دلالة التركيز في قوله تعالى: فلا تقل لهمآ أفٍ

The Qur’ān is the divine renewed miracle in which the divine systemic rules stand for the collective good of humanity, the importance of caring for its reading and the significance of the meanings according to time and place and the new circumstances that man lives in. This research stands for analysis the significance contents mentioned in the Qur’ānic verse ﴿فَلا تقل لهمآ أُفٍ﴾. The dimensions include in the verse in terms of rules, judgments, and traditions are detailed in three main themes: firstly, is to read and explore the verse in terms of being a source of fundamentalist rules in the Islamic jurisprudence, which has a multiplicity of Schools of Islamic jurisprudence, in which it recognizes the concept of obedience to parents. Secondly, this verse is a reference to the social norms that governs the behavior of the individual and the society as evidence from the signs of discipline, whose meanings are interpreted by the fact of the children's respect for the parents and the establishment of a successful and balanced society based on family relations. Lastly, inspired from the existence of the significance in this verse to stand on the reality according to the concept of running this significance in the structure of Islamic law, which means the care of the individual and the society based on honor and human dignity. Thoroughly, it is concluded with recommendations in understanding the miraculous meaning of the verse, which ensures the implementation of the rules that the verse included in preserving the feelings of the parents according to the modern concepts of social care and services to preserve the existence of societies based on family relations.

Determinants of Value Premium in Pakistan Stock Exchange

The purpose of this research is to investigate the ability of six value-growth indicators to produce value premium and to investigate the factors that influences value premium. The six value growth indicators used in this study are book to market, earning to price, dividend to price, cashflow to price, gross profit to total assets and sales to price ratio. The explanatory variables selected in this are transaction cost, idiosyncratic volatility, institutional ownership, distress risk, investment irreversibility, operating leverage, financial leverage, information asymmetry and accrual quality. Furthermore, the sampling technique used in this research is purposive sampling from year 2004 to 2014. In order to avoid survivor bias, the sample size varies from year to year, however the maximum number of firms included in the analysis were 383. Additionally, the sample size also varies across the six value-growth indicators selected in this study. The value premium is estimated using value weighted two-dimensional portfolio formation technique. The result indicates that value stock earns higher return as compared to growth stocks irrespective of the value-growth indicator used to disentangle stocks into value and growth firms, suggesting that value premium is positive and significant for all the value-growth indicators. Value premium is highest when earning to price ratio is used as value-growth indicator. On the other hand, sales to price ratio produces lowest value premium. Furthermore, small stocks earn higher value premium as compared to big stocks. The impact of explanatory variables had been measured on value premium generated through all the six proxies. The significance of explanatory variable varies with the value-growth indicator used to form value premium, however their direction is consistent irrespective of the value growth indicator used. Indirect cost, volatility, oscore,investment irreversibility, financial leverage,information asymmetry and dividend cut have positive effect on value premium. Direct cost, operating leverage, financial constraint and accrual quality have negative effect, however, intuitional ownership is insignificant irrespective of the value-growth indicator used.