CORPORATE GOVERNANCE INDEX AND ITS IMPACT ON FIRM RISK: EMPIRICAL EVIDENCE FROM PAKISTAN 

Usman Zahoor 1 ; Ahmed Shahzad 2 ; Areesha Zaheer 3 ; Muhammad Umair Khan 4
1 The University of Lahore, Lahore, Pakistan.
2 The Institute of Management Sciences (Pak-AIMS, Lahore), University in Lahore, Lahore, Pakistan.
3 Ph. D Scholar, Lahore School of Accountancy and Finance, University in Lahore, Lahore, Pakistan.
4 Assistant Manager, Wateen Telecom Ltd, Lahore, Pakistan.

Article Id - IJM_12_05_002, Pages : 14-30

DOI: 10.34218/IJM.12.5.2021.002   18 Downloads   73 Views   0 Citation
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Abstract

The purpose of this study is to develop a single variable, which would be a combination of internal and external qualitative attributes influencing the governance of firms listed on the Pakistan Stock Exchange from 2006 to 2019. A single set of Governance Index was developed, which was the combination of board composition, board leadership structure and ownership structure by foreign investors, financial institutions and block holders. Firms have been selected from thirteen different sectors of the Pakistan Stock Exchange excluding the financial sector. The results of the study showed that the governance index which aggregates three sets of governance attributes, is significantly and negatively related to systematic risk. However, governance index significantly and positively related to earning risk. Previously many studies have explored the relationship between different governance attributes and firm performance, and these studies have produced a mixed set of results. A small number of studies have investigated the relationship between governance attributes and firm risk. In addition, most of these studies are limited to the financial sector. The current study uses a broad agency framework to extend work on firm risk and governance attributes in developing markets such as Pakistan.

Keywords

Corporate Governance, Firm Risk, Governance Index, Systematic Risk, Earning Risk

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Usman Zahoor, Ahmed Shahzad, Areesha Zaheer and Muhammad Umair Khan, Corporate Governance Index and its Impact on Firm Risk: Empirical Evidence from Pakistan, International Journal of Management (IJM), 12(5), 2021, pp. 14-30 doi: 10.34218/IJM.12.5.2021.002.

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A reference list MUST be included using the following information as a guide. Only cited text references are included. Each reference is referred to in the text by a number enclosed in a square bracket (i.e., [3]). References must be numbered and ordered according to where they are first mentioned in the paper, NOT alphabetically.

Examples follow:

ournal Papers:

[1] M Ozaki, Y. Adachi, Y. Iwahori, and N. Ishii, Application of fuzzy theory to writer recognition of Chinese characters, International Journal of Modelling and Simulation, 18(2), 1998, 112-116. (12)

Books:

[2] R.E. Moore, Interval analysis (Englewood Cliffs, NJ: Prentice-Hall, 1966). (12) Note that the title of the book is in lower case letters and italicized. There is no comma following the title. Place of publication and publisher are given.

Chapters in Books:

[3] P.O. Bishop, Neurophysiology of binocular vision, in J.Houseman (Ed.), Handbook of physiology, 4 (New York: Springer-Verlag, 1970) 342-366. (12) Note that the place of publication, publisher, and year of publication are enclosed in brackets. Editor of book is listed before book title.

Theses:

[4] D.S. Chan, Theory and implementation of multidimensional discrete systems for signal processing, doctoral diss., Massachusetts Institute of Technology, Cambridge, MA, 1978. (12)

Proceedings Papers:

[5] W.J. Book, Modelling design and control of flexible manipulator arms: A tutorial review, Proc. 29th IEEE Conf. on Decision and Control, San Francisco, CA, 1990, 500-506 (12)

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IAEME Publication Fees


IAEME Publication charges an Article Processing Charge (APC) once an article is accepted for publication. These charges cover the costs of turning a manuscript into a finished article, as well as the costs of hosting, distributing and promoting an article.

Article Processing Charges explained

We are committed to making the costs of publishing as clear as possible and so the charges for each journal are clearly displayed on each journal`s homepage.

When a manuscript is submitted, it passes through the many different departments at Hindawi to ensure the quality checks, peer review, production and promotion of articles is carried out in a timely manner and to a high standard:

✔ The Editorial Screening team, who perform initial technical and ethical checks

✔ The Editorial team, who help the journal`s Academic Editors manage the review process

✔ The Production team, who convert the manuscript to a professionally typeset article and well-structured file format

✔ The Proofing team, who coordinate the proofing process through Hindawi`s Online Proofing System (OPS)

✔ The Editorial Quality Assurance team, who perform a final check to ensure that the manuscript and its review process adhere to the journal`s guidelines and policies

✔ Our Marketing and Communication teams, who ensure your article receives the attention it deserves.

✔ The Technology team, who build and maintain our systems, and develop new systems

The work these teams do contribute to the requirement of an APC and is why the actual amount payable varies depending on the journal in which you wish to publish your article.

IAEME Publication does not request Article Submission Charges, also called Submission Fees. These are due at the time of submission of the manuscript. Nor does IAEME charge per page or for color figures or for any other items for which other publishers are known to charge.

Sources for Article Processing Charges (APC)

Authors of an article are responsible for arranging the payment of APC. Still, that typically does not mean that authors end up paying for the publication of the article. The cost of APC is very often assumed either by the organization funding the research published in the article, or by an Open Access Publishing Fund, or by the institution at which the author is employed.

Fair Dealing - Authors and Publisher

When an author submits a manuscript for review at one of IAEME`s journals, the submitted manuscript should not have been previously published in any form and must not be currently under consideration for publication elsewhere. The manuscript should also not be submitted to any other journal during the review process at IAEME Publication. In case the review process at IAEME takes much longer than stated and the author wishes to end the review process at IAEME, he/she should get in contact with the Editorial Assistant of the journal at IAEME and come to an agreement suitable for both sides after looking at the stage of the manuscript in the review process.

With the APC specified above, the author is given an indication what the APC will be. IAEME is charging Publication Fees (APC) but not Submission Fees. This is to the benefit to authors because payments are only due once the author knows the manuscript is accepted. IAEME with editors and reviewers puts much effort in dealing with the manuscript and expects the authors to stick to the common plan of publishing the paper which is linked to payments of APC as given above at the end of the review process. The author is not legally bound at this time, but it would be seen as a strong breach of academic conduct to back off from the publication process. Once the manuscript is accepted for publication, IAEME will issue an invoice in the Paper Submission and Manuscript Tracking System. This is IAEME `s legal offer and will state the regular APC of the journal. The Corresponding Author is expected to arrange payments of the amount stated at this time. In severe cases IAEME `s Complaints Procedure can be followed and the result of this should be binding to the author.

Refund Policy

Once an article has been accepted for publication, any Article Processing Charges on the article become due. The submitting author accepts responsibility for the Article Processing Charges, and will not issue refunds of any kind except those payments made by mistake or in excess of the amount required.

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IJM Journal Stats

Publication years 2010-2021
Publication count 3469
Total Volumes 12
Total Issues 79
Citation count 4380
h-index 15
i5-index 12
Impact Factor 4
Downloads 5612
Views 54623
Downloads/article 1.62
Citations/article 1.26

Journal Statistics

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