Table 5 Corporate Governance-related studies with related variables in the HEC Recognized Y-Category Journals
Serial No. | Study (Theses) Year | Dependent variable (s) | Independent variable (s) | Sample and data period | Key findings | Theory of the study |
|---|---|---|---|---|---|---|
1 | Batool and Jaffery [36] | Corporate Tax Avoidance | CG | Listed firms of USA for the period of 2002–2018 | The results of the study shows that CG bundles effect tax avoidance at a corporate level in all economies | Not Clear |
2 | Gull et al. [51] | Corporate Social Responsibility | CG | The sample consist of Telecommunication sector by distributing questionnaire | The findings of the study shows that CG dimensions of discipline, social awareness, transparency, fairness and responsibility have a significant effect on CSR | Not Clear |
3 | Ahmad et al. [19] | EM | CG | This study includes 109 textile firms for the period of 2013–2017 | The results of the study shows that experienced board members having business and finance qualification discourage earnings manipulation | Not Clear |
4 | Khan et al. [85] | EM | CG | This study includes 136 non-financial companies for the period of 2008–2017 | The results findings support the theoretical justifications that efficient system of CG and regulatory system ensures disclosures | Agency Theory |
5 | Bakksh et al. [35] | Risk taking and firm performance | CG | The study includes 18 commercial banks of Pakistan for the period of 2013–2017 | The Outcomes of the study shows that firm size has significant relation with ROA. Though effect of CG is ROA | Agency Theory |
6 | Tashfeen et al. [139] | Unanticipated Stock returns | Quality of CG | The data of 45 firms has been used in this study for the year of 2007 | The findings of the study reveals that those firms which have less diversified ownership are less vulnerable to such unanticipated stock returns | Not mention |
7 | Umer et al. [149] | EM | Gender Diversity | This study utilities 100 non-financial firm’s data for the period of 2013–2018 | The results show that gender diverse corporate boards further strengthen the effectiveness of women as a member of audit committee in curtailing earnings management practices | Gender Socialization Theory& Agency Theory |
8 | Farooq and Manzoor [45] | Firm Performance | Ownership structure and CG | The sample size of the study is 196 non-financial companies for the period of 2006–2016 | The empirical finding showed that financial performance positively caused by ownership structure and more specifically foreign ownership | Not Clear |
9 | Ahmad et al. [18] | Dividend Policy | Board Composition and ownership structure | PSX 100 Index firms has been used for the period of 2005–2014 | The results shows that those firms who have higher profitable provide signal to the market to pay higher dividend in Pakistani firms and intended to resolve the agency problems issues | Not Clear |
10 | Khan and Shah [83] | Dividend Policy | EM | This study include 76 non-financial firms for the period of 2010 to 2016 | The study show that if management involves in EM practices then they are unable to pay their dividend | No Mentioned |
11 | Zeb et al. [157] | Dividend Policy | EM | This study is conducted on Cement Sector firms for considering the data for the period of 2010–2016 | This study finds that EM has influence on dividend policy | Not Mentioned |
12 | Gul et al. [50] | Cost of Capital | EM | 200 non-financial firms of the PSX has been used for the period of 2003–2014 | The findings of the study shows that CG and cost of capital is negatively related in large, medium, and small Cap firms | Agency Theory |
13 | Ilyas et al. [64] | Cost of Capital | EM | 144 non-financial has been used for analysis for the period of 2006–2016 | The findings show that firms that indulge in the activities EM their cost of capital are high because the manipulated information reduces the confidence of investors on fundamentals information of firms and ultimately they demand high rate of return.” | Not mentioned |
14 | Sajjad et al. [113] | EM | CG and Product Market Competition | The study has analyzed the data of 84 non-financial companies for the period of 2010–2015 | The outcomes of this study shows that CG variables, i.e., Board size, independent directors, board meeting and audit quality are negatively related with discretionary accruals. However, the institutional ownership and CEO duality have positive related with discretionary accruals. Furthermore, the product market competition is positively related with EM | No mention |
15 | Tahir et al. [136] | Working Capital Management and Firm Risk | CG | This study has used the data of 60 companies for the period of 2011–2017 | The study finds a negative impact of CGI on WCM while there is an insignificant impact of CGI on FR | Not mentioned |
16 | Ullah et al. [145] | Investment of Free Cash Flow | CG and Corporate Label | This study has analyzed the data of 231 manufacturing firms for the period of 2011–2015 | have gathered evidence that good CG negatively mitigates over investment by the firm and negatively mitigates the over investment of FCF. Further, we have obtained evidence that Islamic label mimics good CG and negatively mitigates firms’ over investment | Agency Theory |
