سماجی زندگی کی اصلاح اسلامی تعلیمات کی روشنی میں

Allah Almighty sent prophets for guidance of human beings and revealed the books on them, who strove for transformation of the society. Islam  declared  that  master  and  salve, king  and  subjects, men  and women, all are  equal  and slaves  of   God. They are equal before the Law. The Holy Prophet (PBUH) said ‘‘All human beings have equal rights’’. The Holy Prophet maintained religious equality. He  did not  talk  ill  of  other  religious  faiths, rather  he  protected  the  rights  and  prosperity  of  non-Muslims  who  lived  in  Islamic  society. The Holy Prophet (PBUH) preached goodness among humans like truth and compassion. He also restricted them from vice like lie, betray, greed, pride, bribery and domestic evils.  For being the last Ummah, the Holy Quran entrusted the Muslims with the mission of calling others to goodness and stopping them from the evil. This Paper attempts the role of Islamic teachings the transformation of the society.

The Relationship Between Capital Structure, Free Cash Flow and Performance of Oil and Gas Companies Listed on Psx

The main objective of this study is to find the relationship between capital structure, free cash flow, and performance of oil and gas companies listed on PSX over the last eleven years (2005-2015). The study is quantitative in nature, follow positivistic paradigm and deductive approach. The study employ capital structure measure, total debt to total assets ratio, and free cash flow as the independent variables of the study, while firm?s performance measures, return on assets and Tobin?s Q are included as the dependent variables of the study. The study also employs firm size, assets growth, interest rate, inflation rate and world oil prices as the control variables. The population of the study consists of all oil and gas firms listed on PSX and financial period under consideration is from 2005 to 2015. The whole oil and gas sector consisting of twelve companies is under study but due to unavailability of financial data of two companies for full period under consideration, the final sample consist of ten oil and gas companies listed on PSX. Out of ten PSX listed oil and gas companies, four companies are involved in oil and gas exploration and production and the other six are involved in oil and gas marketing and distribution. Thus, to get better insight into the performance of both category of firms, overall PSX listed oil and gas firms were broadly categorized in two categories i.e. exploration and production companies and marketing and distribution companies. The required financial data is extracted from the annual reports of the sample companies and different statistical analysis is performed with the help of Stata version 13.0, to fulfill the objectives of the study. After assumption testing through Hausman Test, and BPLM Test, an OLS regression model is selected as the final model and interpretations are made accordingly. The study find a negative relationship between total debt to total assets ratio and firm?s performance measured through return on assets and Tobin?s Q for oil and gas exploration and production companies as well as for oil and gas marketing and distribution companies, suggesting that higher level of debt will decrease firm?s performance. The results also showed a significant positive relationship between free cash flow and both firm?s performance measures under study for oil and gas exploration and production companies as well as for oil and gas marketing and distribution companies, indicating a lack of evidence supporting the free cash flow hypothesis. The results also showed a significant positive relationship between assets growth and both firm?s performance measures under study for both categories of oil and gas companies, whereas, a significant negative relationship is observed between firm size, interest rate, inflation rate, world oil prices for both categories of oil and gas companies under study and both firm?s performance measures.