مولانا آزاد سبحانی
افسوس ہے پچھلے دنوں مولانا آزاد سبحانی کا۷۵ برس کی عمر میں گورکھ پور میں انتقال ہوگیا۔مرحوم کااصل نام عبدالقادر اوروطن سکندر پور ضلع بَلیاتھا۔ادھر ایک مدت سے گمنامی کی زندگی بسر کررہے تھے۔ورنہ تحریکِ خلافت کے زمانہ میں پورے ہندوستان میں ان کی شہرت کاطوطی بولتا تھا۔فلسفہ والٰہیات کے فاضل تھے۔ خطابت وتقریرمیں بعض حیثیتوں سے اپنا جواب نہیں رکھتے تھے۔ شاعر بھی تھے۔مرحوم کی ایک غزل بچپن میں کبھی پڑھی تھی جواب تک یاد ہے:
پیام آیا ہے پیمانِ جفا کا
یجہ کھل گیا جوشِ وفا کا
نِکل آؤ ذرا پردہ سے باہر
عقیدہ مٹ رہا ہے اب خدا کا
مزاجِ لااُبالی اور جوانی
خدا حافظ ہے ناموسِ حیا کا
خدا پر چھوڑ دو انجامِ کشتی
قدم کیوں درمیاں ہو ناخدا کا
حدیثِ ضبط پروانہ ہے بے وقت
زمانہ ہے فغانِ برمَلا کا
ترا آزادؔ پھر پابندِ غم ہے
ہ پھر محتاج ہے لطف و عطا کا
لیکن افسوس ہے اپنی صلاحیتوں اورکمالات سے اسلام اور مسلمانوں کو جو فائدہ پہنچا سکتے تھے اپنی طبیعت کے عدم استقلال اور تلون کی وجہ سے نہ پہنچا سکے۔ بحیثیت مجموعی بڑی خوبیوں کے انسان تھے۔الّٰلھم اغفرلہ وارحمہ ۔
[اگست ۱۹۵۷ء]
Over the last 70 years, Food processors and the plant protection sector have both benefited from Bacillus subtilis. Their capacity to manufacture endospores for survival, as well as a multitude of antimicrobial substances has piqued industrial interest in areas such as food preservation, medicinal agents, and biopesticides. In light of the growing trend of food healing and the protection of bacterial plants, this review suggests a holistic approach to visualizing the antimicrobial screen described in Group B. This review aims to make easy and updated classification of antimicrobial metabolites in group B. Subtilis, its complex phylogeny that tends to perpetuate development.
Expected Utility Theory had been considered as a standard normative theory which described the choices of individuals in risky situation very well for a long time, but later on violation of its axioms in real situation was commonly found which created a need for the development of another theory which could accommodate the behavior of individuals very well. Ultimately Prospect theory was proposed by Kahneman and Tversky (1979) as an alternative of Expected Utility Theory in order to provide remedy against descriptive failure of this theory. Later on, an advanced version of this theory was also presented by them named as Cumulative Prospect Theory (1992). This theory incorporated the behavioral aspects of individuals while making decisions in an uncertain environment. Application of Prospect Theory was very commonly found in various areas of economics and finance, but its application in the field of capital investment decisions of companies which is an area of corporate finance is yet very rare. Implications of this theory state that investors are risk averse in their behavior when they make their decisions in the domain of gain and are risk seeking in their attitude when they make their decisions in the domain of loss. This gain or loss is calculated relative to a reference point. This phenomenon implicates that risk and return are negatively correlated. Moreover, risk averse attitude in gain is equivalent to risk seeking attitude of same magnitude in the loss domain. This phenomenon is known as Reflection Effect. Likewise, they also own loss averse attitude i.e., sensitivity of loss is felt by them more than the sensitivity of gain. Such a behavior of investor which is based on parameters of Prospect Theory has been characterized as an irrational behavior. This study has been conducted to examine whether or not this irrational behavior prevail in capital investment decisions of companies as well. For this purpose, two phase value function of Prospect Theory has been used as an empirical model of this study. First phase xi applies to gain situation and the second phase applies to loss situation. Change in capital investment ratio has been used as a dependent variable and financial performance of companies i.e., ROA and then ROE has been used as independent variable. Firstly, impact of ROA on change in capital investment has been checked and later on impact of ROE on the same dependent variable has been checked. Once, existence of Prospect Theory behavior was found, we applied two control variables i.e., financial constraints of firms and corporate governance mechanism in order to observe whether this behavior is abated by these variables. Financial constraints are measured by Debt Equity ratio (DER), Operating Cash Flow to Sales (OCF), Free Cash Flow to Sales (FCF), Dividend Payout ratio (DPO) and Fixed Assets ratio (FAR). While corporate governance has been measured through Board Size (BSI), Board Independence (IND), CEO-Chairman Duality (DUA), Audit Committee Independence (ACI), Shareholders Activism (ACT), Institutional Ownership (IO) and Ownership Concentration (CON). Annual data regarding KSE listed companies was used in this study for the period of 1996-2011. This data was obtained from Balance Sheet Analysis published by SBP, KSE website and Annual Reports of companies. Regression analysis and factor analysis technique was used in this study. After analyzing secondary data, application of Prospect Theory behavior in Pakistan was also checked through primary data with the help of a survey questionnaire which was distributed among the same 139 companies which were part of the secondary data analysis. Results have indicated that application of Prospect Theory is not at the same level all the time due to variations in human attitude over time. Existence of Prospect Theory behavior among companies is found in situation of gain i.e., they are risk averse in gain. These results are consistent on both primary and secondary data. Indications regarding their risk seeking behavior in loss are also found. Existence of reflection effect is also found. Companies are also found loss averse. Joint role of financial constraints of companies and corporate governance mechanism is important in controlling their risk averse and risk seeking behavior. Moreover, evidence is found regarding existence of negative relationship between risk and return of companies.