in the field of corporate finance have centered on financial decisions and corporate performance. While studying the corporate performance and financial decision patterns, classical finance assumes that managers are rational and self-interested in their decision-making. However, behavioral finance contradicts this idea and provides evidence of irrationality in corporate decisions. For this purpose, our study investigated the effect of behavioral biases of corporate finance managers (i.e., self-serving, overconfidence, optimism, anchoring & representativeness, loss aversion and mental accounting) on three facets of corporate financial decisions (i.e. capital structure, dividend policy and working capital management), and how the corporate performance is affected by these financial decisions. This study also focused on the conditional impact of risk perception, financial literacy, and managerial skills on financial decisions of corporate finance managers. For the contextual contribution, the emerging economies like Pakistan, Malaysia, and Turkey have been chosen for the cross-country comparison. This study used primary data to address research questions. Questionnaire items were adapted from different authors, pilot tested and rephrased for numerous validity and reliability measures. The unit of analysis in this cross-sectional study was the financial decision makers of the corporate sector. The results of this study concluded that overconfidence, optimism, anchor/representative and mental accounting bias have a positive impact on risk perception. However, loss aversion bias has a negative impact on risk perception. These relations are significant for all countries except loss aversion bias which is not significant for Malaysia. Self-serving bias has no impact on risk perception and overconfidence. This finding is consistent for all three counties. Risk perception negatively impacts on dividend policy decisions, positively impacts on the capital structure and working capital management decisions. Dividend policy and working capital management positively while capital structure negatively impacts the corporate performance. These results are also consistent with all three counties. Overall results concluded that the behaviorally biased managers impact corporate financial decisions. The results of the moderation of financial literacy and managerial skills indicated that the moderating effect of financial literacy on the relationship of self-serving and anchoring bias with risk perception is not significant for all countries. Financial literacy is moderating the relationship of risk perception with overconfidence and mental accounting for all countries. The moderating effect of financial literacy with optimism on risk perception is supported for Pakistan and Malaysia, however, not supported for Turkey. The moderating impact of financial literacy with loss aversion bias on risk perception is supported only in Pakistan. The moderation of managerial skills on the relationship of risk perception and the corporate financial decision is not found significant for Pakistan, Malaysia, and Turkey. However, it is only significant in the relationship of risk perception and capital structure decisions of Turkey. The risk perception fully mediates the relationship of overconfidence and capital structure while partial mediates with dividend policy and working capital management. The mediation of risk perception between self-serving and financial decisions is not significant for all counties. Moreover, it partially mediates the relationship of optimism and financial decisions while it fully mediates for anchoring for all three countries. Risk perception is not mediating the relationship of loss aversion and financial decisions in Malaysia while partially mediates for Pakistan and Turkey. Overall the mixed results show that in general, risk perception mediates the relationship of behavioral biases and corporate financial decisions. The comparison of family vis-à-vis non-family owned companies reveals that in family-owned companies, the effect of behavioral biases is escalating and vice versa. Owing to the scarce evidence in the literature, this study not only contributes to the existing literature on behavioral aspects but opens some new horizon to understand the behavior of corporate managers of developing countries. This study tries to provide the opportunity for a better understanding of the heteroskedastic policies and decisions of individuals and groups. Based on results and discussion of the study, the policymakers are strongly recommended to look beyond the classical facets by focusing psychological aspects while hiring finance managers with desired experience, personality, management style, and problem-solving skills.