Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/340090 
Year of Publication: 
2026
Citation: 
[Journal:] Pakistan Journal of Commerce and Social Sciences (PJCSS) [ISSN:] 2309-8619 [Volume:] 20 [Issue:] 1 [Year:] 2026 [Pages:] 211-238
Publisher: 
Johar Education Society, Pakistan (JESPK), Lahore
Abstract: 
This study endeavors to scrutinize the impact of board characteristics on firm performance directly as well as through the moderating influence of institutional ownership. Tobin' Q and market-to-book ratio are the proxies of firm performance as dependent variable. The analytical approach involves unbalanced panel data comprising 883 firm year observations of 75 textile manufacturing firms listed on Pakistan Stock Exchange from 2012 - 2023 by using fixed effect regression and system GMM estimation techniques through STATA software. Notably, findings indicate that board size and female directors demonstrate significant positive influence, whereas, outside directors and director ownership shows significant negative influence on firm performance. Furthermore, findings also indicate that institutional ownership has a significant positive moderating influence on the relationship between board characteristics and firm performance. This contribution to the scholarly literature provides certain important theoretical insights and practical implications for practitioners and policy makers.
Subjects: 
Board characteristics
firm performance
institutional ownership
ownership structure
Pakistan Stock Exchange
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by-nc Logo
Document Type: 
Article

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