Article # 1

Author-country- Akshita Arora & Chandan Sharma-India-2017.

Year
Title Corporate Governance and Firm Performance in Developing Countries:
Evidence from India.
Dependent Variable Firm Performance.

Independent Corporate Governance.

Variable
Methodology Several alternative specifications and estimation techniques are used for
analysis purposes, including system generalized methods of moments, which
effectively overcomes the problem of endogeneity and simultaneity bias.
Measurement For the analysis, the study used ROA, ROE and net profit margin (NPM) as
accounting measures, and market performance measures like adjusted
Tobin’s q (TQ) and stock returns (SR). For corporate governance measures,
we consider the board characteristics like board size, independence, activity
intensity, CEO-duality and institutional ownership.
Results Results of the study document that the relationship between corporate
governance and performance is not very strong in India.

Article # 2
Author-country- M.Yameen, Najib H. Farhan & Mosab I. Tabash-India-2019
Year
Title The Impact of Corporate Governance practices on Firm’s Performance: An
empirical evidence from Indian tourism sector.
Dependent Variable Firm Performance.

Independent Corporate Governance.

Variable
Methodology The study uses a panel dataset of 39 hotels listed on Bombay Stock
Exchange (BSE) for the period from 2013/2014 to 2015/2016. The ordinary
least square regression model is run for estimating the results.
Measurement The study took seven variables as proxies for measuring corporate
governance which are: board size, board composition, board diligence, audit
 committee size, audit committee composition, audit committee diligence,
and foreign ownership. Net sales, firm age (number of years since its
establishment), and firm size (total assets) are used as control variables; the
natural a logarithm of total assets is used as an indicator of firm size.
Results Findings show that board directors’ size and audit committee’s size
negatively impact the performance of Indian hotels, while board directors’
composition and diligence, the audit committee’s composition and
diligence, and foreign ownership positively affect the performance of Indian
hotels measured by accounting proxies. Results also reveal that board
directors’ size, audit committee’s size, and foreign ownership positively
impact the Indian hotels’ performance measured by marketing proxies,
whereas board directors’ composition; board directors’ diligence; audit
committee’s composition; and audit committee’s diligence have a negative
impact on the performance of Indian hotels.

Article # 3
Author-country- Qaiser Rafique Yasser-Pakistan-2011.
Year
Title Corporate Governance and Firm Performance: An Analysis of Family and
Non-family Controlled Firms.
Dependent Variable Firm Performance.

Independent Corporate Governance.

Variable
Methodology This study adopted panel regression model analysis to determine the
coefficient correlation between independent and dependent variables.
Measurement The study used measures like Tobin’s Q, ROA, Operating cash flow for
firm performance. For Corporate governance the study used measures like
Family-controlled firm, Board composition, Director’s qualification,
Professional qualification, Meeting and Leadership structure.
Results It has been found that a corporate governance structure influences the
performance of both family and non-family controlled companies
significantly. However, all corporate governance mechanisms are not
significant as the significant variables differ between family and non-family
controlled companies.
Article # 4
Author-country- M. Azeem, Masoodul Hassan & Rehana Kouser-Pakistan-2013
Year
Title Impact of Quality Corporate Governance on Firm Performance: A Ten-
Year Perspective.

Dependent Variable Firm Performance.

Independent Corporate Governance.

Variable
Methodology The study used fixed effects estimation method of panel data of 50 largest
(by market capitalization) companies (listed at Karachi Stock Exchange)
Measurement Leverage is measured by debt ratio and firm size is measured by log natural
of total assets.
Results The study found that quality corporate governance is significantly
determining firm performance.

Article # 5
Author-country- Sylvie Berthelot, Tania Morris & Cameron Morrill-Canada-2009
Year
Title Corporate Governance rating and Financial Performance: a Canadian study.

Dependent Variable Firm Performance.

Independent Corporate Governance.

