出版社：The International Institute for Science, Technology and Education (IISTE)
摘要：This study examines the effects of corporate governance (Board Size, Board Structure, Leadership Style and Board Meetings) on firm financial performance (ROA, ROE and PM) in family and non-family controlled firms listed in Karachi stock exchange Pakistan. It also aims to find out whether non-family controlled firms perform better than family controlled firms or vice versa. Study employs publicly available data from audited annual reports of a sample of 164 public companies listed in Karachi Stock Exchange for the periods 2006-2011. By using the panel approach, independent samples t-test and multiple regressions using OLS as a method of estimation, the results provide evidence that, non-family controlled firms have significantly higher firm financial performance and governance level then family controlled firms. Corporate governance structure influences the family and non-family controlled companies’ performance. Board size and separate leadership style have significant positive impact while board meetings and board structure have negative significant impact on performance. These results are consistent with prior empirical studies. The implication of this study is that the board size should be limited to a sizeable limit and that the post of the chairman and chief executive officer should be occupied by different persons. Non-executive directors should be independent in true sense and role of CEO in the appointment of directors should be reassessed. Regulators need to be vigilant that family and non-family controlled companies practice differently, so they have to set different codes for each type of companies.
关键词：Corporate Governance; Firm Performance; Family Controlled Firms; Non-Family Controlled Firms; Board of Director
