Article # 4

Author-country-Year M. Azeem, Masoodul Hassan & Rehana Kouser-Pakistan-2013

Title Impact of Quality Corporate Governance on Firm Performance: A Ten-Year

Perspective.

Dependent Variable

Independent Variable

Methodology The study used fixed effects estimation method of panel data of 50 largest (by
market capitalization) companies (listed at Karachi Stock Exchange)
Measurement Leverage is measured by debt ratio and firm size is measured by log natural of
total assets.
Results The study found that quality corporate governance is significantly determining
firm performance.

Article # 5
Author-country-Year Sylvie Berthelot, Tania Morris & Cameron Morrill-Canada-2009

Title Corporate Governance rating and Financial Performance: a Canadian study.

Dependent Variable

Independent Variable

Methodology Panel data from 289 Canadian firms in the four-year period 2002-2005 were
analyzed using a price model.
Measurement
Results The results suggest that the corporate governance rankings published by the
market information intermediary are related to not only firm market value, but
also to accounting results. It appears, then, that the relationship between
corporate governance scores and market capitalization can take two forms. First,
there may be a direct relationship, due to investor interest in good governance
practices. Second, there may be an indirect relationship due to the impact of good
governance practices on firm performance as measured by accounting outcomes
Article # 6
Author-country-Year Malik Azhar Hussain, Abdul Razak Abdul Hadi- Malaysia -2017

Title Corporate Governance and Firm Performance: Evidence from CIDB Malaysia.
Dependent Variable

Independent Variable

Methodology Quantitative survey method is employed and data are collected from 124
companies. Descriptive statistics is reported and model estimation is performed
using logistic regression.
Measurement ROA is used as an accounting measure. The return on asset variable is analyzed
on a nominal scale.
Results The results show that board size, board composition and risk management
committee have significant impact on firm performance. Evidence suggests that
corporate governance mechanism has significant effect on firm performance in
CIDB registered companies Malaysia.

Article # 7
Author-country-Year Afshan, Farooq Ali Khan Sherwani, Ghulam Kabbir, Mula Nazar Khan & Fahad
Islam-Pakistan-2016.
Title Impact of Corporate Governance on Firm Financial Performance: An Empirical
Evidence from Textile Sector of Pakistan.
Dependent Variable

Independent Variable

Methodology For the sake of analysis in this study author used random sampling technique and
sample includes 300 firm years.
Measurement In this study corporate governance is measured by using five variables board
size, board meetings, CEO duality, percentage of non-executive directors and
percentage of independent directors.
Results The results show that board size, board composition and risk management
committee have significant impact on firm performance. Evidence suggests that
corporate governance mechanism has significant effect on firm performance in
CIDB registered companies Malaysia.
Article # 7
Author-country-Year Afshan, Farooq Ali Khan Sherwani, Ghulam Kabbir, Mula Nazar Khan & Fahad
Islam-Pakistan-2016.
Title Impact of Corporate Governance on Firm Financial Performance: An Empirical
Evidence from Textile Sector of Pakistan.
Dependent Variable

Independent Variable

Methodology For the sake of analysis in this study author used random sampling technique and
sample includes 300 firm years.
Measurement In this study corporate governance is measured by using five variables board
size, board meetings, CEO duality, percentage of non-executive directors and
percentage of independent directors.
Results The results show that board size, board composition and risk management
committee have significant impact on firm performance. Evidence suggests that
corporate governance mechanism has significant effect on firm performance in
CIDB registered companies Malaysia.

Article # 9
Author-country-Year Meseret Diriba & Dharitri Basumatary-India-2019.

Title Impact of Corporate Governance on Firm Performance: Evidence from Indian

Leading Companies.
Dependent Variable

Independent Variable

Methodology The panel data of the study were analyzed by descriptive statistics (mean,
standard deviation, maximum and minimum values), correlation, and regression
analyses.
Measurement The effect of corporate governance variables (Chief Executive Officer (CEO)
duality, the board size, and the board independence) on company performance
were plumbed by Return on Asset (ROA).
Results The findings showed that there is no epochal impact of corporate governance
variables on the company performance of India leading companies in the sample.
Article # 10
Author-country-Year Zubair Aslam & Saima Naseer-Pakistan-2018.

Title Effect of Corporate Governance on Firm Performance of Oil & Gas Exploration
Sector of Pakistan.
Dependent Variable

Independent Variable

Methodology Quantitative data analysis technique is used to check the relationship between
variables. Panel Data analysis is used for the study, and the data is taken from the
annual reports of the companies.
Measurement ROA is measured by Net Income/Total Assets, ROE by Net Income/shareholder
equity, Profit Margin by Profit after tax/Sales, Board Size by No. of Directors,
CEO Duality by CEO is the same person as chairman and No. of Committees is
measured by Total Number Committees held by the Company.
Results Finding of this study shows that board size and CEO Duality have a positive
effect on return on asset and return on equity and No. of committees have a
negative effect on return on assets and return on equity, but board size positively
effect on profit margin, but No. of committees and CEO Duality have a negative
effect on profit margin.