巴基斯坦资本市场价值与公司绩效的相关性研究
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摘要
在企业发展的历史长河中,发生了很多的企业欺诈和丑闻事件,甚至到了危及全球经济的程度。这种情况的发生促使资本市场发展出了各种机制来控制企业,以使所有利益相关者的利益都能够最大化。这些机制归属于公司治理的范畴。公司治理的基本出发点就是增强薄弱的治理实践,在公司内部实施问责的制度和文化。
由于上市公司公开发布的信息对资本市场的运转有着极其重要的作用,所以只有保证信息的质量和透明度,资本市场才能够健康的运转。只有基于完全透明但不损害公司竞争优势的信息,数据的使用者才能够赋予报告公司股权一定的价值。这些价值是由与公司有关的所有因素决定的,这些因素包括财务状况、资本结构、经营业绩、前景以及符合其运作市场的社会和法律规范。
对大多数新兴的资本市场而言,大多数情况下,它的所有权都集中在管理者、银行以及其他金融机构和(或者)家族企业的某个家庭手中。这种结构在多数情况下对保护小投资者是不利的。为了保证市场的公平性,维护市场的可持续增长和发展,需要让小投资者了解到关于公司的有效和可靠的信息。这样才能保证他们的经济决策是建立在事实和数据而不是猜测的基础上。
过去的十年间,巴基斯坦资本市场获得了巨大发展,在国内外市场上都饱受瞩目。但是,正如其他新兴市场一样,它也存在着公司财务欺诈、财务丑闻的状况,特别是经历了2008年的市场崩溃之后,更加突显出它的结构缺陷。市场缺陷对成百上千的小投资者造成了毁灭性的后果,使得他们失去了毕生积蓄。虽然对巴基斯坦资本市场进行细致研究是非常必要的,但目前关于这方面的研究甚少。本文试图通过细致分析巴基斯坦上市公司公开的财务信息,来决定其市场地位和质量。本文通过获取、分析巴基斯坦资本市场中业绩最佳股票的年度报表来判断公司报告的运营情况和市场价值间的关系。该分析有助于理解巴基斯坦现行的公司报告方式和公司治理方式。
本文试图通过确定并建立公开财务信息与公司市场价值间的联系,以此证实公开信息的披露水平和透明度。此外,本文还通过分析年度财务报表来确定经通货膨胀调整的投资资本回报和上市公司的盈利能力的经济价值。为研究需要,所用数据取自2005至2010年度表现最佳的上市公司的公开年度报表。即样本来自巴基斯坦最大的股票交易市场——卡拉奇股票交易所的KSE100指数成分股,该指数涵盖了巴基斯坦超过90%的股票市值。本文共选用了前83家上市公司的年度报表进行分析。文章计算了体现不同基本面表现的财务比率指标,以满足分析模型的要求。通过以市场价值为因变量对资产周转率、负债率、每股收益、市盈率、资产收益率和流动比例等变量作回归,进而确定各类公开会计信息的重要程度。同时通过以样本公司公开的每股收益为因变量对它们各期的经济回报作回归分析来核实信息的质量。本文中的所有研究方法使用线性回归分析。
研究结果表明,通过计算Tobin's Q比率,发现巴基斯坦上市公司已公开的基本面运营业绩与市场价值的关联程度非常小。为了研究这些公司的经营业绩状况,本文使用了不同的度量指标,包括资产周转率、负债率、每股收益、市盈率、资产收益率和流动比例。这些指标均是通过上市公司已公开的年度报表提供的信息手动计算得到的。在所获取指标发生的时间段内,单独的公司绩效衡量,例如利润率、投资回报、金融资产组合、流动性等对公司市场价值并没有突出影响。在考察期内这些指标变化的协同性基本可以忽略,多数情况下与预期不一致。这个结论与现有文献的结论相反,文献认为公司经营效益与公司的股票市场价值具有非常显著的联系(伯纳德1994,布朗1968)。本研究认为,巴基斯坦市场依然缺乏好的公司治理机制,披露的信息不能够有效传导至公司的市场价值中。由于巴基斯坦资本市场中的公司公开的财务信息缺乏详尽度和透明度,效率低下,导致经营效益与公司市场价值之间的关联性很低,因此会误导投资人做出投资决策,。这种偏离市场规范的现象可能是由如下原因导致的,例如日益庞大的家族企业、国有企业以及脆弱的法律执行机制。还需要今后对此进一步研究和细致深入的分析。
为了进一步研究和论证本文研究结果,以及检验公开财务信息的有效性,本文通过样本公司的年度报表中的每股收益(EPS)和相应的经济利润(Economic Margin "EM")等指标来分析其盈利能力。研究观测表明这两项指标不存在显著关联性,其中,经济利润值是公司运营和盈利能力的经济价值,反映了公司经过利率和通胀调整后的投资资本获取现金的能力。分析结果支持了本研究假设,即公司发布的财务运营信息并不能反映公司的实际运作状况,从而误导市场投资方向,使得投机力量盛行,从而导致投资者做出错误的投资决策。结果就是公司的经营效益无法在其市场价值中得到相应的体现。
影响公司治理的因素还包括当地法律制度漏洞、法律执行力度、组织结构和程序、严重的贪污腐败、脆弱的经济基础设施、制约产业发展的能源短缺以及法律不力、社会秩序混乱导致的政治环境不稳定,这些都可能导致市场上投机行为盛行。因此需要更好的监管机制来确保上市公司信息披露的完整度和透明度,以此增强股票市场的有效性和运行效率,保障全体投资者的利益。
The human society has witnessed a number of corporate frauds and scandals, even to extent of endangering the global economy, since the inception of corporations. This led the market to develop various mechanisms to control corporations and influence its management to work in the best interests of all stakeholders. Such mechanisms are herded under the umbrella of corporate governance. The simple idea behind corporate governance is to strengthen the weak governing practices and implement the system and culture of accountability within the firm.
A well governed capital market cannot be imagined without the quality of disclosure and transparency in all publicly disclosed information by the listed companies because the information serves the same for the market as does the blood do for a living soul. It is only possible through complete disclosure of transparent information, without compromising the competitive advantage of the firm that the users of such data will be in a position to assign certain value to the equity of the reporting firm. Such value will be based on all factors relating to the firm including its financial position, capital structure, operating results, future prospects and compliance to the social and legal requirements of the market where it operates.
