Board Characteristics, Political Connections, and Corporate Cash Holdings: The Role of Firm Size and Political Regime

Ullah, Sabeeh; Kamal, Yasir

doi:10.22547/ber/9.1.9

Cited by 19 publications

(28 citation statements)

References 92 publications

(147 reference statements)

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“…The inconsistent results can be explained because of dissimilar sample size and time horizon. Consistent with Ullah and Kamal (2017), the board meeting has a mean value of 5.2. As for the frequency of meetings, the mean value for our sample is higher than SECP required criteria of minimum four meetings in a year.…”

Section: The Descriptive Statistics and Correlation Matrixmentioning

confidence: 80%

“…Further, Detthamrong et al (2017) argued in their study that behavior of corporate governance varies across firm's characteristics. Among others, Ullah and Kamal (2017) also argued that the size of the firm should be considered by policy makers while formulating framework for corporate governance. Thus, in current study, we explored the corporate governance mechanism and firm performance in a dynamic penal setting for sub samples (Small firms & Large firms).…”

Section: Regression Analysis For Sub Samples (Small Firms and Large Fmentioning

confidence: 99%

“…Therefore, we examine non-linearity of this relationship. Finally, Ullah and Kamal (2017) argued that legislators should consider the firm's size while formulating corporate governance framework. Thus, we explore the association between strong governance practices and financial performance separately on sub-samples of different big and small firms included in our sample.…”

Section: Introductionmentioning

confidence: 99%

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Corporate governance and firm performance in Pakistan: Dynamic panel estimation

Akbar

Hussain

Ahmad

et al. 2019

AJSS

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The purpose of this research is to analyze the association between corporate governance and firm performance. Specifically, it examines the impact of CEO duality on board characteristics and its relationship with firm performance through dynamic penal estimation. The findings of this research are based on a sample of 191 listed non-financial firms over the period 2004-2014. We document that corporate governance plays a pivotal role in determining the financial performance of firms operating in Pakistan. Consistent with past studies, findings of this research also show some statistical variations among the sampled firms (large and small size). CEO duality compromises the efficiency of board independence. Further, the non-linear relationship of managerial ownership with performance is also depicted through the results of this study. Keywords: Corporate governance, accounting-market based measures, firm performance

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Section: The Descriptive Statistics and Correlation Matrixmentioning

confidence: 80%

Section: Regression Analysis For Sub Samples (Small Firms and Large Fmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

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Corporate governance and firm performance in Pakistan: Dynamic panel estimation

Akbar

Hussain

Ahmad

et al. 2019

AJSS

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“…The index has seen several episodes of booms and busts (Mallik & Chowdhury, 2001). Further, many firms are owned by families (W. Ullah, Ali, & Mehmood, 2017;S. Ullah & Kamal, 2017) that engenders the problem of information asymmetry.…”

Section: Descriptive Statisticsmentioning

confidence: 99%

The Relationship between Implied Cost of Equity and Corporate Life Cycle Stages

Shah¹,

Khan²,

Afraz³

2018

SAJMS

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This study develops and tests the hypothesis that the implied cost of equity declines as a firm passes through the growth, maturity, and stagnant stages of its life. We use the methodology of Anthony and Ramesh (1992) for identifying corporate life cycle stages. Three different models are used to calculate the implied cost of equity: the Easton (2004) model, the Gordon and Gordon (1997) model, and the Ohlson and Juettner-Nauroth (2005) model. For testing our hypothesis, we use data of all non-financial firms listed on the Pakistan Stock Exchange from 1996 to 2012. The results lend strong support to our hypothesis in both the univariate and multiple regression analyses. The results show robustness to using different models of implied cost of equity and controlling for well-known determinants of the cost of equity such as beta, idiosyncratic risk, market-to-book ratio, firm size, and leverage. Our findings imply that firm's age can serve as a useful indicator for shareholders and creditors in evaluating riskiness and information asymmetry of the firm.

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“…‫بعض‬ (Ullah andkamal, 2017, Hill et al, 2014 ( Faccio, 2006, Fisman, 2001 (Johnson and Mitton, 2003, Cull and Xu, 2005, Dinc, 2005, Bai et al, 2006, Charumilind et al, 2006, Leuz and Oberholzer, 2006, Li et al, 2008, Claessens et al, 2008, Wu et al, 2012, Xu et al, 2013, Yeu et al, 2013…”

mentioning

confidence: 99%