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International Journal of Electronic Finance (1 paper in press)
Impact of Corporate Governance Practices on Financial Performance: Evidence from Non-Financial Sector of Pakistan by Habib-ur Rahman, Mahwish Rafique, Zahid Ali Akbar, Emmanuel S. Aidoo Abstract: This study aims to examine the impact of corporate governance practices on the financial performance of Pakistani firms. For this purpose, we use the panel data of 65 non-financial firms listed on the Pakistan Stock Exchange from 2010 to 2017. Electronic finance has significantly changed corporation activities. In this context, we relate the accounting and market measures of performance with corporate governance factors. Applying ordinary least squares and the fixed effects model, our results reveal that board size, institutional ownership, managerial ownership, ownership concentration, and size of the firm have a positive and significant impact on the return on assets (ROA). This empirical investigation further reveals that (1) the association between board independence, foreign ownership, and liquidity is positive but statistically insignificant, and (2) Chief Executive Officer (CEO) duality and leverage have a negative but statistically insignificantly impact on ROA. By taking Tobins Q as a dependent variable, we observe that board size, managerial ownership, and ownership concentration have a positive and statistically significant impact. Nonetheless, our results reveal that leverage and CEO duality have a negative but statistically insignificant impact on Tobins Q. Board independence, institutional ownership, foreign ownership, size, and liquidity have a positive but statistically insignificant impact on Tobins Q. Keywords: Corporate governance; financial performance; managerial ownership; institutional ownership; board size; ownership concentration; ROA; Tobin’s Q.