Youth Empowerment for the Development and Defense of Madina State

Youth Empowerment has always been an icon of progressive process where young people are encouraged to peep into their future. It is not limited to develop individuals rather to formulate a great community change which rely on the development of individual capacity. Having dazzling achievements on its dimensions, the evolution of Islam flourished due to the youth’s inspiring role for the cognitive development in every sphere of life. The Holy Prophet (ﷺ) explored his young companions’ access to their resources, then transformed their consciousness, intellect and ensured their empowerment to promote traditional, moral and theological values. Its aim has always been to improve one’s quality of life in social, economic, socio-political and even war fares as well. Enhance to companions young his empowered (صلى الله عليه وسلم) Prophet Holy The their belief in self-efficacy in various territories. They battled against their contemporary challenges to meet positive sense of self-control, decision making skills, moral system of beliefs and pro-social connectedness. All these have numerous instances for their substantiations. The present research paper will substantiate the young companions’ pivotal efforts in the early age of Madīnah city to promote Islamic norms, their key role in battles, compilation of Qur’ān and Ḥadīth and various other significant defensive roles performed by the youth of that era after given powers by that highlight also will paper research present The. (صلى الله عليه وسلم) Prophet Holy the how the youth of today can empower itself to utilize their perceptive. (صلى الله عليه وسلم) Prophet Holy of companions young by archives set the from app

Examining Tunneling Behavior in Business Groups: An Empirical Evidence from Listed Firms in Pakistan Stock Exchange

In emerging economies, tunneling is a commonly examined feature of business groups because their pyramidal organizational structures allow an apex firm’s dominant shareholders to control affiliates. This study used both direct and indirect methods of examining tunneling behavior and its causes and consequences in firms listed in the Pakistan Stock Exchange belonging to different business groups. For this purpose, the data of167 nonfinancial firms that recorded RPTs in their annual reports from 2006 to 2013 used for analysis. The empirical results of different regression models suggested that board size, board independence, CEO compensation, institutional, and foreign ownership have a significant negative effect on the related party transactions, whereas ownership of the associated firms, CEO duality, and managerial ownership have a positive effect on the RPTs. Moreover, bank loans, multiple bank relationships, and audit quality have a significant and negative effect on the RPTs. The performance models show that RPTs have a negative effect on accounting based measures such as return on assets, return on equity, earning per share and market-based performance such as Tobin’s Q. Further, this study applied the indirect empirical technique developed by Bertrand, Mehta, and Mullainathan (2002) for measuring tunneling in business groups. For this purpose, a sample of 396 firms for a period of 2006 to 2015 considered for the estimation of regression models. The results suggested that group firms are more sensitive to industry shocks as compared to standalone-firms. Furthermore, group-firms with a higher level of managerial ownership and associated ownership are less sensitive to industry shocks. The overall results are consistent with the conflict of interest hypothesis and the tunneling behavior of the controlling shareholders in Pakistani business groups.