The primary objective of this study is to evaluate the role of earning measuring management and quality measures in explaining the earning informativeness that affects market value of the firm through involving volatility factors in coefficient of earnings. Moreover, this study assimilates the effect of earning management on capital structure performance and discourses the behavior of capital structure and performance relationship in the presence of earning management. Furthermore, this study also extends the three factor model, with the purpose of capturing irrational behavior of stock returns by incorporating earning management effect (information risk factor) and gearing effect (growth or liquidity factor). For analysis, the data of five countries are employed in the sample that are Pakistan, India, China, Bangladesh, and Sri Lanka. The data of cumulative 802 companies are taken in sample for estimating market valuation through accruals and quality measures and for studying the impact of earning management on capital structure. However, for capturing irrational behavior massive sample of monthly data of cumulatively 1428 companies are employed. The sample period is from 2001 to 2013 in case Pakistan, India, and China, but in case of Sri Lanka and Bangladesh, the sample period is from 2008 to 2012. Based on Panel data models, the results reveal that opportunistic earning management is prevalent in all countries except Bangladesh. The opportunistic earning management has inverse effect on earning informativeness. Whereas, efficient earning management has positive effect on earning informativeness. China also depicts opportunistic behavior, which is motivated by the ROE sustainability rules of Chinese securities Regulatory Committee (CSRC). Moreover, in case of China, Pakistan, Bangladesh and Sri Lanka, high leverage brings earning management in order to reduce debt covenant violation whereas vice versa is true for India, the opportunistic earning management conveys the adverse effect on capital structure performance of the firm, as it subsidized the impact of capital structure on firm performance and also increases the earning risk. Indian firms are more exposed to earning management that adversely affect the capital structure performance and leverage decisions. The size is negatively associated with performance, which is due to the fact that firms forcefully increase size either for strategic reason, institutional reason or principle agent conflict that induces size increase and also brings asset inefficiency due to underutilization of assets. The study showed that growth or liquidity factor and information risk factor are the priced risk factors and capture the variation in stock returns. It is also identified that Chinese firms are illiquid that leads to negative WML factor, which conveys that looser stock have higher returns. This study has implication towards accounting standards, debt covenants, managers and investors, which can restrict the adverse earning management practices. Furthermore, investors can capture the information risk and can engage in more informed trading in the stock markets.
Impact of Christian Monasticism and Islamic Mysticism on Various Aspects of Human Life: An Analysis from Islamic Perspective The science of Islamic belief "علم العقيدة" has been considered as most significant disciplines among different branches of knowledge as it played an essential, rather cardinal role in human life. This scholarly work intends to look into development of Monasticism in Christianity and Mysticism in Islam in different phases and its impact upon human life. Qualitative and descriptive research methodology has been applied for analysis of data. The research has particularly addressed four noteworthy aspects of the theme: firstly, Historical development of Monasticism in Christianity, secondly; Development of monastic tendencies in Islamic mysticism thirdly; Reflections of Monasticism upon various aspects of human life, and finally; Analysis of Monasticism in the light of Quran and Sunnah. The review of literature disclosed that monasticism is one of the main contributions of Christianity which later on influenced Islamic mysticism. Through centuries of contact it has left an immense influence upon Muslim societies which has changed the real picture of Islam. In the beginning, it was considered the source of self-purification but unfortunately lately it has developed into more mundane phenomenon. Recently it has been utilized as a source of income for spiritual masters and has produced complex mixture of superstitions for the community. Despite of that it has been argued that the real form of Mysticism could not be overlooked thus the Islamic mysticism has been divided into three categories by Muslim scholars: legislated (شرعي), heresy (بدعي), and infidelity (كفري). In this short paper the main focus will be on the impact of Christian monasticism on Islamic Sufism in general and that of Islamic Sufism on social life in particular.
Trogoderma granarium, Sitophilus zeamais and Rhyzopertha dominica are very notorious stored cereals insect pests. This research was accomplished to determine efficacy of some bio-pesticides including entomopathogenic fungi (EPF), bacterial based insecticides and plant extract based commercial formulations, alone and in combinations, against T. granarium, S. zeamais and R. dominica at optimum growth conditions. Also, feeding preferences of test insects for maize was checked and their impact on grains quality parameters was determined by performing biochemical analysis. Regarding mortality assays of bio-pesticides insect diet (maize kernels) was treated with three concentrations of each bio-pesticide i.e for EPF (0.5 x 108, 1 x 108 and 1.5 x 108 conidia/kg grain) for bacterial based insecticides (0.5, 1.0 and 1.5ppm) and for plant extracts (50, 100 and 150ppm). Insects data regarding their percent mortality was noted subsequently by exposure time of 7, 14 and 21 days. Best result producing treatments of each EPF were identified and their combine effect with best treatment of remaining tested bio pesticides was evaluated for percentage mortality. For feeding preferences weighed amount of diet was put into treatment jars and 40 test insects were released into these jars and data regarding weight gain of insect and weight loss of grains was measured. Nutritional indices of R. dominica, S. zeamais and T. granarium was done by calculating the CI (Consumption Index), RGR (Relative Growth Rate), AD (Approximate Digestibility) and ECI (Efficiency of Conversion of Ingested Food into Biomass). Biochemical analysis was done by help of AOAC and ICC procedures for finding of crude amounts of fat, protein, fiber, carbohydrates and ash contents within the grains. Completely Randomized Design (CRD) was used with three repeats of each treatment. Collected data was analyzed with a latest statistical software, R-studio. Among all tested bio pesticides Spinetoram performed best against R. dominica, S. zeamais and T. granarium as complete control against adults of R. dominica and S. zeamais was achieved after 21 days at all dose rates while resulted 64% mean larval mortality against T. granarium with highest dose rate. Performance of Spinosad remained second best after Spinetoram, which has also resulted 100 percent mean adult mortality against adults of R. dominica (at all dose rates) and S. zeamais (at maximum dose rate) while mean mortality was 56.67% against larvae of T. granarium at highest dose rate after 21 days. R. dominica remained most susceptible against EPF (Metarhizium anisopliae and Isaria fumsorosea) followed by S. zeamais and T. granarium while M. anisopliae remained better that I. fumosorosea in causing insects mortality. The toxic effect of Azadirachta indica caused 80, 74.17 and 39.17 percent mean mortality against R. dominica, S. zeamais and T. granarium respectively by using maximum dose rate of 150ppm after 21days. Single use of Pongamia pinnata against R. dominica, S. zeamais and T. granarium resulted in 84.17, 79.5 and 44.5 % mean mortality respectively after 21 days of exposure using higher dose rates (150ppm). Combination of EPFs with Spinetoram, Spinosad, A. indica and P. pinnata against test insects showed significant differences as compared to their alone results. Results showed more mortality of targeted insect in case of their combinations as their alone. The results of qualitative losses proved that maximum reduction of protein, ash and carbohydrate contents in maize grains were noticed by feeding of S. zeamais followed by R. dominica while minimum reduction was observed in case of T. granarium. Maximum fiber loss was observed in maize grains after feeding of T. granarium followed by in case of R. dominica while minimum carbohydrates reduction was observed due to the feeding of S. zeamais on maize grains. Maximum fat loss was observed in maize grains after feeding of R. dominica followed by in case of T. granarium while minimum carbohydrates reduction was observed due to the feeding of S. zeamais on maize grains. From presented study it is concluded that all the tested bio-insecticides are effective to control R. dominica, S. zeamais and T. granarium up to various extents therefore, these bio-insecticides can efficiently be used in integrated pest management strategies against stored grain pests.