Governance Indicators and Firm Value: Evidence of Non-Sharia Compliant firms from Pakistan
The underpinning objective of current study is to test the indicators of corporate governance on the firm value of non-Shariah compliant firms on listed firms on Pakistan Stock Exchange. The current study considered the corporate governance indicators ownership structure (family ownership, concentra...
Gespeichert in:
| Veröffentlicht in: | Paradigms 2019-07, Vol.13 (2), p.182-190 |
|---|---|
| Hauptverfasser: | , , |
| Format: | Artikel |
| Sprache: | eng |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Tags: |
Tag hinzufügen
Keine Tags, Fügen Sie den ersten Tag hinzu!
|
| container_end_page | 190 |
|---|---|
| container_issue | 2 |
| container_start_page | 182 |
| container_title | Paradigms |
| container_volume | 13 |
| creator | Khalil, Rashid Bin Shuib, Mohd. Sollehudin Shahzad, Arfan |
| description | The underpinning objective of current study is to test the indicators of corporate governance on the firm value of non-Shariah compliant firms on listed firms on Pakistan Stock Exchange. The current study considered the corporate governance indicators ownership structure (family ownership, concentrated ownership, and foreign ownership), business structure (pyramidal group), board structure (board independence, board size, and CEO duality). Total 526 companies were listed on the Pakistan stock exchange out of which 196 companies were categorized as non-Shariah compliant firms and considered under study for the period of 2009-2018. The findings of current study reveal that ownership structure significantly linked with firm value (family ownership (-), concentrated ownership (+), and foreign ownership (+)). The business structure indicates a positive and significant relationship with pyramidal group (+). However, in case of board structure board independence indicate an insignificant but positive relationship, board size indicates a negative and significant, and CEO duality indicates a positive and significant relationship with firm value. The findings of current the findings of current study were aligned with the literature however, literature reveals that Shariah compliant firms have different results. |
| doi_str_mv | 10.24312/19108130224 |
| format | Article |
| fullrecord | <record><control><sourceid>gale_proqu</sourceid><recordid>TN_cdi_proquest_journals_2436132051</recordid><sourceformat>XML</sourceformat><sourcesystem>PC</sourcesystem><galeid>A630858744</galeid><sourcerecordid>A630858744</sourcerecordid><originalsourceid>FETCH-LOGICAL-g1321-ae26efc41d1c6c9ac9ded81af23d39ce0a0d97b57b095dce9e6928838cb461f43</originalsourceid><addsrcrecordid>eNotkMtOwzAURC0EElXpjg-wxJaAX0lsdlXVlkoVIPFYsIlubCc1pHaJk34_RmU1m6MZzUHompI7Jjhl91RRIiknjIkzNGGCkozIXJyjCVWqyJgk5BLNYnQ1EaLM85yRCfpch6PtPXht8cYbp2EIfcTgDV65fo8_oBvtA14enbF_TGjwU_DZ6w56B3gR9ofOgR9wk-CImz7s8Qt8uziAv0IXDXTRzv5zit5Xy7fFY7Z9Xm8W823WUs5oBpYVttGCGqoLrUArY42k0DBuuNKWADGqrPOyJio32ipbKCYll7oWBW0En6KbU--hDz-jjUP1FcZ0qYtVElOkEZLTRN2eqBY6W9VjdN4mFz66djfEFsYYq3nBkzFZCsF_Ac4lY-4</addsrcrecordid><sourcetype>Aggregation Database</sourcetype><iscdi>true</iscdi><recordtype>article</recordtype><pqid>2436132051</pqid></control><display><type>article</type><title>Governance Indicators and Firm Value: Evidence of Non-Sharia Compliant firms from Pakistan</title><source>EZB-FREE-00999 freely available EZB journals</source><creator>Khalil, Rashid ; Bin Shuib, Mohd. Sollehudin ; Shahzad, Arfan</creator><creatorcontrib>Khalil, Rashid ; Bin Shuib, Mohd. Sollehudin ; Shahzad, Arfan</creatorcontrib><description>The underpinning objective of current study is to test the indicators of corporate governance on the firm value of non-Shariah compliant firms on listed firms on Pakistan Stock Exchange. The current study considered the corporate governance indicators ownership structure (family ownership, concentrated ownership, and foreign