The Value of Board Diversity in the Relationship of Corporate Governance and Investment Decisions of Pakistani Firms
Abstract
:1. Introduction
2. Literature Review and Hypotheses Development
2.1. Investment Decisions
2.2. Corporate Governance
2.3. Diversity
3. Research Methodology
3.1. Variables of Study
3.2. Population and Sample
3.3. Econometric Models
3.4. Econometric Methodology
4. Results and Discussion
Diagnostic Tests
Experience in Years | Observations | Percentage |
Less than 30 years | 222 | 18% |
Between 30 to 40 years | 692 | 56% |
More than 40 years | 311 | 26% |
Years of Education | Observations | Percentage |
12 to 14 years of education | 59 | 5% |
14 to 16 years of education | 955 | 78% |
More than 16 years of education | 211 | 17% |
Number of Female Directors on Board | Observations | Percentage |
None | 757 | 62% |
One | 237 | 19% |
Two | 129 | 11% |
Three or more | 102 | 8% |
Number of Foreign Directors | Observations | Percentage |
None | 998 | 81% |
One | 112 | 9% |
Two | 56 | 5% |
Three or More | 59 | 5% |
5. Conclusions and Recommendations
Author Contributions
Funding
Conflicts of Interest
References
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Variables | Measurement |
---|---|
Short term liquidity (SL) | The ratio of current assets to current liabilities [42] |
Financial leverage (LEV) | The ratio of debt to assets [39] |
Return on assets (ROA) | EAT to total assets [76] |
Board Independence (BI) | Log (Number of independence directors) [27] |
Board size (BS) | Log (Number of directors) [76] |
CEO duality (CEOD) | One if chairman & CEO of the firm is one person, otherwise zero [76] |
Experience diversity (XD) | Average experience of the directors of the firm [77] |
Education diversity (ED) | Average education of the directors of the firm [68] |
Gender diversity (GD) | The ratio of female director to total directors on the board [78] |
Nationality diversity (ND) | The ratio of foreign director to total directors on the board [74] |
Investment decisions (ID) | Rate of net fixed assets to total assets [79]) |
Industrial Sectors | No of obs. |
---|---|
Textile Spinning | 30 |
Textile Composite | 19 |
Chemical | 16 |
Sugar & Allied Industries | 15 |
Cement | 13 |
Engineering | 10 |
Automobile Assembler | 10 |
Power Generation & Distribution | 9 |
Food & Personal Care Products | 9 |
Automobile Parts & Accessories | 5 |
Pharmaceuticals | 4 |
Glass & Ceramics | 4 |
Paper & Board | 4 |
Fertilizer | 4 |
Miscellaneous | 23 |
Var. | Obs. | Mean | SD | Min | Max | Median |
---|---|---|---|---|---|---|
ID | 1225 | 0.734 | 0.592 | 0.000 | 0.873 | 0.690 |
BI | 1225 | 0.153 | 0.138 | 0.000 | 1.000 | 0.143 |
BS | 1225 | 2.043 | 0.225 | 1.945 | 2.773 | 1.946 |
CEOD | 1225 | 0.141 | 0.348 | 0.000 | 1.000 | 0.000 |
SL | 1225 | 2.470 | 12.707 | 0.000 | 316.832 | 1.151 |
LEV | 1225 | 0.243 | 4.986 | −115.828 | 61.427 | 0.177 |
ROA | 1225 | 0.039 | 0.159 | −2.643 | 1.751 | 0.037 |
XD | 1225 | 3.475 | 0.612 | 0.000 | 4.087 | 3.584 |
ED | 1225 | 2.660 | 0.540 | 2.302 | 3.073 | 2.773 |
