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Nexus between corporate governance practices and cost of capital in PSX listed firms

机译：PSX上市公司的公司治理实践与资本成本之间的联系

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The aim of this study is to examine the relationship between corporate governance (CG), in terms of its internal significance, and cost of capital (COC), based on a sample of listed firms of Pakistan Stock Exchange (PSX) over the period of 2009–2015. We used Pakistan as a case study mainly because we expect that key features of Pakistani setting in terms of CG and financial markets will have impact on the relationship between CG and COC. Drawing on a sample of 120 PSX listed firms, we find that CG compliance and disclosure (CG index [CGI]) has improved over time among PSX listed firms. The findings also reveal a positive relationship of institutional, government and director ownership with both CGI and COC, while this relationship becomes negative with block ownership. The findings of 2SLS reveal a significant negative association between CG compliance and COC; hence, firms with higher CG score enjoy a lower COC. Interestingly, gender diversity and board size have a negative association with CG compliance and COC, while audit firm size reveals a positive association with CG compliance and disclosure while a negative association with COC. The study contributes to existing literature dealing with CG and determinant of firm value (COC) in emerging markets, particularly in Pakistan, which has not been extensively explored in existing research.
机译：这项研究的目的是根据巴基斯坦证券交易所（PSX）上市公司在一段时间内的内部意义，研究公司治理（CG）与内部成本之间的关系，以及资本成本（COC）。 2009–2015。我们使用巴基斯坦作为案例研究，主要是因为我们期望巴基斯坦在企业管治和金融市场方面的关键特征将对企业管治与COC之间的关系产生影响。根据120家PSX上市公司的样本，我们发现CG遵守情况和披露（CG指数[CGI]）随着时间的推移在PSX上市公司中有所改善。调查结果还揭示了机构，政府和董事所有权与CGI和COC呈正相关，而与大宗所有权成负相关。 2SLS的发现揭示了CG依从性与COC之间存在显着的负相关性。因此，CG得分较高的公司的COC较低。有趣的是，性别多样性和董事会规模与企业管治和COC呈负相关，而审计公司规模与企业管治和披露呈正相关，而与COC呈负相关。该研究为新兴市场（尤其是在巴基斯坦）有关CG和企业价值决定因素（COC）的现有文献做出了贡献，而现有研究尚未对此进行广泛探讨。

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