ownership), business structure (pyramidal group), board structure (board independence, board size, and CEO duality). Total 526 companies were listed on the Pakistan stock exchange out of which 196 companies were categorized as non-Shariah compliant firms and considered under study for the period of 2009-2018. The findings of current study reveal that ownership structure significantly linked with firm value (family ownership (-), concentrated ownership (+), and foreign ownership (+)). The business structure indicates a positive and significant relationship with pyramidal group (+). However, in case of board structure board independence indicate an insignificant but positive relationship, board size indicates a negative and significant, and CEO duality indicates a positive and significant relationship with firm value. The findings of current the findings of current study were aligned with the literature however, literature reveals that Shariah compliant firms have different results.</description><identifier>ISSN: 1996-2800</identifier><identifier>EISSN: 2410-0854</identifier><identifier>DOI: 10.24312/19108130224</identifier><language>eng</language><publisher>Lahore: University of Central Punjab</publisher><subject>Accountability ; Boards of directors ; Cash flow ; Corporate governance ; Executive compensation ; Financial statements ; Foreign investments ; Fraud ; Privatization ; Related party transactions ; Scandals ; Securities industry ; Stock exchanges ; Stockholders</subject><ispartof>Paradigms, 2019-07, Vol.13 (2), p.182-190</ispartof><rights>COPYRIGHT 2019 University of Central Punjab</rights><rights>2019. This work is published under https://creativecommons.org/licenses/by-nc/4.0/ (the “License”). Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License.</rights><lds50>peer_reviewed</lds50><oa>free_for_read</oa><woscitedreferencessubscribed>false</woscitedreferencessubscribed></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><link.rule.ids>314,780,784,27924,27925</link.rule.ids></links><search><creatorcontrib>Khalil, Rashid</creatorcontrib><creatorcontrib>Bin Shuib, Mohd. Sollehudin</creatorcontrib><creatorcontrib>Shahzad, Arfan</creatorcontrib><title>Governance Indicators and Firm Value: Evidence of Non-Sharia Compliant firms from Pakistan</title><title>Paradigms</title><description>The underpinning objective of current study is to test the indicators of corporate governance on the firm value of non-Shariah compliant firms on listed firms on Pakistan Stock Exchange. The current study considered the corporate governance indicators ownership structure (family ownership, concentrated ownership, and foreign ownership), business structure (pyramidal group), board structure (board independence, board size, and CEO duality). Total 526 companies were listed on the Pakistan stock exchange out of which 196 companies were categorized as non-Shariah compliant firms and considered under study for the period of 2009-2018. The findings of current study reveal that ownership structure significantly linked with firm value (family ownership (-), concentrated ownership (+), and foreign ownership (+)). The business structure indicates a positive and significant relationship with pyramidal group (+). However, in case of board structure board independence indicate an insignificant but positive relationship, board size indicates a negative and significant, and CEO duality indicates a positive and significant relationship with firm value. The findings of current the findings of current study were aligned with the literature however, literature reveals that Shariah compliant firms have different results.