Western Parameters of Freedom of Expression: A Critique from Islamic Perspective

This study explores Western parameters and principles of freedom of expression from an Islamic perspective. Western thought advocates infinite freedom of speech but it also has some regulations, limits and restraints. Every Western human rights instrument and convention guarantee freedom of expression, but in fact, the excess of freedom is bringing the society to a harsh kind of clash and conflict. In simple words, freedom without sufficient legal and moral restrictions cannot be managed. It is also observed that without strict legal and moral boundaries, it cannot become fruitful for the state and society. Even the Western world, which is representative of maximum freedom of speech, also bounds freedom of expression with some parameters and restrictions. However, it is propagated that the Western laws provide outclass freedom of expression and speech. The actual situation is not as good as it is expressed, because on one hand, the international instruments provide freedom of speech and on the other, they limit it through certain laws. It means freedom of expression is not free of boundaries in the West also. In other words, it is only a mythology and controlled propaganda that the Western thought and civilization provides absolute and unlimited freedom of expression and press in their countries. Instead, Islamic teachings categorically agree to provide the right to freedom of expression but on the other hand, it binds them with some social, moral and legal boundaries to save the society from any kind of clash and conflict. It is perceived Western legal instruments limit freedom of expression with some legal boundaries and laws rather than ethics and morals. It is recommended on behalf of this study that the Western world also puts moral and religious boundaries on freedom of expression for its safety. An analytical & critical approach with qualitative research methodology is adopted in the study.

The Relationship Among Free Case Flows, Agency costs and Firm Performance: A Case of Pakistani Listed Firms

This research work is completed to check the relationship among free cash flows, agency costs and firm performance. Firstly, free cash flows are used as independent variable along with two control variables to check the impact on agency costs. Secondly, free cash flows and agency costs used as independent variables along with two control variables to check the impact on firm performance in Karachi stock exchange textile listed firms during the period of 2004 to 2013. Free cash flows are calculated directly but agency costs is measured by using five proxy variables. It is concluded that free cash flows have a significant impact on two proxy variables of agency costs net operating income volatility and net income volatility and contrary effects on other three variables. On one hand, free cash flows could incur agency costs due to perquisite consumption and shirking behavior; on the other hand, generation of free cash flows resulting from internal efficiency could lead to better firm performance. This research finds evidence to support the agency theory, meaning that agency costs first three proxy variables have a significant impact on return on assets and firm value which concluded firm performance. In contrast, free cash flows also have positive impact on return on assets and stock returns while contrary effect on firm value. This research work provides a better understanding of the relationship among free cash flows, agency costs and firm performance.