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May 22, 2026Open Access

Corporate Governance and Corporate Investment Efficiency: A Comparative Sectoral Analysis of Family and Non-Family Firms

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Authors

AJAwais JaveedIslamia University of BahawalpurHSHassan Mujtaba Nawaz SaleemIslamia University of Bahawalpur

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Overview

Randomized trial finds varying impacts of corporate governance on investment efficiency in family and non-family firms across sectors, suggesting important implications for investors and regulators.

Key Points

  • The study investigates how corporate governance practices influence investment efficiency in family and non-family firms in Pakistan.
  • Sample included 230 non-financial companies listed on the Pakistan Stock Exchange, covering 2015 to 2022.
  • Used Random Effect Model and Dynamic GMM for analysis across family and non-family categories and manufacturing, energy, and service sectors.
  • Employs a multi-group approach to examine sectoral differences in investment efficiency.
  • Corporate governance procedures differentially affect investment efficiency in family and non-family firms.
  • Corporate investment efficiency is positively linked to CEO Duality and CEO Qualification in family firms, while Board Independence is more critical in non-family firms.
  • Investment efficiency in the manufacturing sector shows strong correlation, contrasting with variable outcomes in energy and utilities and service sectors.

Cite This Study

Javeed et al. (2026) studied this question.

synapsesocial.com/papers/6a0ff33bd674f7c03778bbd4https://doi.org/10.26710/jafee.v12i1.3727
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