This article examines relationships between governance characteristics and disclosure
quality in ... more This article examines relationships between governance characteristics and disclosure quality in an emerging economy of Pakistan. Regression analysis supports agency theory and shows that CEO duality is negatively related to disclosure quality, whereas ownership concentration and audit quality positively infl uence disclosure quality. This article also fi nds, through an interaction term in regression models, that ownership concentration becomes a negative infl uence on disclosure quality when fi rms have CEO duality. This study helps academicians and policymakers to understand how disclosure could be affected by corporate governance. Policymakers could apply the results to further promote good governance in Pakistan.
High level of transparency and quality disclosure are considered as an important means to minimiz... more High level of transparency and quality disclosure are considered as an important means to minimize the information asymmetry that ultimately help to mitigate the agency problems. At beginning of 21st century, notorious corporate frauds were considered as proof of failure of then prevailing models of corporate governance due to reduced disclosure emphasis. Traditionally, in Pakistan, key business corporations are controlled by some influential families. In such an environment of concentration of ownership and weak legal enforcement, the focus of this study is on the role of disclosure quality of listed companies in reducing cost of equity financing. This study applies 2SlS on sample of 180 firm listed on Karachi stock exchange for the period 2009 and 2010. The results show that disclosure quality is negatively influencing the required returns and when disclosure quality is first explained by using the instrumental variables of CEO duality and ownership concentration, disclosure quality significantly reducing the required return. These findings provide an important insight to policy makers for proposing the revised guidelines. The results are also beneficial for investment community in order to better understand Pakistani market.
Sustainability is a vital perspective for banks to keep their survival in the long run. While non... more Sustainability is a vital perspective for banks to keep their survival in the long run. While nonperforming loans (NPLs) also impact sustainability, this study aims to examine the moderating impact of NPLs on the adoption of sustainable development goals and the financial performance of the banks. The central hypothesis assumes that even after adopting sustainable development goals, banks cannot get high profits if their NPLs are high. Economic, social, and environmental indicators represent SDG measurement using an ESE index. We are performing panel data analysis through regression and the GMM technique. This study also conducts independent research on economic, social, and environmental indicators. We found that NPL significantly moderates the relationship between the SDGs and the financial performance. This paper has the following vital contribution. Bank that adopts sustainable development goals may have low profits if it has a high nonperforming loan ratio so banks must focus o...
In this paper, we investigate the impact of the government economic policies in addition to the m... more In this paper, we investigate the impact of the government economic policies in addition to the more stringent Covid-19 policies on stock index returns of GREF countries, that is, a new economic bloc of 5 countries (Pakistan, Iran, Turkey, Russia, and China) to foster for sustainable development of the region. Using the Panel, ARDL model and data for index returns and economic and Covid-19 control policies for the period March 1, 2020–June 30, 2021, results show that Income support, workplace closure, stringency index, and cancellation of public events have a significant positive impact on the stock index returns over the long run. In contrast, school closure, restriction on public gatherings, and international travel control policies negatively impact stock returns. In comparison, Debt policies, Covid-19 testing policies, health index, and face-covering policies remain insignificant. In the short run, stringent index and face-covering policies remain positively significant. Results of the study suggest significant policy implications that can help reform economic and Covid-19 control policies and promote the region's economic growth over the long-run period.
International Journal of Disclosure and Governance, Mar 14, 2013
This article examines relationships between governance characteristics and disclosure quality in ... more This article examines relationships between governance characteristics and disclosure quality in an emerging economy of Pakistan. Regression analysis supports agency theory and shows that CEO duality is negatively related to disclosure quality, whereas ownership concentration and audit quality positively influence disclosure quality. This article also finds, through an interaction term in regression models, that ownership concentration becomes a negative influence on disclosure quality when firms have CEO duality. This study helps academicians and policymakers to understand how disclosure could be affected by corporate governance. Policymakers could apply the results to further promote good governance in Pakistan.
