Present study investigates the impact of two monitoring mechanisms; family ownership, and financial reporting quality with other explanatory variables on investment efficiency for the period of 2007 to 2014 for non-financial listed companies at the Karachi Stock Exchange. This study employs two dimensional Pooled Ordinary Least Square Regression, Two Stage Least Square Regression (2SLS), and Generalized Method of Moment (GMM), Feasible Generalized Least Square Regression (FGLS) method to test and examine the significance of hypothesis. The results indicate that higher financial reporting quality and family ownership is associated with higher investment efficiency. Furthermore, the moderation effect of family ownership on the relationship of financial reporting quality and investment efficiency indicate that impact of financial reporting quality on investment efficiency is higher for family owned business as compare to the impact of financial reporting quality on investment efficiency for non-family owned business. The results also show that higher financial reporting quality mitigates the problem of over and under investment as information gap reduces. The results reveal that family ownership increases investment efficiency and may also mitigate the over and under investment problem. The family firms and higher financial reporting quality reduce the tendency of over-investment and under-investment. Therefore, alignment effect outreaches the entrenchment effect as family shareholder and management shares the same vision and have same long-run investment horizon. The desire to shift business to their next generation is possible if family firms invest in efficient projects, therefore, family firms have more efficient investments as compared to non-family firms. Therefore, in emerging market like Pakistan alignment effect, reduced information asymmetry, efficient monitoring, and long term horizon, and the preservation of socioemotional wealth reduce the propensity of under investment in family firms as compared to ii i non-family firms. The results indicate that family firm in Pakistan use accrual based earning management in order to meet their earning targets. In addition, they have lesser propensity to engage in real based earning management as real based earning management is hard to detect for the regulating bodies. In longer run, real based earning management can damage the business, therefore, family firm has lesser engagement in real based earning management in order to maintain their socio-emotional wealth perspective. The family firms report lower abnormal discretionary expanses, abnormal cash flow from operations and lower abnormal production as compare to non-family firms.. The main findings of this study are almost the same by using different estimation techniques and proxies to measure investment efficiency, family ownership and financial reporting quality. The implication that emerges from these results is that financial reporting quality and family ownership act as a corporate governance mechanism tool that enhances the investment efficiency of family firms as compared to nonfamily firms and also mitigate the over and under-investment problem in any family owned business. Thus, the results support the argument presented by the alignment hypothesis of Agency Theory and dynasty succession dimension of Socio-emotional Wealth Theory. Therefore, understanding the quality of these financial reports in family owned business allows investors, regulatory authorities and policy makers to make informed decision. Keywords: Family Ownership, Investment efficiency, Financial Reporting Quality
سی حرفی ۔۴ (دوہرے بیت وچ، رسال پور۱۹۹۵) الف آس نہیں ٹُٹدی، تے جند نہیں چھٹدی، وچ دلیلاں پئیاں تے مر گئیاں تیز نگاہواں، خونی مژگاں، بہہ جگر وچ گئیاں، روندی پئیاں ہجر فراق برہوں دی سولی، سرتاں مول نہ رہیاں، ہوشاں گئیاں آکھ حنیف نہ چین دلے نوں، عشقے نے لٹ لیاں عقلاں گئیاں
ب بس کر ماہی تے پا نہ پھاہی، اساں ونجناں کیچ ضرور اے، دل مجبور اے وطناں توں اساں چا چت چائے، انج پایا عشق فتور اے، ماہی مغرور اے ملساں جھوک سجن دی جا کے، بھانویں پینڈا دور اے، وانگ تندور اے مر مر یار حنیف نوں پایا، کیتا پیش حضور اے، چکنا چور اے ت ترس نہ آیا مینڈا حال ونجایا، دل ہویا وانگ کباب اے، باہجھ حساب اے کر کر آہیں بلدیاں بھاہیں، ہوئی روح ڈاہڈی بے تاب اے، حال خراب اے صورت دلبر دی لاثانی، چہرہ نقش کتاب اے، لا جواب اے حسن حنیف ہے فانی ہر شے،وہم خیال تے خواب اے، مثل حباب اے
ث ثابت قدم تے صدق چنگیرا، پاسیں دس منزل دی، نیت پھل دی ہمت مرداں دی کم کر دی، فتح سنیہے گھل دی، آس مچلدی کر کر یاد سجن نوں ہر دم، رکھاں تاہنگ وصل دی، کاتی چل دی مار حنیف مکایا نیناں، دھاری تیز کاجل دی، جان نہ جھلدی ج جدوں دا ماہی گیا، میکوں گیاں بھل تکراراں، منیاں ہاراں وچھڑی کونج وانگوں کرلاواں، تے روندی زار و زاراں، چیکاں ماراں رُت خزاں دی، غم دا موسم، گزریاں موج بہاراں، لالہ زاراں بھُج مکئی حنیف ہسیندی، اکھیں برسن باراں، پین پھوہاراں
