In this paper, we study the potential determinates of the capital structure of non-financial firms listed on Karachi Stock Exchange. We analyse a sample of 445 firms listed on the KSE for the period 1997–2001. We have chosen tangibility of assets, size, firm growth rate, and profitability as...

This study examines why a perverse kind of industrialisation developed in Pakistan. Following independence, the Pakistan government embarked on industrialisation proclaimed as a short-cut to eradicate poverty and reduce unemployment. But after four decades, it is still considered among the...

We examine the empirical determinants of debt-maturity structure of 266 firms listed on the KSE over the period 2000 to 2004 using several variants of dynamic panel data models. We find mixed support for the agency cost hypothesis as our results show that debtmaturity increases with the size of...

This paper studies the impact of corporate ownership structure on firm performance. This paper tests whether policy intervention with respect to blockholding and higher managerial ownership is required in Pakistan. We hypothesise that market places expropriation premium on stocks of such firms...

The debate over =why capital and bond markets remain under-developed in Pakistan‘ is more than two decades old. Several conceptual papers have highlighted causes responsible for the underdevelopment of these markets; however, not enough empirical evidence exists to support the theoretical...