مقدمہ
الحمد لله رب العالمين والصلوة والسلام على رسوله الكريم اما بعد: اللہ تعالیٰ کی سب سے بڑی نعمت یہ ہے کہ ہمیں اسلام سے نوازا جو دین فطرت ہے ایک ہمہ گیر اور مکمل دین ہے علم و اخلاق کا دین ہے ہر زمان و مکان کے لیے موزوں و مناسب دین ہے آسانی و رحمت کا دین ہے قرآن ہی اسلام ہے قرآن مجید اللہ رب ذوالجلال کا پاک کلام ہے جسے اس نے اپنے محبوب پیغمبر سید کائناتﷺ پر نازل فرمایا یوں تو اللہ تعالیٰ نے امام الانبیاء رحمۃ للعالمین حضرت محمدﷺ کو بہت سے معجزات عطا فرمائے تھے مگر ان میں سے ایک سب سے عظیم ، ابدی، دائمی، لافانی اور سرمدی معجزہ قرآن مجید ہے ۔قرآن مجید کی تلاوت اور معانی و مفاہیم کو سمجھنے کے لیے اور سمجھانے کے لیے تدبر و تفکر افضل ترین عبادت ہے بلکہ دین و عبادت کی تمام ترعمارت قرآن مجید کی ہی اساس پر استوار ہے قرآن مجید میں احکام بھی ہیں شرائع بھی، امثال بھی ہیں اور مواعظ و تاریخ بھی، نہ امور دین سے متعلق کوئی ایسی چیز ہے جس کی قرآن مجید میں توضیح و تبیین نہ کر دی گئی ہو اور نہ نظامِ...
Accountability is essential for proper working of government and its institutes. If it the head and other members of government are not hold accountable then they can cross their limits and rights of people may not be preserved. Authoritative persons may take advantage of their position. Western political thinkers are of mix opinion, some of them think it necessary to be held accountable but a few deny this. Islam strictly prohibit the miss use of authority so accountability is its essential part. Since the reign of Holy Prophet (PBUH) as the head of first Islamic state, special focus has been put on accountability. People were appoint for this purpose. Caliphates put themselves in front of their masses to ask whatever their want to ask. They are only be obeyed until they order according to the Islamic law.
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.