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The attempt of the research is to realize the key factors and examine the effect of corporate
governance and capital structure on firms’ financial performance belonging to petroleum
sector which are registered on Pakistan Stock Exchange (PSX). The study focuses on data
gathered from five companies of petroleum sector keeping in view the present situation of
Pakistan and current economic, political and legislative environment to evaluate and judge
the challenges and risks affecting the firms’ performance. Only a single source of data is used
which is secondary. The sample employed in the current research is comprised of five firms
listed in the PSX index under the petroleum sector. The sample size selected for the purpose of
this research is consisting of nine years annual data of the variables starting from year 2007
to year 2015 used. Multiple Regression model is used as the statistical technique and SPSS
statistics has been used for examination of hypotheses. The empirical results investigated that
Short term debt ratio and Long term debt ratio has significantly negative correlation with
ROA. The firms with lesser STD & LTD ratio lead to higher financial performance. Consequently, board size and no. of shareholders has insignificant relationship with ROA. Furthermore, the study investigated that ROE has insignificant either negative or positive relationship
with all the independent variables namely Board size, No. of shareholders, Short-term debt
ratio and Long-term debt ratio.
Kamran Nawaz, Nawaz Ahmad. (2017) The Effect of Corporate Governance and Capital Structure on Firms’ Performance: Investigation on Petroleum Sector in Pakistan, Journal of Independent Studies and Research-Management, Social Sciences and Economics, Volume-15, Issue-1.
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