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.
سیالکوٹ ایک تاریخی اور ادبی خطہ رہا ہے۔ اس کی تاریخ پانچ ہزار سال پر محیط ہے ۔یہ خطہ جغرافیائی لحاظ سے اس مقام پر واقع ہے جہاں کئی آبی گذرگاہیں ہیں۔ کشمیر اور پنجاب کے دیگر تجارتی شہروں سے اس کا قریبی رابطہ ہے۔ سیالکوٹ تاریخی، ثقافتی، سماجی، تہذیبی، علمی اور ادبی لحاظ سے لاہور اور دوسرے ادبی، ثقافتی، تہذیبی، تاریخی اور علمی شہروں سے کسی طور پر بھی کم نہیں ۔ اس شہر کی ثقافت توانائی اور رنگا رنگی لیے ہوئے ہے۔ یہاں کے میلے ٹھیلے، روایتی تہوار اور دیگر ثقافتی سرگرمیاں اس خطے کو ہمیشہ ممتاز کرتی رہی ہیں۔ سیالکوٹ کو اقبال و فیض کے مولد ہونے کا لا زوال فخر حاصل ہے۔ یہ ایک صنعتی شہر ہے۔ اس کی آبادی تقریباً تیس لاکھ سے زیادہ نفوس پر مشتمل ہے سر زمین سیالکوٹ صدیوں کی انسانی تہذیب و تمدن اور ادب و ثقافت کا عظیم الشان گہوارہ ہے ۔ اس دھرتی کے تاریخی آثار مدت سے مورخین و ماہرین آثار قدیمہ کی دلچسپی کا سامان بھی رہے ہیں ۔ یہاں کی تہذیب ٹیکسلا اور موہنجو ڈارو کی تہذیبوں کے ہم پلہ ہے۔ سیالکوٹ کی مٹی بڑی زرخیز اور مردم خیز ہے ۔سرزمین سیالکوٹ نے علم و ادب اور فنون لطیفہ کے میدانوں میں گراں قدر خدمات سرانجام دی ہیں۔ اس خطے کے باشندوں نے پاکستان کی صنعتی و اقتصادی ترقی کے ساتھ ساتھ علم و فن کی خدمت بھی جاری رکھی ۔ ماضی میں ملا کمال کشمیری ، ملا عبدالحکیم سیالکوٹی، امین حزیں سیالکوٹی ، اثر صہبائی، مرزا ریاض اور غلام الثقلین نقوی نے علمی وادبی حوالے سے سیالکوٹ کا نام روشن کیا۔ مولوی میر حسن ، مولوی ابراہیم میر، ڈاکٹر جمشید راٹھور اور یوسف سلیم چشتی نے علم کی پیاس بجھائی۔...
Penelitian ini membahas peran dan tantangan perempuan dalam konteks politik berdasarkan perspektif hukum Islam. Abstrak ini menyajikan analisis mendalam mengenai bagaimana ajaran Islam mengakui partisipasi politik perempuan serta kendala-kendala yang mereka hadapi dalam masyarakat yang kadang-kadang konservatif dan patriarkal. Melalui tinjauan terhadap ayat-ayat Al-Quran, hadis, dan interpretasi ulama, penelitian ini membuktikan bahwa Islam memberikan dasar kuat bagi partisipasi politik perempuan. Namun, kendala dalam bentuk tradisi kultural, interpretasi yang konservatif, dan norma sosial patriarkal menghambat partisipasi mereka.Penelitian ini juga menyajikan strategi untuk mengatasi tantangan ini, termasuk pendekatan pendidikan yang inklusif, pelibatan komunitas, dan pemberdayaan ekonomi perempuan. Dengan mengeksplorasi perspektif hukum Islam, penelitian ini memberikan kontribusi pada pemahaman yang lebih mendalam tentang bagaimana ajaran agama dapat membuka jalan bagi partisipasi politik perempuan. Kesimpulannya, melalui peningkatan kesadaran masyarakat, edukasi, dan perubahan sosial, perempuan dapat memainkan peran yang lebih signifikan dalam politik dengan mendukung prinsip-prinsip kesetaraan dan keadilan dalam kerangka hukum Islam. Penelitian ini merangsang pertimbangan lebih lanjut mengenai bagaimana masyarakat dan lembaga-lembaga dapat memfasilitasi partisipasi politik perempuan dalam mendukung demokrasi dan kesetaraan gender.
