Impact of Corporate Governance on Financial Performance of

Oil and Gas in Pakistan

Submitted by:

Mudassir
khan
Roll no: 68

Supervisor: Shoaib Aslam

A research report submitted in partial fulfillment of
the requirement for the degree of Bs Commerce
Department of
commerce
Islamia university
of Bahawalpur
20112015

Final research report

approval sheet
Topic of research: Impact of Corporate Governance on

Financial Performance of

Oil and Gas in Pakistan

Name of student: Mudassir khan

Roll no: 68
Program: Bs commerce 2014
Approved by: Shoaib Aslam

Certificate of completion of
research
Mr.Mudassir khan, roll no 68, semester BS-08 has completed his research on
17/07/2014 under my supervision.
His topic is Impact of Corporate Governance on Financial Performance of Oil and Gas in Pakistan
His research report has been examined by me. It has been found complete in all the aspects and now fit
for presentation. The student is allowed in the presentation/viva voce for defending it before the panel of
examiners

Shoaib Aslam
(Supervisor)

Dedication

To
My beloved parents and respected teachers whose support and
kindness is beyond expressions and words may not just be
enough to express my gratitude
I thank to my respected teacher Mr. Shoaib Aslam for his valuable
guidance and contribution in making my research report
meaningful and useful

Acknowledgement
In first thanks to Allah the almighty who bestowed knowledge health vigor to
complete this research project.
Life is a learning experiences have learned the validity of this statement time and
time again every time I think to know something I look back a year later and realize
how little I know and how much I learned this business research report has
convinced me again in learning
I feel great pleasure and honor to express my gratitude from the citadel of my heart
to people whom I meet for their cooperation has an ever lasting impression on the
pages of my memory
I have also honor to (research in charge) Mr. Shoaib Aslam who provide me
opportunity to get practical experience in fieldwork and whose guidance remain
with me during completing this research project
I also wordless to pay my humble gratitude to my parents who have supported me
to reach the point where I stand now and have been a great and enormous source
of inspiration for me throughout the life.

Table of contents
Abstract

Introduction
..
Literature
review..
Hypothesis
development..
Research
methodology
Results and discussions.
..
Conclusion

References
.

Abstract:
Objective:
The purpose of this study is to analyze the effect of corporate governance, measured by no. of
directors, no. of meetings of audit committee and no of committees, on the firm performance
measured using ROA, ROE and EPS of oil and gas sector of Pakistan.
Research methodology:
For this specific study data was collected using annual reports of oil and gas sector listed in KSE
for three years i.e. from 2012-2015. The statistical analysis was conducted using a form of SEM
tool named as Partial Least Square (PLS) graph.
Findings:
From the selected variables it was found that corporate governance did not affect firm
performance.
Research limitations:
The limitations of this study are its results are applicable to only one sector and could not be
generalized. Only few variables were selected for this study for both corporate governance and
firm performance while other variables were ignored. The period was of only three years that
was a short period.
Key words:
Corporate governance, firm performance, PLS, Pakistan.
Paper type:
Research paper

Introduction
History of petroleum sector in Pakistan
Pakistan economy is growing slowly. Today, the current resources of oil and gas are needed to fulfill the
current requirements of the country in Pakistan these recourses are not enough to full the increasing
demand of oil and gas in the countrys major part of oil and gas is imported from the foreign country oil
and gas reserves are proven 300 million barrels in January Pakistan is considered as petroleum province
1866 at Kundal first well was drilled. In 1886 small scale of oil is produced in Khattan (Baluchistan) in
1915 commercial oil is discovered in Potwar basin (Punjab).the first company for oil and gas is developed
in Pakistan oil and gas company limited (OGDCL) in 1960 which works efficiently for the discovery of
oil and gas reserves in Pakistan. In 1973 in government and private sector impressive discoveries are
made in the field of oil and gas. In 2006 initial recoverable are estimated 52 TCF of which 33 TCF are
remain to produce and oil reserves are 844 million bbl and remaining balance is 309 million bbl due to
increase in automobiles the demand for oil and gas is increased and consumption of oil is 350 thousand
barrels and 80% of oil is imported from the foreign countries. The transport sector is considered as the
biggest user of oil it consumes about 48% of total 36%is used by the power generation and remaining
12% is consumed in residential sector. The four major national companies are involved namely oil and
Gas Company limited (OGDCL) Pakistan petroleum (PPL) Pakistan state oil limited and Pakistan oil
fields limited (POL). Oil & Gas Development Co Ltd 100% Exploration and Production. Pakistan
Petroleum Ltd 93.4 Mari Gas Co. Ltd. 40.00%.Pakistan Oilfields Ltd11.00%. National Refinery Ltd. The
oil is refined by the companies namely Oil Refining 55.00% Attock Refinery Ltd. 26.00%.Pak-Arab
Refinery Co. Ltd. 60.00%.and marketing and distribution by Pakistan State Oil Co. Ltd. Oil Marketing
and Distribution 55.22%.

