تلخیص
This study is about the determinants of financial performance of energy sector of Pakistan. The sample comprised twenty nine companies listed in Pakistan Stock exchange from the four sectors belonging to energy industry for the period of 2009-16. Two measures namely ROA and ROE have been used to measure financial performance. In this study firm specific and macroeconomic determinants of energy industry of Pakistan have been examined and their impact on financial performance has been investigated. For hypothesis one, financial leverage, growth, size, age, risk, liquidity and GDP have significant impact on ROA. Financial leverage and age have significant and negative impact on ROA. Growth, size, risk, liquidity and GDP have significant and positive impact on ROA. For hypothesis two, tangibility, market share, rate of interest and rate of inflation are found to have insignificant impact on ROA. Financial leverage, growth, risk, tangibility, liquidity, GDP and INF has significant impact on ROE. Risk, tangibility and INF are found to have significant and negative impact on ROE. Financial leverage, growth, liquidity and GDP have significant and positive impact on ROE. Size, age, market share and rate of INT are found to have insignificant impact on ROE. It has been concluded that firm specific and macroeconomic factors have significant impact on financial performance of energy industry.
Dr. Muhammad Ahmad, Prof Dr. Nadeem Malik2. (2017) Analysis of Factors Affecting the Financial Performance of Companies: A Case of Energy Sector of Pakistan, Balochistan Review, Volume 2, Issue 2.
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