17 | Abbas et al. [13] | Firm performance and working Capital Management | CG and working Capital Management | This study has used the data of 140 firms for the period of 2008–2015 | The findings of the study reveals that cash conversion cycle and current ratio have negative relationship with firm performance | Agency Theory |
18 | Ullah et al. [144] | Risk & Capital Structure is a mediating Role | CG | The Cement Sector has been taken as a sample and the 2005–2014 period is taken | The outcomes of the study depicted that capital structure mediates the association between CG and firm risk. Firms adhering code of CG, make optimal CS decision and minimize debt level in capital structure which mitigate risk | No Mention |
19 | Shah and Shah [117] | Cash Holding | CG and the role of product market competition | The of 196 PSX non-financial listed firms for the period of 2006 to 2014 has been taken for analysis | The results of the study displays that CG has a significant negative effect on cash holding of the firm which supports flexibility hypotheses of the literature | Hypothesis Flexibility theory |
20 | Aslam et al. [29] | CSR | Gender Diversity and CG Mechanism | Australian Stock Exchange (ASX) data for the year 2014 has been utilized for the study | The overall results of the study reveal that board independence, board size, gender diversity and CEO duality have significant positive impact on CSR. Whereas, managerial ownership has negative impact on CSR | Stakeholder Theory and Agency Theory |
21 | Majeed et al. [93] | Firm performance | Cultural Diversity of Board of Directors and Audit committee | The data of Karachi Meezan Index has been used for the period of 2008–2016 | The study documents that board and audit committee independence and cultural diversity has a positive relationship with performance | Not mention |
22 | Ullah et al. [140] | Voluntary disclosure | CG | The study has analyzed the data of 62 non-financial firms for the period of 2013–2015 | The results show that CG influences voluntary disclosure in this paper | No mention |
23 | Rahman et al. [106] | Board Monitoring and firm performance | Boardroom Diversity | The study include 350 non-financial Malaysian companies for the period of 2010–2014 | The findings of this study display that foreign directors have a significant positive impact on firms' performance. However, foreign directors have a significant negative impact on monitoring role of the board | Agency Theory |
24 | Hussain et al. [55] | Bank Risk Taking | Ownership Structure | The study has taken the data of from the 10 Commercial Banks and 4 from Islamic Banks for the period of 2010–2016 | The findings of the study shows that different ownership structure have significant positive impact on Bank Risk Taking | Agency Theory |
25 | Khan et al. [80] | Dividend policy and firm performance | Ownership Structure | Only the sector of Oil and Gas has been taken for the period of 2004–2014 | The results of this study reveals that manager ownership and institutional ownership have negative while dispersed individual shareholder`s ownership have positive impact on the firm performance | Not Clear |
26 | Adnan et al. [15] | Operational Risk Taking | Ownership Structure and Firm Size | The study has used the data of 19 Islamic Banks for the period of 2012–2016 | The study depicts a significant positive relationship with operational risk and public ownership of Islamic banks | Agency Theory |
27 | Ali and Shah [22] | Working Capital Management Efficiency | CG | The study has analyzed the data of 62 manufacturing companies for the period of 2014–2016 | The findings of the study depicted that audit committee, board size and gender effect have impact on the working capital, and moreover, the abovementioned variables improve utilization of the working capital in the manufacturing firms | Not mentioned |
28 | Ilyas and Jan [62] | Cost of Capital | CG | This study include the data of 144 firms for analysis for the period of 2007–2016 | The result of panel data techniques reveals that CG and cost of capital are negatively and significantly associated with each other | Not mentioned |
29 | Ashfaq et al. [28] | Firm performance | CG in Islamic banks& EM | This study included in sample 20 Islamic and 35 Conventional Banks for the period of 2005–2015 | This study’s findings concluded that earnings manipulation is less in Islamic Banks as compared to Conventional Banks in Pakistan | No Mention |
30 | Tahir et al. [137] | Cost of Equity | CG and Family Ownership | This study include non-financial firms of PSX for the period of 2007 to 2016 | The study reveals a direct effect of CGI on CE. One unit increase in CGI causes 1.38 units decline in the CE. The study recommends that FOF should improve the CGI in order to control the COE | Not Clear |
31 | Ilyas et al. [63] | EM | CG | This study include the data of 144 firms for analysis for the period of 2007–2016 | The results reveal that strong CG system controls management activities to manipulate earnings information | Agency, Stakeholder and Stewardship theories are used in this study |
32 | Zahra et al. [154] | Financial Distress | CEO characteristics | This study has used the data of 42 non-financial companies data has been used for the period of 2009–2013 has been used | The results suggest that a one year rise in CEO tenure and a 1% rise in CEO Ownership may reduce the distress probability by 2% and 17%, respectively | Unclear |