International Journal of Managing Projects in Business, Apr 23, 2018
Purpose The purpose of this paper is to identify the major factors of client satisfaction (CS) th... more Purpose The purpose of this paper is to identify the major factors of client satisfaction (CS) that are critical for web development projects in freelance marketplaces. This quantitative study is done from the point of view of the web development services clients. Five major dimensions were proposed as determinants of CS from the literature review: ease of use, user interface, information, security and privacy. Design/methodology/approach A web-based survey methodology is used as the main data collection instrument. Statistical techniques such as confirmatory factor analysis and multiple linear regressions are used to analyze 162 responses of questionnaires. Findings The findings suggest that all factors do influence CS. In terms of strength, security had the highest level of impact on CS, so it is the strongest determinant among all factors. After security, ease of use and information are considered as strong determinants. So, this study concludes that the five major determinates do affect CS in web development projects from freelance marketplaces. Research limitations/implications This research is limited only to the top freelance marketplaces, such as Upwork, Freelancer, Fiverr, Guru, Envato Studio, etc. The sample size is relatively small and this study is focused on web development projects only. Moreover, this research is focused only on the characteristics or attributes of the projects final outcome, i.e. website. Practical implications This study attempts to identify the important factors that have a relation with CS, thus giving freelancers an indication of what to look for when working on any web development project posted by any client in a freelance marketplace. Understanding the determinants of CS will also help Pakistani information technology freelancers involved in web development projects and services to increase their project performance, improve their CS rate and increment client following. Originality/value This presents the first study on the determinants of CS in web development projects from freelance marketplaces.
Journal of Accounting and Finance in Emerging Economies
Purpose: The challenge of managing a portfolio effectively is allocating capital among numerous s... more Purpose: The challenge of managing a portfolio effectively is allocating capital among numerous stock holdings to achieve maximum profit. Therefore, the purpose of this study is to guide investors in developing optimal portfolios in the stock market of Pakistan. Design/Methodology/Approach: To pick and optimize a portfolio in the most effective way possible, we used the daily closing stock prices of a sample of listed firms at the Pakistan stock exchange. The study applied the mean semi-variance approach and compared the performance of portfolios with equally weighted portfolios under artificial neural networks and historical-based return estimation in Pakistan. Findings: The result shows that artificial neural network-based estimation of the expected return vector has outperformed the historical return estimation under mean semi-variance portfolio optimization and constrained mean semi-variance portfolios based on the Sharp ratio in Pakistan. Implications/Originality/Value: The stu...
In this paper, we investigate the impact of the government economic policies in addition to the m... more In this paper, we investigate the impact of the government economic policies in addition to the more stringent Covid-19 policies on stock index returns of GREF countries, that is, a new economic bloc of 5 countries (Pakistan, Iran, Turkey, Russia, and China) to foster for sustainable development of the region. Using the Panel, ARDL model and data for index returns and economic and Covid-19 control policies for the period March 1, 2020–June 30, 2021, results show that Income support, workplace closure, stringency index, and cancellation of public events have a significant positive impact on the stock index returns over the long run. In contrast, school closure, restriction on public gatherings, and international travel control policies negatively impact stock returns. In comparison, Debt policies, Covid-19 testing policies, health index, and face-covering policies remain insignificant. In the short run, stringent index and face-covering policies remain positively significant. Results of the study suggest significant policy implications that can help reform economic and Covid-19 control policies and promote the region's economic growth over the long-run period.
International Journal of Managing Projects in Business, 2018
Purpose The purpose of this paper is to identify the major factors of client satisfaction (CS) th... more Purpose The purpose of this paper is to identify the major factors of client satisfaction (CS) that are critical for web development projects in freelance marketplaces. This quantitative study is done from the point of view of the web development services clients. Five major dimensions were proposed as determinants of CS from the literature review: ease of use, user interface, information, security and privacy. Design/methodology/approach A web-based survey methodology is used as the main data collection instrument. Statistical techniques such as confirmatory factor analysis and multiple linear regressions are used to analyze 162 responses of questionnaires. Findings The findings suggest that all factors do influence CS. In terms of strength, security had the highest level of impact on CS, so it is the strongest determinant among all factors. After security, ease of use and information are considered as strong determinants. So, this study concludes that the five major determinates d...
This research study aims to examine the impact of sustainability on firm performance and analyze ... more This research study aims to examine the impact of sustainability on firm performance and analyze how vertical integration moderates the connection between performance and sustainability in the oil and gas sector. We analyzed a sample dataset of oil and gas companies from the top ten oil-producing countries spanned over ten years (2011–2020). The pool-fixed regression technique confirms that sustainability and its three components, i.e., social, environmental, and governance, are negatively related to performance. However, vertical integration moderated the connection between sustainability and performance in the case of the oil and gas sector. We have identified firm size, age, and return share price positively related to firm performance in the oil and gas industry. At the same time, the debt ratio negatively impacts the firm’s performance. The findings are significant for the management of oil and gas firms and the policymakers and regulatory authorities of oil-producing and expor...