ح حوالے رب دے کر کے، ٹھیل دتے نے بیڑے، چپو گیڑے آس اللہ دی مہر محمدؐ، آئے منزل نیڑے، مکے جھیڑے جھوک سجن دی نیڑے آئی، کدھی لگے بیڑے، رب نبیڑے
Imam al-Ghazali has criticized not the logical principles but their misuse and incompetence of philosophers. In addition, Imam al-Ghazali's objective position on philosophy and science in the objectives of the philosopher is highlighted that he had no problem with mathematics and in his view the difference in logic is actually the terminology. Imam al-Ghazali's personality has been debated in various contexts in the context of religion, philosophy and science, and even today new aspects of it keep coming to the fore. The reason for this is on the one hand Imam Sahib's intricate personality and on the other hand Imam Sahib's versatility. Modern studies have made Imam al-Ghazali an enemy of philosophy and science. Along with Orientalist wisdom, modern Islamic scholars also studied Imam al-Ghazali on the methodology of Enlightenment, due to which they too came to the same conclusion that Imam al-Ghazali is the biggest obstacle in the way of philosophy and science in Islamic civilization. Following in his footsteps, our traditionalist scholars now present Imam al-Ghazali as the victorious philosopher. No, but absorbed it. In this article, we have tried to make it clear that integration is a prominent element of Ghazali's philosophy of thought. Rejection of philosophy has become the identity of Imam Ghazali while passion for philosophy is a sign of his greatness of thought. Imam Ghazali's critique of Tahafat-ul-Falasfa defines the nature and scope of this critique. The main target of Imam Sahib's criticism was the theological conclusions of Muslim philosophers which contradicted the basic tenets of Islam. In addition, Imam al-Ghazali's objective position on philosophy and science in Maqasid al-Falasfa highlights that he had no problem with mathematics and in his view the difference in logic is in fact terminology. There is truth and falsehood in physics. We have to think about it. Yes, there is a lot of falsehood in theology. Imam al-Ghazali is the guarantor of the life of philosophy in theology. This article examines in detail the nature of the relationship between Imam al-Ghazali and philosophy, and how philosophy has influenced Imam Sahib's overall thought. The influence of philosophy on his theology, ethics, theology and principles of jurisprudence has been highlighted. At the same time, the effects of Imam Ghazali on philosophers and philosophers on Imam Ghazali are also presented with examples.
Code-Switching and Code-Mixing in Pakistani English Novels This study examines the issue of code-switching and code-mixing in written medium that is Pakistani English novels on the grounds that characters, speech communities, and context presented by Pakistani competent novelists are the representation of real life people, speech communities, and contexts. This shows that the use of code-switching and code-mixing by the characters in their dialogues/conversations is authentic. By using content analysis as a method and applying the theories (frames) of types, reasons and context of situation given by Hoffmann (1991), Saville-Troike (2003) and Wallwork (1978), this study investigates the types, reasons and context of code-switching and code-mixing found in the dialogues/conversations of characters. For this purpose, three famous Pakistani English novels are selected which are Moth Smoke (2000), The Crow Eaters (2005) and Salt and Saffron (2000). The theoretical framework for analysis consists of six types of code-switching and code-mixing, eleven reasons of code-switching and code-mixing and five ingredients of context of situations. The results show that the sociolinguistic theories of code-switching and code-mixing presented by Hoffmann (1991) and Saville-Troike (2003) and context of situation ingredients given by Wallwork (1978) are applicable to data in hand. The findings also reveal the fact that most of the characters in Pakistani English novels use intra-sentential code-mixing in their conversations. In this instance, the main reason for them to do code-switching or code- mixing is to express group identity which happens to be a common practice in informal context. The analysis of the data exemplifies some new categories apart from the set theoretical framework which opens new dimensions for future research.