Right of Progeny and Cairo Declaration of Human Rights in Islam

The first main objective of Maqasid I Shari`ah is the completion of human’s necessity; in which protection of progeny (nasl) is the foremost purpose. The preservation of lineage is greatly emphasized by the Islamic Shariah and the Cairo declaration of human rights in Islam also supported the protection of lineage in Islam. All the articles of CDHRI covered the five basic human rights mentioned in Maqasid I Shariah. The research is focused on delineating the concept of protection of lineage as one of the main objective of Shariah and it is supported by evidences from Cairo Declaration of Human Rights in Islam along with Quranic verses and traditions of the Holy Prophet (S.A.W). The aspects covered in the paper range from discussion of right of progeny as well as equal rights of progeny for male and female; rights of children with the hierarchy of their rights from the stage of fetus, having proper nursing, caring, education and a healthy beginning of life. The comparative analysis based on arguments of Shariah and the CDHRI proves that it is the basic objective of Shariah to protect all fundamental rights and right of progeny has the foremost significance in it.

Corporate Entrepreneurship, Agency Cost and Firm Performance: Evidence from Developed and Developing Economies

This study aims to extend the relationship of corporate entrepreneurship and agency cost, to firm performance. It also examines this relationship in the presence of behavioral biases to address the behavioral finance approach, and validates it in developed (USA) and developing (Pakistan) economies, in order to generalize the study. The design of this dissertation is to investigate the relationship of corporate entrepreneurship, agency cost and firm performance across both behavioral and traditional approaches of finance. The validated construct has been adopted to measure the corporate entrepreneurship, behavioral biases and risk perception of USA and Pakistani non-financial sector companies listed on the New York Stock Exchange (NYSE) and the Karachi Stock Exchange (KSE), respectively. The data for firm performance and agency cost has been taken from Balance Sheets Analyses (SBP Report) for Pakistani companies and from annual reports of the USA companies on a three yearly average bases (2009, 2010 and 2011). The findings highlight the significant negative relationship between corporate entrepreneurship and agency cost in USA, showing that corporate entrepreneurship can act as an excellent technique in reducing agency problems within organizations, ultimately leading to high performance, however, there is an insignificant impact between corporate entrepreneurship and agency cost in Pakistani context. Regarding the behavioral finance approach, both economies didn’t show any significant relationship of behavioral biases on risk perception; however, a significant relationship of risk perception on corporate entrepreneurship, depicts behavioral biases didn’t impact corporate finance decisions. It shows that corporate finance decisions may differ from person to person irrespective from culture to culture and from country to country, pointing towards individualistic approach. This study provides a foundation for future studies on the relationship of corporate entrepreneurship, agency cost and firm performance. My study helps executives to assess their own scenario while making effective entrepreneurial and financial decisions within companies and how to control or reduce the impact of behavioral biases in particular situations, in order to maximize their return Keywords: Corporate Entrepreneurship, Agency Cost, Firm Performance, Behavioral Biases, and Corporate Financial Decisions.