Agency theory describes the relationship of principal and management (agent). The reality
behind this theory is shareholders which are actually the owners of the firm select a candidate
which work as an agent for them. The theory attempts to deal with two specific problems: first,
that the goals of the principal and agent are not in conflict (agency problem), and second, that the
principal and agent reconcile different tolerances for risk. The CEO (agent) works for the best
interest of their principal (shareholders). The origins of agency theory starts from 1960s&1970s
economists worked on the risk sharing among individuals and groups the problem arises when
the parties have different attitudes toward the risk.
Corporate governance term most generally utilized is "the framework by which organizations are
regulated and controlled" (Cadbury Board, 1992). All the more particularly it is the schema by

which the different stakeholder investments are adjusted, or, as the IFC states, "the connections
among the administration, Directorate, controlling shareholders, minority shareholders and
different stakeholders".
Corporate Governance manages the courses in which suppliers of money to partnerships
guarantee themselves of getting a profit for their speculation. How do the suppliers of account
get administrators to give back a percentage of the benefits to them? How would they verify that
administrators don't take the capital they supply or put it in awful undertakings? How do
suppliers of fund control chiefs? Corporate administration is of gigantic viable imperativeness.
Indeed in progressive business sector economies, there is a lot of contradiction on how great or
awful the current legislation components. (Andrei Shellfire and Robert W. Vishny18 APR 2012)
Corporate legislation components and divulgence transparency measured by the level of Web
budgetary reporting (IFR) conduct. We measure corporate influence by shareholder rights,
possession structure, board arrangement, and review council attributes. We create a revelation
record to measure the degree of each one specimen association's IFR by presentation design, data
content, and corporate influence exposures. Results demonstrate that organizations with
powerless shareholder rights, a lower rate of square holder possession, a higher rate of
autonomous chiefs, a more persevering review board, and a higher rate of review council parts
that are viewed as monetary specialists are more prone to take part in IFR. The discoveries
propose that corporate influence systems impact an association's Web revelation conduct,
apparently because of the data asymmetry in the middle of administration and speculators and
the ensuing organization costs. Extra exploratory investigation shows that the relationship
between corporate administration and IFR fluctuates with firm size. Our results recommend that
new administrative direction in corporate legislation prompts enhanced revelation transparency
through IFR. (Kenton, Ya-wen Yangb).
Corporate influence is about settling on educated choices and giving business certainty.
(Kirkpatrick, G., the Corporate Administration Lessons from the Budgetary Emergency, in
Money related Business sector Trends2009, OECD: Paris.)
Corporate administration is the procedure and structure used to coordinate and deal with the
business and undertakings of the organization towards upgrading business success and corporate
responsibility with a definitive destination of acknowledging long haul shareholder esteem,
whilst considering the enthusiasm of different stakeholders.( Source: Cover Corporate Influence,
Malaysia)
Corporate Influence alludes to the way in which the force of a company is practiced in the
stewardship of the enterprise's aggregate arrangement of advantages and assets with the target of
keeping up and expanding shareholder worth and fulfillment of different stakeholders in the
connection of its corporate mission. It is concerned with making a harmony in the middle of
financial and social objectives and in the middle of individual and shared objectives while
empowering productive utilization of assets, responsibility in the utilization of force and
stewardship and the extent that this would be possible to adjust the investments of people,
organizations and society. (Source: Private Part Corporate Administration Trust, Kenya).
Corporate administration alludes to the set of frameworks, standards and techniques by which an
organization is legislated. They give the rules in the matter of how the organization could be
steered or controlled such that it can satisfy its objectives and goals in a way that adds to the
estimation of the organization and is additionally useful for all stakeholders in the long haul.
Stakeholders for this situation would incorporate everybody running from the top managerial