Most of the emerging markets are characterized by concentrated ownership wherein in most of the cases the owners are management, banks and other financial institutions and/or single family in case of family-controlled business. Such set ups have led to weak protection for small investors in most of the cases. In order to ensure the fair play in the market and its sustainable growth&development; the small investors needs to be protected though dissemination of valid and reliable information about the participating firm in the capital market, so that their economic decisions are driven by facts and figure instead of speculations.
During the last decade the Pakistani capital market observed enormous growth and was appreciated at both domestic and international forums. But just like any other developing market it also has structural deficiencies, which were witnessed in the form of numerous corporate financial frauds and scandals and also a huge market crash in the year2008. The results were devastating for thousands of small investors who lost their life savings because of the weaknesses of the market. Despite the utmost need for conducting comprehensive research studies on Pakistani capital market, very little has been done so far. This research has attempted to critically analyze the published accounting information of listed Pakistani corporations for determining its market significance and quality. The published data in the form of annual reports was taken and analyzed to determine the link between the reported performance and its associated market value for top performing stocks of Pakistani capital market. The analysis has helped in understanding the existing corporate reporting practices and corporate governance prevailing in Pakistan.
This work was done with the intention to determine and establish the link between published accounting information and market value of the respective firm in order to authenticate the level of disclosure and transparency in such published information. Furthermore, the annual reports were also analyzed to determine the economic value of return against inflation-adjusted-invested-capital and reported profitability of the listed firms. To serve the purpose data was extracted from published annual reports, for the period of2005to2010, of top-performing listed firms, namely firms comprising the KSE-100Index, on Karachi Stock Exchange, Pakistan, being the biggest stock market in Pakistan representing more than90%of the market based on market capitalization. A total of top83listed firms were selected for this study and their published annual reports were analyzed. Different performance fundamentals in the form of financial ratios were calculated as per the requirement of our analytic models was calculated. To determine the significance of published accounting information the market value was regresses against assets turnover ratio, debt ratio, EPS, price earning ratio, return on assets and current ratio. To check for the quality of the information the reported EPS of the sample firms was regressed against their respective calculated economic return for the period under study. Both the works have utilized linear regression principles for analysis.
The results of this work concluded that the reported performance fundamentals carry a very weak relationship with the market value, measured through Tobin's Q ratio, of listed firms in Pakistan. To study the performance of these firms, different financial ratios including assets turnover ratio, debt ratio, EPS, price earning ratio, return on assets and current ratio were manually calculated from the published information provided in the annual reports of these firms. For the period under study, individual performance measures like profitability, return, financing portfolio and liquidity all have no prominent effect on the market valuation of these firms measured and the movement of these ratios over the period under consideration has negligible similarity in few cases while mostly defying expectations. This result was in contrast to the available literature where individual performance measures are found significantly related to market value of the firm (Bernard1994, Brown1968). It was concluded that Pakistani market still lacks the existence of strong corporate governance system where reported information are not effectively translated into market value of the firm. Thus the published public accounting information of Pakistani firms is lacking thorough disclosure and transparency and inefficiency in the capital market because such weak association between performance and market value of the listed firm can mislead the investors at the time of making investment decisions. Such a deviation from market norms might be be attributed to reasons including increased number of group or family-owned business, state owned enterprises and weak law enforcement system existing in Pakistan, which needs further research and more detailed study and analysis.
To further explore and authenticate our results and to check for the validity of the reported accounting information, the annual report of all these firms were comparatively analyzed for reported profitability in terms of earning per share (EPS) and its corresponding economic margin (EM) values; while EM being the economic value of firms operations and profitability in terms of ability of a firms to actually generate cash on invested capital after adjustment for the interest and inflation to determine the true. It was observed again that both measures are insignificantly related. The results supported our assumption that the firms are reporting accounting operating results; that cannot be supported by the actual economic operational capability of the firm, thus misleading the market and leaving it at the mercy of speculative forces, which might push the investors to make wrong investment decision. As a result the performance fundamental cannot be linked to market value of the firms.
Factors affecting corporate governance might include weaknesses in local laws and its implementation, organizational structures and procedures, high level of corruption, weak economic infrastructure, acute energy shortages hindering industrial growth and political instability accompanied by deteriorating law&order situation in the country, thus resulting in more speculative activity in the market. Better regulatory regime is needed to ensure thorough disclosure&transparency in the published data by firms listed on stock market in order to strengthen the effectiveness and efficiency of stock market and ensure safeguarding of all stakeholders'interests.
