Corporate governance and capital structure as driving force for ﬁnancial performance: Evidence from non-ﬁnancial listed companies in Pakistan

Bashir, Zahid; Bhatti, Ghulam Ali; Javed, Asad

doi:10.54784/1990-6587.1013

Cited by 5 publications

(16 citation statements)

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“…They found a significant positive effect of the external audit committee. Besides these researchers, Bashir et al (2020) and Rahman et al (2019) also found a positive relationship between audit size and FP.…”

Section: Literature Reviewmentioning

confidence: 80%

“…The literature has revealed a contradictory set of results on the relationship between FP and ownership concertation. A study by Bashir et al (2020) found a positive relationship between Tobin's Q and ROE but a negative with ROCE. Similarly, Darko et al (2016) found a positive and statistically significant relationship between FP and ownership concentration in Ghana.…”

Section: Literature Reviewmentioning

confidence: 96%

“…CEO duality is about holding a CEO and board chairman position simultaneously (Khan et al, 2021). FP and CEO duality relationship have been contradictory by different researchers as some found positive (Hassan & Halbouni, 2013;Khan et al, 2021;Pucheta-Martínez & Gallego-Álvarez, 2020) and some negative relationship (Bashir et al, 2020;Jwailes, 2021). And this also has been proved by two different theories, namely, stewardship theory, which argues for a positive relationship, and agency theory, which supports a negative relationship.…”

Section: Literature Reviewmentioning

confidence: 99%

“…Moreover, Sakawa and Watanabel (2020) showed an optimistic institutional investor's role in Japanese FP and supported the significant institutional shareholder's contribution to enhancing FP. However, some scholars also found a negative relationship (Bashir et al, 2020;Bhattacharya & Graham, 2007).…”

Section: Theoretical Underpinningmentioning

confidence: 99%

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Dynamics of Intellectual Capital, Corporate Governance, and Firm Performance in Family-Owned Companies in Pakistan

Shoaib

Ahmad

Abdul

2023

NIJBM

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The study aims to examine the corporate governance effect on the performance of family-owned cement companies in Pakistan for the period 2016 to 2021 using random and fixed effect panel regression based on the Hausman test considering intellectual capital as a moderator. The results indicate a positive effect of audit size and top 20 shareholders while a negative of insider shareholding and board independence on Tobin’s Q, ROE, and ROA. Additionally, for Tobin’s Q, institutional shareholding and CEO duality, a positive effect while negative of board size is found. While the negative effect of institutional shareholdings and CEO duality and the positive of board size is found in the case of ROE, ROA and intellectual capital moderation is found for all performance measures. The findings are consistent with stewardship and agency theory. The empirical outcomes emphasize the importance of intellectual capital for policymakers and regulators considering it rewarding activity for shareholder wealth maximization.

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Section: Literature Reviewmentioning

confidence: 80%

Section: Literature Reviewmentioning

confidence: 96%

Section: Literature Reviewmentioning

confidence: 99%

Section: Theoretical Underpinningmentioning

confidence: 99%

See 2 more Smart Citations

Dynamics of Intellectual Capital, Corporate Governance, and Firm Performance in Family-Owned Companies in Pakistan

Shoaib

Ahmad

Abdul

2023

NIJBM

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“…This is based on the idea that agency conflict is influenced by CG mechanisms, and that these mechanisms are linked to choices concerning the composition of a firm's funding sources. Moreover, the agency theory proposes that CG and financial decisions have an impact on company value and CS must be viewed as a device that can intervene and drive governance structures within the business, and hence FP (Bashir et al 2020 ).…”

Section: Literature Reviewmentioning

confidence: 99%

Corporate governance, capital structure, and firm performance: a panel VAR approach

Ronoowah

Seetanah

2022

SN Bus Econ

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This study aims to examine the interrelationships and interdependencies between corporate governance (CG), capital structure (CS), and firm performance (FP) of companies listed on the Stock Exchange of Mauritius from 2009 to 2019 along with a comparison between financial and non-financial firms. A panel vector autoregression (PVAR) approach is used in this study to determine the relationship dynamics between CG, CS and FP. The findings reveal a positive and significant bidirectional association between CS and FP, supporting the trade-off theory. The results also show that CG and FP jointly help to increase CS while CG and CS jointly boost the profitability of firms. A strong bidirectional relationship with varied signs between CG and CS is found only for financial firms. The results of the forecast error variance decomposition analysis support the selection of FP as the most endogenous variable. Robustness tests also support the findings. This study is the first to examine the dynamic and interdependent relationships using a PVAR model between CG, CS and FP that presents new contributions to the existing CG and CS literature with insights from an emerging economy.

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The effect of corporate governance on firm performance: perspectives from an emerging market

Miao,

Khan,

Ghauri

et al. 2023

Economic Research-Ekonomska Istraživanja

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Corporate governance and capital structure as driving force for ﬁnancial performance: Evidence from non-ﬁnancial listed companies in Pakistan

Cited by 5 publications

References 0 publications

Dynamics of Intellectual Capital, Corporate Governance, and Firm Performance in Family-Owned Companies in Pakistan

Dynamics of Intellectual Capital, Corporate Governance, and Firm Performance in Family-Owned Companies in Pakistan

Corporate governance, capital structure, and firm performance: a panel VAR approach

The effect of corporate governance on firm performance: perspectives from an emerging market

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