staff, administration, shareholders to clients, representatives and society. (January 18, 2009 | Lisa
Mary Thomson, ET Authority)
Corporate Legislation is "A situated of frameworks, procedures and standards which guarantee
that an organization is represented to the greatest advantage of all stake holders." It gives a
promise of transparency and recognition of morals in set of principles and release of obligations
by all the persons included in the issues of the organization. It concentrates on agreeability of
different statutes and lawful necessities alongside essential revelations in order to permit the
stakeholders make an educated and suitable assumption about the organization.
Corporate Governance is to a great extent focused around office hypothesis suggestions. It is
concerned essentially with the partition of obligations between principals stockholders and
executors managers. Organization hypothesis guarantees that operators may be enticed to take
after move and make choices that are not to the principals' advantage.
(Corporate legislation in practice. Scientist, Pylaia, Thessaloniki, 54352, Greece)
Corporate influence (CG) systems ensure speculators that they will get sufficient profit for their
venture (Shleifer and Vishny, 1986).
Corporate influence is ordinarily followed path back to the early 1930s and the distribution of
Berle and Implies' "The Advanced Company and Private Property". Adolf Berle and Gardiner
Means noted that with the division of possession and control, and the wide scattering of
proprietorship, there was viably no check upon the official self-rule of corporate supervisors. In
the 1970s these thoughts were further refine.
The remaining paper is assembled as Section 2 literature review, Section 3 hypothesis
development, section 4 methodology, section 5 results and discussions and finally conclusion.

Literature review:
It is comprehended that the route operator for the continuance and the advancement of the
organization is mainly its 'Corporate Governance' approaches. Corporate influence alludes to
the arrangement of way through which organizations are gone for and controlled. Whether
the organization takes after the stakeholder model (where all the stakeholders are meticulous
just as fundamental) or takes after the shareholder representation (where more weight is
given to shareholders as they are the holders of the organization), the act of corporate
influence is progressively getting to be basic. Charreaux and Desbrires (2001) contended
this extremely key purpose of contrast between stakeholder worth and shareholder esteem.
The increment in monetary and managerial traps has guided the speculators to progressively
more search for exactness and expert administration in taking care of the organization's
business.
The thought of corporate legislation has been in survival for quite a while yet it was
formalized in UK in the early 1990s. It all started with Cadbury Committee Report (1992)
which was an advisory group formed in UK because of a substantial scourge of monetary
traps and corporate disappointments in the 1980s. It was shaped by the London Stock Trade,
the Money related Reporting Gathering and the bookkeeping experts. The principle attempt
of the council was to banter about money related parts of Corporate Administration. This
report was followed by Greenbury Report (1995) which was a study on Directors
compensation; Hampel Report (1998) was a committee on Corporate Governance and
Turnbull Report (1999) which talked about requirements of directors. Till then the majority
of the Asian nations did not have any enactment concerning corporate administration not, one
or the other were they wanting to movement towards any here. In 1997, the world watched
what came to be known as South East Asian money related emergency when all the ASEAN
gatherings running from Thailand to South Korea confronted a monetary emergency which
prompted deceleration of financial improvement in the range. Parcel of investigative work
has been carried out to place out the reasons that guided to this calamity. It was thought that
there was a security between corporate administration and the South-East Asian cataclysm.
Did the cataclysm uncover corporate legislation hurts, or did corporate administration
damages trigger the onset of the crisis? This was one of the boss inquiries before the
scientists.
Some examination works avowed that absence of clarity and enacting toward oneself
administration were one of the thought processes in the Asian catastrophe while a portion of
the articles expressed that the emergency uncovered such issues and associations like the
IMF stressed on having great influence applications to deflect it in future. After the crisis,
there was an appearance of the Korea SE Act and Business code in 1999, the Code of
Corporate Influence in India in 1999 and comparative developments on this front in other
Asian nations.
In Indias case also, in 1999 SEBI comprised a committee under Kumarmanglam Birla to
advocate corporate governance measures to be pursued by Indian companies. SEBI felt a
need to make to accommodate the exposures by the organizations in the wake of tricks like
MS Shoes and so forth. The panel turned out with a report in 2000 yet it was not executed
instantly. The recommendations were thought to be excessively strict in Indian setting. Yet
after the Enron avoid in 2002, an alternate council was shaped under Narayan Murthy (2003)