由于上市公司公开发布的信息对资本市场的运转有着极其重要的作用,所以只有保证信息的质量和透明度,资本市场才能够健康的运转。只有基于完全透明但不损害公司竞争优势的信息,数据的使用者才能够赋予报告公司股权一定的价值。这些价值是由与公司有关的所有因素决定的,这些因素包括财务状况、资本结构、经营业绩、前景以及符合其运作市场的社会和法律规范。
对大多数新兴的资本市场而言,大多数情况下,它的所有权都集中在管理者、银行以及其他金融机构和(或者)家族企业的某个家庭手中。这种结构在多数情况下对保护小投资者是不利的。为了保证市场的公平性,维护市场的可持续增长和发展,需要让小投资者了解到关于公司的有效和可靠的信息。这样才能保证他们的经济决策是建立在事实和数据而不是猜测的基础上。
过去的十年间,巴基斯坦资本市场获得了巨大发展,在国内外市场上都饱受瞩目。但是,正如其他新兴市场一样,它也存在着公司财务欺诈、财务丑闻的状况,特别是经历了2008年的市场崩溃之后,更加突显出它的结构缺陷。市场缺陷对成百上千的小投资者造成了毁灭性的后果,使得他们失去了毕生积蓄。虽然对巴基斯坦资本市场进行细致研究是非常必要的,但目前关于这方面的研究甚少。本文试图通过细致分析巴基斯坦上市公司公开的财务信息,来决定其市场地位和质量。本文通过获取、分析巴基斯坦资本市场中业绩最佳股票的年度报表来判断公司报告的运营情况和市场价值间的关系。该分析有助于理解巴基斯坦现行的公司报告方式和公司治理方式。
本文试图通过确定并建立公开财务信息与公司市场价值间的联系,以此证实公开信息的披露水平和透明度。此外,本文还通过分析年度财务报表来确定经通货膨胀调整的投资资本回报和上市公司的盈利能力的经济价值。为研究需要,所用数据取自2005至2010年度表现最佳的上市公司的公开年度报表。即样本来自巴基斯坦最大的股票交易市场——卡拉奇股票交易所的KSE100指数成分股,该指数涵盖了巴基斯坦超过90%的股票市值。本文共选用了前83家上市公司的年度报表进行分析。文章计算了体现不同基本面表现的财务比率指标,以满足分析模型的要求。通过以市场价值为因变量对资产周转率、负债率、每股收益、市盈率、资产收益率和流动比例等变量作回归,进而确定各类公开会计信息的重要程度。同时通过以样本公司公开的每股收益为因变量对它们各期的经济回报作回归分析来核实信息的质量。本文中的所有研究方法使用线性回归分析。
研究结果表明,通过计算Tobin's Q比率,发现巴基斯坦上市公司已公开的基本面运营业绩与市场价值的关联程度非常小。为了研究这些公司的经营业绩状况,本文使用了不同的度量指标,包括资产周转率、负债率、每股收益、市盈率、资产收益率和流动比例。这些指标均是通过上市公司已公开的年度报表提供的信息手动计算得到的。在所获取指标发生的时间段内,单独的公司绩效衡量,例如利润率、投资回报、金融资产组合、流动性等对公司市场价值并没有突出影响。在考察期内这些指标变化的协同性基本可以忽略,多数情况下与预期不一致。这个结论与现有文献的结论相反,文献认为公司经营效益与公司的股票市场价值具有非常显著的联系(伯纳德1994,布朗1968)。本研究认为,巴基斯坦市场依然缺乏好的公司治理机制,披露的信息不能够有效传导至公司的市场价值中。由于巴基斯坦资本市场中的公司公开的财务信息缺乏详尽度和透明度,效率低下,导致经营效益与公司市场价值之间的关联性很低,因此会误导投资人做出投资决策,。这种偏离市场规范的现象可能是由如下原因导致的,例如日益庞大的家族企业、国有企业以及脆弱的法律执行机制。还需要今后对此进一步研究和细致深入的分析。
为了进一步研究和论证本文研究结果,以及检验公开财务信息的有效性,本文通过样本公司的年度报表中的每股收益(EPS)和相应的经济利润(Economic Margin "EM")等指标来分析其盈利能力。研究观测表明这两项指标不存在显著关联性,其中,经济利润值是公司运营和盈利能力的经济价值,反映了公司经过利率和通胀调整后的投资资本获取现金的能力。分析结果支持了本研究假设,即公司发布的财务运营信息并不能反映公司的实际运作状况,从而误导市场投资方向,使得投机力量盛行,从而导致投资者做出错误的投资决策。结果就是公司的经营效益无法在其市场价值中得到相应的体现。
影响公司治理的因素还包括当地法律制度漏洞、法律执行力度、组织结构和程序、严重的贪污腐败、脆弱的经济基础设施、制约产业发展的能源短缺以及法律不力、社会秩序混乱导致的政治环境不稳定,这些都可能导致市场上投机行为盛行。因此需要更好的监管机制来确保上市公司信息披露的完整度和透明度,以此增强股票市场的有效性和运行效率,保障全体投资者的利益。
The human society has witnessed a number of corporate frauds and scandals, even to extent of endangering the global economy, since the inception of corporations. This led the market to develop various mechanisms to control corporations and influence its management to work in the best interests of all stakeholders. Such mechanisms are herded under the umbrella of corporate governance. The simple idea behind corporate governance is to strengthen the weak governing practices and implement the system and culture of accountability within the firm.
A well governed capital market cannot be imagined without the quality of disclosure and transparency in all publicly disclosed information by the listed companies because the information serves the same for the market as does the blood do for a living soul. It is only possible through complete disclosure of transparent information, without compromising the competitive advantage of the firm that the users of such data will be in a position to assign certain value to the equity of the reporting firm. Such value will be based on all factors relating to the firm including its financial position, capital structure, operating results, future prospects and compliance to the social and legal requirements of the market where it operates.
Most of the emerging markets are characterized by concentrated ownership wherein in most of the cases the owners are management, banks and other financial institutions and/or single family in case of family-controlled business. Such set ups have led to weak protection for small investors in most of the cases. In order to ensure the fair play in the market and its sustainable growth&development; the small investors needs to be protected though dissemination of valid and reliable information about the participating firm in the capital market, so that their economic decisions are driven by facts and figure instead of speculations.
During the last decade the Pakistani capital market observed enormous growth and was appreciated at both domestic and international forums. But just like any other developing market it also has structural deficiencies, which were witnessed in the form of numerous corporate financial frauds and scandals and also a huge market crash in the year2008. The results were devastating for thousands of small investors who lost their life savings because of the weaknesses of the market. Despite the utmost need for conducting comprehensive research studies on Pakistani capital market, very little has been done so far. This research has attempted to critically analyze the published accounting information of listed Pakistani corporations for determining its market significance and quality. The published data in the form of annual reports was taken and analyzed to determine the link between the reported performance and its associated market value for top performing stocks of Pakistani capital market. The analysis has helped in understanding the existing corporate reporting practices and corporate governance prevailing in Pakistan.
This work was done with the intention to determine and establish the link between published accounting information and market value of the respective firm in order to authenticate the level of disclosure and transparency in such published information. Furthermore, the annual reports were also analyzed to determine the economic value of return against inflation-adjusted-invested-capital and reported profitability of the listed firms. To serve the purpose data was extracted from published annual reports, for the period of2005to2010, of top-performing listed firms, namely firms comprising the KSE-100Index, on Karachi Stock Exchange, Pakistan, being the biggest stock market in Pakistan representing more than90%of the market based on market capitalization. A total of top83listed firms were selected for this study and their published annual reports were analyzed. Different performance fundamentals in the form of financial ratios were calculated as per the requirement of our analytic models was calculated. To determine the significance of published accounting information the market value was regresses against assets turnover ratio, debt ratio, EPS, price earning ratio, return on assets and current ratio. To check for the quality of the information the reported EPS of the sample firms was regressed against their respective calculated economic return for the period under study. Both the works have utilized linear regression principles for analysis.
