سفر ہے شرط۔۔۔۔
ڈاکٹرعارف حسین عارفؔ
دنیا کی سیر کرنا ، آنکھوں سے دیکھنا اور لفظوں میں دکھانا سب مختلف ہنر ہیں۔ جو شخص دنیا کی سیر کا حوصلہ رکھتا ہے وہ اپنی آنکھیں اور دل کھلا رکھے اور قلم رواں رکھے تو اس کا سفر نہ صرف اپنا سفر رہ جاتا ہے بلکہ وہ اپنے ساتھ ساتھ دوسروں کو بھی ،جو کبھی قیدِ مقام سے نہیں گزرے، اپنے ساتھ ساتھ لیے پھرتا ہے۔ سفر نامہ نگار کی یہی خوبی ہوتی ہے کہ وہ ایک افسانوی فضا قائم کر تے ہوئے داستانوی ماحول بناتے ہوئے ، قاری کو اس طرح اپنی گرفت میں لیتا ہے کہ اُس کے ذہن کی سکرین پر وہ تمام مناظر اپنا عکس لیے ساتھ ساتھ چلتے جاتے ہیں۔
ڈاکٹر الطاف یوسف زئی کا سفر نامہ’’ نیل کے سنگ‘‘ اس لحاظ سے ایک منفرد سفر نامہ ہے کہ جس میں داستانوی عنصر بھی پایا جاتا ہے اور افسانے کا اختصار بھی۔ انھوں نے چند صفحات میں ہی مصر کی ایسی سیر کرادی ہے کہ جو آدمی ایک مہینہ میں بھی شاید نہ کر سکتا ہو۔ تاریخ کی بھاری بھرکم کتابوں کو ہاتھ لگانے سے ڈر لگتا ہے اور پھر ان کا اسلوب بھی اتنا دل خراش ہوتا ہے کہ ایک آدھ صفحے کے بعد کتاب کو طاق پہ سجا دینا ہی مناسب لگتا ہے مگر الطاف صاحب نے سفرنامے کو اس طرح خوبصورت اسلوب اور دل کش پیرائے سے مزین کیا ہے کہ قاری ساتھ ساتھ سفر کرتا چلا جاتا ہے۔ سب سے بڑھ کر ان کے اسلوب میں جو بر محل اشعار اور احادیث اور اسلامی روایات کا استعمال ہے وہ ان کی علمیت کی خبر بھی دیتا ہے اور ساتھ ہی قاری کو ایک اسلامی اور ادبی روایت سے بھی...
Mental disorders are common and contribute to the highest burden of disease across the globe. Depression and anxiety has become the most frequent disorder in these times. However, it is notconsidered a disease mostly and there are no proper policies and treatment all over the world but thedeveloping countries are affected the most. Mental health care services are lacking and inaccessible tomost of the patients worldwide. Apart from this fact, the stigma associated with this ailment is a majorhindrance in the way of treatment. Lack of human resource and their proper training is also lacking. Thereis a dire need to enhance research capacity to actually estimate the burden and magnitude of the problem, preparing a policy and above all, its implementation to bring a change in the treatment of mental healthproblems. Low and middle income countries are suffering the most due to these disorders and ironicallyit is not considered a disease thereMostly, the uneducated people attribute such mental health issues to supernatural phenomenonsuch as ghosts or magic etc. Additionally, for the treatment of these so-called “supernatural phenomenon”and to get rid of ghosts, they tend to go to “peers” or “baba” who are illiterate people, pretending to havecure for these patients. But infact, such malpractices and misconceptions among masses lead to adisastrous situation. It causes worsening of the condition of patient by not getting the proper medical andpsychiatric treatment, secondly, they are caught up by wrong people who extort huge amount of money. These are the challenges that developing countries are facing for the treatment of mental health issues. Evidence-based interventions and practice by trained personals in community and primary health carefacilities can improve the understanding and treatment of these ailments. Exercise, healthy life style, healthy dietary+ patterns and physical activities may also work wonders in these conditions.
This study examines the relative effect of capital structure theories and the determinants to establish best understanding of the most appropriate theory to explain debt vs. equity hypothesis and the behavior of firms. The theories provide theoretical basis to compare with empirical findings of quantitative analysis. This study covers the period from the period 2001 to 2010 of listed companies of Karachi Stock Exchange, Pakistan. It is obvious that determinants of capital structure affect the choice of debt vs. equity in emerging and transitional economies. A number of econometric models from OLS to EBA are being used to identify the empirical evidences for this perspective. The results reveal that seven variables: investment growth opportunity (IGO), agency cost (AC), liquidity (CR), financial flexibility (FF), free cash flows (FCF), tax effect (DP) and interest rate (IR) have robust - signaling relationship and highly sensitive to debt vs. equity. This study explains the financial signaling and asymmetry of information risk due to debt vs. equity decisions. For the whole sample period, the study found evidence of financial signaling and information asymmetries of risk due to Debt vs. Equity decisions. There is a significant effect of the systematic risk (β), should also report about the persistence of negative effect during the sample period. There is a significant effect of the interest rate (IR). The empirical results report about the persistence of interest rate (IR) negative effect during the sample period. It is observed and resulted that increase in debt vs. equity negatively associated with the value of the firm. This proved inverse relationship among debt vs. equity and firm value variables. This showed inconsistency of prior findings as Modigliani and Miller (1958) theory that the market value is irrelevant to financial policy. The results presented that corporate corporate governance (CG) has significant effect on firm performance (FP) under transaction cost economics theory and good management theory. It is obvious from the results that corporate governance (CG) has significant effect on the firm value. In addition, it is also shown that corporate governance (CG) does have mediating and moderating effect in between the corporate financial structure (CFS) and firm value. The negative relationship shows an agency problem. Therefore, the investors do not have the equal information of the particular firm as the manager holds. Furthermore, the financial signaling and asymmetries of information hypothesis reflected that choice of debt or equity must have influence the behavior of the investor due to information asymmetries, it is seen negative and increase threaten of bankruptcy and financial distress. It is found that product and asset specificity diversification have a significant relationship with capital structure for best alignment of cost with trade off signaling and asymmetric risk. However, Extreme Bound Analysis (EBA) an econometric technique is used to analyze the variables and investigates the significant empirical findings. The empirical findings of the study have implications for risk management appropriately to reflect the effect on financial decisions in emerging and transitional economies.