Master of Science in Economics

Faculty / School

Faculty of Business Administration (FBA)


Department of Economics

Date of Submission



Dr. Muhammad Nishat, Faculty of Business Administration, Institute of Business Administration, Karachi

Project Type

MSECO Research Project

Access Type

Restricted Access


This study tries to examine the empirical relationship between ownership structure and capital structure of firms at Pakistan Stock Exchange. A sample of one hundred and thirty one firms was chosen and the time span of the study is six years, from 2010 to 2015. Panel data estimation methods were employed to assess the relationship between the variables of interest. Previous studies on the subject were focused on a single ownership structure of a firm whereas the current study focuses on multiple ownership structures. The result shows that, excluding government ownership structure, all other identified ownership structures such as managerial ownership, group ownership and foreign ownership were found to be positively related with leverage. Further firm specific variables were also considered as part of the study.


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