Ownership Structure, Corporate Governance and Capital Structure of Non-Financial Firms of Pakistan

Hassan Ahmad, Nasreen Akhter, Tariq Siddiq and Zahid Iqbal

Information Management and Business Review, 2018, vol. 10, issue 1, 31-46

Abstract: 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 include ownership 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.

Date: 2018
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
https://ojs.amhinternational.com/index.php/imbr/article/view/2146/1602 (application/pdf)
https://ojs.amhinternational.com/index.php/imbr/article/view/2146 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:rnd:arimbr:v:10:y:2018:i:1:p:31-46

DOI: 10.22610/imbr.v10i1.2146

Access Statistics for this article

More articles in Information Management and Business Review from AMH International
Bibliographic data for series maintained by Muhammad Tayyab ().