Impact of Shareholders’ Activism on Governance Practices and Firm Performance in Pakistan: A Response for Family Controlled Firms

Ayesha Amjad (), Sadaf Ehsan (), Mariam Amjad () and Seemab Gillani ()
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Ayesha Amjad: M.Phil., Department of Management Sciences, COMSATS University Islamabad, Lahore campus, Pakistan
Sadaf Ehsan: Lecturer, Department of Management Sciences, COMSATS University Islamabad, Lahore campus, Pakistan
Mariam Amjad: PhD Scholar, School of Economics and Finance, Xi’an Jiaotong University, Xi’an, Shaanxi Province, 710061, P.R.China
Seemab Gillani: PhD Scholar, School of Economics and Finance, Xi’an Jiaotong University, Xi’an, Shaanxi Province, 710061, P.R.China

iRASD Journal of Economics, 2021, vol. 3, issue 1, 1-12

Abstract: By taking a sample of 150 non-financial firms listed on PSX, this study has empirically examined the impact of ownership structure on firm performance while considering multiple dimensions. This study employed the system GMM econometric technique to examine the association between ownership structure and firm performance. According to the computed results of the study, family ownership puts a positive and highly significant impact on the market performance of the firm. It has also found a strong and significant relationship between family control and the market value of a firm. Similarly, group affiliation and market performance of the firm have a strong and significant association but in a negative direction. Institutional ownership is significantly related to the accounting and market performance of the firm. Moreover, the joint impact of institutional and family ownership is positively and significantly related to the accounting performance of the firm. Finally, institutional activism is positively and significantly related to the accounting performance of the firm.

Keywords: Ownership structure; Financial Institutions Activism; Corporate Governance; Firm performance (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:ani:irdjoe:v:3:y:2021:i:1:p:1-12

DOI: 10.52131/joe.2021.0301.0021

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