جناب شیخ احمد علی شوقؔ
نہایت افسوس ہے کہ کہنہ ادیب و شاعر شیخ احمد علی صاحب متخلص بہ شوق نے ۲۷؍ اپریل کو گونڈہ میں انتقال کیا، مرحوم ۱۸۸۲ء اور ۱۸۹۰ء کے درمیان لکھنؤ سے ’’آزاد‘‘ نام کا اخبارنکالتے تھے، جو اس عہد کے معزز و مشہور اخباروں میں تھا اور اس زمانہ کے ادباء کا مظہر خیال تھا اور سرسید کی تحریکات سے کافی ہمدردی رکھتا تھا، کئی چھوٹی چھوٹی مثنویوں کے بھی وہ مصنف تھے، اسیرؔ مرحوم کے وہ شاگرد تھے اور غالباً وہ اس خانوادۂ تربیت کی آخری یادگار باقی تھے، انہیں کے عہد میں اردو کی نئی شاعری کا آغاز ہوا، مرحوم ان قدیم شعراء میں تھے، جنہوں نے اس نئے رنگ کے قبول کرنے میں جھجک نہیں کی۔
ترانۂ شوق کے علاوہ ان کی غالباً آخری مطبوعہ مثنوی عالم خیال کے چار رخ اردو شاعری میں ایک نئی چیز ہے، کاش ان کے احباب و اعزہ ان کے کلام کا مجموعہ شائع کرکے انکی روحانی یادگاروں کو زندہ رکھ سکیں۔ (سید سليمان ندوی، اپریل ۱۹۲۵ء)
Since the “text” has received attention of all modern and post modern scholars and linguists, it has been changed. This “text” has different segments, some of them are applicable to Holy Qur’ān on the one hand, on the other hand there are some un-applicable too in connection of two textual boundaries of the “text”; bounded and un-bounded. From here many scholars declare that modern defined textual theory is totally un-applicable to Holy Qur’ān. Therefore, many Qur’ānic commentators and scholars refused “Intertextuality” with its all aspects. Anyhow some other scholars allow “Intertextuality” to be applied to Holy Qur’ān because of many Qur’ānic scholars have been interpreting this sacred text using the structural methods upon which contextual and intertextual phenomena and all the relevant conceptual components of this are based, this research intends elaboration of such dimensions of Qur’ānic “Intertextulaity” and “Textuality”, in particular, the Qur’ānic textulaity; “al-Nasḵ”; abolition, deletion and abrogation.
During the last couple of decades, some serious scandals like Waste Management, Enron, WorldCom, Satyam, Swissair etc. were observed in corporate sector around the World. This loses confidence of stakeholders and due returns on their investment.The research proves that directors? standards, audit quality and audit report lag (ARL) play significant role in controlling corporate mishaps and consequently ensure due returns to firms and investors. In order to address this issue, the US Senate approved a framework on its Code of Corporate Governance (CCG) by the name of Sarbanes-Oxley Act 2002 which was amended in 2012. A lot of countries of the world also adopted this Act in year 2002. In order to be at par with international community, Pakistan introduced its own CCG in 2002 which was also amended in 2012.
As per CCG, board of directors has to constitute various sub-committees to provide safeguards to the stakeholders? interest. One of the boards? subcommittees is an audit committee (AC) which is constituted to perform number of functions to ensure timely release of truly audited corporate financial statements, protect assets and monitor various accounts of company. The research has proved that mere existence of AC in a company is not much fruitful rather it has number of distinctive attributes that affect its working with respect to ARL and firms? financial performance. The most common attributes of an AC includes AC size, proportion of non-executive directors in AC, number of AC meetings per year, AC gender, AC members skill and experience and AC chair independence etc.
This study is conducted to observe the impact of AC attributes on ARL and firms? financial performance as evidence from Pakistan Stock Exchange (PSX). A sample of 137 companies from 28 diversified non-financial sectors for years 2013, 2014 and 2015 is taken from PSX to observe the phenomenon. STATA software is used to measure descriptive and regression results of panel data based on fixed effect model.
The results show that all sample firms used to comply CCG in respect of AC size and frequency of AC meetings while compliance in respect of non-executive directors in AC and independent AC chair in some companies has not been found.The overall ARL in non-financial sector firms has been found almost 83 days. AC meetings, AC gender diversity and AC chair independence have negative and significant impact on ARL while, AC size and existence of non-executive members in AC have insignificant impact on ARL.
Financial performance of firms is measured via Tobin?s Q and return on equity (ROE). Tobin?s Q has been gradually increasing in this period. Positive and significant impact of AC size and AC meetings while insignificant impact of non-executive members in AC, AC diversity and independent AC chair has been found on Tobin?s Q. ROE has also increased over the period of three years. Negative and significant impact of non-executive directors in AC and AC meetings, while insignificant impact of AC size, AC chair independence and AC diversity has been found on ROE.