ﺣﻖ اﻟﺘﺸﺮﻳﻊ ﺑﻴﻦ اﻟﻨﻈﺎم اﻟﺪﻳﻤﻘﺮاﻃﻲ واﻹﺳﻼم

Legislation means enacting Laws and regulations that run people's lives. The democratic system gives this right to the members of Parliament and Senators, or Committees to frame laws for promoting the human right in this system. While the legislation in Islam vested in Allah Almighty, and not shared by any close angel or a Prophet. It is confined in the Holy Quran and Sunnah of Mohammad (SAW. Islamic system provides

Corporate Governance, Firm Value and Financial Performance: An Empirical Study on Manufacturing Companies Listed on Pakistan Stock Exchange

This study aimed to contribute to the existing literature in the field by determining a combined influence of corporate governance measures on both financial performance and firm value in the context of Pakistan. The proxies used for corporate governance measures (independent variables) were as follows: presence of executive, non-executive and independent directors; board size; presence of audit committee and presence of human resource and remuneration committee. On the other hand, the proxies for firm performance and firm value (dependent variables) were as follows respectively: ROA, ROE, MVA and EVA. A sample of 125 manufacturing firms listed on Pakistan Stock Exchange (PSX) was selected based on their market capitalization and availability of data. Data was obtained for the period 2011-2017 from audited financial reports of selected firms published on PSX and relevant companies? websites. Multiple regression analysis was performed to obtain the results. The regression results revealed that the EPS is positively related with governance measures whereas ROE is positively related with all other governance measures except audit committee and board size. This study supports the fact that EVA can be a dependable measure in terms of value maximization goal. Firms can escalate this figure by employing the CCG mechanism.Moreover, this study developed a strong association among the CCG variables and MVA as per the findings.