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 Impact of Board Interlocking into Voluntary Disclosure: Moderating Roles of Board Independence, Institutional Ownership, and Family Ownership(Library Information Services, COMSATS University Islamabad, Lahore Campus, 2024) Remsha Shahzady; CIIT/SP21-RBA-102/LHR; Dr. Samya Tahir; LHR TP 9593The research examines the relationship between Board Interlocking (B_Int) and Voluntary Disclosure (VD) practices within firms listed on Stock Exchange Pakistan (PSX). The study further investigates the moderating roles of Board Independence (B_Ind), institutional Ownership (Inst_Own), and Family Ownership (Fam_Own) on the relationship between B_Int and VD. B_Int where members of one company sit on other boards. This research examines how B_Int negatively affects how much information companies voluntarily disclose to the public. This happen when companies become more secretive and board members prioritize protecting their networks over transparency. It also examines how factors like B_Ind, Inst_Own, and Fam_Own influence this negative relationship. This negative impact of B_Int on VD is lessened when boards have more B_Ind. B_Ind does not have strong personal ties with company and not involve in company’s management. They encourage unbiased decision-making for all shareholders. They encourage openness and accountability. Higher level of Inst_Own help to reduce the negative effect of B_Int on VD. Inst_Own represents the percentage of company’s share owned by large organizations. They invest on the behalf of their clients and influence company’s decisions due to the size of their holdings. Their presence pushes companies to disclose more information. Fam_Own boost the negative impact of B_Int on VD. In Fam_Own families hold significant shares and influence company’s decision and management. Family controlled companies are more inclined to keep information private and reduce overall transparency. This study uses agency theory and legitimacy theory to explain how B_Int affects VD. Agency theory explains B_Int help to align interests between shareholders and management. Legitimacy theory helps to understand that companies seek to gain and maintain approval from society and stakeholders. By showing transparency and sharing information companies build trust. Companies ensure that their actions are seen as acceptable and legitimate. This research will use Regression Analysis method to measure the impact of B_Int on VD and the moderating variables B_Ind, Inst_Own, and Fam_Own. Regression model quantitatively assess the relationship between these variables. This model will help to understand how these variables positively or negatively influence VD practices. And data will be collected from annual reports available on PSX.Item Impact Of Corporate Governance On Capital Stractur(Library Information Services, COMSATS University Islamabad, Lahore Campus, 2017) Aisha Javaid; FA15-RMS-014; Dr Sajid Nazir; LHR TP 4759This study contributes to the existing literature of capital structure by extending the empirical work on the established relationship between the corporate governance and capital structure by analyzing the mediating role of cost of capital. Using five major attributes of corporate governance i.e. board size, board composition, CEO/Chairman duality, managerial ownership and institutional ownership as explanatory variables and weighted average cost of capital as mediator, we attempt to analyze the implication of good governance practices on the effectiveness and value relevance of capital structure decisions. However, debt to asset ratio was used to measure the leverage ratio of the firm considered as the dependent variable of the present study. The sample for this study is 76 non-financial firms listed on the Pakistan Stock Exchange (formerly Karachi Stock Exchange) for the period of 2004-2015. The analysis of present study has been disintegrated at four levels. Firstly, we have studied the relationship between corporate governance and capital structure, secondly, the relationship between corporate governance and cost of capital, thirdly, the relationship between cost of capital and capital structure and lastly, the indirect effect of cost of capital in the existing relationship between corporate governance and capital structure as the mediator. As the data is cross sectional-time series, pooled and panel data analysis techniques (i.e. fixed effect and random effect) are used for inferential purposes, after performing regression diagnostics tests such as linearity, normality and heteroskedasticity. In order to choose between fixed and random effect model results, Hausman test was performed which is the indication of appropriateness of obtained results for interpretation. Our findings provide evidence for the explanatory power of corporate governance and the partial mediating role of cost of capital in determining the optimal capital structure. Additionally, we concluded that board composition, CEO/Chair duality and managerial ownership are significant in determining the capital structure decisions of the firm while, institutional ownership and board size are not significant in the financing decisions of the firm. Moreover, some ix conventional determinants of capital structure including tangibility and return on assets are also significant in deciding the optimal financial mix of the non-financial firms of Pakistan stock exchange.Item CEO Power and Systemic in Banks: Role of Corporate Governance and Risk Governance Mechanisms(Library Information Services COMSATS University Islamabad Lahore Campus, 2023-02-09) Tabraiz Khalid; SP22-RMS-001; Dr. Ammar Abid; LHR TP 8765The study investigates the impact of CEO Duality, CG (corporate governance) and RG (risk governance) mechanisms on the systemic risk along with investigating the moderating role of CG and RG on the relationship between CEO power and systemic risk by using a sample of 88 large listed commercial banks from 11 Asian countries namely Pakistan, China, India, Bangladesh, Bahrain, Jordan, Philippines, Saudi Arabia, Turkey, Thailand and UAE. The