The results of this work concluded that the reported performance fundamentals carry a very weak relationship with the market value, measured through Tobin's Q ratio, of listed firms in Pakistan. To study the performance of these firms, different financial ratios including assets turnover ratio, debt ratio, EPS, price earning ratio, return on assets and current ratio were manually calculated from the published information provided in the annual reports of these firms. For the period under study, individual performance measures like profitability, return, financing portfolio and liquidity all have no prominent effect on the market valuation of these firms measured and the movement of these ratios over the period under consideration has negligible similarity in few cases while mostly defying expectations. This result was in contrast to the available literature where individual performance measures are found significantly related to market value of the firm (Bernard1994, Brown1968). It was concluded that Pakistani market still lacks the existence of strong corporate governance system where reported information are not effectively translated into market value of the firm. Thus the published public accounting information of Pakistani firms is lacking thorough disclosure and transparency and inefficiency in the capital market because such weak association between performance and market value of the listed firm can mislead the investors at the time of making investment decisions. Such a deviation from market norms might be be attributed to reasons including increased number of group or family-owned business, state owned enterprises and weak law enforcement system existing in Pakistan, which needs further research and more detailed study and analysis.
To further explore and authenticate our results and to check for the validity of the reported accounting information, the annual report of all these firms were comparatively analyzed for reported profitability in terms of earning per share (EPS) and its corresponding economic margin (EM) values; while EM being the economic value of firms operations and profitability in terms of ability of a firms to actually generate cash on invested capital after adjustment for the interest and inflation to determine the true. It was observed again that both measures are insignificantly related. The results supported our assumption that the firms are reporting accounting operating results; that cannot be supported by the actual economic operational capability of the firm, thus misleading the market and leaving it at the mercy of speculative forces, which might push the investors to make wrong investment decision. As a result the performance fundamental cannot be linked to market value of the firms.
Factors affecting corporate governance might include weaknesses in local laws and its implementation, organizational structures and procedures, high level of corruption, weak economic infrastructure, acute energy shortages hindering industrial growth and political instability accompanied by deteriorating law&order situation in the country, thus resulting in more speculative activity in the market. Better regulatory regime is needed to ensure thorough disclosure&transparency in the published data by firms listed on stock market in order to strengthen the effectiveness and efficiency of stock market and ensure safeguarding of all stakeholders'interests.
引文
(2011). EPS increased...Company underperformed?.
A. Rashid, H., F. Amin, et al. (2012). "International Financial Reporting Standards (IFRS) and its influence on Pakistan." Journal of Applied Finance & Banking 2(2):1-13.
Agnes Cheng, C. S., J. K. Cheung, et al. (1993). "On the Usefulness of Operating Income, Net Income and Comprehensive Income in Explaining Security Returns." Accounting and Business Research 23(91): 195-203.
Ali, G., Z. Ni, et al. (2011). Analysis on Disclosure and Transparency in Published Accounting Information of Pakistani Listed Companies. ISAEBD. Dalian, China, CCIS 210. Part III:555-563.
Aljifri, K. (2008). "Annual report disclosure in a developing country:The case of the UAE." Advances in Accounting 24(1):93-100.
Alzarouni, A., K. Aljifri, et al. (2012). "The Usefulness of Corporate Financial Reports:Evidence from the United Arab Emirates." Accounting & Taxation 3(1):17-37.
Ammann, M., D. Oesch, et al. (2011). "Corporate governance and firm value:International evidence." Journal of Empirical Finance 18(1):36-55.
Ascioglu, A., S. P. Hegde, et al. (2005). "Auditor compensation, disclosure quality, and market liquidity:Evidence from the stock market." Journal of Accounting and Public Policy 24(4):325-354.
Ashraf, J. and W. I. Ghani (2005). "Accounting development in Pakistan." The International Journal of Accounting 40(2):175-201.
B.Stewart, G. (1991). The Quest for Value:A Guide for Senior Managers. New York, Harper Business.
B.Stewart, G. (1999). The Quest for Value. New York, Harper Business.
Baig, K. (1997). Sorry state of disclosure in Pakistan. Pakistan & Gulf Economist.
Ball, R., S. P. Kothari, et al. (1993). "Economic Determinants of the Relation between Earnings Changes and Stock Returns." The Accounting Review 68(3):622-638.
Bari, F., A. Cheema, et al. (2003). Private Sector Development Strategy for Pakistan, Asian Development Bank.
Bartley, J. M. (1999). CFROI Valuation:A total system approach to value in the firm. Oxford, UK, Butterworth-Heinemann.
Barton, J. and G. Waymire (2004). "Investor protection under unregulated financial reporting." Journal of Accounting and Economics 38(0):65-116.
Bernard, V. L (1994). Accounting-based Valuation Methods, Determinants of Market-to-book Ratios, and Implications for Financial Statement Analysis. Working Paper, University of Michigan.
Biddle, G. C., G. Hilary, et al. (2009). "How does financial reporting quality relate to investment efficiency?" Journal of Accounting and Economics 48(2-3):112-131.
Bita, M. and B. Mohammad S. (2008). "Corporate Governance and Firm Performance in Iran." Journal of Contemporary Accounting& Economics 4(2):156-172.
Black, F. (1972). "Capital Market Equilibrium with Restricted Borrowing." The Journal of Business 45(3): 444-455.
Brown, L D. and M. L Caylor (2006). "Corporate governance and firm valuation." Journal of Accounting and Public Policy 25(4):409-434.
Brown, R. B. a. P. (1968). "An Empirical Evaluation of Accounting Income Numbers." Journal of Accounting Research(Autumn):20.
Bushman, R. M. and A. J. Smith (2001). "Financial accounting information and corporate governance." Journal of Accounting and Economics 32(1-3):237-333.
Bushman, R. M. and A. J. Smith (2003). "Transparency, Financial Accounting Information, and Corporate Governance " Economic Policy Review 9(1):65-87.
