文章基本信息

标题：Ownership Structure, Corporate Governance and Capital Structure of Non-Financial Firms of Pakistan
本地全文：下载
作者：Hassan Ahmad ; Nasreen Akhter ; Tariq Siddiq 等
期刊名称：Information Management and Business Review
电子版ISSN：2220-3796
出版年度：2018
卷号：10
期号：1
页码：31-46
出版社：International Foundation for Research and Development (IFRD)
摘要：This study is undertaken with the purpose of investigating the impact of ownership structure and corporate governance on the capital structure of Pakistani listed firms from 2011-2014, feasible general least square is used to investigate the impact of ownership structure and corporate governance on capital structure of KSE 100 index firms. Explanatory variables includeownership concentration, managerial ownership, foreign ownership, institutional ownership, board size, board independence and CEO duality along with the three control variables namely firm size, firm profitability and liquidity. There is insignificant positive relationship between ownership concentration and capital structure, managerial ownership has a significant negative impact on debt ratio. Foreign ownership has also a significant negative impact on firm capital structure and institutional ownership has significant positive impact on capital structure. Board size is positively related to capital structure, board independence also positively related to firm’s debt ratio but CEO duality negatively related to the dependent variable, all these variables have significant impact on capital structure of Pakistani firms.
关键词：Ownership Structure; Corporate Governance; Capital Structure; Agency Theory; FGLS