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EXAMINING THE INTERPLAY OF CORPORATE GOVERNANCE OWNERSHIP STRUCTURE AND CAPITAL STRUCTURE THE IMPACT OF BOARD GOVERNANCE AS A MODERATOR

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19 Pages : 253-267

http://dx.doi.org/10.31703/ger.2023(VIII-II).19      10.31703/ger.2023(VIII-II).19      Published : Jun 2023

Examining the Interplay of Corporate Governance, Ownership Structure, and Capital Structure: The Impact of Board Governance as a Moderator

Abstract

    This study examines the impact of board governance on the relationship between Ownership Structure (OS) and Financial Leverage (FLEV) using Ordinary Least Square (OLS) models. Analyzing data from sixty non-financial companies listed on the Pakistan Stock Exchange (2014-2018), we find a negative association between manager shareholding and debt-equity structure. No significant associations are found between institutional shareholders, foreign investors, independent directors, and capital structure. The beta coefficient of board gender diversity is negatively correlated with financial leverage. Results vary across models, highlighting nuanced interactions. Our findings offer insights for policymakers, managers, and investors seeking to enhance the economic performance of Pakistani firms.

    Corporate Governance, Ownership Structure, Capital Structure, Non-financial Companies, PSX

    (1) Fahad Hussain
    PhD Scholar, Department of Business Administration, Ghazi University, Dera Ghazi Khan, KP, Pakistan.
    (2) Muhammad Ziaullah
    Associate Professor, Department of Business Administration, Ghazi University, Dera Ghazi Khan, KP, Pakistan.
    (3) Asghar Hayyat
    PhD Scholar, Department of Business Administration, Ghazi University, Dera Ghazi Khan, KP, Pakistan.
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References

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Cite this article

APA

    APA : Hussain, F., Ziaullah, M., & Hayyat, A. (2023). Examining the Interplay of Corporate Governance, Ownership Structure, and Capital Structure: The Impact of Board Governance as a Moderator. Global Economics Review, VIII(II), 253-267. https://doi.org/10.31703/ger.2023(VIII-II).19

CHICAGO

    CHICAGO : Hussain, Fahad, Muhammad Ziaullah, and Asghar Hayyat. 2023. "Examining the Interplay of Corporate Governance, Ownership Structure, and Capital Structure: The Impact of Board Governance as a Moderator." Global Economics Review, VIII (II): 253-267 doi: 10.31703/ger.2023(VIII-II).19

HARVARD

    HARVARD : HUSSAIN, F., ZIAULLAH, M. & HAYYAT, A. 2023. Examining the Interplay of Corporate Governance, Ownership Structure, and Capital Structure: The Impact of Board Governance as a Moderator. Global Economics Review, VIII, 253-267.

MHRA

    MHRA : Hussain, Fahad, Muhammad Ziaullah, and Asghar Hayyat. 2023. "Examining the Interplay of Corporate Governance, Ownership Structure, and Capital Structure: The Impact of Board Governance as a Moderator." Global Economics Review, VIII: 253-267

MLA

    MLA : Hussain, Fahad, Muhammad Ziaullah, and Asghar Hayyat. "Examining the Interplay of Corporate Governance, Ownership Structure, and Capital Structure: The Impact of Board Governance as a Moderator." Global Economics Review, VIII.II (2023): 253-267 Print.

OXFORD

    OXFORD : Hussain, Fahad, Ziaullah, Muhammad, and Hayyat, Asghar (2023), "Examining the Interplay of Corporate Governance, Ownership Structure, and Capital Structure: The Impact of Board Governance as a Moderator", Global Economics Review, VIII (II), 253-267

TURABIAN

    TURABIAN : Hussain, Fahad, Muhammad Ziaullah, and Asghar Hayyat. "Examining the Interplay of Corporate Governance, Ownership Structure, and Capital Structure: The Impact of Board Governance as a Moderator." Global Economics Review VIII, no. II (2023): 253-267. https://doi.org/10.31703/ger.2023(VIII-II).19