to concoct material measures to utilize corporate influence. The suggestions of these two
panels took the blueprint of Condition 49 of the posting contract lastly actualized in
2006.Afsharipour (2009) expresses that India's change deliberations have exhibited that
while corporate influence standards may unite on a formal level with Old English American
corporate administration principles, nearby attributes have a tendency to thwart changes from
being more than simply formal. India's powerlessness to viably execute and demand its broad
new decides verifies the contention that wide union is restricted, and that the transmission of
plans starting with one framework then onto the next is exceedingly mind boggling and
troublesome, obliging political, social and institutional revisions that can't be made
effortlessly.
Oh Seok-Hyun (1999) in the repercussion of the impact of the South East Asian Emergency
on Korean economy meets about the lacunae in Korea in the ground of corporate influence.
He demonstrates the structural disparities in the Korean economy and particularly in the way
chaebolsare race. Kim and Woochan Kim (2008) , discuss the top legislation hones in Korea
which were seen for the most part in three sorts of organizations: (1) recently privatized
organizations; (2) huge partnerships run by expert association; and (3) manages an account
with respectable value ownership in the hands of remote financial specialists. The legislation
practices of large portions of these organizations met the worldwide custom. At the flip side,
of the band, then again, were a lot of people extensive chaebol-associated or family-run firms
that declined to change and evaded administrative adjustment measures. Great legislation
serves to develop an exchange name for the organization and it enhances the certification of
speculators and stakeholders of the organization. Presence and arrangement of the board
(counting the quantity of official and non-official chiefs to be specific autonomous
executives and subsidiary/ candidate chiefs), compensation to the board parts, relations with
shareholders (counting cooperation in the AGM), responsibility and review, panels built to
manage basic systems are few parameters with which influence might be measured.
Quantitative estimation of these components is not sufficient, the reason being variables, for
example, freedom of the executives or autonomy of the reviewer must be measured from the
qualitative features and not quantitative. Zahra and Pearce (1989) propose particular
connections among four board properties (arrangement, attributes, structure and procedure)
and three basic board parts (administration, system and control). Lacker, et al (2004) checked
the connection between a broad set of corporate influence reasons and different measures of
authoritative conduct and managerial presentation.
Speculators depend vigorously on financial explanations and reports arranged and distributed
by the organization for any data about it. One of such reports is the yearly report. Because of
neighborhood enactments and prerequisites it has been practical that yearly reports of the
vast majority of the organizations have a distinction segment on corporate influence. This
section blankets the greater part of the mandatory exposures like board working and its
autonomy, shareholders rights and dissimilarity of investment.
Singhvi and Desai (1971) additionally discuss the nature of corporate budgetary divulgence.
A speculator searches for return in an organization while using. Increment in returns could be
broke down by the ascent in offer cost. Taking into account the pondering that financial
specialists depend on yearly reports for the budgetary data and other data about the
administration squad to know the way the organization capacities which incorporates
corporate influence and they are searching for comes back to use or keep their venture made

in the organization in place, in this paper the instigator investigates and studies whether any
connection exists between corporate legislation and different return parameters considered
critical by speculators, for example, Return on Holdings, Return on Value and the
development in offer costs . Return on possession measures organization's income in
connection to all the stores it has at its leeway. It is accepted better the influence
demonstrate; more productive would be the benefit use. Return on Value measures the
amount return is constantly created by the organization on the cash contributed by the
shareholders. It is a standout amongst the most essential parameters for the speculators in the
organization. Maher and Andersson (1999) discussed impact of corporate influence took after
by organizations on their budgetary execution.

