The dynamic relationship between corporate governance and firm financial performance : a study of multinationals and local firms in emerging market, the case of Pakistan

Amin, QA 2017, The dynamic relationship between corporate governance and firm financial performance : a study of multinationals and local firms in emerging market, the case of Pakistan , PhD thesis, Salford Business School.

[img] PDF - Accepted Version
Restricted to Repository staff only until 15 December 2019.

Download (1MB)

Abstract

This study examines the relationship between corporate governance and firm performance of local and multinational firms in Pakistan. The sample consists of 259 non-financial listed firms of Pakistan for the period of twelve years (2003-2014).

This study has expanded the existing literature of corporate governance by introducing Associated ownership as a unique explanatory variable of corporate governance mechanism. As per researcher best knowledge this variable has not discussed in previous studies of corporate governance and firm performance relationship. Interestingly, this study finds positive and significant relationship between Associated ownership and firm performance for both measures of performance (ROA, MB Ratio) in various models of this study.

This study has examined the sample data in multidimensional ways to investigate the impact of corporate governance on firm performance by addressing relevant econometrics issues from all possible aspects. The system GMM is the main estimation technique of this study and findings of this study support the argument that the association between corporate governance structures and firm performance is dynamic in nature.

The results indicate that impact of corporate governance on firm performance in pre-crises period is more significant as compared to crises periods. Moreover, this study investigated the impact of corporate governance on firm performance of high growth firms and low growth firms and find that high growth firms are more significant as compared to low growth firms in-relation to corporate governance and firm performance relationship.

Item Type: Thesis (PhD)
Schools: Schools > Salford Business School > Salford Business School Research Centre
Depositing User: Qazi Awais Amin
Date Deposited: 21 Feb 2018 12:09
Last Modified: 09 May 2018 14:03
URI: http://usir.salford.ac.uk/id/eprint/44715

Actions (login required)

Edit record (repository staff only) Edit record (repository staff only)

Downloads

Downloads per month over past year