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How to Cite

Corporate Governance, Firm Attributes and Financial Performance: Evidence from Pakistan

Abstract

This study aims to investigate the well-established governance-performance relationship for a sample of 201Pakistan Stock Exchange (PSX) listed firms over the period of 2010-2018 in the context of an important firm characteristics i.e. firm size. Sample firms categorized into small and large size based on total assets. Firm performance measures through ROA, ROE, and Tobin’s Q. Panel econometrics techniques namely fixed effect model and random effect model applied to bridge the relationship between CG and firm performance after confounding effects of firm size, leverage, and firm age. Large firms have higher profit which endorses the size effects benefits enjoying by big firms than smaller firms. Furthermore, large firms better implemented the governance code than small firms. Overall CG remains significant towards accounting return (ROA) and market measures (Tobin’s Q) but remains valueless in terms of return on equity (ROE). In the perspective of firm size, larger firms got enriched with higher profit through better implementation of governance mechanism than smaller firms which remains deprived from this values enhancing effect of corporate governance. Results suggest to strengthen the governance mechanism in smaller firms too, to reap the benefits of CG in terms of higher profitability

Authors

  • Dr. Amna Noor
  • Assistant Professor, School of Business Management and Administrative Sciences, The Islamia University of Bahawalpur, Bahawalpur-Pakistan
  • Muhammad Farooq
  • PhD student in Finance, School of Business Management and Administrative Sciences, The Islamia University of Bahawalpur, Bahawalpur-Pakistan
  • Kiran Farooq
  • Institute of Business and health Management, Dow University, Karachi -Pakistan

Keywords

Corporate Governance, Firm Performance, Firm Size

DOI Number

10.35484/pssr.2019(3-II)33

DOI Link

http://doi.org/10.35484/pssr.2019(3-II)33

Page Nos

435-447

Volume & Issue

v3-2

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Creative Commons License
Pakistan Social Sciences Review (PSSR) by RESEARCH OF SOCIAL SCIENCES (SMC-PRIVATE) LIMITED(ROSS) is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
Based on a work at https://pssr.org.pk/

Copyright 2016 PSSR Journal, Developed by M. Yaseen

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