Mediating Role Of Corporate Social Performance Be-tween Ownership Structure And Investment Efficiency

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Muhammad Siddique , Abdul Rasheed


The corporate social performance (CSP) have become dynamic players in rising economies in recent years. This study investigates how CSP mediates between ownership structure and investment efficiency. This study uses a sample of 296 Pakistani non-financial firms listed on the Pakistan Stock Exchange from 2011 to 2020. The analysis was performed using panel data techniques and the estimated generalised least squares regression model. The study's analysis shows that family ownership and concentrated firm ownership have a positive and statistically significant association with investment efficiency. In contrast, institutional and managerial ownership of the firms have a negative and statistically significant effect on investment efficiency. In addition, mediation analysis results show that CSP positively mediates between concentrated and managerial ownership of the firm on investment efficiency and does not show a mediation effect on family and institutional ownership. The study findings are robust due to checks, alternate measures, and the specification of models.

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