Small and Medium-Sized enterprises (SMEs) financing patterns are being debated. Academic discussion on financing patterns started with the theory presented by Miller and Modigliani (1958). The theory passed evolutionary stages and corporate financing behavior was observed but still there are nuances and literature is inconclusive about SMEs financing patterns. This study aims to investigate the determinants of financing patterns in the SMEs of SAARC countries. It further investigates the association between financing patterns and firm’s performance. Four objectives are focused in the study which are (i) To empirically investigate the role of different factors including ownership structure, firm’s legal status, financing constraints, and firm’s demographics in determining working capital financing patterns (ii) To investigate the role of different factors including ownership structure, firm’s legal status, financing constraints, and firm’s demographics in determining fixed asset financing patterns (iii) To investigate the role of working capital financing patterns in determining firm’s financial performance (iv) To investigate the role of fixed asset financing patterns in determining firm’s financial performance. To achieve objectives of the study two stage model is used and secondary data from World Bank enterprise survey website is acquired. First stage of the model is used to achieve the first two objective while second stage model is used to achieve the last two objectives. Moreover, Population of the study comprises SAARC countries SMEs whereas, sample frame consist of Pakistan, India, Bangladesh and Sri Lanka. 6777 SMEs were sampled using Stratified random sampling technique. Results indicate that firm’s demographics including age, size, location and industry significantly determine working capital financing patterns. Ownership structure also affects working capital financing patterns. Among legal status variables sole proprietorship is the most significant determinant while deciding working capital financing patterns. Furthermore, firms with low financing constraint use more debt compared to those having no constraints while firms with high constraints use less external resources to finance working capital compared to those having no financial constraints. Firm’s demographics significantly determine fixed asset financing patterns. Among ownership structure variables only state owned have significant impact on financing patterns of fixed asset whereas, legal status variables seems less important. Firms with low financing constraints use more external finance for fixed asset financing compared to those having no financing constraints. Results of Second stage of the model depicts that financing working capital with banks increase sales growth while decrease with friends and family financing. Similarly, financing fixed asset with formal sources of finance increases sales growth. Keeping in view the results it is recommended that policy makers at country level should take corrective measures to facilitate SME’s owners because imperfections in capital markets bound SMEs to rely on banks and informal financing. Commercial Banks and micro finance institutes should also amend the loan approval process and other requirement to alleviate the hurdles face by SMEs while obtaining finance. Supply side barriers like higher transaction cost and limited branches of banks stop SMEs from obtaining loan. So, alleviating these problems might open new doors of growth and innovation for SMEs. In summary the determinants considered in the study play significant role in deciding working capital and fixed asset financing patterns in the given sample. Similarly the financing patterns determine firm’s performance.
مولانا سید محمد جعفر شاہ پھلواروی ان کی وفات کے ساتھ مولانا سید محمد شاہ پھلواروی ندوی کی رحلت کی بھی خبر ملی، وہ ہندوستان کے مشہور بزرگ، عالم اور واعظ اور ندوۃ العلماء کے بڑے مربی مولانا شاہ سلیمان پھلوارویؒ کے فرزند ارجمند تھے، ندوہ سے سند حاصل کرکے کپورتھلہ کی جامع مسجد کے امام ہوئے تو اسی امامت سے ان کی شہرت کا آغاز ہوا اور جب پاکستان بنا تو ایک جید عالم ہونے کے علاوہ ایک بلند پایہ اور ممتاز مصنف کی حیثیت سے مشہور ہوئے، بہت دنوں تک لاہور کے ادارہ ثقافت اسلامیہ سے وابستہ رہے، بہت سی کتابوں کے مصنف ہوئے جن میں سے کچھ کے نام یہ ہیں: الدین میر، ریاض السنہ، پیغمبر انسانیت، ازدواجی زندگی کے لئے قانونی تجاویز، مسئلہ تعداد ازدواج، تجدید نسل، اجتہادی مسائل، زیردستوں کی آقائی اور ترجمہ الفخری وغیرہ، قدیم و جدید طرز فکر کے امتزاج کے خواہاں تھے، اس کی تروج کرتے رہے کہ شریعت کو غیرمبتدل نہ سمجھا جائے بلکہ اس میں جو توسع اور تیسر رکھا گیا ہے اسے آج بھی باقی رکھ کر اس سے فائدہ اٹھایا جاسکتا ہے، ان کی بعض تحریروں سے دینی حلقوں میں ہلچل پیدا ہوتی رہی، مگر وہ جہاں پہنچ جاتے اپنی شیریں بیانی سے اپنے ہم نشینوں کو اپنا گرویدہ بنالیتے، اچھے مقرر اور واعظ بھی تھے، کلام پاک کی آیتیں خوش الحانی اور اشعار ترنم سے پڑھ کر بڑی کیفیت پیدا کردیتے، دعا ہے کہ اﷲ تعالیٰ ان کی تربت پر اپنی رحمتوں اور برکتوں کی بارش فرماتے رہیں، آمین۔ (صباح الدین عبدالرحمن، پریل ۱۹۸۲ء)
This article is about the poetry of Arabs and its impacts on Pashto poetry. The poetry of Arab is famous in all over the world. In this article the Arabic poetry and its kinds has been explained. Before Islam, the Arab poetry was very prominent. Arabic poetry has many ’ASN└F (aspects) such as Ghazal/Nas┘b (love poetry), ╓am┐sa (War poetry), Fakhar (Pride) Rasa’ (poems on death), Mad╒a (praise), ╓ikmat and philosophy, ║habi‘at (nature) and hija’ (poetry against someone). Arab poetry contain on five literary period and also evaluate the Sab‘a Mu‘alq┐t and his writers: (1) the most prominent Poets of Jahel┘ period were ’Amr’ ul Qais, ╓aris bin ╓ilza, ‘amar bin kals┴m, ‘Ata bin shid┐d, ║urfa, Al Nabigha, Al Aghsha. In this article explained the Pashto poetry and its periods (1) ‘Aamir kar┴r period), (2) Khushal Khan Khattak period which called the Golden period of Pashto poetry, (4) modern period. Arabic poetry has a great impacts on Pashto poetry. Arabic poetry has impacts on Pashto Ghazal, Nazam, Marsiya, Mad╒a, philosophy and nature.
Cloud Computing (CC) is considered the latest emerging computing paradigm and has brought
revolutionary changes in computing technology. With the advancement in this field, the number
of Cloud users and service providers are increasing continuously with more diversified services.
Consequently, the selection of appropriate Cloud services has become a difficult task for a new
Cloud customer. In case of inappropriate selection of a Cloud services, a Cloud customer may
face the vendor locked-in issue, data portability, and interoperability issues. To avoid these
complexities, a Cloud customer needs to select a required Cloud service at the initial stage of the
migration to the Cloud. Many researchers have proposed their approaches to overcome these
issues; however, problems still exist in inter-communication standards among Clouds and vendor
locked-in issues. This thesis contributed an IEEE-FIPA (Foundation for Intelligent Physical
Agent) compliance multi-agent reference architecture for efficient discovery and selection of
Cloud services using Cloud ontology. The proposed approach will mitigate the prevailing vendor
locked-in issue and also alleviate the portability and interoperability problems in Cloud
computing. In order to assess the proposed reference architecture and compare with the
state-of-the-art approaches, three different use cases are presented. In addition, a number of
experiments have been performed and results are obtained in terms of Precision, Recall and
F-measure. The obtained results reveal that our proposed approach performs better in Cloud
discovery and selection service with respect to search efficiency, execution, and response time.