Chaney, P. K., M. Faccio, et al. (2011). "The quality of accounting information in politically connected firms." Journal of Accounting and Economics 51(1-2):58-76.
Cheema, A. (2003). "Corporate governance in Pakistan; Issues and Concerns." The Journal 8:7-19.
Chen, C. J. P., S. Chen, et al. (2001). "Is accounting information value-relevant in the emerging Chinese stock market?" Journal of International Accounting, Auditing and Taxation 10(1):1-22.
Chi, L.-C. (2009). "Do transparency and disclosure predict firm performance? Evidence from the Taiwan market." Expert Systems with Applications 36(8):11198-11203.
Chong-En, B., L. Qiao, et al. (2004). "Corporate governance and market valuation in China." Journal of Comparative Economics 32(4):599-616.
DeFond, M., M. Hung, et al. (2007). "Investor protection and the information content of annual earnings announcements:International evidence." Journal of Accounting and Economics 43(1):37-67.
Dominica, S.-y. L., H. Jerry, et al. (2005). "Corporate Governance and Investor Reaction to Reported Earnings:An Exploratory Study of Listed Chinese Companies." Advances in International Accounting 18(0):1-25.
Donal, B., L. Ying, et al. (2006). "Corporate governance and the quality of financial analysts' information." Journal of Accounting and Public Policy 25(5):609-625.
Durga Prasad, S. (2010). "Impact of Corporate Governance on the Stock Prices of the Nifty 50 Broad Index Listed Companies." International Research Journal of Finance and Economics(41):12.
Epstein, R. C. (1925). "Industrial Profits in 1917." The Quarterly Journal of Economics 39(2):241-266.
Epstein, R. C. (1930). "Statistical Light on Profits, as Analyzed in Recent Literature." The Quarterly Journal of Economics 44(2):320-344.
Fisher, I. (1930). The Theory of Interest. New York, The Macmillan Company.
Fong, M. W. L. (2003). Financial Accounting Information and Corporate Governance:Chinese Listed Companies. Corporate Governance:Challenges for China, Law Press China:200-222.
George M., v. F. (2001). "Hopes and delusions of transparency." The North American Journal of Economics and Finance 12(1):105-120.
Gordon, M. (1962). The Investment. Financing and Valuation of the Corporation. Homewood, Irwin.
Grant, R. M. and M. Visconti (2006). "The Strategic Background to Corporate Accounting Scandals." Long Range Planning 39(4):361-383.
Haque, I. U. (2010). Pakistan:Causes & Management of the 2008 Economic Crisis. TWN Global Economy Series: 36.
Hassan, O. A. G., P. Romilly, et al. (2009). "The value relevance of disclosure:Evidence from the emerging capital market of Egypt." The International Journal of Accounting 44(1):79-102.
Hiroyuki, A. and N. Pascal (2008). "Do stock prices reflect the corporate governance quality of Japanese firms?" Journal of the Japanese and International Economies 22(4):647-662.
Hirshleifer, J. (1958). "On the Theory of Optimal Investment Decision." Journal of Political Economy 66(4): 329-352.
Hope, O.-K. (2003). "Firm-level Disclosures and the Relative Roles of Culture and Legal Origin." Journal of International Financial Management & Accounting 14(3):218-248.
Hossain, M. and H. Hammami (2009). "Voluntary disclosure in the annual reports of an emerging country:The case of Qatar." Advances in Accounting 25(2):255-265.
Hsu-Ling, C, C. Yahn-Shir, et al. (2008). "The Relationship between Stock Price and EPS:Evidence Based on Taiwan Panel Data." Economics Bulletin 3(30):1-12.
Hudaib, M. and R. Haniffa (2006). "Corporate Governance Structure and Performance of Malaysian Listed Companies." Journal of Business Finance & Accounting 33(7-8):1034-1062.
latridis, G. (2010). "International Financial Reporting Standards and the quality of financial statement information." International Review of Financial Analysis 19(3):193-204.
Jae-Seung, B., K. Jun-Koo, et al. (2004). "Corporate governance and firm value:evidence from the Korean financial crisis." Journal of Financial Economics 71(2):265-313.
Joseph P. H., F. and T. J.Wong (2002). "Corporate ownership structure and the informativeness of accounting earnings in East Asia." Journal of Accounting and Economics 33(3):401-425.
Kane, E. J. (2004). "Continuing dangers of disinformation in corporate accounting reports." Review of Financial Economics 13(1-2):149-164.
Kevin C. W., C, C. Zhihong, et al. (2009). "Legal protection of investors, corporate governance, and the cost of equity capital." Journal of Corporate Finance 15(3):273-289.
Khalid, A. M. and M. N. Hanif (2005). Corporate Governance for Banks in Pakistan:Recent Developments and Regional Comparisons. Governance Working Papers 22269. East Asian Bureau of Economic Research.
Khwaja, A. I. and A. Mian (2003). Trading in Phantom Markets:Price Manipulation in an Emerging Stock Market. Draft paper.
Knight, J. A. (1998). Value Based Management:Developing a Systematic Approach to Creating Shareholder Value. New York, McGraw-Hill.
Krishnamurti, C., A. Sevic, et al. (2005). "Voluntary disclosure, transparency, and market quality:Evidence from emerging market ADRs." Journal of Multinational Financial Management 15(4-5):435-454.
KSElOOIndex (2011). "http://en.wikipedia.org/wiki/KSE 100 Index." Retrieved March 25,2011
La Porta, R., F. Lopez de Silanes, et al. (1999). "Corporate Ownership Around the World." Journal of Finance 54(2):471-517.
McGee, R. W. (2010). Corporate Governance in Transition and Developing Economies:A Case Study of Pakistan Favetteville, United States, Fayetteville State University.
Merton, H. M. and F. Modigliani (1961). "Dividend Policy, Growth, and the Valuation of Shares." The Journal of Business 34(4):411-433.
Modigliani, F. and H. M. Merton (1958). "The Cost of Capital, Corporation Finance and the Theory of Investment." The American Economic Review 48(3):261-297.
Monir Zaman Mir and Abu Shiraz Rahaman (2005). "The adoption of international accounting standards in Bangladesh:An exploration of rationale and process." Accounting. Auditing & Accountability Journal 18(6): 26.