International Journal of Business and Society, 2021
This study is aimed to evaluate the impact of corporate governance index on intellectual capital ... more This study is aimed to evaluate the impact of corporate governance index on intellectual capital performance by developing the index from five sub-indices and incorporating the value-added intellectual coefficient (VAIC) methodology for intellectual capital performance. Fixed and Random Effect Regression techniques have been used to analyze the data of the textile sector in Pakistan from 2010 to 2014. The findings suggest a negatively significant impact of corporate governance index on intellectual capital performance while sub-indices give mixed results. The study also investigates the relationship of individual variables in each sub-index with performance and results show a significant relationship for five variables namely independent director, independent audit committee, foreign shareholders ownership, gratuity, and remuneration committee.This study contributed empirical work in the literature of corporate governance and intellectual capital performance.The outcomes of this stu...
2016 IEEE International Conference on Management of Innovation and Technology (ICMIT), 2016
This paper intends to determine the impact of pursuing a strategy for innovation on capital struc... more This paper intends to determine the impact of pursuing a strategy for innovation on capital structure decisions and performance. It builds on the R&D management research which is country-focused and utilizes an international sample. This is significant when considering the sample of the study. While past studies have focused on single country samples, this study utilizes the most innovative firms in the world, thereby raising a new aspect in the innovation theory. Interestingly, this study finds that directionality of leverage, R&D investment and performance relationships observed appear to be contrary to existing research. This is attributed to the cross-country characteristics within the sample. This study differs from existing research by indicating variations in patterns of advertisement intensity and R&D investment across countries, as well as variations in patterns of innovation scores and business sophistication. Future research may explore the country characteristics associated with firms that pursue a strategy for innovation.
The purpose of this research study is to examine the comparative explanative power of religiosity... more The purpose of this research study is to examine the comparative explanative power of religiosity and Islamicity of product as moderators in the Base of Pyramid markets of Pakistan to predict the adoption Islamic financial inclusions of Islamic banking. Quantitative research approach using the technology acceptance model drawn from the theory of reasoned action as theoretical framework has been used for this research. The direct effect of the perceived ease of use, perceived usefulness with comparative moderations of Islamicity of the product and religiosity on the adoption of Islamic banking using the SEM approach. Measures of the study were collected from a sample of 300 Islamic bank customers on a structured questionnaire adopted from the earlier studies. The results of the study revealed that the perceived ease of use and perceived usefulness directly proportionate to the adoption of Islamic banking base of pyramid market of Pakistan. The comparative moderating statistical compu...
This article examines relationships between governance characteristics and disclosure
quality in ... more This article examines relationships between governance characteristics and disclosure quality in an emerging economy of Pakistan. Regression analysis supports agency theory and shows that CEO duality is negatively related to disclosure quality, whereas ownership concentration and audit quality positively infl uence disclosure quality. This article also fi nds, through an interaction term in regression models, that ownership concentration becomes a negative infl uence on disclosure quality when fi rms have CEO duality. This study helps academicians and policymakers to understand how disclosure could be affected by corporate governance. Policymakers could apply the results to further promote good governance in Pakistan.
High level of transparency and quality disclosure are considered as an important means to minimiz... more High level of transparency and quality disclosure are considered as an important means to minimize the information asymmetry that ultimately help to mitigate the agency problems. At beginning of 21st century, notorious corporate frauds were considered as proof of failure of then prevailing models of corporate governance due to reduced disclosure emphasis. Traditionally, in Pakistan, key business corporations are controlled by some influential families. In such an environment of concentration of ownership and weak legal enforcement, the focus of this study is on the role of disclosure quality of listed companies in reducing cost of equity financing. This study applies 2SlS on sample of 180 firm listed on Karachi stock exchange for the period 2009 and 2010. The results show that disclosure quality is negatively influencing the required returns and when disclosure quality is first explained by using the instrumental variables of CEO duality and ownership concentration, disclosure quality significantly reducing the required return. These findings provide an important insight to policy makers for proposing the revised guidelines. The results are also beneficial for investment community in order to better understand Pakistani market.
