This study has been conducted to compare the impact of corporate governance on various areas of performance between the USA (developed economy) and Pakistan (developing economy). Areas tested in this study are the dividend policy, capital structure, internal and external performance, and multifactor model of publicly traded companies in Pakistan. A specially constructed CG Scorecard and individual corporate governance factors have been used as the measures of corporate governance for the Pakistani perspective and the corporate governance index has been used for the analysis in USA. The Corporate Governance Scorecard has been developed on the basis of a literature review and by a survey of CEO’s, COO’s, and company secretaries of various listed companies in Pakistan. Dividend policy is measured by using the payout ratio and Lintner’s (1956) Model. A total of 120 listed companies in Pakistan and 1,035 listed companies in the USA have been investigated to analyze the relationship for the period 2002 to 2007. This study also analyzes separate proxies of corporate governance. In Pakistan the study found positive relationships between managerial ownership, institutional ownership, and CEO duality with dividend payout. We also found a positive relationship between the Corporate Governance Score and dividend payout. The same relationship has been found in the USA. Using Lintner’s Model, the study also found that companies with good governance have higher payout ratios. Descriptive statistics, the correlation matrix, and common effect models have been applied to test the panel data. For capital structure, the study found a negative relationship between leverage and CGI in Pakistan. Managerial ownership has been found positively associated with gearing ratio in both cases. It has also been found that the presence of CEO duality leads to more debt in capital structures. This may be due to the transitional phase through which the Pakistani companies passed after the promulgation of codes of corporate governance in 2002, but in the USA the study found positive relationships between leverage and corporate governance. Internal and external performance were measured in both of the countries by taking ROE and ROA as internal performance measures and Tobin’s Q and Marris (Market to book value of equity) as external performance measures. Common Effect, Fixed Effect, Random Effect, and Fuller and Parks Effect have been used to test the panel data in this regard. In both the case of Pakistan and the USA, the study found a positive relationship between the Corporate Governance Score and the performance measures. The study also tested the Fama and French (1973) three factor model, the Carhart (1997) four factor model, and the CGI contained fifth factor model for the sample companies in Pakistan. The study found significant effects for all variables on stock returns.
All mighty Allah (SWT) has created man and made him crown of the nature. For the physical needs of human being, Allah provided him all the needful things. In the same way, Allah (SWT) sent his prophets for the spiritual guidance of mankind. Prophet Muhammad (SAW) was the last messenger of this chain of the prophets. The Prophet hood of Muhammad (SAW) was for the whole of the mankind, for all the people till the day of judgment. Because Allah (SWT) called him the “Seal of the prophets”. And it the gift of Allah to whom he wants to give, he gives. Nobody can achieve this (prophet hood) by its struggle. All the prophets of Allah (SWT) were given instructions through revelation. Some people, who were unable to accept Islam, would make jokes of the teachings of the Prophet (SAW), but he continued his mission and the world witnessed a day when Islam spread all over the world. Some non-Muslims, specially the orientalists, tried to pin point some aspects of the life of the Holy Prophets (in their thinking) but as Allah (SWT) said: And we raised high your name. (Al-Quran: 94: 4) Lesley Hazelton is one of those orientalists. She wrote many books about Islam. Her famous book is “The First Muslim-The Story of Muhammad” in which she has targeted many aspects of the Holy Prophet Muhammad (SAW). This article discusses her views about the Prophet hood, Revelation and the Miracles of the Holy Prophet (SAW). It is out of the human mind to understand the reality of the Prophet hood and revelation. It is the gift of Allah to whom he wants, He gives prophet hood. The family, fame, wealth and physical strength cannot be the reasons for the achievement of Prophet hood. The human mind cannot grab the reality of the revelation.
Sorghum being a drought and heat resistant crop has the potential to serve as an alternate forage crop in rainfed as well as irrigated tracts. Currently, farmers are obtaining much less forage sorghum yield and that too with sub-optimal quality attributes. Intercropping of forage sorghum with legumes is one of the biologically and economically viable options to increase forage yield and quality. However, for boosting the productivity of sorghum-legumes intercropping systems, planting time and spatial arrangements of component crops need to be optimized. Two field experiments were executed to evaluate the forage yield, quality attributes and profitability of sorghum-legumes intercropping systems under varied planting times and spatial arrangements at the Agronomic research area, University of Agriculture Faisalabad, Pakistan during 2013 and 2014. The first experiment involved forage sorghum (var. Hegari) intercropping with different legumes including cowpea (var. P-518), cluster bean (var. BR-99) and soybean (var. Ajmeri) under different spatial arrangements like 2:1 and 2:2 row proportions of sorghum and legumes along with mixed seeded crop of sorghum and legumes sown in 30 cm spaced rows. The sole crops of sorghum and all of three legumes were sown as control treatments. The experimental design was randomized complete block design (RCBD) with three replications. The experimental variables included forage sorghum yield and yield components, physiological parameters (leaf area index, leaf area duration, crop growth rate and net assimilation rate) of sorghum and quality attributes (crude protein, crude fiber, ether extractable fat and ash) of sorghum, legumes and mixed forage. The result revealed that green forage yield of sorghum and legume intercrops was decreased in intercropping systems as compared to their sole crops. Mixed seeded crop of sorghum and cowpea sown in 30 cm spaced rows outperformed all other intercropping systems in terms of green forage yield as well as quality attributes. Soybean sown either as a sole crop or in intercropping with sorghum gave the lowest green forage yield. However, sorghum and soybean sown in 2:2 row proportions recorded the highest crude protein and ether extractable fat. Thus, mixed seeded crop of sorghum and cowpea sown in 30 cm spaced rows was recorded to be the most productive intercropping system during both years. In the second field experiment, sorghum was intercropped with soybean at the same time, 15 days before soybean and 15 days after soybean under different spatial arrangements including 1:1, 1:2, 2:1 and 2:2 row proportions of sorghum and soybean. The experimental design was randomized complete block design (RCBD) with factorial arrangement and was replicated thrice. Sorghum planted 15 days before soybean in 2:1 row proportion gave the highest green xvi forage yield along with better quality forage. Sorghum sown 15 days after soybean in 2:2 row proportions gave the lowest green forage yield. Overall, sorghum performed much better when it was sown 15 days earlier to soybean and it was followed by sorghum sown with soybean at the same time. Sorghum gave the lowest green forage yield when its sowing was delayed for 15 days after soybean cultivation. Regression analysis depicted a positive relationship between experimental variables and green forage yield of sorghum. In contrast, soybean gave the highest green forage yield when it was sown 15 days before soybean in 2:2 row proportions during both years. To conclude with, sorghum planted 15 days before soybean in 2:1 row proportion appeared to be the most productive and complementary intercropping system as far as green forage yield, quality of mixed forage and economic returns are concerned.