</description><subject>Accountability</subject><subject>Boards of directors</subject><subject>Cash flow</subject><subject>Corporate governance</subject><subject>Executive compensation</subject><subject>Financial statements</subject><subject>Foreign investments</subject><subject>Fraud</subject><subject>Privatization</subject><subject>Related party transactions</subject><subject>Scandals</subject><subject>Securities industry</subject><subject>Stock exchanges</subject><subject>Stockholders</subject><issn>1996-2800</issn><issn>2410-0854</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2019</creationdate><recordtype>article</recordtype><sourceid>N95</sourceid><sourceid>ABUWG</sourceid><sourceid>AFKRA</sourceid><sourceid>AZQEC</sourceid><sourceid>BENPR</sourceid><sourceid>CCPQU</sourceid><sourceid>DWQXO</sourceid><recordid>eNotkMtOwzAURC0EElXpjg-wxJaAX0lsdlXVlkoVIPFYsIlubCc1pHaJk34_RmU1m6MZzUHompI7Jjhl91RRIiknjIkzNGGCkozIXJyjCVWqyJgk5BLNYnQ1EaLM85yRCfpch6PtPXht8cYbp2EIfcTgDV65fo8_oBvtA14enbF_TGjwU_DZ6w56B3gR9ofOgR9wk-CImz7s8Qt8uziAv0IXDXTRzv5zit5Xy7fFY7Z9Xm8W823WUs5oBpYVttGCGqoLrUArY42k0DBuuNKWADGqrPOyJio32ipbKCYll7oWBW0En6KbU--hDz-jjUP1FcZ0qYtVElOkEZLTRN2eqBY6W9VjdN4mFz66djfEFsYYq3nBkzFZCsF_Ac4lY-4</recordid><startdate>20190701</startdate><enddate>20190701</enddate><creator>Khalil, Rashid</creator><creator>Bin Shuib, Mohd. Sollehudin</creator><creator>Shahzad, Arfan</creator><general>University of Central Punjab</general><scope>N95</scope><scope>3V.</scope><scope>7WY</scope><scope>7WZ</scope><scope>7XB</scope><scope>87Z</scope><scope>8FK</scope><scope>8FL</scope><scope>ABUWG</scope><scope>AFKRA</scope><scope>AZQEC</scope><scope>BENPR</scope><scope>BEZIV</scope><scope>CCPQU</scope><scope>DWQXO</scope><scope>FRNLG</scope><scope>F~G</scope><scope>K60</scope><scope>K6~</scope><scope>L.-</scope><scope>M0C</scope><scope>PIMPY</scope><scope>PQBIZ</scope><scope>PQBZA</scope><scope>PQEST</scope><scope>PQQKQ</scope><scope>PQUKI</scope><scope>PRINS</scope><scope>Q9U</scope></search><sort><creationdate>20190701</creationdate><title>Governance Indicators and Firm Value: Evidence of Non-Sharia Compliant firms from Pakistan</title><author>Khalil, Rashid ; Bin Shuib, Mohd. Sollehudin ; Shahzad, Arfan</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-g1321-ae26efc41d1c6c9ac9ded81af23d39ce0a0d97b57b095dce9e6928838cb461f43</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2019</creationdate><topic>Accountability</topic><topic>Boards of directors</topic><topic>Cash flow</topic><topic>Corporate governance</topic><topic>Executive compensation</topic><topic>Financial statements</topic><topic>Foreign investments</topic><topic>Fraud</topic><topic>Privatization</topic><topic>Related party transactions</topic><topic>Scandals</topic><topic>Securities industry</topic><topic>Stock exchanges</topic><topic>Stockholders</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Khalil, Rashid</creatorcontrib><creatorcontrib>Bin Shuib, Mohd. Sollehudin</creatorcontrib><creatorcontrib>Shahzad, Arfan</creatorcontrib><collection>Gale Business: Insights</collection><collection>ProQuest Central (Corporate)</collection><collection>Access via ABI/INFORM (ProQuest)</collection><collection>ABI/INFORM Global (PDF only)</collection><collection>ProQuest Central (purchase pre-March 2016)</collection><collection>ABI/INFORM Global (Alumni Edition)</collection><collection>ProQuest Central (Alumni) (purchase pre-March 2016)</collection><collection>ABI/INFORM Collection (Alumni Edition)</collection><collection>ProQuest Central (Alumni Edition)</collection><collection>ProQuest Central UK/Ireland</collection><collection>ProQuest Central Essentials</collection><collection>ProQuest Central</collection><collection>Business Premium Collection</collection><collection>ProQuest One Community College</collection><collection>ProQuest Central Korea</collection><collection>Business Premium Collection (Alumni)</collection><collection>ABI/INFORM Global (Corporate)</collection><collection>ProQuest Business Collection (Alumni Edition)</collection><collection>ProQuest Business Collection</collection><collection>ABI/INFORM Professional Advanced</collection><collection>ABI/INFORM