مسز سروجنی نیڈو
افسوس ہے کہ ہماری قومی عمارت کا ایک اور ستون گرگیا اور ۲؍ مارچ کو مسز سروجنی نیڈو ہم سے رخصت ہوگئیں وہ عورت تھیں مگر اپنے اوصاف اور خصوصیات میں بہتیرے مردوں سے بڑھ کر تھیں، وہ انگریزی زبان کی نازک خیال شاعرہ، سحرطراز خطیبہ، سیاسیات کی ماہر، جنگ آزادی کی سرفروش سپاہی اور ہندومسلم اتحاد کا عملی نمونہ تھیں، انھوں نے آزادی کی جنگ میں مردوں کے دوش بدوش قیدوبند کی مصیبتیں جھیلیں، وہ فرقہ ورانہ جذبات سے بلند اور صلح کل تھیں، ان کا دل بڑا وسیع تھا، اس میں مسلمانوں کے لئے بھی جگہ تھی، مسلمانوں کے ساتھ ہمیشہ ان کے دوستانہ تعلقات رہے، اور اس فرقہ ورانہ دور میں بھی ان کے خیالات اور طرزعمل میں کوئی تبدیلی نہیں ہوئی تھی، ہندو مسلمانوں کے بعض اختلافی مسائل میں ان کے ذاتی خیالات حکومت کی پالیسی سے مختلف تھے، جن کو وہ صاف طریقہ سے ظاہر نہ کرسکتی تھیں، لیکن ان کی جھلک ان کی تقریروں میں نظر آجاتی تھی، وہ مغربی تعلیم یافتہ تھیں، ان کی ساری زندگی سیاسی میدان میں گزری، اس کے باوجود ان میں نسوانی اور مشرقی خصوصیات موجود تھیں، دل میں نسوانی مہرومحبت، طبیعت میں خلق و مروت، مزاج میں شگفتگی و خوش اخلاقی اور تہذیب و معاشرت میں مغربی آب و رنگ کے ساتھ مشرقی روح جھلکتی تھی، وہ اپنے طرز عمل سے ہندو مسلمان دونوں میں مقبول تھیں اور دونوں کا اعتماد ان کو حاصل تھا، اس لئے ان کی موت دونوں کا قومی حادثہ ہے، ہوا کا رخ دیکھتے ہوئے اب ایسی شخصیتوں کا پیدا ہونا بظاہر مشکل معلوم ہوتا ہے۔ (شاہ معین الدین ندوی، مارچ ۱۹۴۹ء)
The word “God” and its derivatives apparently seen common knowledge. However when the concept of God is studied through various religions, it becomes evident that this word has undergone a prolonged evolutionary stages. Therefore, it may safely be said that this vital concept has evolved and later undergoing through various transformation culminated on the concept of “Tawheed”. This article attempts to present an overview of the concept of God with reference to different religions as this concept of God has remained a focus of man’s activities.
The paper examines the effect of Corporate Governance and Corporate Social Responsibility on firm’s performance in the listed companies of Pakistan Stock Exchange in the presence of Corporate Philanthropy. The study employs yearly data spanning over the period of 2004 to 2017. Variables such as Corporate Governance, Corporate Social Responsibility and Firm Specific Variables serve as independent variables, Corporate Philanthropy as a moderating variable and firm’s performance proxies by Earning Yield, Tobin’s Q, Return on Assets and Return on Equity as dependent variables in the model. Data has been extracted from Annual reports of the firms, Security &Exchange Commission of Pakistan, Pakistan Stock Exchange and Pakistan Center of Philanthropy. Results deduced that Corporate Governance and Corporate Social Responsibility have significant effect on firm’s performance. The data has been analyzed with a view to check cause and effect relationship by using Multivariate Panel Data Analysis. Generalized Method of Movement (GMM) / Dynamic Panel Method (DPM) method is used to ensure that there are no issues of Reverse Causality, Feedback affect, Endogeneity and Simultaneity. Firm Age, Leverage, Board Independence, CEO Duality, Miscellaneous Project of Social Responsibility, Cash Donation, Earthquake and Natural Disaster have negative impact on firm’s performance i.e. Earning Yield, Tobin’s Q, Return on Assets and Return on Equity. However, Firm Size, Education Sector, Infrastructure Development, Charity in shape of material and Miscellaneous Project of Philanthropy have positive impact on firm’s performance. Mixed results were found in case of Board Size and Corporate Social Responsibility. While considering the Earning Yield and Return on Assets as a firm’s performance, Board Size has negative and Corporate Social Responsibility has positive impact on Earning Yield and Return on Assets. The role of Corporate Philanthropy as moderator between Corporate Governance and firm’s performance is also significant. Corporate Philanthropy represents negative significant moderating effect in relation with Firm Age, Firm Size and Leverage; moreover, it has positive significant moderating effect in relation to Board Independence and Board Size. Results also reveal that Cash Donation, Infrastructure Development and Natural Disaster show significant positive moderating effect on Board Independence with firm’s performance. Similarly, Infrastructure Development and Miscellaneous Project of Philanthropy have also shown positive moderating impact on Board Size and Firm Size with firm’s performance. After using the GMM / DPM technique, three out of five different settings of Corporate Governance, Corporate Social Responsibility and Firm Specific Variables on firm’s performance in the presence of Corporate Philanthropy encountered problem of Reverse Causality, Feedback’s influence, endogeneity and simultaneity. These results showed no variation from previous findings except Corporate Social Responsibility has positive significant impact on firm’s performance. Results confirmed that Corporate Philanthropy moderates the relation between Corporate Governance and firm’s performance. Results reveal that Market based measures (Earning Yield and Tobin’s Q) are more dynamic in nature. Nonexistence of standard format for reporting philanthropy data poses difficulty in making rational analysis and developing uniformity basis for all the firms. The philanthropic contribution of any organization is attributed towards the enhancement of firm’s performance. Results unfold that this study will be a guideline for regulatory bodies to formulate a comprehensive policy framework to Pakistan Stock Exchange so that uniformity of reporting philanthropy should be adhered.