سرشاہ سلیمان
نئی تعلیم نے جو بہتر سے بہتر نمونے ہماری قوم میں پیش کئے اُن میں سے ایک سرشاہ سلیمان تھے، وہ مشرقی تعلیم کے ایک ممتاز خاندان کے فرد فرید تھے، ان کا آبائی وطن ضلع اعظم گڑھ ہی کا ایک ممتاز قصبہ تھا، ملا محمود جون پوری جن کا نام شمس بازغہ اور فرائد کے مصنف کی حیثیت سے آفتاب کی طرح درخشاں ہے، ان کے مورثِ اعلیٰ تھے، سرسلیمان مرحوم نے بھی ابتدائی مشرقی تعلیم حاصل کی تھی، اور عربی تعلیم سے بہرہ ور تھے، ملا محمود نے فلسفہ میں ادب کی، اور ادب میں فلسفہ کی شان پیدا کی تھی، یہی خصوصیت سر سلیمان کی ذات میں تھی، ایک طرف وہ قصائد ذوق اور مثنویات میر کو ترتیب دیتے تھے اور دوسری طرف آئن سٹائن کے نظریہ پر نقد و تبصرہ کرتے تھے۔
سر سلیمان کی فطری ذہانت بے نظیر تھی، ذہانت کی بجلی ان کی رگ رگ میں بھری تھی، وہ نہ صرف ہائی کورٹوں کے جج رہے، بلکہ قانون کے نکتہ شناس بھی تھے، ان کی لیاقت و قابلیت کی شرح کے لئے چند سطریں کسی طرح کافی نہیں ہوسکتیں، اور ان سب باتوں کے ساتھ وہ مسلمان بھی تھے، ایماناً اور عملاً مسلمان! وہ ان تنگ ظرفوں میں نہ تھے جو رومن حروف کے چند الفاظ پڑھ لینے کے بعد اپنے کو حقائق و معارف کا سب سے بڑا عارف مان کر دین و مذہب سے بے نیاز ہوجاتے ہیں، اور بندگی کی حد سے آگے بڑھ کر خدائی کے عرش کا اپنے کو مستحق سمجھنے لگتے ہیں، مرحوم میں ان خوبیوں کے ساتھ بہت سی اخلاقی خوبیاں بھی جمع تھیں، وہ منکسر، متواضع، حلیم، اور سادہ مزاج تھے، ساتھ ہی اپنی رائے کے مضبوط اور کام کے دھنی تھے، وہ عالم تھے، مگر عمر بھر طالب العلم بنے...
The study assessed the relationship between the factors affecting the academic achievement of the dean’s listers’ of Caraga State University. It involves the total population of the dean’s listers in the said university. The independent variables are those pre-determined factors’ affecting the academic achievement of the dean’s listers’ of Caraga State University and the dependent variable is the grades of the dean’s listers’. The result shows the low relationship between the pre-determined factors and the academic achievement evidenced by the values of the p-values which are greater than. In terms of the academic achievement of the dean’s listers’ their grades signifies their excellence in their different chosen fields. With regards to the pre-determined factors, the factor that got the highest mean is the teachers’ competence with 3.7639 and the lowest one is the learning environment with 3.6690. The study habits’ got the second spot among the 4 factors followed by the learning styles. Based on Spearmen Correlation analysis in the data gathered, the results revealed that there is no significant relationship between the pre-determined factors and the academic achievement of the dean’s listers’ of Caraga State University. The p-values obtained are less than 0.05 for all the data set; that is accepting the null hypothesis. The results clearly depicts that the students’ study habit, learning style teachers’ competence and the learning environment has no influence to the achievement reached by the dean’s listers’. On the other hand, it is still very important to make and to maintain these factors visible in the academic arena for a better learning and for a better outcome. The absence of these factors might affect the performances of the students’ in Caraga State University.
Corporate governance has two types of agency issues with respect to ownership and control of firms. The Type I agency issue is related to conflict of interest between shareholders and firm’s managers (i.e., principal-agent conflict); whereas, the Type II agency issue (i.e., principal-principal conflict) is between controlling (majority) shareholders and minority shareholders. The tunneling and propping in business group firms are examples of Type II agency issue. Tunneling is the process of expropriation or transfer of business resources by controlling shareholders from low cash-flow rights (CFR) firms to high CFR firms in a business group. Tunneling is carried out through certain transactions at the cost of minority shareholders in group firms. Whereas, propping is the opposite process through which resources are provided by controlling shareholders to firms under financial distress in a business group. This thesis examines these Type II agency issues between controlling and minority shareholders of firms related to family business groups of Pakistan. A family business group is a combination of two, or more firms under the control of a particular family. In this regard, the study examines whether tunneling, or propping is carried out in family business group firms, how it occurs and what impact it has on minority shareholders of these firms? The thesis has three major parts: first, this study explores regulatory and corporate environments in Pakistan; develops the pyramid ownership structures of family business groups; and examines the cash flow leverage, cash-flow rights and voting (control) rights of ultimate owners in family business group firms. The study finds that corporations in Pakistan have high degree of ownership concentration. Controlling shareholders own about 87% of firms with equal to or greater than 10% shareholding and 60% of firms with equal to or greater than 20% shareholding. Moreover, most of the businesses in Pakistan are controlled by families. In 62% of business group firms, families own about 20% or more top shareholdings. The study also finds considerable difference in voting, and cash-flow rights in family business group firms, which provides incentives for expropriation of resources. Secondly, the thesis focuses on finding the empirical evidence of tunneling, or propping in family business groups firms of Pakistan by taking a sample of 326 non-financial firms listed on Pakistan Stock Exchange (PSX) for the period 2004-17. The study finds that majority or controlling shareholders expropriate minority shareholders by tunneling or transferring resources from group affiliated firms containing low CFR of majority owners. While measuring the sensitivities of firms to the industry earnings shocks through indirect methodology; the empirical results elucidate that about 31% resources are tunneled from low to high CFR group firms. The study further finds that equity held by directors (representing majority shareholders) has negative relationship with earnings of minority shareholders of low CFR group firms. Thirdly, the thesis examines different categories of four thousand five hundred Related Party Transactions (RPTs) taken place among sample firms during the period 2008-2013. Using the direct methodology, the study categorizes, classifies, describes and analyses the RPTs. The study finds that group affiliated firms extensively involve in RPTs as compared to non-group, foreign and state-owned firms. The controlling shareholders significantly use various RPTs for both, tunneling and propping depending upon the characteristics of firms, and corporate governance. Moreover, the study finds that considerable amount of intra-group loans is outstanding on firms’ financial statements. Besides, direct cash payments, cash receipts, assets sales and trade of goods & services have been observed as major RPTs, and sources of Type II agency issues. The study further finds that market assigns lower multiple of reported earnings for the top other receivable balance firms and vice versa. The study finally finds that firms are less likely to reduce their outstanding other receivables balances despite qualified audit opinions and lower returns. Overall, the results show that business interests of dispersed minority shareholders are xi significantly affected by crafty operations of majority shareholders in family business group firms mainly because of pyramid ownership structure and inadequate enforcement mechanism of corporate governance.These findings have certain implications for regulatory institutions, firm management, shareholders, and researchers.