Mossin, J. (1966). "Equilibrium in a Capital Asset Market." Econometrica 34(4):768-783.
N., B., B. Bernard S., et al. (2010). "The relation between firm-level corporate governance and market value:A case study of India." Emerging Markets Review 11(4):319-340.
Nadeem, A. S. and Z. Wang (2011). "Determinants of capital structure:An empirical study of firms in manufacturing industry of Pakistan." Managerial Finance 37(2):117-133.
Ostberg, P. (2006). "Disclosure, investment and regulation." Journal of Financial Intermediation 15(3):285-306.
Patel, S. A., A. Balic, et al. (2002). "Measuring transparency and disclosure at firm-level in emerging markets." Emerging Markets Review 3(4):325-337.
PBS (2012). Pakistan Economic Survey 2011-2012. P. B. o. Statistics.
Rahman, A., J. Yammeesri, et al. (2010). "Financial reporting quality in international settings:A comparative study of the USA, Japan, Thailand, France and Germany." The International Journal of Accounting 45(1): 1-34.
Rappaport, A. (1986). Creating Shareholder Value. New York The Free Press.
Richard, L (2004). "Discussion of:"Investor protection under unregulated financial reporting" (by Jan Barton and Gregory Waymire)." Journal of Accounting and Economics 38(0):117-128.
Rob, B., F. Bart, et al. (2008). "The impact of corporate governance on corporate performance:Evidence from Japan." Pacific-Basin Finance Journal 16(3):236-251.
SBP (2012). Non-performing Loans (Both domestic & overseas operations). Karachi, Pakistan.
SBP (2012). Pakistan's External Debt and Liabilities-Outstanding. Karachi, Pakistan.
SECP (2010). SECP Annual Report 2009-2010. Islamabad, Securities & Exchange Commission of Pakistan.
Sharpe, W. F. (1964). "Capital Asset Prices:A Theory of Market Equilibrium under Conditions of Risk." The Journal of Finance 19(3):425-442.
Shih-Cheng, L. and L. Chien-Ting (2010). "An accounting-based valuation approach to valuing corporate governance in Taiwan." Journal of Contemporary Accounting& Economics 6(2):47-60.
Simon S. M., H. and S. W. Kar (2001). "A study of the relationship between corporate governance structures and the extent of voluntary disclosure." Journal of International Accounting. Auditing and Taxation 10(2): 139-156.
Sloan, L (1929). Corporate Profits:A Study of Their Size. Variation. Use, and Distribution in a Period of Prosperity. New York, Harper and Brothers.
Sobhan, F. and W. Werner (2003). A Comparative Analysis of Corporate Governance in South Asia:Charting a roadmap for Bangladesh. Bangladesh.
Solomons, D. (1965). Divisional Performance:Measurment and Control. New York, Financial Executives Institute Research Foundation, Inc..
Stern, J. M. (1974). "Earnings per Share Don't Count." Financial Analysts Journal 30(4):39-75.
Susela, S. D. (1999). "Interests" and accounting standard setting in Malaysia." Accounting. Auditing & Accountability Journal 12(3):358-387.
Tadesse, S. (2005). "The economic value of regulated disclosure:Evidence from the banking sector." Journal of Accounting and Public Policy 25(1):32-70.
Tobin, J. (1969). "A General Equilibrium Approach To Monetary Theory." Journal of Money, Credit and Banking 1(1):15-29.
Webb, K. A., S. F. Cahan, et al. (2008). "The effect of globalization and legal environment on voluntary disclosure." The International Journal of Accounting 43(3):219-245.
White, G. I., A. C. Sondhi, et al. (2003). The Analysis and Use of Financial Statements. Chichester, John Wiley& Sons.
White, L. J. (1974). Industrial Concentration and Economic Power in Pakistan. Princeton, NJ, Princeton University Press.
Williams, J. R., S. F. Haka, et al. (2003). Financial Accounting. London, McGraw-Hill.
Wintoki, M. B., J. S. Linck, et al. (August 4,2011). "Endogeneity and the Dynamics of Internal Corporate Governance." Journal of Financial Economics (JFE) Forthcoming.
Xiao, J. Z., H. Yang, et al. (2004). "The determinants and characteristics of voluntary Internet-based disclosures by listed Chinese companies." Journal of Accounting and Public Policy 23(3):191-225.
Yuan, D. (2002). "International differences in disclosure adequacy:Empirical evidence from annual reports of French and Chinese listed firms." Advances in International Accounting 15:155-179.
A. Rashid, H., F. Amin, et al. (2012). "International Financial Reporting Standards (IFRS) and its influence on Pakistan." Journal of Applied Finance & Banking 2(2):1-13.
Agnes Cheng, C. S., J. K. Cheung, et al. (1993). "On the Usefulness of Operating Income, Net Income and Comprehensive Income in Explaining Security Returns." Accounting and Business Research 23(91): 195-203.
Ali, G., Z. Ni, et al. (2011). Analysis on Disclosure and Transparency in Published Accounting Information of Pakistani Listed Companies. ISAEBD. Dalian, China, CCIS 210. Part III:555-563.
Aljifri, K. (2008). "Annual report disclosure in a developing country:The case of the UAE." Advances in Accounting 24(1):93-100.
Alzarouni, A., K. Aljifri, et al. (2012). "The Usefulness of Corporate Financial Reports:Evidence from the United Arab Emirates." Accounting & Taxation 3(1):17-37.
Ammann, M., D. Oesch, et al. (2011). "Corporate governance and firm value:International evidence." Journal of Empirical Finance 18(1):36-55.
Ascioglu, A., S. P. Hegde, et al. (2005). "Auditor compensation, disclosure quality, and market liquidity:Evidence from the stock market." Journal of Accounting and Public Policy 24(4):325-354.
Ashraf, J. and W. I. Ghani (2005). "Accounting development in Pakistan." The International Journal of Accounting 40(2):175-201.
B.Stewart, G. (1991). The Quest for Value:A Guide for Senior Managers. New York, Harper Business.
B.Stewart, G. (1999). The Quest for Value. New York, Harper Business.
Baig, K. (1997). Sorry state of disclosure in Pakistan. Pakistan & Gulf Economist.