Theoretical Framework and Hypothesis development

H0: Corporate Governance has no impact on Financial Performance of Oil and Gas sector in
Pakistan
H1: Corporate Governance has significant impact on Financial Performance of Oil and Gas
sector in Pakistan

Variables:
Return on assets (ROA)
Return on equity (ROE)
Earnings per share(EPS)

(Net profit after tax Preferred Dividend)/Total Assets

Operating profit/total assets
Earnings available to common stock holders/number of shares outstanding

Number of directors
(NOD)
CEO duality (CD)
Number of committees
(NOC)
Number of audit
committee meetings
(NOAC)

Total numbers of persons working as the directors of the company

1 if CEO holds two positions otherwise 0

No. of committees in each organization
Audit committees held during specific period

Description of variables:
Return on assets (ROA) is calculated by subtracting the preferred stock dividend from net profit after tax
and divide the answer with total assets. Return on equity (ROE) is calculated by dividing operating profit
by total assets. Earnings per share, (EPS) is calculated by dividing earning available to common

stock holders by number of shares outstanding.CEO duality means the CEO of the company
holds two positions in the company . He holds CEO position as well as the Director of board.
NOC shows the number of committees working in the organization and NOAC means the
number of audit committee meetings are held in the organization.

Methodology:
The main objective of this study to examine the impact of CG on financial performance of
oil and gas sector in Pakistan. For this purpose we selected all listed oil and gas companies in
KSE (Krachi Stcok Exchange). Data is collected from the published audited annual reports
for the three year period from 2011 to 2013.
A structural equation modeling (SEM) tool called partial least squares (PLS) (Chin, 1997),
was used here, the main characteristics of this tool is that it handles small amount on data.
According to PLS procedures, the most complex model will involve:
(1) The indicators on the most complex formative construct (or)
(2) The largest number of antecedent constructs leading to an endogenous construct.
Sample size requirements become at least ten times the number of predictors from (1) or (2),
whichever is greater (Barclay et al., 1995). In the context of Figure 1, there are no formative
constructs and five antecedent constructs.
A PLS model is analyzed and interpreted in two stages:
(1) An assessment of the reliability and validity of the measurement model.
(2) An assessment of the structural model (Barclay et al., 1995; Hulland, 1999)
The measurement model was assessed by examining for:
1. Individual item reliability;
2. Matrix of loadings and cross-loadings;
3. Convergent validity/internal consistency; and
4. Discriminate validity.
Individual item reliability was assessed by examining the loadings of the measures with their
respective constructs. A rule of thumb is to accept items with loadings of 0.70 or more, which
implies more shared variance between the construct and its measures than error variance
(Barclay et al., 1995).

For the purpose of this study, one of the countries in Asia was chosen, namely, Pakistan.
Pakistan economy is growing slowly. Today the current resources of oil and gas are needed
to fulfill the current requirements of the country .in Pakistan these recourses are not enough
to full the increasing demand of oil and gas in the countrys major part of oil and gas is
imported from the foreign country oil and gas reserves are proven 300 million barrels in
January Pakistan is considered as petroleum province 1866 at kundal first well was drilled. In
1886 small scale of oil is produced in khattan(Baluchistan) in 1915 commercial oil is
discovered in potwar basin (Punjab).the first company for oil and gas is developed in
Pakistan oil and gas company limited (OGDCL) in 1960.which works efficiently for the
discovery of oil and gas reserves in Pakistan. In 1973 in government and private sector
impressive discoveries are made in the field of oil and gas. In 2006 initial recoverable are
estimated 52 TCF of which 33 TCF are remain to produce and oil reserves are 844 million
bbl and remaining balance is 309 million bbl. due to increase in automobiles the demand for
oil and gas is increased and consumption of oil is 350 thousand barrels and 80% of oil is

