IMPACT OF BOARD GENDER DIVERSITY, FOREIGN OWNERSHIP, AND OWNERSHIP CONCENTRATION ON CORPORATE FINANCIAL DECISIONS AND FIRM VALUE: EVIDENCE FROM THE TEXTILE SECTOR OF PAKISTAN

This research examines how diversity on corporate boards, foreign ownership, and block holders' ownership affect business performance and financial decisions, including investment, financing, and dividends. This information is obtained from the annual reports of textile companies listed on the Pakistan Stock Exchange between 2016-2023. The findings were estimated using a panel data methodology, the pooled ordinary least squares method. The findings demonstrate a positive relationship betwen board diversity and investment in operational assets and a negative relationship between financing and business success. Investment in operational assets is inversely related to foreign ownership, but dividends and firm performance are positively related. Blockholders' ownership and dividends and the company's profitability have a positive relationship. The study's findings indicate that diversity on boards and ownership structure (including foreign and blockholder ownership) significantly impact financial decision-making and business performance. Furthermore, this study's results indicate that many conditional theories, including agency theory, pecking order theory, and trade-off theory, assist in comprehending the financial actions of non-financial listed companies in Pakistan. The study's findings could significantly help company managers when making important decisions.