Abstract
The article focuses on analyzing the relationship between practices of corporate governance in family-owned firms that are listed in Pakistan Stock Exchange (PSX) with their value (firm value). Nearly 70% of listed cement companies are family-owned. The cement industry in Pakistan is in boom phase because of international construction projects in collaboration with China, China-Pakistan Economic Corridor (CPEC). Moreover, family-owned firms have a long history of contributing their best towards Pakistan’s economy since inception after the independence. The firm’s market value is an indicator of overall performance and health of the firm. This paper uses data from annual reports of the firms from 2013-2017, including corporate governance metrics like board size, board composition and composition of the audit committee. The dependent variable firm value has calculated using Tobin’s Q. The analysis involves panel least squares method using Eviews9. Results indicate a positive relationship between firm value and corporate governance metrics, and closely consistent with a number of researches in the similar geographical framework. It has been however recommended for future researchers to have a deeper view of a firm’s performance metrics in the cement industry keeping in view the gigantic projects upcoming.
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