imported from the foreign countries .the transport sector is considered as the biggest user of
oil it consumes about 48% of total 36%is used by the power generation and remaining 12%
is consumed in residential sector. The four major national companies are involved namely oil
and Gas Company limited (OGDCL) Pakistan petroleum (PPL) Pakistan state oil limited and
Pakistan oil fields limited (POL). All the ten companies chosen are listed companies in
Karachi stock exchange. Data was collected from published annual reports and websites of
the companies. All the data collected was secondary in nature. The time period of the study
was three years from FY 2011 to FY 2013.The share prices of each company was taken for
the time period Jan 1 2011 to December 31 2013. All this data was collected from various
websites. Return on Assets is calculated as Net Income / Total Assets. It is expressed as
percentage. Similarly, Return on Equity is calculated as Net Income / Shareholders Equity. It
is also expressed in percentage terms. Parameters specific to Corporate Governance were
considered and data was collected about them for all the three companies for the period
2011- 2013. Following were the parameters chosen:
Board Structure This parameter talks about total number of directors, number of
executive, non-executive and independent directors. This shows the independence of
the board in its functioning. CEO duality was also considered as a representative of
corporate governance.
Committees and details This parameter talks about the number of committees related
to corporate governance that each company has and the constitution of these
committees. This shows the commitment of companies towards fulfilling corporate
governance norms.
Meetings This parameter talks about meetings of committees of board. Only audit
committees were taken into account. This helps in improved corporate governance
practices.
The authors tried to perceive if there is any relation between good governance practices of a
company and its performance. If a company is open for scrutiny and is willing to share all
information with the shareholders, its stock price is expected to do better as compare to a
company which does not disclose all information. Similarly, financial performance of the
company is also expected to be better if better governance practices are followed by the
company. Corporate Governance practices though are only one of the factors affecting the
share prices.

Result and discussions:

NOD

0.745
(0.870)

0.148
CG

NOC

0.352

FP
0.303

-0.396
(-0.383)

ROE

(0.160)

0.092
NOAC

(-0.271)
0.654

0.570

EPS

0.972
(0.963)

ROA

Outer Model Weights:

Variables
NOD
Corporate
Governance

Financial
Performance

Original
estimate
0.8696

NOC

mean of
subsamples

T-Statistic

0.3323

Standard
error
0.4392

0.1742

0.4787

1.1904

0.5504

0.6957

NOAD

0.5698
-0.3829

-0.4070

ROA

0.9627

0.4738

0.3832

2.5121

ROE

0.1598

0.3035

0.3658

0.4369

0.0961

0.5631

0.4804

EPS

-0.2705

Outer Model Loadings:

Original

mean of

Standard error t-statistic

Variables
Estimate
subsamples
(Composite Reliability =0.507 , AVE
=(0.279 )
Corporate
Governance
NOD
0.7448
0.3009
0.4786
1.5561
NOC
0.3519
0.1086
0.5032
0.6994
NOAD

Financial
performanc
e

1.9798

-0.3964

-0.4111

(Composite Reliability =
ROA

0.9719

0.5695

0.6960

0.662 , AVE =

0.465 )

0.7055

0.3191

3.5508

ROE

0.6536

EPS

0.1482

0.6680

0.2737

2.0484

0.4178

0.5283

0.2805

Path Coefficients Table (Original Sample Estimate):

CG
FP
CG

0.0000
0.0000

FP

0.3030
0.0000

Path Coefficients Table (Mean of Subsamples):

CG

CG
0.0000

FP

0.1468

FP
0.0000
0.0000

Path Coefficients Table (Standard Error):

CG

FP

CG

0.0000

0.0000

FP

0.4202

0.0000

Path Coefficients Table (T-Statistic)

CG

FP

CG

0.0000

0.0000

FP

0.7211

0.0000

Conclusion:
Asian countries contribute to comparable cultural qualities but do not share corporate
governance applications. According to the results of this study that is based on a specific
sector of oil and gas in Pakistan, firm performance did not affected by applications of
corporate governance. Analysis was done on the three years data gathered from annual
reports and websites of 10 listed firms of oil and gas. A PLS graph used as a statistical tool in
this study that is a part of structural modeling techniques that is a helpful tool to handle a
small data. The main finding concluded by PLS was that our null hypothesis is accepted as
indicated by outcome generated by the test applied on the data i.e. corporate governance
rules did not have any impact on firm performance in oil and gas sector of Pakistan. Only
two variables of main construct one from dependent and one from independent were
significant and they were ROA and NOD. Other variables selected were not significant for
this study.
There are some limitations of the study, firstly it is based on a specific sector of Pakistan so
cannot be generalized. Secondly the tenure selected was very short consisted only on three
years. Thirdly various determinants of both the main constructs were ignored that proved
representative of them in the theory.
Future directions for this study will be to apply at the same sector in other countries. The
same study can be conducted in Pakistan while considering other variables of corporate
governance and firm performance. Another future direction can be that tenure can be
enhanced to analyze diversity of results.

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