Capital structure is the proportions of debt instruments, preferred stock and common stock on company's
balance sheet. Business entities choose different combinations of equity, debts and other options for the
purpose of financing their assets. Some businesses choose more financing from the equity and less from debts,
while others rely more on debts and less on equity financing depending upon nature of their business, industry
and risk. Firms mostly go for that combination of debt and equity that optimizes their cost of capital and risk.
Perfect combination of capital structure and working capital enhance the profitability and financial
performance of the firms.
This study is conducted to examine the impact of capital structure and working capital management on the
financial performance of selected non-financial firms in Pakistan. For this purpose 78 non-financial firms listed
on Karachi Stock Exchange (KSE) have been selected for the period of seven years from 2005 to 2011. The data
is obtained from the financial statements analysis published by the statistics department of State Bank of
Pakistan.
For the purpose of analysis, descriptive, correlation and panel data analysis are used in this research. Twelve
panel data (regression) models have been used to investigate the impact of capital structure and working
capital management on financial performance of the firms. In these models three proxies are used as
independent variables to measure the capital structure i.e. total liabilities to total assets, long-term liabilities
to total assets and short-term liabilities to total assets. Three proxies are used as independent variables to
measure the management of working capital i.e. receivable conversion ratio, inventory conversion ratio and
current ratio while the natural logarithm of sales is used as control variable to measure the size of the firms. In
these panel data (regression) models return on total assets, net profitability, return on shareholders' equity
and earnings per share are used as dependent variables to quantify the financial performance of the firms listed
on Karachi Stock Exchange.
The results of the analysis showed that debts lead to decrease the financial performance of the firms while all
the measures of working capital management have positive impact on firms' performance. The results also
revealed that good combination of capital structure and working capital has significant impact on financial
performance of non-financial firms listed on KSE. So these firms have to give due consideration to the financing
options and management of working capital to increase their financial performance.
غلام فرید کاٹھیا اور شاہد رضوان کے افسانے ( تقابلی جائزہ) غلام فرید کاٹھیا مہرغلام فرید کاٹھیا کا شمار دور جدید کے فکشن نگاروں میں ہوتا ہے۔ آپ اردو ادب کے ان ابھرتے ہوئے افسانہ نگاروں میں شمار ہوتے ہیں کہ جنہوں نے اپنے افسانوں کے ذریعے پسماندہ طبقے کے مسائل کی بھرپورعکاسی کی ہے۔ مہرغلام فرید کاٹھیا کے اب تک " تین"افسانوی مجموعے"لمحوں کی قید"،"سرسوں کا پھول"اور"سفید تتلیوں کا ہار" شائع ہو چکے ہیں۔مہرغلام فرید کاٹھیا نے اپنے ان تینوں افسانوی مجموعوں میں محتاجوں،غریبوں،لاچاروں، اور مظلوم عورتوں پر ہونے والے مظالم پر قلم اٹھایا ہے۔ آپ کے تمام افسانے غریبوں کے استحصال اور وڈیروں کے ہاتھوں پسماندہ طبقے سے کی جانے والی ناانصافیوں کا منہ بولتا ثبوت ہیں۔ ازل ہی سے بر سرِ اقتدار طبقے نے اپنے سے کم حیثیت لوگوں پر ظلم و جبر کے پہاڑ توڑے ہیں۔امیروں نے غریبوں کو اپنے مفادات کی غرض سے فقط استعمال ہی کیا ہے۔ لوگوں سے تھوڑی اجرت کے بدلے زیادہ مشقت کروائی جاتی رہی ہے۔ پسماندہ طبقے کی غریبی کو مذاق بنا کرحقداروں سے ان کے جائز حقوق چھینے جاتے رہے ہیں۔کارل مارکس کے نظریہ مارکسزم اور ترقی پسند تحریک سے وابستہ افسانہ نگاروں نے جب غریبوں پر ہونے والے جبر و زیادتی کومحسوس کیا تو ان افسانہ نگاروں نے معاشرے کی اصلاح کے لئے غریبوں کے حق میں آواز بلند کرنا شروع کر دی۔ مزدوروں،کسانوں اور غریبوں کو کم اجرت دینے،غریبوں کے غریب تر اور سرمایہ داروں کے امیر تر بنتے جانے کے خلاف جن مصنفین نے اپنی تحریروں میں پسماندہ طبقے کی مشکلات کے حل کے لیے قلم اٹھایا ان میں پریم چند، سعادت حسن منٹو،احمد ندیم قاسمی،عصمت چغتائی،راجندر سنگھ بیدی،اختر حسین رائے پوری وغیرہ شامل ہیں۔ جس طرح ماضی میں دیگر مصنفین و افسانہ نگاروں نے غریبوں کے حق کے لئے قلمی جہاد...
What was written on Sýrah-un-Nabiﷺ. No doubt reveals that the pioneer collectors of Sýrah -un-Nabiﷺ, vast sea with infinite depth. It is said about the Holy Quran that "ہبئاجع ی ضقنت لا" “its miracles are countless”, similarly the different aspects of Sýrah -un-Nabiﷺ will illuminate before us, regarding its greatness and significance. It is revealed after the study of Sýrah-un-Nabiﷺ that this authentic composition of S Sýrah-un-Nabiﷺ came into being after the pain stacking efforts of the Sýrah writers. Every saying, act, advice, character, manner and trait, speech of Holy Prophet ﷺ is brighter than the sun and moon. The Sýrah -un-Nabiﷺ writers with their efforts and devotion presented before Ummah such a standard and methodology of refinement and research-a distinction and hallmark of composition and compilation of Sýrah -un-Nabiﷺ -which was followed by the Sýrah -un-Nabiﷺ writers from time to time. The actual sources of Sýrah -un-Nabiﷺ are ﷺ Quran and Hadith. Companion protected hadith as Khulfa-ye-Rashideen (Caliphates) protected Quran.
This research was designed to measure students’ satisfaction with learning facilities at universities level in Pakistan. The major objectives of the study were; i) to find out students’ satisfaction level on learning facilities in universities; ii) to find out the gaps between desired and available learning facilities for the students. The population of this work consisted of the students of the universities working in public sector. Multiple stage random sampling technique was used to select the sample. The students of eleven (11) general universities were randomly selected for this study; 4 from the Punjab, 2 from Sindh, 2 from Khyber Pakhtoon Khawa, 1 from Baluchistan and 2 federally administered universities. Total sample comprised of 1320 students from 6 disciplines of social sciences. Two research tools were used to collect the required information; one was survey questionnaire based on 3-point Likert-scale having two major options on satisfaction and importance, second tool was group interviews having questions on four learning facilities with leading questions. The group interview helped to find out information not accessed by the survey questions. This study focused only on four learning facilities; curriculum, teaching faculty, classrooms, and library. Before giving final shape to the questionnaire its reliability was assured with the help of internal consistency method and validity by getting expert opinions as well as construct validity by calculating correlation values among items and variables. It took three steps to bring the questionnaire into final shape. Levels of satisfaction and importance were measured by giving range to mean values. The study concluded that the respondents level of satisfaction was moderate on four learning facilities while have indicated high level of importance to three facilities. The study also concluded that the respondents were more satisfied on courses provided by the universities among the measured learning facilities while less satisfied to classroom facilities. With respect to importance the respondents have given more importance to teaching facility and less to the courses. It is recommended that government, administrations as well as teachers should adopt necessary measures to look into the matter to more satisfy students. The need to improve and appropriate training has also surfaced as a result of this investigation. Lack of students’ satisfaction with facilities could be a factor among youth decisions to avail the chance to study in other country and study elsewhere.