Global</collection><collection>Publicly Available Content Database</collection><collection>ProQuest One Business</collection><collection>ProQuest One Business (Alumni)</collection><collection>ProQuest One Academic Eastern Edition (DO NOT USE)</collection><collection>ProQuest One Academic</collection><collection>ProQuest One Academic UKI Edition</collection><collection>ProQuest Central China</collection><collection>ProQuest Central Basic</collection><jtitle>Paradigms</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Khalil, Rashid</au><au>Bin Shuib, Mohd. Sollehudin</au><au>Shahzad, Arfan</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>Governance Indicators and Firm Value: Evidence of Non-Sharia Compliant firms from Pakistan</atitle><jtitle>Paradigms</jtitle><date>2019-07-01</date><risdate>2019</risdate><volume>13</volume><issue>2</issue><spage>182</spage><epage>190</epage><pages>182-190</pages><issn>1996-2800</issn><eissn>2410-0854</eissn><abstract>The underpinning objective of current study is to test the indicators of corporate governance on the firm value of non-Shariah compliant firms on listed firms on Pakistan Stock Exchange. The current study considered the corporate governance indicators ownership structure (family ownership, concentrated ownership, and foreign ownership), business structure (pyramidal group), board structure (board independence, board size, and CEO duality). Total 526 companies were listed on the Pakistan stock exchange out of which 196 companies were categorized as non-Shariah compliant firms and considered under study for the period of 2009-2018. The findings of current study reveal that ownership structure significantly linked with firm value (family ownership (-), concentrated ownership (+), and foreign ownership (+)). The business structure indicates a positive and significant relationship with pyramidal group (+). However, in case of board structure board independence indicate an insignificant but positive relationship, board size indicates a negative and significant, and CEO duality indicates a positive and significant relationship with firm value. The findings of current the findings of current study were aligned with the literature however, literature reveals that Shariah compliant firms have different results.</abstract><cop>Lahore</cop><pub>University of Central Punjab</pub><doi>10.24312/19108130224</doi><tpages>9</tpages><oa>free_for_read</oa></addata></record> |
| fulltext | fulltext |
| identifier | ISSN: 1996-2800 |
| ispartof | Paradigms, 2019-07, Vol.13 (2), p.182-190 |
| issn | 1996-2800 2410-0854 |
| language | eng |
| recordid | cdi_proquest_journals_2436132051 |
| source | EZB-FREE-00999 freely available EZB journals |
| subjects | Accountability Boards of directors Cash flow Corporate governance Executive compensation Financial statements Foreign investments Fraud Privatization Related party transactions Scandals Securities industry Stock exchanges Stockholders |
| title | Governance Indicators and Firm Value: Evidence of Non-Sharia Compliant firms from Pakistan |
| url | https://sfx.bib-bvb.de/sfx_tum?ctx_ver=Z39.88-2004&ctx_enc=info:ofi/enc:UTF-8&ctx_tim=2024-12-27T23%3A43%3A25IST&url_ver=Z39.88-2004&url_ctx_fmt=infofi/fmt:kev:mtx:ctx&rfr_id=info:sid/primo.exlibrisgroup.com:primo3-Article-gale_proqu&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.genre=article&rft.atitle=Governance%20Indicators%20and%20Firm%20Value:%20Evidence%20of%20Non-Sharia%20Compliant%20firms%20from%20Pakistan&rft.jtitle=Paradigms&rft.au=Khalil,%20Rashid&rft.date=2019-07-01&rft.volume=13&rft.issue=2&rft.spage=182&rft.epage=190&rft.pages=182-190&rft.issn=1996-2800&rft.eissn=2410-0854&rft_id=info:doi/10.24312/19108130224&rft_dat=%3Cgale_proqu%3EA630858744%3C/gale_proqu%3E%3Curl%3E%3C/url%3E&disable_directlink=true&sfx.directlink=off&sfx.report_link=0&rft_id=info:oai/&rft_pqid=2436132051&rft_id=info:pmid/&rft_galeid=A630858744&rfr_iscdi=true |