GD | 1225 | 0.086 | 0.133 | 0.000 | 0.571 | 0.000 |
ND | 1225 | 0.046 | 0.120 | 0.000 | 0.857 | 0.000 |
Var | BI | BS | CEOD | SL | LEV | ROA | XD | ED | GD | |
---|---|---|---|---|---|---|---|---|---|---|
1 | BI | 1.000 | ||||||||
2 | BS | 0.035 | 1.000 | |||||||
3 | CEOD | −0.136 | −0.113 | 1.000 | ||||||
4 | SL | 0.021 | −0.013 | −0.029 | 1.000 | |||||
5 | LEV | 0.008 | −0.024 | 0.020 | −0.004 | 1.000 | ||||
6 | ROA | 0.058 | 0.118 | −0.078 | 0.012 | 0.037 | 1.000 | |||
7 | XD | −0.032 | 0.282 | 0.034 | 0.020 | −0.018 | 0.028 | 1.000 | ||
8 | ED | −0.013 | 0.275 | 0.057 | 0.023 | −0.013 | 0.033 | 0.759 * | 1.000 | |
9 | GD | 0.034 | 0.028 | −0.040 | 0.107 | −0.009 | −0.011 | −0.016 | 0.064 | 1.000 |
10 | ND | 0.045 | −0.008 | −0.042 | 0.042 | −0.014 | 0.043 | 0.038 | 0.096 | −0.171 |
Variable | Sign | Model 3.3.1 CG | Model 3.3.2 DET | Model 3.3.3 DIV | Model 3.3.4 DIV with Interaction Terms | ||||
---|---|---|---|---|---|---|---|---|---|
Coeff | p-Value | Coeff | p-Value | Coeff | p-Value | Coeff | p-Value | ||
BI | + | 0.254 | 0.065 * | 0.291 | 0.031 ** | 0.257 | 0.059 * | 1.147 | 0.080 * |
BS | − | −0.037 | 0.777 | −0.038 | 0.766 | −0.051 | 0.703 | −0.004 | 0.980 |
CEOD | +/− | 0.105 | 0.023 ** | 0.101 | 0.025 ** | 0.104 | 0.022 ** | 0.121 | 0.021 ** |
SL | − | −0.006 | 0.000 *** | −0.006 | 0.000 *** | −0.006 | 0.000 *** | ||
LEV | − | −0.003 | 0.295 | −0.002 | 0.301 | −0.002 | 0.304 | ||
ROA | − | −0.339 | 0.000 *** | −0.343 | 0.000 *** | −0.342 | 0.000 *** | ||
XD | + | 0.197 | 0.101 * | 1.725 | 0.011 ** | ||||
ED | +/− | −0.252 | 0.127 | −2.171 | 0.014 ** | ||||
GD | − | 0.005 | 0.806 | 0.018 | 0.520 | ||||
ND | + | 0.007 | 0.794 | 0.016 | 0.615 | ||||
BI × XD | −0.239 | 0.097 * | |||||||
BS × XD | −0.736 | 0.025 ** | |||||||
BS × ED | 0.951 | 0.025 ** | |||||||
BI × GD | −0.067 | 0.536 | |||||||
CEOD × GD | −0.034 | 0.491 | |||||||
BI × ND | 0.060 | 0.059 ** | |||||||
C | 0.757 | 0.005 *** | 0.784 | 0.003 *** | 0.795 | 0.005 *** | 0.536 | 0.223 | |
Obs. | 1225 | 1225 | 1225 | 1225 | |||||
F-stats (prob.) | 0.000 *** | 0.000 *** | 0.000 *** | 0.000 *** | |||||
Adj R-sqrd | 0.522 | 0.542 | 0.542 | 0.542 |
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Mirza, N.I.; Malik, Q.A.; Mahmood, C.K. The Value of Board Diversity in the Relationship of Corporate Governance and Investment Decisions of Pakistani Firms. J. Open Innov. Technol. Mark. Complex. 2020, 6, 146. https://doi.org/10.3390/joitmc6040146
Mirza NI, Malik QA, Mahmood CK. The Value of Board Diversity in the Relationship of Corporate Governance and Investment Decisions of Pakistani Firms. Journal of Open Innovation: Technology, Market, and Complexity. 2020; 6(4):146. https://doi.org/10.3390/joitmc6040146
Chicago/Turabian StyleMirza, Nauman Iqbal, Qaisar Ali Malik, and Ch Kamran Mahmood. 2020. "The Value of Board Diversity in the Relationship of Corporate Governance and Investment Decisions of Pakistani Firms" Journal of Open Innovation: Technology, Market, and Complexity 6, no. 4: 146. https://doi.org/10.3390/joitmc6040146