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1、helloeveryone！TodayIwillintroduceyouapaper,whichiscalled“Effectsofcorporategovernanceoncapitalstructure:empiricalevidencefromPakistan“2、Iwillusethefollowingfourpartstointroduce：PapersourceIntroductionoftheauthorOutlineofthepaperandmysummary3、firstlypapersourceIgotthispaperfromtheEmeraldreprintsTheworld’sleadingpublisherofmanagementresearchandthetypeofthepaperisResearchpaper纳迪姆阿麦的sheke4、thenwecanhaveasimpleknowledgeofthetwoauthors:NadeemAhmedSheikhand王宗军oneisaDoctoralDegreeCandidateintheSchoolofManagement,HuazhongUniversityofScienceandTechnology,Wuhan.theotherisaProfessorinthiscollege5.Aboutthepaper’soutlineFirstlytheaimofthisempiricalstudyistoinvestigatewhethercorporategovernanceattributesaffectcapitalstructurechoicesofPakistanifirmsThentheDesignofthepaperisMultipleregressionanalysis6、inordertohaveagoodknowledgeofthepaperWecanfromthefollowingthreeaspectstounderstandbackgroundResearchdesignConclusions7、BackgroundofcorporategovernanceinPakistanfirms.Inoneword,it’sweakcomparedtootherdevelopedcountries.TheattributesofthecorporategovernanceareBoardsizeoutsidedirectorsOwnershipconcentrationmanagerialownershipDirectorremunerationCEOdualityBackgroundalsoincludes：Measuresofcorporategovernanceandtheirrelationtocapitalstructure8、ResearchdesignFirstly1.Researchmethodology：itincludesthreeaspects:DataVariablesandMethodologyDate:Thisstudyinvestigatesthesignificantcorporategovernanceattributesthatmayaffectthecapitalstructureofnon-financialfirmslistedontheKarachiStockExchangePakistanduring2004-2008.andthefinalsamplesetconsistsof775observationsfor155firmsoveraperiodoffiveyears.Thisstudyemployedpaneldatamethodology(面板数据方式)becausesamplecontaineddataacrossfirmsandovertime9、thistableistheDefinitionofvariables.Itincludesthreeparts:dependentvariablesexplanatoryvariablesandControlvariables10.Dependentvariablesconsistoftotaldebtratioandlong-termdebtratio.Thisisabasicformula.11、secondly：2.Empiricalresultsfromthistablewecanseetheaveragetotaldebtratioandlong-termdebtratioforthesampleoffirmsis59.62percentand22.23percent。AndPakistanifirmstendtousemoredebtintheircapitalstructurecomparedtoothercountries.12、thistableistheYearlymeanvalueofshareholdingpattern13、Herearesomeofregressionanalysistables,ThroughthemultipleregressionanalysisthepapergivestheConclusions14、Theresultsisasfollows:capitalstructureisPositivelyrelatedtoboardsize、outsidedirectorsandownershipconcentration.Thatistosay:alargeboardserveasameanstoobtainsupportfromexternalenvironment;boardswithmoreindependentdirectorscantakeonmoredebtonfavorabletermsduetoeffectivemonitoring;Blockholdershavemoreabilitythandispersedshareholderstoforcemanagementtotakethoseactionsthatmaximizetheshareholderwealth.15、ontheotherhand,Capitalstructureisnegativerelatedtomanagerialownership、directorremuneration、Profitabilityandliquidity.16、intheend,Ihaveasummary:Theresultsofthepaperindicatethatcorporategovernanceattributes,inpart,explicatethefinancingbehaviorofPakistanifirmsAnd,theempiricalresultsofthisstudyprovidesupporttocorporatemanagersinestablishinganoptimalcapitalstructure,andtoregulatoryauthoritiesforenactinglawsanddevelopinginstitutionalsupporttomakecorporategovernancemechanismsworkmoreeffectivelyinthecountry.17、That'sall,thankyouforlistentome,ifyouareinterestedinthispaperyoucanhaveastudyafterclassThankyou!