M.Phil / MS
Permanent URI for this collectionhttps://repository.cuilahore.edu.pk/handle/123456789/48
This collection archives the complete set of theses produced by students of the COMSATS University Islamabad, Lahore Campus.
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Item How International Director on the Board Affects the Firm Performance and CSR in Pakistan? The Mediating Role of Risk(Library Information Services, COMSATS University Islamabad, Lahore Campus, 2023) Duaa Arfad; FA21-RMS-009; Dr. Waseem AnwarThe main aim of the study is to examine the influence of international directors on a firm’s performance and CSR of Pakistani listed firms and explore the mediating impact of risk between international directors and firm performance. This study sample consists of 140 non-financial firms listed on Pakistan Stock Exchange (PSX) from 2012 to 2020. International directors, financial performance, and CSR data are collected manually from the organization’s annual reports. An internationally experienced director is used as a proxy to measure international directors on the board. Binary logistics regression analysis is used to check the impact of International directors on CSR. Hayes Mediation Analysis – 4 is used to measure the mediating impact of risk between international directors and firm performance. The finding of this study provides evidence that the presence of international directors on the board positively and significantly enhances the firm performance and CSR activities of Pakistani firms. Similarly, the results also demonstrate that risk mediates the relationship between international directors and firm performance. The practical implications of international directors on firm performance and CSR have implications for regulatory bodies and policymakers. Authorities may consider creating an enabling environment that encourages the appointment of international directors on the boards of Pakistani firms. They can facilitate knowledge-sharing platforms, promote cultural diversity, and provide guidance on incorporating global standards into local governance frameworks. Moreover, policymakers can focus on promoting CSR practices by offering incentives, implementing reporting requirements, and creating supportive legal frameworks. This is the first study in Pakistan to show the effect of international directors’ present on the board on firm performance and CSR. Also, this study aims to assess the impact of international directors on firm performance while taking into account the mediating role of risk in this relationship. This study contributes to the prior literature on corporate governance, risk, CSR and firm performance. The main limitations of the study are that only non-financial corporations were included in this study, opening new research x opportunities to compare and contrast these results with the financial sectors which may alter the results. Future research could include an in-depth analysis covering all listed companies in Pakistan to establish the relationships described in the study and increase the generalizability of the results.Item Impact of Corporate Governance on Firm’s Performance During the COVID-19 Pandemic: Evidence from Islamic and Conventional Firms(Library Information Services, COMSATS University Islamabad, Lahore Campus, 2023) Naeem Iqbal; FA19-RMS-018; Dr. Waheed AkhterPurpose – The present research aims to determine the impact of Corporate Governance most significant attribute board diversity on firm’s performance in the context of Islamic and Conventional non-financial firms in Pakistan in Pre and during Covid-19 period. Design/methodology/approach – The analysis are made using the 130 non-financial firms comprises of 51 Islamic firms listed in the KMI-30 and KMI all shares index, and 79 conventional firms listed in the Pakistan Stock Exchange across various indexes over the period of 2011-2020 utilizes the OLS and panel fixed effect estimation technique for analysis. The robustness of findings is checked through alternative estimation techniques. Findings – The results show that in Islamic firms, board tenure diversity positively while board gender diversity has negative impact on performance. In conventional firms, board education and tenure diversity positively impact performance, while board age diversity has a negative impact. In Pre-Covid-19, board tenure diversity positively while age is negatively affected performance in Islamic firms. During Covid-19, board education diversity positively influenced Islamic firm performance. In Pre and during-Covid-19, board tenure diversity positively affected performance in conventional firms. During Covid-19 only gender diversity negatively affected performance in conventional firms. Other diversity indicators are insignificant in both Islamic and Conventional firms. Research limitations/implications – This study is conducted in the context of Pakistani Islamic and Conventional firms; thus, the study's findings on board diversity in Pakistani Islamic and conventional non-financial firms may not apply universally. Generalizing these findings should be approached cautiously due to distinct institutional and governance frameworks across economies. Practical implications – To enhance firms' competitive performance, policymakers should promote the incorporation of board members with diverse tenures and educational backgrounds in Conventional firms while diverse tenures in Islamic firms that align with the organization's needs. By adopting the education and tenure wise diverse board structure, firms can attract a wide range of stakeholders and effectively meet their expectations, thereby improving overall firm performance. x Originality/value – To the best of the authors’ knowledge, this is the first study that investigates the impact of board diversity on firm accounting-based performance and market-based performance in the context of Islamic and Conventional firms in Pakistan. This study uses RBV theory to provide a unique corporate governance structure based on board diversity, particularly in Pakistan.Item Investigating the Role of Social and Financial Performance in Corporate Governance of Microfinance Institutions; An Empirical Evidence from Asia(Library Information Services COMSATS University Islamabad Lahore Campus, 2014-02-02) Sana Iqbal; FA12-MSMS-028; Dr. Ahmad Nawaz; LHR TP 4442Good corporate governance is considered as a basic building block of success for microfinance institutions as it helps them in achieving their social and financial goals. Endogeneity poses a serious threat to the authenticity of corporate governance and performance studies because of the endogenous nature of many governance and performance variables. The underlined study addresses the issue of endogeneity in governance and performance relationship in microfinance sector of Asia by answering the question whether social and financial performance determines the corporate governance mechanism of MFIs in Asia. Microfinance institutions of Asia work exclusively with the mission of social welfare hence play an important role in the economic and financial development of a region. This study uses an index of corporate governance, constructed on the basis of seven internal governance mechanism variables, as an indicator of the overall corporate governance mechanism of MFIs. A panel of 173 MFIs from 18 Asian countries for a period of five years is selected as a final sample. Data is collected from MIX market website and their risk assessment reports and is analyzed on STATA 11 and SPSS 17 for hypothesis testing. By employing GLS model, our results indicate insignificant impact of corporate governance on financial and many social performance variables which are attributed to the endogenous nature of this relationship as the significance of results improved by studying relationship in reverse direction by employing ordered logit model. Our results indicate that social performance is an important determinant of corporate governance mechanism of MFIs even after controlling for MFI related characteristics while financial performance has little effect on the governance practices of microfinance institutions.