33 | Jabeen and Ali [68] | Corporate Governance Index | Institutional shareholders heterogeneity | The final sample of the study include 247 non-financial firms of PSX for the period of 2006–2015 | The study shows that intuitional shareholders heterogeneity play a significant and positive role in enhancing firm-level governance mechanisms in PSX listed firms | Not Mentioned |
34 | Shahid et al. [126] | Banks Efficiency | Board attributes | 24 Islamic as well as Conventional banks were used for data analysis for the period of 2012–2016 | The conclusion of the paper shows that size of the board and board composition have a positive and significant relationship with bank efficiency | Agency Theory |
35 | Ullah et al. [148] | Firm performance | Excess Control, family ownership | For analysis the data of 289 non-financial firms has been utilized for the period of 2004–2012 | The results indicate that both family owned and family controlled firms show significantly lower financial performance than non- family owned and non-family controlled firms in Pakistan | Agency Theory |
36 | Hassan and Rizwan, [53] | Board Characteristics, Board roles and Firm performance | CG Reforms | The study has analyzed the data of 200 non-financial companies for the period of 1999–2005 | The findings of the study revealed that CG reforms very much affected board roles and attributes in the listed firms, which have both way effects on firm performance | Agency Theory |
37 | Shahid et al. [127] | Dividend Policy | Ownership Structure and Board Attributes | The study has used the data of 176 firms of KSE for the period of 2010–2015 | The findings of this paper shows that managerial ownership, board size, board independent have positive relationship with dividend policy, while a ownership concentration is negatively related with dividend policy | Not mention |
38 | Iqbal and akakhel [67] | Profitability | CG | The study sample consists of pharmaceutical Sectors with the data period is 2003–2013 | This study has concluded that CG has a significant impact on the profitability of the pharmaceutical firms operating in Pakistan | Not mention |
39 | Khan et al. [85] | Dividend Policy | Ownership Structure | The sample of 80 firms for the period of 2003–2012 of PSX is taken in this paper | The findings of the paper revealed that managerial ownership is negatively related with dividend policy and other variables of ownership structure are not related with dividend policy in Pakistan | Agency Theory |
40 | Sharif, [130] | performance of Modarabas | CG | The study include 23 Modarabas companies’ data for the period of 2013–2015 | The evidence from this paper shows that a significant and moderating effect of the non-executive directors (NEDs) on financial performance of Modarabas for the period of 2013 to 2015 | Agency Theory |
41 | Khalil et al. [77] | Cash Holdings | Managerial Ownership | The Cement sector was selected for the analysis of the data for the period of 2007–2015 | The analysis shows that in Cement Sector of Pakistan, the Managerial Ownership significantly affect the company’s annual cash holdings | Not Clear |
42 | Rafay et al. [104] | Firm performance and CG | RPTs | The study analyzed the data of all non-financial firms in PSX 100 index for the period of 2006–2015 | The results of this paper suggests that institutional ownership has a positive and significant impact on firm performance, while RPTs purchases have a significant and negative impact on firm performance of the PSX 100 Index listed firms | Agency Theory |
43 | Amjad et al. [86] | Earnings Per Share | CG | The data period is from 2011–2016 of the top 20 capitalized firms of PSX | The study result of correlations and regression revealed that board independence, ownership concentration and Board diversity have significant impact on performance while CEO Duality has negative impact on Firm financial performance in top 20 capitalized PSX listed firms | Not Mention |
44 | Rafy and Ajma, [105] | Firm valuation | EM through differed taxation | The sample size include the Karachi Meezan Index shariah firms for the period of 2009–2013 | The results of this study is quite unclear and un comprehensible for us | Not mention |
45 | Nasar et al. [98] | Managing risk in the financial institutions | CG | Systematic Review of related literature | This conclusion of this study display that the risk factors are directly related to the sustainable business growth when organization pays worthy attention toward the CG mechanism | Different theories |
46 | Shah and Baloch [118] | Firms Financial Performance | Board Characteristics | 50 manufacturing firms were selected for analysis purpose for the period of 2012–2016 | The findings of this paper demonstrated a positive significant coefficient for CEO compensation while a negative association is found for CEO tenure and CEO duality with the firm performance of the 50 listed manufacturing firms | Not mentioned |
47 | Ahmad [16] | Capital Structural Decision | CG characteristics | This study has used only textile sectors firms for the period of 2002–2004 | The conclusion of the study provide some preliminary empirical evidence that managers tend to pursue higher financial leverage when they face stronger corporate governance from the board | Not mention |