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منقبت درمدح مرشد گرامی خواجہ محمد شریف چشتیؒ

منقبت در مدح
پیرو مرشد خواجہ محمد شریف چشتی ،نظامی ، قادری، قلندری
(دربارِ عالیہ شمس آباد پاک پتن شریف)

جو تمھارے غم کا پیکر ہو گیا
مطمئن واللہ یکسر ہو گیا

آپ کی جس کو غلامی مل گئی
وہ مقدر کا سکندر ہو گیا

وہ بھی میرے سر تا سر ہی ہو گئے
جب سے میں اُن کا سراسر ہو گیا

جب سے اُن کے پائوں پہ رکھا ہے سر
فخر سے اونچا مرا سر ہو گیا

آپ کی ہے دید حجِ اکبری
میرا کعبہ آپ کا در ہو گیا

Macroeconomic Instability and Terrorism Nexus: Empirical Evidence in Case of Pakistan

The current study is an attempt to analyze the association between macroeconomic instability and terrorism in Pakistan over the period of 1970 to 2020. Six important variables are taken as a proxy to measure macroeconomic instability which includes external debt, budget deficit, trade deficit, real effective exchange rate (REER), inflation and unemployment. Results indicate that there exists a long run cointegration relationship between the indictors of macroeconomic instability and terrorism. FMOLS is employed to obtain the estimates and it reveals that budget deficit and external debt is negatively associated with terrorism. It indicates that government expenditures on different project such as infrastructure create economic opportunities, therefore, reduces terrorism. Furthermore, welfare programmes also improve the performance of socioeconomic variables that translates into harmonized environment which lessens violence. The variable of trade deficit, inflation and unemployment has positive impact on terrorism while REER is insignificant. In context of trade deficit, higher imports results in job loss of domestic industries, hence, it hits the vulnerable groups. Therefore, the opportunity cost of life of these groups reduces and it increases the probability to become a part of terrorist activities. Inflation also pushes the vulnerable groups in poverty by reduces the purchasing power and unemployed individuals are also easy target to get involve themselves in acts of aggression. This study also constructs the macroeconomic instability index including the six variables through principal component analysis (PCA). Results of this model show that macroeconomic instability index and GDP has positive effect on terrorism. In case of GDP, the plausible reason could be uneven income distribution that increases terrorist activities. For the policy implications, government need to divert the resources from non-productive to productive uses through the investment in such projects which has direct and indirect impact on the welfare. In this way deprived group will enjoy economic perks and engage themselves in productive activities rather than becoming a helping hand in terrorism.

A Study of Capital Structure Decisions : Comparison of Large and Small Firms of Pakistan

This study is conducted to determine the any difference between the large and small firms listed at Karachi Stock Exchange regarding capital structure decisions. For this purpose, a total of 323 firms are selected as a sample. Firms are categorized into small and large firms on the basis of SMEDA definition. Debt ratio is the dependent variable for the study. The independent variables include Non debt tax shields, Liquidity, Tangibility, Growth, Profitability, Corporate Size and Dividend Payout Ratio. The different statistical techniques like Descriptive statistics, Correlation, and Regression have been applied and results are concluded on their basis. The study revealed that capital structure choice of Large and Small firms of Pakistan is same regarding NDTS, Liquidity, Growth, and Profitability while Tangibility, Size of firms, and Dividend payout ratio differently affect the small and large firms of Pakistan. Mostly, results are consistent with the capital structure theories. This study is the addition in the existing literature as this aspect has not been explored.
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