文章基本信息

标题：Impact of Financial Decisions on Firm Performance: Path Analysis Approach
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作者：Asifa Maqbool ; Nadeem Ahmed Sheikh
期刊名称：South Asian Journal of Management Sciences
印刷版ISSN：2074-2967
出版年度：2022
卷号：16
语种：English
出版社：Iqra University
摘要：This study intended to explore causal relationships between the corporate performance and financial decisions of the firms which are listed on the Pakistanstock exchange (PSX). This study has used Return on assets and Tobin's Q as the measures of accounting performance and market performance respectively. To effectively examine the causal structure of corporate financing, investment, dividend payout decisions, and the firm performance simultaneously this study has used path analysis approach. The sample comprises 292 non-financial firms which are listed on the Pakistan Stock Exchange (PSX). The findings clearly show that debt financing has positive effect on the investment and dividend has negative effect on the investment decisions. The debt financing and investment has a negative impact on corporate performance while dividend decisions has a positive impact on corporate performance. This study helps to understand the corporate decision making process of Pakistani firms. To the author's knowledge this is the first study attempted to check the application of path analysis in emerging economies to study the causal structure ofcorporate financial decisions and corporate performance.
关键词：Corporate Investment; financing; dividend; corporate performance; path analysis.