Table 7 Corporate Governance-related studies with related variables in the HEC Research Repository
Serial No. | Study (Theses) Year | Dependent variable (s) | Independent Variable (s) | Sample and data period | Key findings | Theory of the study |
|---|---|---|---|---|---|---|
1 | Hussain [56] | Related Party Transactions | Controlling Shareholdings & Business Group Affiliation | PSX listed 326 non-financial firms for the period of 2004–2017 | High Degree of Ownership concentration and huge amount of RPTS | Agency Theory |
2 | Azeem [32] | Dividend policy | CG | PSX 139 listed non-financial firms for the period of 2004–2012 | Pakistani firms pay higher dividends only when they exercise good corporate governance practices | Agency Theory |
3 | Ilyas, [61] | Earnings Management and Cost of Capital | CG | PSX 144 listed non-financial firms for the period of 2006–2016 | CG negatively impact EM and additionally CG is negatively related with cost of equity and lastly EM is positively related with cost of equity | Agency Theory & Signaling Theory |
4 | Ehsan [40] | Corporate Firm Performance &Risk Taking | Ownership Structure | All Commercial Banks for the period from 2000–2015 | The findings of the study shows that in Pakistan bank performance increases when ownership is either dispersed or highly concentrated | Agency Theory |
5 | Nazir [101] | Firm Value, earnings management | CG | KSX 208 non-financial companies and data period is 2004–2011 | The study finds that CG plays a vital role in enhancing firm value while EM damage the value in Pakistani context | Agency Theory, Stewardship Theory, and Resource dependency theory |
6 | Shahzad [129] | Investment Efficiency | Ownership Structure and Financial Reporting Quality | KSX non-financial companies and data period is 2007–2014 | The results of this thesis documented that higher financial reporting quality and family ownership is related with higher investment efficiency is Karachi Stock Exchange listed non-financial firms during the period of 2007 to 2014 | Agency Theory& Socioeconomic Wealth Theory |
7 | Fayyaz [47] | Firm performance and EM | Executive Compensation | KSX 225 non-financial companies and data period is 2005–2012 | ROA of the Current and previous year have significant influence on executive compensation has been reported in this thesis | Agency Theory |
8 | Shah [121] | Firm performance | CG | 120 Non-financial firms of KSX 2002–2007 | The findings of this thesis depicted that a positive relationship between the CG Score and the performance measures of the 120 Non-financial firms of KSX 2002–2007 | Static Trade Off Theory, Agency Theory and Packing Order theory |
9 | Rizvi [109] | Corporate Dividend Policy and Performance | Ownership Structure | 183 Non-financial firms of KSX 2003–2008 | The results of this study is not clear to conclude something for it | Agency Theory and Dividend theories |
10 | Tahir [135] | Firm value and financial decisions | Family Ownership | 280 non-financial firms ranging from 2002–2013 | The results reveals that family businesses are more effect than non-family business | Agency Theory Trade Off Theory and Packing Order theory |
11 | Makki [94] | Intellectual Capital and financial performance | CG | The study include 154 non-financial companies for the period of 2005–2009 | The findings shows that CG does not improve the performance of the companies in Pakistan | Not Clear |
12 | Mukarram [97] | Firm performance, risk taking and Strategic Change | Board Diversity | The study include Indian listed companies for the period of 2008–2014 | The results show a positive and significant impact of women directors on firm performance of firms | Upper Echelon Theory, Social Role Theory and Contingency Theory |
13 | Sajid [112] | Firm value, payout policy, cost of capital and CSR | CG | 200 listed firms is the sample size with the study period ranging from 2003–2014 | The CG increase the value of the firm, addition to this, CG and ownership type influences CSR not only CG | Agency Theory |
14 | Shah [116] | Cash Holding and product market competition | CG | The study used 196 listed companies’ data for the 2006 to 2014 | The result shows that CG has significant negative effect on cash holding | Agency Theory |
15 | Ullah [141] | Tunneling | CG and Business Group Affiliation | The study used the data of 167 non-financial firms ranging from 2006 to 2015 | The result shows the tunneling behavior of business groups | Agency Theory |
16 | Tariq [138] | Firm performance | Corporate Governance Code | This study used 119 firms for the period of 2003 to 2010 | The results reveals that the impact of corporate governance compliance index is positively associated with firm performance | Various Theories of CG and Corporate Finance |
17 | Ullah [140] | Cash Holding, firm performance | CG | This study has used 150 firms for the period of 2001–2014 | The study shows that internal CG mechanisms and political connections reduce (enhance) corporate cash holdings in Pakistani listed firms | Agency Theory, Resource Dependency Theory and Stewardship Theory |