Capital Structure, Corporate Governance, and Firm Performance in Pakistan

Abdul Ghafoor Awan


During the last two decades regulators and policy makers all over the world have emphasized on developing strong and effective corporate governance policies. It is agreed by the experts that a good corporate governance mechanism is the one which facilitates the access of additional capital for corporations, boosts competitiveness, develop financial markets and encourage economic activity. The objective of present study is to measure the effects of selected variables such as firm profitability, firm value, size and leverage on the performance of 69 non-financial sampling companies listed at Pakistan Stock Exchange. From our panel data FEM and REM analysis, it can be easily concluded that major characteristics of corporate governance are determined by firm’s profitability and its size. However, firm’s leverage and size have less effect on major attributes of corporate governance.

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