Managerial Efficiency and Corporate Leverage Policy in Pakistan

Corporate Payout Policy and Managerial Stock Incentives*

We examine how corporate payout policy is affected by managerial stock incentives using data on more than 1100 nonfinancial firms during 1993-97. We find that management share ownership encourages higher payouts by firms with potentially the greatest agency problems—those with low market-to-book ratios and low management stock ownership. We also find that management stock options change the com...

Appendix for “ Managerial risk - taking incentives and corporate pension policy ”

Managerial Optimism and Corporate Finance

Constraints and Barriers in Corporate Governance and Managerial Efficiency: A Comparative Analysis

The focus of this study is to investigate the constraints and barriers in managerial efficiency of corporate sector in Pakistan, not only for the better results of the corporate but also for the whole economy. A comparison of Pakistani corporate sector is made with 32 low income countries. Corruption, crime, gender, finance, infrastructure, innovation of technology, are the major constraints fo...

Leverage and corporate performance: International evidence

Article history: Received 5 December 2011 Received in revised form 10 July 2012 Accepted 10 July 2012 Available online 20 July 2012 This paper analyzes the effect of financial leverage on corporate operating performance and how this effect varies across countries. Results for 10,375 firms in 39 countries indicate that the performance of firms with greater leverage is significantly reduced compa...