قیام امن اور مذہبی ہم آہنگی

The Internal dissensions within the ranks of the Muslim Ummah are very harmful and condemnable. Today, the Muslims of the world have fallen into the deep recesses of decline due to their mutual differences. The intrigues and conspiracies of the hostile nations have created schism and dissensions among the Muslims on the grounds of language, land, race and color. In our country (Pakistan), if we ponder on the growing rate of violence, we will find that the main causes of this chaos are our attitude towards our mutual differences. Because of intolerant approach towards our mutual differnces, our difficulties and problems are sizing up, and they have engulfed the whole nation, now. The only point on which our nation can be united is the “Kalimah”. The followers of this “Kalimah” whether they are white or black, rich or poor, or whatever race they belong to, and whatever territory or country they come from, they are all considered as the member of the Muslim Ummah. Keeping the prevailing situation of the Muslim Ummah, the author of this paper feelss that an appropriate answer to the question, ‘are all sorts of differences condemnable?’, is key to end most of our differences. In fact, all sorts of differences are not condemnable or forbidden; if differences of opinions are based on some logical grounds within the jurisdiction of the Qur’ān and Aḥādīth, they are permissible and justified as inevitable and natural. Such kind of approach can promote tolerance and unity among the Muslim Ummah and can put us at peace.

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.