Sustainability is a vital perspective for banks to keep their survival in the long run. While non... more Sustainability is a vital perspective for banks to keep their survival in the long run. While nonperforming loans (NPLs) also impact sustainability, this study aims to examine the moderating impact of NPLs on the adoption of sustainable development goals and the financial performance of the banks. The central hypothesis assumes that even after adopting sustainable development goals, banks cannot get high profits if their NPLs are high. Economic, social, and environmental indicators represent SDG measurement using an ESE index. We are performing panel data analysis through regression and the GMM technique. This study also conducts independent research on economic, social, and environmental indicators. We found that NPL significantly moderates the relationship between the SDGs and the financial performance. This paper has the following vital contribution. Bank that adopts sustainable development goals may have low profits if it has a high nonperforming loan ratio so banks must focus o...
In this paper, we investigate the impact of the government economic policies in addition to the m... more In this paper, we investigate the impact of the government economic policies in addition to the more stringent Covid-19 policies on stock index returns of GREF countries, that is, a new economic bloc of 5 countries (Pakistan, Iran, Turkey, Russia, and China) to foster for sustainable development of the region. Using the Panel, ARDL model and data for index returns and economic and Covid-19 control policies for the period March 1, 2020–June 30, 2021, results show that Income support, workplace closure, stringency index, and cancellation of public events have a significant positive impact on the stock index returns over the long run. In contrast, school closure, restriction on public gatherings, and international travel control policies negatively impact stock returns. In comparison, Debt policies, Covid-19 testing policies, health index, and face-covering policies remain insignificant. In the short run, stringent index and face-covering policies remain positively significant. Results of the study suggest significant policy implications that can help reform economic and Covid-19 control policies and promote the region's economic growth over the long-run period.
International Journal of Disclosure and Governance, Mar 14, 2013
This article examines relationships between governance characteristics and disclosure quality in ... more This article examines relationships between governance characteristics and disclosure quality in an emerging economy of Pakistan. Regression analysis supports agency theory and shows that CEO duality is negatively related to disclosure quality, whereas ownership concentration and audit quality positively influence disclosure quality. This article also finds, through an interaction term in regression models, that ownership concentration becomes a negative influence on disclosure quality when firms have CEO duality. This study helps academicians and policymakers to understand how disclosure could be affected by corporate governance. Policymakers could apply the results to further promote good governance in Pakistan.
International Journal of Managing Projects in Business, Apr 23, 2018
Purpose The purpose of this paper is to identify the major factors of client satisfaction (CS) th... more Purpose The purpose of this paper is to identify the major factors of client satisfaction (CS) that are critical for web development projects in freelance marketplaces. This quantitative study is done from the point of view of the web development services clients. Five major dimensions were proposed as determinants of CS from the literature review: ease of use, user interface, information, security and privacy. Design/methodology/approach A web-based survey methodology is used as the main data collection instrument. Statistical techniques such as confirmatory factor analysis and multiple linear regressions are used to analyze 162 responses of questionnaires. Findings The findings suggest that all factors do influence CS. In terms of strength, security had the highest level of impact on CS, so it is the strongest determinant among all factors. After security, ease of use and information are considered as strong determinants. So, this study concludes that the five major determinates do affect CS in web development projects from freelance marketplaces. Research limitations/implications This research is limited only to the top freelance marketplaces, such as Upwork, Freelancer, Fiverr, Guru, Envato Studio, etc. The sample size is relatively small and this study is focused on web development projects only. Moreover, this research is focused only on the characteristics or attributes of the projects final outcome, i.e. website. Practical implications This study attempts to identify the important factors that have a relation with CS, thus giving freelancers an indication of what to look for when working on any web development project posted by any client in a freelance marketplace. Understanding the determinants of CS will also help Pakistani information technology freelancers involved in web development projects and services to increase their project performance, improve their CS rate and increment client following. Originality/value This presents the first study on the determinants of CS in web development projects from freelance marketplaces.
