{"id":"https://openalex.org/W1515055844","doi":null,"title":"Interaction of Leverage and Reforms Process Revisited Empirical Evidence from the Fuel and Energy Sector of Pakistan","display_name":"Interaction of Leverage and Reforms Process Revisited Empirical Evidence from the Fuel and Energy Sector of Pakistan","publication_year":2011,"publication_date":"2011-03-02","ids":{"openalex":"https://openalex.org/W1515055844","mag":"1515055844"},"language":"en","primary_location":{"id":"pmh:oai:journalofbusiness.org:article/100079","doi":null,"is_oa":true,"landing_page_url":"https://journalofbusiness.org/index.php/index/article/view/100079","pdf_url":null,"source":{"id":"https://openalex.org/S2764623365","display_name":"Global Journal of Management and Business Research","issn_l":"0975-5853","issn":["0975-5853","2249-4588"],"is_oa":true,"is_in_doaj":false,"is_core":true,"listed_in":["cwts-core"],"host_organization":"https://openalex.org/P4310321940","host_organization_name":"Global Journals","host_organization_lineage":["https://openalex.org/P4310321940"],"host_organization_lineage_names":["Global Journals"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"0975-5853","raw_type":"info:eu-repo/semantics/article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":[],"open_access":{"is_oa":true,"oa_status":"diamond","oa_url":"https://journalofbusiness.org/index.php/index/article/view/100079","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5067292984","display_name":"Shah Khalid","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":true,"raw_author_name":"Shah Khalid","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":["https://openalex.org/A5067292984"],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":0.0,"has_fulltext":false,"cited_by_count":0,"citation_normalized_percentile":{"value":0.0,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":"11","issue":"2","first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9940999746322632,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9940999746322632,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.003800000064074993,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10127","display_name":"Banking stability, regulation, efficiency","score":0.00019999999494757503,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/financial-leverage","display_name":"leverage","score":0.7789999842643738},{"id":"https://openalex.org/keywords/financial-reform","display_name":"financial reform","score":0.7070000171661377},{"id":"https://openalex.org/keywords/capital-structure","display_name":"capital structure","score":0.9779999852180481},{"id":"https://openalex.org/keywords/fuel-and-energy-complex","display_name":"fuel and energy complex","score":0.9300000071525574},{"id":"https://openalex.org/keywords/pakistan","display_name":"Pakistan","score":0.578000009059906},{"id":"https://openalex.org/keywords/pecking-order-theory","display_name":"pecking order theory","score":0.9599999785423279},{"id":"https://openalex.org/keywords/financial-constraints","display_name":"financial constraints","score":0.5410000085830688},{"id":"https://openalex.org/keywords/debt-and-equity-financing","display_name":"debt and equity financing","score":0.6069999933242798},{"id":"https://openalex.org/keywords/firm-size","display_name":"firm size","score":0.671999990940094},{"id":"https://openalex.org/keywords/profitability","display_name":"profitability","score":0.6700000166893005},{"id":"https://openalex.org/keywords/asset-tangibility","display_name":"tangibility","score":0.597000002861023},{"id":"https://openalex.org/keywords/business-growth","display_name":"business growth","score":0.6589999794960022},{"id":"https://openalex.org/keywords/financial-liberalization","display_name":"financial liberalization","score":0.5270000100135803}],"concepts":[{"id":"https://openalex.org/C149933338","wikidata":"https://www.wikidata.org/wiki/Q950816","display_name":"Capital structure","level":3,"score":0.7929667830467224},{"id":"https://openalex.org/C6422946","wikidata":"https://www.wikidata.org/wiki/Q857354","display_name":"Panel data","level":2,"score":0.7141647338867188},{"id":"https://openalex.org/C172983313","wikidata":"https://www.wikidata.org/wiki/Q1567268","display_name":"Pecking order theory","level":4,"score":0.7103375792503357},{"id":"https://openalex.org/C73116969","wikidata":"https://www.wikidata.org/wiki/Q16954906","display_name":"Debt-to-capital ratio","level":5,"score":0.7081413865089417},{"id":"https://openalex.org/C610760","wikidata":"https://www.wikidata.org/wiki/Q1340706","display_name":"Endogeneity","level":2,"score":0.697614312171936},{"id":"https://openalex.org/C153083717","wikidata":"https://www.wikidata.org/wiki/Q6535263","display_name":"Leverage (statistics)","level":2,"score":0.6897976398468018},{"id":"https://openalex.org/C59485491","wikidata":"https://www.wikidata.org/wiki/Q1438403","display_name":"Pecking