Rod kohi irrigation farming system is a peculiar system of farming being practiced in Piedmont plains of D.I.Khan division (NWFP) Pakistan covering almost 60% of cultivated area. The major constraint is the use of Rod kohi water which is unpredictable and highly variable in quantity and distribution both in time and space. Rod kohi soils are particularly confronted with problems of soil productivity, soil surface sealing, amount of irrigation water application and nutritional requirement of crops. In this regard, a series of experiments were conducted to understand the problems related to Rod kohi soils of D.I.Khan division and develop strategies for addressing them. The first three chapters deal with general introduction of Rod kohi area, review of literature and methodologies used in different studies. Chapter IV relates to the characterization of soils of Rod kohi area. Eighty seven soil samples from different mozas (villages) were collected to make inferences regarding the nature of the soils, salinity/ sodicity problems and productivity status. It was found that 50.57% of soils were medium textured while 45.98% samples were fine textured and only 3.45% soils were moderately coarse textured. All soils were alkaline in nature with pH ranging from 7.7 to 8.6. The ECe varied from 0.75 to 8.00 dS m-1 with a mean value of 3.156 dS m-1 and SAR was in the range of 3.00 to 12.78. Almost 74.71% soils were normal, 13.79% of soils saline while 5.75% soils were sodic and another 5.75% of samples were saline sodic. Similarly 74.71% of samples were strongly calcareous while 25.29% samples were moderately calcareous. Almost 83.53% samples were deficient in organic matter while 16.47% samples contained marginal amount of organic matter. All samples were deficient in mineral N, while 89.41% samples were deficient in P, however, 70.59% samples contained adequate amount of K. Agriculture in Rod kohi areas totally depends on hill torrent flow that is un-predictable in terms of timing, magnitude and frequency thus making scheduled irrigations impossible. Farmers in Rod kohi area usually over irrigate their fields which results wastage of water. Experiment regarding determining the optimum amount of water required for maximum production in Rod kohi areas has been discussed in Chapter V. Different quantities of Rod kohi water viz 15-25 cm, 25-35 cm, 35-45 cm, and 45-55 cm depth were applied to fields of variable textures i.e. silty clay loam, silt loam and loam, to see their effect on the yield of wheat, application efficiency (Ea), water use efficiency (WUE), moisture and bulk density (BD) of soils. It was revealed that grain yield of wheat increased with the increment of irrigation water in all types of soil and maximum grain yield was obtained after the application of 35-45 cm irrigation depth; beyond this the yield declined suggesting that 35-45 cm depth of irrigation is the optimum water requirement for wheat in Rod kohi areas of D.I.Khan. Amongst textural classes, the highest grain yield was achieved from loamy soil followed by silty loam and silty clay loam soil. The application efficiency of irrigation water differed significantly among different textured soils as well as depth of water applied and their interaction. It decreased as the depth of irrigation water increased. The maximum Ea was recorded with the application of 15-25 cm irrigation. Hence, it is suggested that water should be applied in such amount that is efficiently utilized and the crop yield is also not affected. The silty clay loam soil had the highest Ea (63.75%) while loamy soil has the lowest (42.24%) and silt loam was at intermediate position (50.43%). In water-deficient environments, crop productivity is determined by the amount of water available and water use efficiency (WUE) of crop. The WUE was determined on grain yield basis per mm water application. The results revealed that WUE was significantly influenced by the volume of water applied as well as soil texture and their interactions. It ranges from 5.917-13.627 kg ha-1 mm-1 being the minimum for 45-55 cm depth of irrigation and the maximum for 15-25 cm depth suggested that the water use efficiency (WUE) was inversely related to irrigation water volumes. It decreased linearly as irrigated water volumes increased. The loamy soils had higher (10.238 kg ha-1 mm-1) while silty clay loam soils had lower (8.914 kg ha-1 mm-1) WUE and intermediate values (9.244 kg ha-1 mm-1) of WUE were recorded for silt loam soils. The soil moisture content determines the success or failure of crop production in Rod kohi agriculture where yield of crop is significantly affected by the availability of moisture in the root zone during growing