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Relationship Between Corporate Governance, Management Ownership and Capital Structure: Evidence from Pakistan Stock Exchange

International Journal of Business Studies Review

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Field Value
 
Title Relationship Between Corporate Governance, Management Ownership and Capital Structure: Evidence from Pakistan Stock Exchange
 
Creator Abdul Saboor, Muhammad Nouman, Ijaz Ahmad,
Abdul Saboor, Muhammad Nouman, Ijaz Ahmad,
 
Description This study examines the linkage between corporate governance and company’s capital structure proxy as leverage for 100 non-financial Pakistani companies listed on Pakistan Stock Exchange (PSX) from 2009 to 2013. The corporate governance’s features used for this research comprised of BS (Board Size), BC (Board Composition), CEO/CHAIR Duality, MSH (Managerial Shareholding) and control variable ROA. For appropriate model selection, apply Chow, Breusch Pagan and Hausman test. The results of these three test suggests that best model for this study is Pooled OSL model. Correlation and regression analysis is used to determine relationship between Corporate Governance to Capital Structure. The empirical results show that 36% change in leverage is explained by independent variables of the study. The empirical results of this study show that BS and ROA is negative statistically significant while BC is positive statistically significant to leverage. Furthermore, the results show that the independent variables CEO Duality and MSH are statistically insignificant to Leverage. The average analysis from 2009 to 2013 indicates that these companies followed lower debt policy with larger board size and ROA and pursued higher debt policy with the higher percentage of non- executive directors on the board.
 
Publisher KUST
 
Date 2018-06-10
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
 
Format application/pdf
 
Identifier http://intjourbsr.org/index.php/ijbsr/article/view/31
 
Source International Journal of Business Studies Review; Vol 4 No 1 (2018); 1-12
2521-0068
 
Language eng
 
Relation http://intjourbsr.org/index.php/ijbsr/article/view/31/23