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Evidence from Pakistan Stock Exchange. Ahmed Hassan Kanju PDF

88 Pages·2016·0.88 MB·English
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Corporate Governance and Firm’s Exporting Decision: Evidence from Pakistan Stock Exchange. By Ahmed Hassan Kanju (MM 141042) MASTER OF SCIENCE IN MANAGEMENT SCIENCES (FINANCE) FACULTY OF MANAGEMENT AND SOCIAL SCIENCES CAPITAL UNIVERSITY OF SCIENCE AND TECHNOLOGY ISLAMABAD OCTOBER 2016 i Corporate Governance and Firm’s Exporting Decision: Evidence from Pakistan Stock Exchange. By Ahmed Hassan Kanju (MM 141042) A research thesis submitted to the Department of Management sciences, Capital University of Science and Technology, Islamabad In partial fulfillment of the requirements for the degree of MASTER OF SCIENCE IN MANAGEMENT SCIENCES (FINANCE) DEPARTMENT OF MANAGEMENT SCIENCES CAPITAL UNIVERSITY OF SCIENCE & TECHNOLOGY ISLAMABAD OCTOBER 2016 ii CAPITAL UNIVERSITY OF SCIENCE & TECHNOLOGY ISLAMABAD CERTIFICATE OF APPROVAL Corporate Governance and Firm’s Exporting Decision: Evidence from Pakistan Stock Exchange. By Ahmed Hassan Kanju (MM 141042) THESIS EXAMINING COMMITTEE S No Examiner Name Organization (a) External Examiner Dr. Muhammad Khalid Sohail COMSATS, Islamabad (b) Internal Examiner Mr. Ahmad Fraz CUST, Islamabad (c) Supervisor Mr. Shujahat Haider Hashmi CUST, Islamabad ________________________________ Mr. Shujahat Haider Hashmi Thesis Supervisor October 2016 ______________________________ ___________________________ Dr. Sajid Bashir Dr. Arshad Hassan Head Dean Department of Management and Social Sciences Faculty of Management and Social Sciences Dated : October 2016 Dated : October 2016 iii Copyright © By Mr. Ahmed Hassan Kanju All rights reserved. No part of material protected by this copyright notice may be replaced or utilized in any form or by any means, electronic or mechanical, including photocopy, recording or by any information storage and retrieval system without the permission from author. iv Certificate This is to certify that Mr. Ahmed Hassan Kanju has incorporated all observations, suggestions and comments made by the external evaluators as well as the internal examiners and thesis supervisor. The title of his Thesis is: Corporate governance and Firm’s exporting decision: Evidence from Pakistan Stock Exchange. Forwarded for necessary action Mr. Shujahat Haider Hashmi (Thesis Supervisor) v Dedication Dedicated from core of my heart to my beloved parents Mr. & Mrs. Mian Shauket Javed Kanju and my adorable and very supportive sisters. vi Table of Contents Chapter 01 ....................................................................................................................................... 1 INTRODUCTION .......................................................................................................................... 1 1.1 Background of the study .................................................................................................. 1 1.2. Theoretical Background ................................................................................................... 7 1.2.1 Agency Theory.......................................................................................................... 7 1.3. Problem Statement ........................................................................................................... 8 1.4. Research Question ............................................................................................................ 9 1.5. Research Objective ........................................................................................................... 9 1.6. Significance of the Study ............................................................................................... 10 1.7. Organization of the Study .............................................................................................. 11 Chapter 02 ..................................................................................................................................... 12 LITERATURE REVIEW ............................................................................................................. 12 2.1 Brief Review of Literature ............................................................................................. 12 2.2 Hypothesis Development ............................................................................................... 33 2.3 Theoretical Framework .................................................................................................. 33 Chapter 03 ..................................................................................................................................... 35 DATA DESCRIPTION AND METHODOLOGY ....................................................................... 35 3.1 Sample and Data Source ................................................................................................ 35 3.2 Variables of Study and Measurement ............................................................................ 36 3.2.1 Dependent Variable ................................................................................................ 37 3.2.2 Independent Variables ............................................................................................ 37 3.2.3 Control Variables .................................................................................................... 39 3.3 Model Specification ....................................................................................................... 41 3.4 Panel Data Regression .................................................................................................... 43 3.5 Pooled Dummy Variables .............................................................................................. 45 3.4.6 Sector Analysis ........................................................................................................... 46 vii Chapter 04 ..................................................................................................................................... 47 EMPIRICAL RESULTS AND DISCUSSION ............................................................................ 47 4.1 Empirical Results ........................................................................................................... 47 4.1.1 Descriptive Results ................................................................................................. 47 4.2 Multicollinearity Checks ............................................................................................ 52 4.3. Regression Analysis ................................................................................................... 55 4.1.4. Pooled Dummy Regression Analysis...................................................................... 61 4.2. Discussion of Results ..................................................................................................... 62 Chapter 05 ..................................................................................................................................... 64 CONCLUSION AND POLICY RECOMMENDATIONS ...................................................... 64 5.1 Conclusion .................................................................................................................. 64 5.2 Policy Recommendations ........................................................................................... 65 5.3 Limitations .................................................................................................................. 66 5.4 Future Research Directions ........................................................................................ 67 References: .................................................................................................................................... 68 viii List of Tables Table 1.1 Year Wise Exports ....................................................................................................... 05 Table 1.2 Sector Wise Exports...................................................................................................... 06 Table 3.1 Sample Classification ................................................................................................... 36 Table 3.2 Variable’s Description .................................................................................................. 42 Table 4.1: Descriptive Statistics ................................................................................................... 49 Table 4.2: Correlation Matrix ....................................................................................................... 53 Table 4.3: Variance Inflaton Factor .............................................................................................. 54 Table 4.4: Common Effect Model ................................................................................................ 55 Table 4.5: Likelihood Ratio Test .................................................................................................. 57 Table 4.6: Random Effect Model.................................................................................................. 57 Table 4.7: Hausman Test .............................................................................................................. 59 Table 4.8: Fixed Effect Model ...................................................................................................... 60 Table 4.9: Pooled Dummy Regression ......................................................................................... 61 ix ACKNOWLEDGEMENTS All the praises are for the Allah Almighty; the most beneficent and the most merciful; who granted man with knowledge. All salutations are upon the Prophet (P.B.U.H.) whose teachings enlighten my thought and thrive my ambitions. I sincerely wish to express my profound gratitude and appreciation to my supervisor Mr. Shujahat Haider Hashmi for his support in all research activities. Without his help my Mphill thesis was next to impossible. I am extremely grateful to my parents Mr. & Mrs Mian Shauket Javed Kanju and my supportive sisters. My whole academic career till now would have not been possible without the love and support of my family, who believed in me blindly and they kept me going and were the force behind me. I would also like to thanks my friends and class fellows who helped me a lot in academia as well as in other disciplines of life. Thanks to all of you ! x

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The title of his Thesis is: Corporate governance and Firm's exporting decision: ventures with foreign firms or firms which are wholly owned by foreign . Another study is done in China on 1200 listed firms by Yuan, Xiao and Zou,.
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