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SSRN
Judicial Efficiency and Dividend Policies: An International Evidence
In: YBARE-D-24-00246
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Modeling volatility on the Karachi Stock Exchange, Pakistan
In: Journal of Asia Business Studies, Band 10, Heft 3
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The Herding Behavior on Pakistan Stock Exchange
In: 4th International Conference on Advances in Management, Economics and Social Science - MES 2016 Rome Italy, Aug 18-19, 2016
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Islamic Calendar Anomalies on the Karachi Stock Exchange
In: 11th International Conference on Islamic Economics and Finance" Kuala Lumpur, Malaysia, 11-13 October 2016
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Comparative Analysis of Islamic Banking Products in Pakistan and Malaysia
In: Global Forum on Islamic Finance Lahore Pakistan, 10-11 March 2015
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Earnings management in the family business groups of Pakistan: the role of corporate governance
In: Corporate governance: international journal of business in society
ISSN: 1758-6054
Purpose
This paper aims to examine the role of corporate governance (CG) in the earnings management (EM) of affiliated companies in family business groups (FBGs) listed on the Pakistan Stock Exchange (PSX), using principal–principal agency theory.
Design/methodology/approach
The sample of 327 nonfinancial firms of the PSX, consisting of 187 group-affiliated firms and 140 nonaffiliated firms has been used in this study for the period of 2010 to 2019. The study uses different regression models for analysis, with robustness tests of various alternative measures of EM and FBG affiliation. In addition, endogeneity is controlled with the propensity score matching method.
Findings
The findings show that EM is less prevalent in affiliated firms compared to nonaffiliated companies. The results show a negative and significant relationship between FBGs affiliated firms and EM. Moreover, the results also show a positive relationship between EM and the interaction term of the CG index and group affiliation. It refers to the fact that effective governance cannot reduce EM in affiliated companies of FBGs as well as in the nonfinancial companies of the PSX. In addition, the quality of CG is higher in affiliated companies compared to its counterpart in nonaffiliated firms. The findings support the principal–principal agency theory that CG cannot mitigate the expropriating behavior of controlling shareholders against minority shareholders by reducing EM in emerging markets due to the ownership concentration phenomenon.
Research limitations/implications
This research study has implications for small investors, government agencies and regulators. The findings of the study show that CG code should make it mandatory for companies to reveal information about their complex ownership structure and ownership information about affiliated companies and directors. Furthermore, it is suggested to revisit the code of CG in the Pakistani context of principal–principal conflict instead of the agent–principal explanation of agency theory based on Anglo–Saxon countries.
Originality/value
This research study has contributed to the CG and FBG literature in relation to EM in idiosyncratic settings of Pakistan. One of the prime contributions of the paper is the development of a comprehensive CG index. This research study used detailed, manually collected novel data on affiliated firms of FBGs in Pakistan.
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Stewardship Theory of Corporate Governance and Succession Planning in Family Businesses of UAE: Views of the Owners
In: Qualitative Research in Financial Markets, Forthcoming
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Share price behaviour around dividend announcements in Pakistan
In: Afro-Asian J. of Finance and Accounting, Band 6, Heft 4
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The ex-ante Effect of Law and Judicial Efficiency on Borrower Discouragement: An International Evidence
In: Asia-Pacific Journal of Financial Studies (2021) 50, 176–209 doi:10.1111/ajfs.12334
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The herding behaviour on Pakistan stock exchange – using firm-level data
In: Journal of Accounting and Management Information Systems, 20(2), pp. 173-198
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An Islamic banking perspective on consumers' perception in Pakistan
In: Qualitative Research in Financial Markets, 9(4), 337-358
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Conditional Relationship between Beta and Stock Returns in the Pakistan Stock Exchange
In: 7th Annual EuroMed Conference Kristiansand, Norway September 18-19, 2014
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