The Aligarh Miracle

Social movements are considered to be a modern phenomenon but they have existed in the past as well. Aligarh movement initiated by Sir Sayyid Ahmed khan is a typical social movement from 19th century, aimed at modernization and uplift of the Muslim community of India. It emerged in a period when the Indian Muslims were facing a sharp decline in their socio-economic and political status. This decline had created a psychology of retreat among them wherein they suspected any attempt to reform their lot. For instance, the introduction of modern education by the British rulers was adopted by the Hindu majority for obvious economic benefits. Conversely, the Muslims remained wary of modern education, particularly the English language as a conspiracy to destroy their age-old culture and religion. In this backdrop Sir Sayyid Ahmed Khan’s tireless drive to inculcate modern education proved to be a miracle that transformed the Muslim middle classes for the next century. Although Aligarh movement has attracted tremendous scholarship, there has been virtually little attempt to theorize it as a social movement. In this context the present paper aims to study Aligarh Movement on the parameters of contemporary theories highlighting the causal dimensions of social movements. It will particularly explore the relevance of the elements of deprivation, resource mobilization, political processes, structural strain and those highlighted by the new social movement theory as causal factors in the emergence and evolution of Aligarh Movement.

The Relationship Between Corporate Governance and Firm Value: Role of Discretionary Earnings Management

The Relationship Between Corporate Governance and Firm Value: Role of Discretionary Earnings Management Corporate governance practices help in enhancing firm value by effectively monitoring the managerial decisions as well as reducing the level of information asymmetry and agency problem between empowered managers and dispersed minority shareholders. The present study investigates the relationship between corporate governance and firm value for the developing economy of Pakistan. The study has also taken into consideration the moderating role of discretionary earnings management in corporate governance-firm value relationship, which is considered to be a relatively ignored research issue in corporate finance literature. In addition to focusing on individual mechanisms of corporate governance (i.e. audit, board, compensation, ownership), the present study has also constructed a composite corporate governance index to investigate the role of effective corporate governance in mitigating earnings management and enhancing firm value. The data of 208 firms listed at Karachi Stock Exchange for a time period of 2004- 2011 has been used for analysis and accounting, market and economic measures of performance have been used as firm value. The study finds that corporate governance plays a vital role in enhancing firm value in long as well as short run. Constitution of internal audit committees as an effective internal audit system is essential for the enriched progress of a firm. The monetary incentives and compensation paid to the top executives motivates them to work in the best interests of the company which increases not only short term accounting value of firm but also long term market and economic value. The findings reveal that discretionary earnings management practices by corporate managers damage the firm value in long term and it could be mitigated by effective corporate governance mechanisms. Moreover, this value damaging role of discretionary earnings management negatively moderates between effective corporate governance and firm value. Firms with earnings manipulation weakens the impact of effectiveness of governance system and leads to lower firm value. Finally, the study suggests some practical implications based upon the findings for investors, policy makers and manager.