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1、hello everyone!
Today I will introduce you a paper, which is called “Effects of corporate governance on capital structure: empirical evidence from Pakistan “
2、I will use the following four parts to introduce3、I got this paper from the Emerald reprints The world’s leading publisher of management research and the type of the paper is Research paper
纳迪姆阿麦的sheke4、then we can have a simple knowledge of the two authors:Nadeem Ahmed Sheikh and 王宗军 one is a Doctoral Degree Candidate in the School of Management, Hua zhongUniversity of Science and Technology, Wuhan.the other is a Profeor in this college
5.About the paper’s outline
Firstly the aim of this empirical study is to investigate whether corporate governance attributes affect capital structure choices of Pakistani firms
Then the Design of the paper is Multiple regreion analysis6、in order to have a good knowledge of the paper We can from the following three aspects to7、Background of corporate governance in Pakistan firms.In one word, it’s weak compared to other developed countries.The attributes of the corporate governance areBackground also includes :Measures of corporate governance and their relation to capital structure8、Research design
Firstly1.Research methodology:it includes three aspects: Data Variables and MethodologyDate: This study investigates the significant corporate governance attributes that may affect the capital structure of non-financial firms listed on the Karachi Stock Exchange Pakistan during 2004-2008.and the final sample set consists of 775 observations for 155 firms over a period of five years.This study employed panel data methodology(面板数据方式)because sample contained data acro firms and over time9、this table is the Definition of variables.It includes three parts:
10.Dependent variables consist of total debt ratio and long-term debt ratio.This is a basic formula.11、secondly:2.Empirical results
from this table we can see the average total debt ratio and long-term debt ratio for the sample of firms is 59.62 percent and 22.23 percent。And Pakistani firms tend to use more debt in their capital structure compared to other countries.12、this table is the Yearly mean value of shareholding pattern13、Here are some of regreion analysis tables,Through the multiple regreion analysis the paper gives the Conclusions14、The results is as follows:
capital structure is Positively related to board size、outside directors and ownership concentration.That is to say: a large board serve as a means to obtain support from external environment;
boards with more independent directors can take on more debt on favorable terms due to effective monitoring;
Block holders have more ability than dispersed shareholders to force management to take those actions that maximize the shareholder wealth.15、on the other hand, Capital structure is negative related to managerial ownership、director remuneration、Profitability and liquidity.16、in the end, I have a summary:
The results of the paper indicate that corporate governance attributes, in part, explicate the financing behavior of Pakistani firms
And, the empirical results of this study provide support to corporate managers in establishing an optimal capital structure, and to regulatory authorities for enacting laws and developing institutional support to make corporate governance mechanisms work more effectively in the country.17、That's all, thank you for listen to me, if you are interested in this paper you can have a study after cla
Thank you!