Slides for Mba E Business

Only available on StudyMode
  • Download(s) : 40
  • Published : December 8, 2010
Open Document
Text Preview
PIDE Working Papers 2010: 57

Corporate Governance in Pakistan: Corporate Valuation, Ownership and Financing

Attiya Y. Javid
Pakistan Institute of Development Economics, Islamabad

and Robina Iqbal
Freelance Researcher

PAKISTAN INSTITUTE OF DEVELOPMENT ECONOMICS ISLAMABAD

All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means—electronic, mechanical, photocopying, recording or otherwise—without prior permission of the Publications Division, Pakistan Institute of Development Economics, P. O. Box 1091, Islamabad 44000. © Pakistan Institute of Development Economics, 2010.

Pakistan Institute of Development Economics Islamabad, Pakistan E-mail: publications@pide.org.pk Website: http://www.pide.org.pk Fax: +92-51-9248065 Designed, composed, and finished at the Publications Division, PIDE.

CONTENTS

Pages Abstract Chapter 1. Introduction 1.1 Background 1.2 Objectives of the Study 1.3 Organisation of the Study Chapter 2. Overview of Corporate Governance in Pakistan 2.1 Introduction 2.2 Institutional Framework 2.3 Code of the Corporate Governance 2.4 Assessment of Corporate Governance 2.5 Corporate Governance under Concentrated Ownership 2.6 Corporate Governance in South Asia 2.7 Summary and Conclusion Chapter 3. Determinants of Corporate Governance 3.1 Introduction 3.2 Review of Previous Literature 3.3 Corporate Governance Index 3.4 Determinants of Corporate Governance 3.5 Estimation Technique 3.6 Empirical Findings 3.7 Summary and Conclusion Chapter 4. Corporate Governance and Corporate Valuation 4.1 Introduction 4.2 Review of Previous Empirical Literature 4.3 Data and Methodological Framework 4.4 Empirical Findings 4.5 Summary and Conclusion vii 1 1 3 4 4 4 5 9 10 12 13 16 16 16 17 18 20 21 22 24 25 25 26 29 31 36

Pages Chapter 5. Corporate Governance and Corporate Ownership 5.1 Introduction 5.2 Review of Previous Literature 5.3 Data and Methodological Framework 5.4 Empirical Findings 5.5 Summary and Conclusion Chapter 6. Corporate Governance and External Financing 6.1 Introduction 6.2 Review of Previous Literature 6.3 Data and Methodological Framework 6.4 Empirical Evidence 6.5 Summary and Conclusion Chapter 7. Conclusion Appendi ces References List of Tables Table 2.1 Table 2.2 Table 2.3 Table 2.4 Table 2.5 Table 2.6 Table 2.7 Table 2.8 Table 2.9 Table 3.1 Table 3.2 Table 4.1 Year Wise Distribution of Companies Provincial Wise Distribution of Companies Capitalisation Break Down for the Year 2007 KSE Performance at Glance Ownership Concentration of 50 Random Companies for Pakistan for 2003-2007 Inventors Composition in Listed Private Companies Ownership Composition of Pakistan’s Top 40 Listed Companies Basic Statistics of Corporate Sector of India Types of Financial Institutions in Bangladesh Summary Statistics of Corporate Governance Index Evidence on Determinants of Corporate Governance Evidence on Corporate Governance and Firm Performance (Tobin Q) 8 8 9 9 12 13 13 15 15 15 22 23 33 60 62 64 64 69 72 37 37 39 45 48 55 55 55

Table 2.10 Dhaka Stock Exchange Select Statistics

Pages Table 4.2 Table 4.3 Table 5.1 Table 5.2.1 Table 5.2.2 Table 5.3.1 Table 5.3.2 Table 5.3.3 Table 5.4 Table 6.1 Table 6.2 Evidence on Corporate Governance and Firm Performance (ROA) Evidence on Corporate Governance and Firm Performance (D/P) Determinants of Concentration of Ownership by Top Five Shareholders Relation between Tobin Q and Ownership by Top Five Shareholders Relation between ROA and Ownership by Top Five Shareholders Evidence on Performance and Ownership Identity Evidence on Performance and Ownership Identity Evidence on Performance and Ownership Identity Evidence on Performance and Manager-Ownership Determinants of External Financing through Equity Evidence on Firm Performance and Need of External Finance 33 34 49 51 51 53 53 54 55 62 63 69 70 71

Table A1 Corporate Governance Index (CGI) Components Table A2 Description...
tracking img