خواتین کی اخلاقی تربیت، سیرت حضرت عائشہ سے اخذ و استفادہ

Islamic teachings insist on good moral values. Holy Prophet (PBUH) `s life was an excellent example of morality. He teaches his companions to adopt good moral values. Hazrart Ayesha (R.A) played an important role in developing moral values among the females of her time. After the death of Holy Prophet (PBUH) she devoted her life for the education and training of Muslim women. She conveyed the message of Allah and His Prophet, regarding moral values to the masses. The present women can improve their ethical and dealing values by seeking the guidance for their daily life from the Seerah of Umm-ul-Momineen Ayesha Siddiqah, may Allah bless her soul.

Capital Structure and Firm Performance: Moderating Role of Business Strategy and Competitive Intensity

The optimal blend of debt and equity financing plays a vital role not only in reducing the overall cost of capital but also helps in enhancing the overall performance of the firms. The purpose of the present research was three folds. Firstly, this study investigated the relationship between capital structure and performance of non-financial firms of Pakistan. Secondly, the novel contribution of the current study was to examine the moderating role of business strategy between the relationship of capital structure and firm’s performance. Thirdly, the present study also contributed in the existing literature by exploring theextent to which firm’s competitive intensity moderated the leverage-performance relationship. The data of 333 listed non-financial firms of Pakistan over the period of eight years (2006-2013) was selected for the final analysis. Both book and market based measures were utilized to compute the performance of the selected firms whereas capital structure of the firms was measured through three different proxies. Business strategy was divided into four strategic categories and Herfindahl-Hirschman index was selected to compute the competitive intensity of the firms. The results of the study depicted that capital structure negatively and significantly influence the accounting measures ofperformance whereas the relationship between capital structure and market performance (Q ratio) was significantly positive. In addition, the results showed that 31% of theselected sample firms were inclined towards the cost leadership strategy to accomplish their business objectives. The results of moderating analysis showed that cost leadership strategy positively moderate the relationship between capital structure and firm performance. It implies that debt financing is financially viable for the cost leadership firms. In addition, the results specified that when the firms try to maintain high debt ratio while pursuing a product differentiation or hybrid strategy, incur a significantperformance penalty. Moreover, the results showed that debt financing is also harmful for the performance of “stuck in the middle” firms but the results were statistically insignificant in most cases. Furthermore, the results also revealed that product market competition can be used as a substitute for debt to limit the discretionary resources of the managers. Consequently, debt financing cannot create real financial benefits in thepresence of high product market competition. Finally, based on the findings of the research, the present study also suggested some policy implications for the regulators, policy makers and firm’s managers.