Table 8 Corporate Governance-related studies with related variables in the Google Scholar

1

Shoukat [132]

Enterprise development (business group)

Political Connections

Qualitative data analysis has been made by applying the data period from 1947 to 2012

This study conclude that the political power does influence the financing strategies of politically connected business group

Not mentioned

2

Mehmood and Hasnu [96]

Cash Flow Sensitivity

Business Group Affiliation

The study has used the data of 90 firms for the period of 2006–2010

The result of this paper shows a positive relationship of investment-cash flow sensitivity for business group affiliated firms and negative investment-cash flow sensitivity for non- group affiliated firms in Pakistan

Not mentioned

3

Zaman [156]

Capital Structure Decisions

Bank Affiliated Business Group

The study has utilized the data of 146 firms for the period of 2006–2011

This paper has demonstrated that the decision of bank affiliated firms are significantly different from non-bank affiliated firms in Pakistan

Pecking order theory, Agency theory and Tradeoff theory

4

Nazir and Afza [100]

Firm Value and EM

CG

The data of 2008 firms has been taken for consideration for the period of 2004–2016

The study confirms that CG is positively associated with firm value, while EM is destroying firm value

Agency Theory

5

Ahmad et al. [17]

Firm performance

Business group affiliation

The data of 284 firms has been analyzed for the period of 2008–2015

The findings of the study reveals that Business group affiliation has a significant effect of firm performance

Agency Theory

6

Khan et al. [86]

Cash Holdings

Business group affiliation

The study has used the data of 284 firms for the period of 1996–2012

The results shows that group affiliated firms maintain more cash as compare to non-affiliated firms

Not mention

7

Bhutta et al. [37]

EM and Client importance

Business Group Affiliation and Ownership Concentration

The study used the data period of 2003–2012

The results indicates that group affiliation is positively related with EM while Client importance is also related with EM

Not mention

8

Malik and Afza [95]

Debt structure

Business group affiliation

The study has analyzed the data of 371 non-financial firms for the period of 2006–2011

The study reveals that about eighty five percent listed firms used debt to run the business in Pakistan

Not mention

9

Alim and Khan [24]

Cash Holding

CG

This study has utilized the data of 272 firms for the period of 2001–2014

The results documented that family firms hold more cash than non-family firms

Agency Theory

10

Shah and Shanwari [120]

EM in Tax and Accruals perspective

58 firms of PSX has been selected for analysis for the period of 2005–2009

The study reveals the tax model of EM is not good as compare to accrual models

Not Mention

11

Iqbal et al. [66]

EM

CG

The used the data of 89 firms for the period of 2003–2012

The AC is negatively related with EM according to the findings of the study

Not Clear

12

Ghani et al. [48]

Firm performance

CG

This study analyzed the data of non-financial firms for the period of 1998–2002

The results of the descriptive statistics of this study shows that group affiliated firms have large size and profit as compare to non-affiliated firm or stand-alone firms

Not Mention

13

Shah et al. [123]

Dividend Policy

EM

120 non-financial firms of the data period of 2003–2007 has been utilized for analysis

The findings of the study reveals that EM has no effect on dividend policy

Not Mention

14

Zulfiqar et al. [160]

EM

Board Composition

The data of 120 firms has been used for the period of 2003–2007

The findings reveals that board composition is not related with EM

Not mentioned

15

Shah et al. [122]

EM

CG

KSE 100 Index for 2006 only

The results shows that CG has positive impact on EM

Not presented