Journal of Accounting and Finance in Emerging Economies
Purpose: The challenge of managing a portfolio effectively is allocating capital among numerous s... more Purpose: The challenge of managing a portfolio effectively is allocating capital among numerous stock holdings to achieve maximum profit. Therefore, the purpose of this study is to guide investors in developing optimal portfolios in the stock market of Pakistan. Design/Methodology/Approach: To pick and optimize a portfolio in the most effective way possible, we used the daily closing stock prices of a sample of listed firms at the Pakistan stock exchange. The study applied the mean semi-variance approach and compared the performance of portfolios with equally weighted portfolios under artificial neural networks and historical-based return estimation in Pakistan. Findings: The result shows that artificial neural network-based estimation of the expected return vector has outperformed the historical return estimation under mean semi-variance portfolio optimization and constrained mean semi-variance portfolios based on the Sharp ratio in Pakistan. Implications/Originality/Value: The stu...
In this paper, we investigate the impact of the government economic policies in addition to the m... more In this paper, we investigate the impact of the government economic policies in addition to the more stringent Covid-19 policies on stock index returns of GREF countries, that is, a new economic bloc of 5 countries (Pakistan, Iran, Turkey, Russia, and China) to foster for sustainable development of the region. Using the Panel, ARDL model and data for index returns and economic and Covid-19 control policies for the period March 1, 2020–June 30, 2021, results show that Income support, workplace closure, stringency index, and cancellation of public events have a significant positive impact on the stock index returns over the long run. In contrast, school closure, restriction on public gatherings, and international travel control policies negatively impact stock returns. In comparison, Debt policies, Covid-19 testing policies, health index, and face-covering policies remain insignificant. In the short run, stringent index and face-covering policies remain positively significant. Results of the study suggest significant policy implications that can help reform economic and Covid-19 control policies and promote the region's economic growth over the long-run period.
International Journal of Managing Projects in Business, 2018
Purpose The purpose of this paper is to identify the major factors of client satisfaction (CS) th... more Purpose The purpose of this paper is to identify the major factors of client satisfaction (CS) that are critical for web development projects in freelance marketplaces. This quantitative study is done from the point of view of the web development services clients. Five major dimensions were proposed as determinants of CS from the literature review: ease of use, user interface, information, security and privacy. Design/methodology/approach A web-based survey methodology is used as the main data collection instrument. Statistical techniques such as confirmatory factor analysis and multiple linear regressions are used to analyze 162 responses of questionnaires. Findings The findings suggest that all factors do influence CS. In terms of strength, security had the highest level of impact on CS, so it is the strongest determinant among all factors. After security, ease of use and information are considered as strong determinants. So, this study concludes that the five major determinates d...
This research study aims to examine the impact of sustainability on firm performance and analyze ... more This research study aims to examine the impact of sustainability on firm performance and analyze how vertical integration moderates the connection between performance and sustainability in the oil and gas sector. We analyzed a sample dataset of oil and gas companies from the top ten oil-producing countries spanned over ten years (2011–2020). The pool-fixed regression technique confirms that sustainability and its three components, i.e., social, environmental, and governance, are negatively related to performance. However, vertical integration moderated the connection between sustainability and performance in the case of the oil and gas sector. We have identified firm size, age, and return share price positively related to firm performance in the oil and gas industry. At the same time, the debt ratio negatively impacts the firm’s performance. The findings are significant for the management of oil and gas firms and the policymakers and regulatory authorities of oil-producing and expor...
International Journal of Business and Society, 2021
This study is aimed to evaluate the impact of corporate governance index on intellectual capital ... more This study is aimed to evaluate the impact of corporate governance index on intellectual capital performance by developing the index from five sub-indices and incorporating the value-added intellectual coefficient (VAIC) methodology for intellectual capital performance. Fixed and Random Effect Regression techniques have been used to analyze the data of the textile sector in Pakistan from 2010 to 2014. The findings suggest a negatively significant impact of corporate governance index on intellectual capital performance while sub-indices give mixed results. The study also investigates the relationship of individual variables in each sub-index with performance and results show a significant relationship for five variables namely independent director, independent audit committee, foreign shareholders ownership, gratuity, and remuneration committee.This study contributed empirical work in the literature of corporate governance and intellectual capital performance.The outcomes of this stu...