Ball, R., S. P. Kothari, et al. (1993). "Economic Determinants of the Relation between Earnings Changes and Stock Returns." The Accounting Review 68(3):622-638.
Bari, F., A. Cheema, et al. (2003). Private Sector Development Strategy for Pakistan, Asian Development Bank.
Bartley, J. M. (1999). CFROI Valuation:A total system approach to value in the firm. Oxford, UK, Butterworth-Heinemann.
Barton, J. and G. Waymire (2004). "Investor protection under unregulated financial reporting." Journal of Accounting and Economics 38(0):65-116.
Bernard, V. L (1994). Accounting-based Valuation Methods, Determinants of Market-to-book Ratios, and Implications for Financial Statement Analysis. Working Paper, University of Michigan.
Biddle, G. C., G. Hilary, et al. (2009). "How does financial reporting quality relate to investment efficiency?" Journal of Accounting and Economics 48(2-3):112-131.
Bita, M. and B. Mohammad S. (2008). "Corporate Governance and Firm Performance in Iran." Journal of Contemporary Accounting& Economics 4(2):156-172.
Black, F. (1972). "Capital Market Equilibrium with Restricted Borrowing." The Journal of Business 45(3): 444-455.
Brown, L D. and M. L Caylor (2006). "Corporate governance and firm valuation." Journal of Accounting and Public Policy 25(4):409-434.
Brown, R. B. a. P. (1968). "An Empirical Evaluation of Accounting Income Numbers." Journal of Accounting Research(Autumn):20.
Bushman, R. M. and A. J. Smith (2001). "Financial accounting information and corporate governance." Journal of Accounting and Economics 32(1-3):237-333.
Bushman, R. M. and A. J. Smith (2003). "Transparency, Financial Accounting Information, and Corporate Governance " Economic Policy Review 9(1):65-87.
Chaney, P. K., M. Faccio, et al. (2011). "The quality of accounting information in politically connected firms." Journal of Accounting and Economics 51(1-2):58-76.
Cheema, A. (2003). "Corporate governance in Pakistan; Issues and Concerns." The Journal 8:7-19.
Chen, C. J. P., S. Chen, et al. (2001). "Is accounting information value-relevant in the emerging Chinese stock market?" Journal of International Accounting, Auditing and Taxation 10(1):1-22.
Chi, L.-C. (2009). "Do transparency and disclosure predict firm performance? Evidence from the Taiwan market." Expert Systems with Applications 36(8):11198-11203.
Chong-En, B., L. Qiao, et al. (2004). "Corporate governance and market valuation in China." Journal of Comparative Economics 32(4):599-616.
DeFond, M., M. Hung, et al. (2007). "Investor protection and the information content of annual earnings announcements:International evidence." Journal of Accounting and Economics 43(1):37-67.
Dominica, S.-y. L., H. Jerry, et al. (2005). "Corporate Governance and Investor Reaction to Reported Earnings:An Exploratory Study of Listed Chinese Companies." Advances in International Accounting 18(0):1-25.
Donal, B., L. Ying, et al. (2006). "Corporate governance and the quality of financial analysts' information." Journal of Accounting and Public Policy 25(5):609-625.
Durga Prasad, S. (2010). "Impact of Corporate Governance on the Stock Prices of the Nifty 50 Broad Index Listed Companies." International Research Journal of Finance and Economics(41):12.
Epstein, R. C. (1925). "Industrial Profits in 1917." The Quarterly Journal of Economics 39(2):241-266.
Epstein, R. C. (1930). "Statistical Light on Profits, as Analyzed in Recent Literature." The Quarterly Journal of Economics 44(2):320-344.
Fisher, I. (1930). The Theory of Interest. New York, The Macmillan Company.
Fong, M. W. L. (2003). Financial Accounting Information and Corporate Governance:Chinese Listed Companies. Corporate Governance:Challenges for China, Law Press China:200-222.
George M., v. F. (2001). "Hopes and delusions of transparency." The North American Journal of Economics and Finance 12(1):105-120.
Gordon, M. (1962). The Investment. Financing and Valuation of the Corporation. Homewood, Irwin.
Grant, R. M. and M. Visconti (2006). "The Strategic Background to Corporate Accounting Scandals." Long Range Planning 39(4):361-383.
Haque, I. U. (2010). Pakistan:Causes & Management of the 2008 Economic Crisis. TWN Global Economy Series: 36.
Hassan, O. A. G., P. Romilly, et al. (2009). "The value relevance of disclosure:Evidence from the emerging capital market of Egypt." The International Journal of Accounting 44(1):79-102.
Hiroyuki, A. and N. Pascal (2008). "Do stock prices reflect the corporate governance quality of Japanese firms?" Journal of the Japanese and International Economies 22(4):647-662.
Hirshleifer, J. (1958). "On the Theory of Optimal Investment Decision." Journal of Political Economy 66(4): 329-352.
Hope, O.-K. (2003). "Firm-level Disclosures and the Relative Roles of Culture and Legal Origin." Journal of International Financial Management & Accounting 14(3):218-248.
Hossain, M. and H. Hammami (2009). "Voluntary disclosure in the annual reports of an emerging country:The case of Qatar." Advances in Accounting 25(2):255-265.
Hsu-Ling, C, C. Yahn-Shir, et al. (2008). "The Relationship between Stock Price and EPS:Evidence Based on Taiwan Panel Data." Economics Bulletin 3(30):1-12.
Hudaib, M. and R. Haniffa (2006). "Corporate Governance Structure and Performance of Malaysian Listed Companies." Journal of Business Finance & Accounting 33(7-8):1034-1062.
latridis, G. (2010). "International Financial Reporting Standards and the quality of financial statement information." International Review of Financial Analysis 19(3):193-204.
Jae-Seung, B., K. Jun-Koo, et al. (2004). "Corporate governance and firm value:evidence from the Korean financial crisis." Journal of Financial Economics 71(2):265-313.
Joseph P. H., F. and T. J.Wong (2002). "Corporate ownership structure and the informativeness of accounting earnings in East Asia." Journal of Accounting and Economics 33(3):401-425.
Kane, E. J. (2004). "Continuing dangers of disinformation in corporate accounting reports." Review of Financial Economics 13(1-2):149-164.
