الشعر العربی واثره علی الشعر البشتوي

This article is about the poetry of Arabs and its impacts on Pashto poetry. The poetry of Arab is famous in all over the world. In this article the Arabic poetry and its kinds has been explained. Before Islam, the Arab poetry was very prominent. Arabic poetry has many ’ASN└F (aspects) such as Ghazal/Nas┘b (love poetry), ╓am┐sa (War poetry), Fakhar (Pride) Rasa’ (poems on death), Mad╒a (praise), ╓ikmat and philosophy, ║habi‘at (nature) and hija’ (poetry against someone). Arab poetry contain on five literary period and also evaluate the Sab‘a Mu‘alq┐t and his writers: (1) the most prominent Poets of Jahel┘ period were ’Amr’ ul Qais, ╓aris bin ╓ilza, ‘amar bin kals┴m, ‘Ata bin shid┐d, ║urfa, Al Nabigha, Al Aghsha. In this article explained the Pashto poetry and its periods (1) ‘Aamir kar┴r period), (2) Khushal Khan Khattak period which called the Golden period of Pashto poetry, (4) modern period. Arabic poetry has a great impacts on Pashto poetry. Arabic poetry has impacts on Pashto Ghazal, Nazam, Marsiya, Mad╒a, philosophy and nature.

Dynamics of Financial Structure Adjustments and Firms Financial Performance

This longitudinal study is an empirical investigation into the financial policy of Pakistan''s non-financial corporate sector over a thirteen year period starting from 1999 to 2011 by using panel data methodologies. Most significant capital structure theories can be grouped into two broader categories, namely Pecking Order Theory and Tradeoff Theory. The Pecking order theorists believe that firms follow an order of preference for one source of finance over other sources. Tradeoff theory predicts that firms adjust their capital structure on the basis of underlying costs and benefits of the debt and equity capital. Firms optimize their capital structure by balancing marginal cost with the marginal benefit of the debt. Panel data regressions were applied in a systematic way to test the impact of speed of adjustment on financial performance. The empirical results indicate that the size of the firm, profitability, collateral value of assets, firm specific interest rate, non-debt tax shield, spontaneous finance and short term solvency are the significant determinants of the target capital structure. The Size of the firm, the collateral value of asset and short term solvency have a positive relationship with the target capital structure. On the other hand, profitability firm specific interest rate, non-debt tax shield and spontaneous finance has negative relationship. Growth opportunities have positive but statistically insignificant relationship with contractual debt to asset target ratio and positive and significant relationship with Long term debt to asset and total debt to asset target ratios. The results show that the adjustment speed towards target capital varies across industry and over time. The speed of adjustment is affected by the macroeconomic and firm specific factors. Results also indicate that volatile inflation and higher interest rates impedes the adjustment speed. Banking sector performance, GDP growth rate and distance to target capital structure accelerates the speed of adjustment. It is also found that closer the firms are to their target capital structure by speedy adjustments better the financial performance. Speed of adjustment has a significant effect on the financial performance of Pakistan''s corporate sector. The results are consistent with the other international studies with ignorable differences.