2016 IEEE International Conference on Management of Innovation and Technology (ICMIT), 2016
This paper intends to determine the impact of pursuing a strategy for innovation on capital struc... more This paper intends to determine the impact of pursuing a strategy for innovation on capital structure decisions and performance. It builds on the R&D management research which is country-focused and utilizes an international sample. This is significant when considering the sample of the study. While past studies have focused on single country samples, this study utilizes the most innovative firms in the world, thereby raising a new aspect in the innovation theory. Interestingly, this study finds that directionality of leverage, R&D investment and performance relationships observed appear to be contrary to existing research. This is attributed to the cross-country characteristics within the sample. This study differs from existing research by indicating variations in patterns of advertisement intensity and R&D investment across countries, as well as variations in patterns of innovation scores and business sophistication. Future research may explore the country characteristics associated with firms that pursue a strategy for innovation.
The purpose of this research study is to examine the comparative explanative power of religiosity... more The purpose of this research study is to examine the comparative explanative power of religiosity and Islamicity of product as moderators in the Base of Pyramid markets of Pakistan to predict the adoption Islamic financial inclusions of Islamic banking. Quantitative research approach using the technology acceptance model drawn from the theory of reasoned action as theoretical framework has been used for this research. The direct effect of the perceived ease of use, perceived usefulness with comparative moderations of Islamicity of the product and religiosity on the adoption of Islamic banking using the SEM approach. Measures of the study were collected from a sample of 300 Islamic bank customers on a structured questionnaire adopted from the earlier studies. The results of the study revealed that the perceived ease of use and perceived usefulness directly proportionate to the adoption of Islamic banking base of pyramid market of Pakistan. The comparative moderating statistical compu...
Article History: Received: 10 Jul 2019 Revised: 12 Sep 2019 Accepted: 12 Nov 2019 Available Onlin... more Article History: Received: 10 Jul 2019 Revised: 12 Sep 2019 Accepted: 12 Nov 2019 Available Online: 02 Mar 2020 The study investigated to remedy the research gap of measuring the moderating effect of advertising spend on consumer adoption behavior of Islamic banking at the bottom of the pyramid (BOP) market of Pakistan. Cross-sectional research data collected from a total of 300 respondents of which 267 (89%) were useful to analyze the test on the framework of the research. SEM approach was used to test the hypothesized relationship of the framework in two sequential steps wherein the 1 step the reliability and validity analysis was performed and in the 2 step sequential structural analysis among the variables were conducted with and without moderation. The empirical analysis confirmed a positive direct relationship of Perceived Usefulness (PU), Perceived Ease of Use (PEOU), and Advertising Spend (AS) on the adoption of Islamic banking (AIB) in the Bottom of the Pyramid Market. AS f...
Though studies related to corporate governance shaping risk management are ubiquitous, fathoming ... more Though studies related to corporate governance shaping risk management are ubiquitous, fathoming income smoothing behavior and credit quality is fundamental to commercial banks, especially pertaining to economies in transition. In this context, we used panel data of eighteen commercial banks of Pakistan including both conventional and Islamic, for the period 2007 to 2017. The concept is supplemented by ownership and board structure as apt indicators of corporate governance and deeming income smoothing and credit quality as moderators is the peculiarity of our study. Surprising to note, our risk management model outperformed regulatory capital and profitability, on the road to monitoring effectiveness. Albeit income smoothing constantly remains a matter of concern, credit quality is imperative for risk management in our case. Hence, based on findings, practitioners are suggested to consider board meetings and block holder ownership with aplomb for monitoring effectiveness of commerci...
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Drafts by SAFIA NOSHEEN
quality in an emerging economy of Pakistan. Regression analysis supports agency theory and
shows that CEO duality is negatively related to disclosure quality, whereas ownership concentration
and audit quality positively infl uence disclosure quality. This article also fi nds, through an
interaction term in regression models, that ownership concentration becomes a negative infl uence
on disclosure quality when fi rms have CEO duality. This study helps academicians and policymakers
to understand how disclosure could be affected by corporate governance. Policymakers
could apply the results to further promote good governance in Pakistan.
Papers by SAFIA NOSHEEN
quality in an emerging economy of Pakistan. Regression analysis supports agency theory and
shows that CEO duality is negatively related to disclosure quality, whereas ownership concentration
and audit quality positively infl uence disclosure quality. This article also fi nds, through an
interaction term in regression models, that ownership concentration becomes a negative infl uence
on disclosure quality when fi rms have CEO duality. This study helps academicians and policymakers
to understand how disclosure could be affected by corporate governance. Policymakers
could apply the results to further promote good governance in Pakistan.