000			01471nam a22001697a 4500
003			OSt
005			20160413213206.0
008			160413b xxu||||| |||| 00| 0 eng d
100			_aAkhtar, Tahir: Zahir, Ahmad: Tareq, Mohammad Ali _921592
245			_aCapital Structure and Firm Efficiency: A Case of Pakistan _cAkhtar, Tahir
260			_aNew Delhi _bSatya Gilani on behalf of Associated Management Consultants (P) Ltd., _cOctober 13, 2015
300			_a50-66
500			_aThis study investigated the effect of capital structure on firm performance using the agency cost hypothesis and reverse causality hyothesis. For the firms listed on the Karachi Stock Exchange under the textile industry, from 2008-2012, data envelopment analysis (DEA) was used to construct a frontier to measure firm efficiency. Efficiency risk hypothesis and franchise value hypothesis were tested to find out the effects between efficiency and leverage. The results suggested that ownership structure and leverage had a positive relationship (efficiency risk hypothesis) between them. The agency cost hypothesis supported the positive effect of leverage on efficiency. Convergence of interest, that is, concentrated ownership, had a positive effect on firm performance.
650			_acapital structure, ownership structure, leverage, DEA, agency cost, frim efficiency _921593
773	0		_029384 _956160 _aGILANI,S. _o5555412 _tINDIAN JOURNAL OF FINANCE _x0973-8711
942			_2ddc _cJA-ARTICLE
999			_c43001 _d43001