الاصابہ فی تمییز الصحابہ میں نماز و روزے سے متعلقہ روایاتِ اَحکام کا تحقیقی جائزہ Research Review of the Traditions of Rulings on Prayer and Fasting in Al-Aṣābah Fī Tamīz al-Ṣaḥābah

The book “Al-Aṣābah Fī Tamīz al-Ṣaḥābah” is a famous book of Ibn Ḥajar ‘Asqalānī on the life and contribution of the Companions. This book is quoted as a reference to decide the status of companions. It would not be wrong to call it the encyclopedia of the companions of the Holy Prophetﷺ. Apart from its status as a reference book regarding the companions this book encompasses the Seerah of Holy Prophet in a detailed and well composed manner. The distinction of the book is not hidden from the experts of science and research. In the book and other similar books, the life of the companions was discussed and the biography of the Prophet ﷺwas also described, but another aspect that remained unexplored in these books is the virtues and commandments mentioned in it. There are also narrations about virtues. In this paper the researcher has evaluated the Hadiths related to prayer and fasting that are narrated in Al-Aṣābah Fī Tamīz al-Ṣaḥābah. The evaluation comprises of authenticity of narrators and text, narrators’ mutual association or disassociation and the final decree about the authenticity of a hadith in the light of all available evidences.

Impact of Capital Structure and Working Capital Management on the Financial Performance of Selected Non-Financial Firms in Pakistan

Capital structure is the proportions of debt instruments, preferred stock and common stock on company's balance sheet. Business entities choose different combinations of equity, debts and other options for the purpose of financing their assets. Some businesses choose more financing from the equity and less from debts, while others rely more on debts and less on equity financing depending upon nature of their business, industry and risk. Firms mostly go for that combination of debt and equity that optimizes their cost of capital and risk. Perfect combination of capital structure and working capital enhance the profitability and financial performance of the firms. This study is conducted to examine the impact of capital structure and working capital management on the financial performance of selected non-financial firms in Pakistan. For this purpose 78 non-financial firms listed on Karachi Stock Exchange (KSE) have been selected for the period of seven years from 2005 to 2011. The data is obtained from the financial statements analysis published by the statistics department of State Bank of Pakistan. For the purpose of analysis, descriptive, correlation and panel data analysis are used in this research. Twelve panel data (regression) models have been used to investigate the impact of capital structure and working capital management on financial performance of the firms. In these models three proxies are used as independent variables to measure the capital structure i.e. total liabilities to total assets, long-term liabilities to total assets and short-term liabilities to total assets. Three proxies are used as independent variables to measure the management of working capital i.e. receivable conversion ratio, inventory conversion ratio and current ratio while the natural logarithm of sales is used as control variable to measure the size of the firms. In these panel data (regression) models return on total assets, net profitability, return on shareholders' equity and earnings per share are used as dependent variables to quantify the financial performance of the firms listed on Karachi Stock Exchange. The results of the analysis showed that debts lead to decrease the financial performance of the firms while all the measures of working capital management have positive impact on firms' performance. The results also revealed that good combination of capital structure and working capital has significant impact on financial performance of non-financial firms listed on KSE. So these firms have to give due consideration to the financing options and management of working capital to increase their financial performance.