پروفیسر قمر رئیس مرحوم
پروفیسر قمر رئیس بھی اپریل کی آخری تاریخوں میں اس دنیا سے رخصت ہوگئے، ایک مہینہ پہلے ’’ایوان اردو‘‘ کے خصوصی اداریہ میں جب انہوں نے چند جانے والوں، خاص طور پر فضا ابن فیضی کا ماتم کرتے ہوئے تمنا ظاہر کی تھی کہ اگر موت ایک ماندگی کا وقفہ ہے تو کاش یہ دینوی اور علامتی طور پر سچ ہوتی لیکن اردو کے درد و بام پر سوگ کا عالم طاری دیکھ کر بڑی حسرت سے کہا کہ یقین نہیں آتا کہ جانے والوں کی رحلت محض ایک ماندگی کا وقفہ ہے، افسوس یہ ماتم کرنے ولا چند دنوں بعد اسی کاروان رفتگان کا حصہ بن کر اردو دنیا کو ایک دیدہ ور صاحب دانش سے محرومی کا کرب دے گیا۔
ان کا وطن شاہ جہاں پور اور نام مصاحب علی خاں ہے لیکن قمر رئیس کی شہرت کی چمک میں اصل نام و وطن چھپ کر رہ گئے، علی گڑھ میں تعلیمی مراحل سے گزرکر تدریسی منزلیں طے کرتے رہے، اس راہ میں تاشقند و سمرقند سے بھی گزر ہوا لیکن شہرت کو بال و پروان کے قلم نے عطا کیے، ۱۹۳۲ء میں جب وہ پیدا ہوئے تو اردو کے ترقی پسندوں کی تحریک صرف ذہنوں میں تھی لیکن قمر رئیس کا عالم شباب آیا تو ترقی پسند تحریک کی مقبولیت بھی شباب پر آئی اور فطری طور پر عہد شباب کی بعض بے اعتدالیاں بھی ساتھ لائی، یہ کہنا بے احتیاطی نہیں کہ قمر رئیس کے ذہن کی سلامتی نے ان کو اس فکر سے محفوظ رکھا کہ ترقی پسند ادب کو قدیم ادب اور اس کی بہترین روایات کا منکر ہونا چاہئے، انہوں نے اردو تنقید کو اپنا موضوع بنایا تو اس اقرار کے ساتھ کہ تلاش و تفحص کا جذبہ ہی تنقید کا نقطہ آغاز ہے اور...
Islam has given lot of contemplation for economy and society in which the notion of concurrent cooperation is on top of the list and its basis are brotherliness, compassion and peace. As compared to this, the concept of modern world is mutual cooperation and the practical implementation of it. In the form of mutual cooperation bank, mutual cooperation state and insurance are there in front of us. Although these institutions took their first step and would assist mutual cooperation but with the passage of time this concept got too evanesced. Islamic elements for example usury, gambling and treachery got mixed in the roots of these institutions. Islam dissuades these elements strictly because these elements become the causes for the deterioration of people’s economy and society. On the contrary, Islam wants to establish those institutions which are based on practical mutual cooperation and which are beneficial for both man and society.
Previous literature suggests that some predictions of the capital structure theory are portable across countries. But still there are persistent discrepancies and crossectional variations regarding choice of debt. Therefore not only firm specific, but country specific factors are also influencing firms’ choice of debt. The basic purpose of this dissertation is to investigate exactly which predictions of the theory are portable across and how debt choice is influenced by institutional features in developed, emerging and developing economies. This particular study analyzes and compares the determinants of debt ratios using firm specific data from 2006 to 2016 for a sample comprised of 9536 non financial firms from 27 countries. Our sample of countries includes 10 each from developed and emerging and 07 from developing economic block. Panel data models have been used to test the impact of 09 firm specific attributes on debt ratios in indi vidual countries. Comparison of results suggest that profitability and size of firm are two widely validated firm specific determinants of long term debt ratios across all countries irrespective of economic blocks they belong. Similarly assets struc ture and liquidity are consistent and most validated firms’ specific determinants of short term debt across all countries. Negative slopes of profitability, asset struc ture and liquidity are in line with pecking order hypothesis, while positive slope of size is in accordance with trade-off theory. Apart from profitability, size, asset structure and liquidity rest of regressors have different impact on leverage ratios in different countries. Thus we say that it is difficult to reconcile all firm specific factors under a single theoretical frame work. However theoretical predictions of pecking order theory are widely validated. We also examine the impact of 06, country specific attributes on average long term debt ratios in each economic block using panel data models. Regression outputs show that countries characteristics differently influence average long term debt ratios in the three economic blocks. Bond market development in advanced countries is the only positive significant factor that affects average long term debt in developed countries. Results of emerging block show that both legal integrity and bond market development significantly influence firm’s choice to employ debt. In contrast to emerging countries, our results suggest that improvement in legal enforcement and integrity actually encourages firms in the developing countries to borrow more in long run.