Role of Corporate Governance to Restrict Tunneling Activities of Foreign Institutional Investors in the Pakistan Stock Market

IF 1.3 Q3 ECONOMICS

International Trade Journal Pub Date : 2022-10-24 DOI:10.1080/08853908.2022.2134947

T. Ahmed, Q. Malik, Babar Zaheer Butt, Muhammad Aksar

引用次数: 1

Abstract

ABSTRACT The research objective is to determine the curvilinear influence of trading of foreign institutional investors (FIIs) on the extent of tunneling, while corporate governance moderates this relationship. Data was gathered from 50 non-financial firms for 11 years (2009 to 2019) from the Securities and Exchange Commission of Pakistan. The generalized method of moments (GMM) was applied and results supported the objectives of this study. Involvement of FIIs may contribute to the enhancement of market discipline but may also create problems. Thus, policymakers require protecting the rights of minor shareholders against adverse influence.

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公司治理对巴基斯坦股票市场境外机构投资者“挖洞”行为的制约作用

摘要研究目的是确定外国机构投资者交易对隧道效应程度的曲线影响，而公司治理则调节这种关系。巴基斯坦证券交易委员会收集了50家非金融公司11年（2009年至2019年）的数据。应用了广义矩量法（GMM），结果支持了本研究的目标。金融情报机构的参与可能有助于加强市场纪律，但也可能造成问题。因此，政策制定者要求保护小股东的权利不受不利影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

International Trade Journal Economics, Econometrics and Finance-Economics, Econometrics and Finance (all)

CiteScore

1.90

自引率

0.00%

发文量

期刊介绍： The International Trade Journal is a refereed interdisciplinary journal published for the enhancement of research in international trade. Its editorial objective is to provide a forum for the scholarly exchange of research findings in,and significant empirical, conceptual, or theoretical contributions to the field. The International Trade Journal welcomes contributions from researchers in academia as well as practitioners of international trade broadly defined.