season. The soil moisture content was determined at three stages viz before flood, at the time of sowing and after harvest of crop at different sites having variable textured soils and amount of water applied. The silty clay loam soil retained highest moisture content followed by silt loam and loam. The highest soil moisture content was found at the time of sowing at all textured soils this caused the decreased at the time of harvest of the crop, while the lowest moisture content was recorded in samples collected before flood. The moisture content in the soils increased with the increase in irrigation depths. The bulk density (BD) of different textured soils which were applied different volumes of water was also determined at three stages i.e. before flood, at the time of sowing and after harvest of crop. It varied in different textured soils but the differences were not significant. The loamy soils had the highest BD, while silty clay loam soils gives the lowest but with no statistical difference. Soil surface sealing is a major problem in Rod kohi soils when rainfall occurs after sowing of seed and before germination. In this work, different textured soils viz silty clay loam, silt loam and loam were subjected to variable simulated rainfall intensities (5.0 mm, 10.0 mm and 15.0 mm) after sowing of the wheat seed. Different soil crust management practices i.e. hand hoeing, crop residue cover and application of FYM were applied to reduce crust development and increase seedling emergence and yield of wheat. The results of our observations are presented in chapter VI. It was inferred that the soils of Rod Kohi area are prone to crust development irrespective of texture and rainfall intensities which retarded seedlings emergence and consequently reduced grain yield of wheat. Soil crusting reduced 35.86 to 52.94% seedlings germination. The silty clay loam soil was more susceptible to crusting as compared to silty loam and loamy soil. Amongst rainfall intensities, the 5.0 mm rainfall intensity significantly reduced seedlings emergence at all textured soils, reflecting greater soil crust strength as compared to 10.0 mm and 15.0 mm rainfall. Different soil crust management practices improved seedlings emergence significantly at all types of soils. The significantly highest germination count was recorded in manual hoeing followed by crop residue (CR) and FYM. Similarly, the grain yield of wheat was significantly affected by different rainfall intensities and soil crust management practices in all soils. The significantly lowest grain yields were noted with 5.0 mm rainfall intensity at all the three locations, whereas the highest yield was found in 15.0 mm rainfall intensity. The significantly highest grain yield was achieved in loamy soil followed by silty loam soil while the lowest in silty clay loam soil. The results indicated that manual hoeing proved most effective in enhancing seedlings emergence and increasing the grain yield followed by CR and FYM. The combined data of three locations showed that increase in grain yield from FYM, CR and manual hoeing over control was 48.84%, 60.46% and 73.33% respectively. Studies pertaining to nutritional requirement of wheat under Rod Kohi conditions are reported in chapter VII. Field trials were conducted on silty clay loam and loamy soils for two consecutive years during 2006-07 and 2007-08. Fertilizers rates included NPK @ (i) 0-0-0, (ii) 20-0-0, (iii) 40-20-0, (iv) 40-20-10, (v) 60-30-20, (vi) 80-40-30 and (vii) 100-50-40 kg ha-1. Amongst different yield contributing parameters, plant height, number of productive tillers m-2, ear length and grain yield were significantly affected by application of different rates of NPK at both locations. All parameters increased with the increment of fertilizers rates. The maximum plant height (78.88 cm), number of productive tiller m-2 (378.40) and longest spikes (9.265 cm) were recorded in plots receiving NPK @ 100-50-40 kg ha-1 followed by NPK@ 80- 40-30 kg ha-1. Similarly the highest grain yield was achieved by the application of NPK @ 100-50-40 kg ha-1 closely followed by NPK@ 80-40-30 kg ha-1 and both were significantly similar. Computing the economic of fertilizers application revealed that the most economical dose of fertilizers for achieving maximum grain yield of wheat under Rod Kohi conditions of D.I.Khan is NPK @ 80-40-30 kg ha-1 it may be attributed to the better growing conditions and residual effects of NPK. In silty clay loam soil 8.33 to 27.91% increase in grain yield was noted due to fertilizers application while in loamy soil, the increase was 8.43 to 38.62%. All parameters had higher values at loamy soil against silty clay loam soil." xml:lang="en_US