study utilizes OLS (ordinary least square), random effect and fixed effect models and evidences the negative influence of CEO Power, CG and RG mechanisms on the systemic risk, only a few positively influencing the systemic risk such as CRO Presence and RMC (Risk management Committee) meetings. The findings show that a few CG and RG mechanisms significantly moderate the relationship between CEO power and systemic risk such as board size, RMC meetings, CRO (chief risk officer) presence. The influence of CEO power, CG and RG mechanisms is also investigated using the GMM approach to tackle endogeneity issues. The results of OLS, random effect, fixed effect are consistent with the GMM. Moreover, the moderation results of CG and RG mechanisms on the relationship between CEO power and systemic risk are also improved. CG mechanisms board size, board independence and board meetings significantly moderate the relationship between CEO power and systemic risk. RG mechanisms RMC presence, RMC size, CRO presence and CRO independence also significantly moderate the relationship between CEO power and systemic risk.Item Impact of Corporate Governance on Risk Management and Financial Performance: Evidence from SAARC Region(Library Information Services, COMSATS University Islamabad, Lahore Campus, 2023) Noreena Ilyas; FA19-RMS-019; Dr. Waheed AkhterThe importance of corporate governance has grown in South Asian countries due to the rising demand for cash and other financial resources from businesses. A risk management committee may be formed, and bank performance can be sustained through good corporate governance, administering an organization following the laws and regulations. This study aims to explore the relationship between corporate governance, risk management, and financial efficiency in both Islamic and traditional banks. With the growing interest in the financial performance of banks, it is important to understand the impact of these factors on the overall efficiency of banks. The study analyzed the influence of corporate governance and risk management on the performance of both Islamic and conventional banks, taking into account bank size as control variable. Good corporate governance practices can improve the risk management of banks and enhance their overall financial performance. Risk management is another important factor that affects the financial performance of banks. Effective risk management practices help banks to identify, assess, and manage potential risks that can impact their financial performance. This study will provide the deep insight of the impact of corporate governance and risk management on the financial performance of banks in SAARC region by taking the data of Islamic and conventional banks from seven countries. Fixed effect regression analysis will be used to find the results. Finally, the study provides recommendations for regulators and policy makers on ways to improve the financial efficiency of banks by increasing their size and internal governance. The findings of the study will be useful for policymakers, regulators, and banks in developing strategies to improve the financial performance of banks, and to promote the stability and prosperity of the banking sectorItem Impact of Corporate Governance on Firm Performance: A Case of Insurance Industry of Pakistan(Library Information Services, COMSATS University Islamabad, Lahore Campus, 2014) Hafiz Muhammad Raheel Arif; FA11-MSMS-013; Dr. Talat Azfa; LHR TP 4385The study is aimed to investigate the outcome of the influence of corporate governance on financial performance of two-tiered insurance industry of Pakistan i.e. Non-life insurance companies and life insurance companies for the period 2005-2012. The study has used four dimensions of corporate governance mechanisms including board composition, board compensation, ownership structure, and audit quality. The study uses twelve corporate governance variables which are categorized under three categories making corporate governance indices which are; corporate governance index of board structure, corporate governance index of ownership structure, and corporate governance index of audit quality. Each category includes variables (i) corporate governance board index, (a) board size, (b) board independence, (c) chief executive officer duality, (d) board diversity, and (e) executive remuneration, (ii) corporate governance ownership index, (a) institutional ownership, (b) ownership concentration, and (c) family ownership, (iii) corporate governance audit index, (a) audit committee size, (b) audit fees, (c) audit committee independence, and (d) independence of audit committee chairman and a set of control variables including premiums growth, liquidity, firm size for both life and non-life insurance companies and firm age for non-life and leverage for life insurance companies. Both accounting and marketing measures are used as financial performance variables viz. return on assets, return on equity as accounting measures, and Tobin’s Q as marketing measure of financial performance. The study separately gives the results of the non-life and life insurance companies while making a comparison between the both. Findings of the study insinuate that index of board structure and index of audit has positive and significant relationship with the both type of financial performance variables of non-life and life insurance companies, governance index of ownership structure has negative effect with all performance measures. While in control variables, size, age and liquidity has positive and premiums growth has negative effect on financial performance variables of non-life insurance companies. And leverage and liquidity of life insurance firms have negative effect with all three performance variables; firm size has positive with return on assets and return on equity but negative with Tobin’s Q and premiums growth has negative association with return on assets and return on equity but positive with Tobin’s Q. The study concludes that return on assets and return on equity are the most suitable variables of measuring financial performance.