Kevin C. W., C, C. Zhihong, et al. (2009). "Legal protection of investors, corporate governance, and the cost of equity capital." Journal of Corporate Finance 15(3):273-289.
Khalid, A. M. and M. N. Hanif (2005). Corporate Governance for Banks in Pakistan:Recent Developments and Regional Comparisons. Governance Working Papers 22269. East Asian Bureau of Economic Research.
Khwaja, A. I. and A. Mian (2003). Trading in Phantom Markets:Price Manipulation in an Emerging Stock Market. Draft paper.
Knight, J. A. (1998). Value Based Management:Developing a Systematic Approach to Creating Shareholder Value. New York, McGraw-Hill.
Krishnamurti, C., A. Sevic, et al. (2005). "Voluntary disclosure, transparency, and market quality:Evidence from emerging market ADRs." Journal of Multinational Financial Management 15(4-5):435-454.
KSElOOIndex (2011). "http://en.wikipedia.org/wiki/KSE 100 Index." Retrieved March 25,2011
La Porta, R., F. Lopez de Silanes, et al. (1999). "Corporate Ownership Around the World." Journal of Finance 54(2):471-517.
McGee, R. W. (2010). Corporate Governance in Transition and Developing Economies:A Case Study of Pakistan Favetteville, United States, Fayetteville State University.
Merton, H. M. and F. Modigliani (1961). "Dividend Policy, Growth, and the Valuation of Shares." The Journal of Business 34(4):411-433.
Modigliani, F. and H. M. Merton (1958). "The Cost of Capital, Corporation Finance and the Theory of Investment." The American Economic Review 48(3):261-297.
Monir Zaman Mir and Abu Shiraz Rahaman (2005). "The adoption of international accounting standards in Bangladesh:An exploration of rationale and process." Accounting. Auditing & Accountability Journal 18(6): 26.
Mossin, J. (1966). "Equilibrium in a Capital Asset Market." Econometrica 34(4):768-783.
N., B., B. Bernard S., et al. (2010). "The relation between firm-level corporate governance and market value:A case study of India." Emerging Markets Review 11(4):319-340.
Nadeem, A. S. and Z. Wang (2011). "Determinants of capital structure:An empirical study of firms in manufacturing industry of Pakistan." Managerial Finance 37(2):117-133.
Ostberg, P. (2006). "Disclosure, investment and regulation." Journal of Financial Intermediation 15(3):285-306.
Patel, S. A., A. Balic, et al. (2002). "Measuring transparency and disclosure at firm-level in emerging markets." Emerging Markets Review 3(4):325-337.
PBS (2012). Pakistan Economic Survey 2011-2012. P. B. o. Statistics.
Rahman, A., J. Yammeesri, et al. (2010). "Financial reporting quality in international settings:A comparative study of the USA, Japan, Thailand, France and Germany." The International Journal of Accounting 45(1): 1-34.
Rappaport, A. (1986). Creating Shareholder Value. New York The Free Press.
Richard, L (2004). "Discussion of:"Investor protection under unregulated financial reporting" (by Jan Barton and Gregory Waymire)." Journal of Accounting and Economics 38(0):117-128.
Rob, B., F. Bart, et al. (2008). "The impact of corporate governance on corporate performance:Evidence from Japan." Pacific-Basin Finance Journal 16(3):236-251.
SBP (2012). Non-performing Loans (Both domestic & overseas operations). Karachi, Pakistan.
SBP (2012). Pakistan's External Debt and Liabilities-Outstanding. Karachi, Pakistan.
SECP (2010). SECP Annual Report 2009-2010. Islamabad, Securities & Exchange Commission of Pakistan.
Sharpe, W. F. (1964). "Capital Asset Prices:A Theory of Market Equilibrium under Conditions of Risk." The Journal of Finance 19(3):425-442.
Shih-Cheng, L. and L. Chien-Ting (2010). "An accounting-based valuation approach to valuing corporate governance in Taiwan." Journal of Contemporary Accounting& Economics 6(2):47-60.
Simon S. M., H. and S. W. Kar (2001). "A study of the relationship between corporate governance structures and the extent of voluntary disclosure." Journal of International Accounting. Auditing and Taxation 10(2): 139-156.
Sloan, L (1929). Corporate Profits:A Study of Their Size. Variation. Use, and Distribution in a Period of Prosperity. New York, Harper and Brothers.
Sobhan, F. and W. Werner (2003). A Comparative Analysis of Corporate Governance in South Asia:Charting a roadmap for Bangladesh. Bangladesh.
Solomons, D. (1965). Divisional Performance:Measurment and Control. New York, Financial Executives Institute Research Foundation, Inc..
Stern, J. M. (1974). "Earnings per Share Don't Count." Financial Analysts Journal 30(4):39-75.
Susela, S. D. (1999). "Interests" and accounting standard setting in Malaysia." Accounting. Auditing & Accountability Journal 12(3):358-387.
Tadesse, S. (2005). "The economic value of regulated disclosure:Evidence from the banking sector." Journal of Accounting and Public Policy 25(1):32-70.
Tobin, J. (1969). "A General Equilibrium Approach To Monetary Theory." Journal of Money, Credit and Banking 1(1):15-29.
Webb, K. A., S. F. Cahan, et al. (2008). "The effect of globalization and legal environment on voluntary disclosure." The International Journal of Accounting 43(3):219-245.
White, G. I., A. C. Sondhi, et al. (2003). The Analysis and Use of Financial Statements. Chichester, John Wiley& Sons.
White, L. J. (1974). Industrial Concentration and Economic Power in Pakistan. Princeton, NJ, Princeton University Press.
Williams, J. R., S. F. Haka, et al. (2003). Financial Accounting. London, McGraw-Hill.
Wintoki, M. B., J. S. Linck, et al. (August 4,2011). "Endogeneity and the Dynamics of Internal Corporate Governance." Journal of Financial Economics (JFE) Forthcoming.
Xiao, J. Z., H. Yang, et al. (2004). "The determinants and characteristics of voluntary Internet-based disclosures by listed Chinese companies." Journal of Accounting and Public Policy 23(3):191-225.
Yuan, D. (2002). "International differences in disclosure adequacy:Empirical evidence from annual reports of French and Chinese listed firms." Advances in International Accounting 15:155-179.
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