Variable
Methodology Panel data from 289 Canadian firms in the four-year period 2002-2005 were
analyzed using a price model.
Measurement
Results The results suggest that the corporate governance rankings published by the
market information intermediary are related to not only firm market value,
but also to accounting results. It appears, then, that the relationship between
 corporate governance scores and market capitalization can take two forms.
First, there may be a direct relationship, due to investor interest in good
governance practices. Second, there may be an indirect relationship due to
the impact of good governance practices on firm performance as measured
by accounting outcomes

Article # 6
Author-country- Malik Azhar Hussain, Abdul Razak Abdul Hadi- Malaysia -2017
Year
Title Corporate Governance and Firm Performance: Evidence from CIDB
Malaysia.
Dependent Variable Firm Performance.

Independent Corporate Governance.

Variable
Methodology Quantitative survey method is employed and data are collected from 124
companies. Descriptive statistics is reported and model estimation is
performed using logistic regression.
Measurement ROA is used as an accounting measure. The return on asset variable is
analyzed on a nominal scale.
Results The results show that board size, board composition and risk management
committee have significant impact on firm performance. Evidence suggests
that corporate governance mechanism has significant effect on firm
performance in CIDB registered companies Malaysia.

Article # 7
Author-country- Afshan, Farooq Ali Khan Sherwani, Ghulam Kabbir, Mula Nazar Khan &
Year Fahad Islam-Pakistan-2016.
Title Impact of Corporate Governance on Firm Financial Performance: An
Empirical Evidence from Textile Sector of Pakistan.
Dependent Variable Firm Performance.

Independent Corporate Governance.

Variable
Methodology For the sake of analysis in this study author used random sampling
technique and sample includes 300 firm years.
Measurement In this study corporate governance is measured by using five variables
 board size, board meetings, CEO duality, percentage of non-executive
directors and percentage of independent directors.
Results The results show that board size, board composition and risk management
committee have significant impact on firm performance. Evidence suggests
that corporate governance mechanism has significant effect on firm
performance in CIDB registered companies Malaysia.

Article # 8
Author-country- Akbar, Hussain, Ahmad & Hassan-Pakistan-2019.
Year
Title Corporate Governance and Firm Performance in Pakistan: Dynamic Panel
Estimation
Dependent Variable Firm Performance.

Independent Corporate Governance.

Variable
Methodology The study used Descriptive statistics, Regression Analysis and Correlation
Matrix.
Measurement The study used measures like Tobin’s Q and ROE for firm performance. For
Corporate governance the study used measures like Board size, Board
independence, Board meeting, CEO Duality, Concentrated Ownership,
Institutional Ownership, Managerial Ownership, Audit Quality, Audit
Committee Composition and Change in corporate governance Code.

Results The study found that the corporate governance plays a pivotal role in
determining the financial performance of firms operating in Pakistan.

Article # 9
Author-country- Meseret Diriba & Dharitri Basumatary-India-2019.
Year
Title Impact of Corporate Governance on Firm Performance: Evidence from
Indian Leading Companies.
Dependent Variable Firm Performance.

Independent Corporate Governance.

Variable
Methodology The panel data of the study were analyzed by descriptive statistics (mean,
standard deviation, maximum and minimum values), correlation, and
regression analyses.
Measurement The effect of corporate governance variables (Chief Executive Officer
 (CEO) duality, the board size, and the board independence) on company
performance were plumbed by Return on Asset (ROA).
Results The findings showed that there is no epochal impact of corporate
governance variables on the company performance of India leading
companies in the sample.

Article # 10
Author-country- Zubair Aslam & Saima Naseer-Pakistan-2018.
Year
Title Effect of Corporate Governance on Firm Performance of Oil & Gas
Exploration Sector of Pakistan.
Dependent Variable Firm Performance.

Independent Corporate Governance.

Variable
Methodology Quantitative data analysis technique is used to check the relationship
between variables. Panel Data analysis is used for the study, and the data is
taken from the annual reports of the companies.
Measurement ROA is measured by Net Income/Total Assets, ROE by Net
Income/shareholder equity, Profit Margin by Profit after tax/Sales, Board
Size by No. of Directors, CEO Duality by CEO is the same person as
chairman and No. of Committees is measured by Total Number
Committees held by the Company.
Results Finding of this study shows that board size and CEO Duality have a
positive effect on return on asset and return on equity and No. of
committees have a negative effect on return on assets and return on equity,
but board size positively effect on profit margin, but No. of committees and
CEO Duality have a negative effect on profit margin.