order","level":2,"score":0.6330317258834839},{"id":"https://openalex.org/C120527767","wikidata":"https://www.wikidata.org/wiki/Q3196867","display_name":"Debt","level":2,"score":0.6045984029769897},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.5400373339653015},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.5034272074699402},{"id":"https://openalex.org/C129361004","wikidata":"https://www.wikidata.org/wiki/Q2470236","display_name":"Profitability index","level":2,"score":0.481143593788147},{"id":"https://openalex.org/C199728807","wikidata":"https://www.wikidata.org/wiki/Q2578557","display_name":"Equity (law)","level":2,"score":0.4568912982940674},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.36603543162345886},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.34971383213996887},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.34804201126098633},{"id":"https://openalex.org/C124972522","wikidata":"https://www.wikidata.org/wiki/Q1303176","display_name":"Equity ratio","level":4,"score":0.1525527536869049},{"id":"https://openalex.org/C155530773","wikidata":"https://www.wikidata.org/wiki/Q591174","display_name":"Return on equity","level":3,"score":0.10328474640846252},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.0},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.0},{"id":"https://openalex.org/C78458016","wikidata":"https://www.wikidata.org/wiki/Q840400","display_name":"Evolutionary biology","level":1,"score":0.0},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0},{"id":"https://openalex.org/C119857082","wikidata":"https://www.wikidata.org/wiki/Q2539","display_name":"Machine learning","level":1,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"pmh:oai:journalofbusiness.org:article/100079","doi":null,"is_oa":true,"landing_page_url":"https://journalofbusiness.org/index.php/index/article/view/100079","pdf_url":null,"source":{"id":"https://openalex.org/S2764623365","display_name":"Global Journal of Management and Business Research","issn_l":"0975-5853","issn":["0975-5853","2249-4588"],"is_oa":true,"is_in_doaj":false,"is_core":true,"listed_in":["cwts-core"],"host_organization":"https://openalex.org/P4310321940","host_organization_name":"Global Journals","host_organization_lineage":["https://openalex.org/P4310321940"],"host_organization_lineage_names":["Global Journals"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"0975-5853","raw_type":"info:eu-repo/semantics/article"},{"id":"mag:1515055844","doi":null,"is_oa":true,"landing_page_url":"https://globaljournals.org/GJMBR_Volume11/2_Interaction_of_Leverage_and_Reforms_Process_Revisited_Empirical.pdf","pdf_url":null,"source":{"id":"https://openalex.org/S2764623365","display_name":"Global Journal of Management and Business Research","issn_l":"0975-5853","issn":["0975-5853","2249-4588"],"is_oa":true,"is_in_doaj":false,"is_core":true,"listed_in":["cwts-core"],"host_organization":"https://openalex.org/P4310321940","host_organization_name":"Global Journals","host_organization_lineage":["https://openalex.org/P4310321940"],"host_organization_lineage_names":["Global Journals"],"type":"journal"},"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":"Global Journal of Management and Business Research","raw_type":null}],"best_oa_location":{"id":"pmh:oai:journalofbusiness.org:article/100079","doi":null,"is_oa":true,"landing_page_url":"https://journalofbusiness.org/index.php/index/article/view/100079","pdf_url":null,"source":{"id":"https://openalex.org/S2764623365","display_name":"Global Journal of Management and Business Research","issn_l":"0975-5853","issn":["0975-5853","2249-4588"],"is_oa":true,"is_in_doaj":false,"is_core":true,"listed_in":["cwts-core"],"host_organization":"https://openalex.org/P4310321940","host_organization_name":"Global Journals","host_organization_lineage":["https://openalex.org/P4310321940"],"host_organization_lineage_names":["Global Journals"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"0975-5853","raw_type":"info:eu-repo/semantics/article"},"sustainable_development_goals":[{"id":"https://metadata.un.org/sdg/8","display_name":"Decent work and economic growth","score":0.5263000130653381}],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":24,"referenced_works":["https://openalex.org/W1507314646","https://openalex.org/W1568102150","https://openalex.org/W1993758346","https://openalex.org/W2063955807","https://openalex.org/W2069090016","https://openalex.org/W2075606267","https://openalex.org/W2084310832","https://openalex.org/W2089052482","https://openalex.org/W2097978133","https://openalex.org/W2115846503","https://openalex.org/W2121308228","https://openalex.org/W2121733416","https://openalex.org/W2124597406","https://openalex.org/W2125664626","https://openalex.org/W2129123189","https://openalex.org/W2130182730","https://openalex.org/W2142499164","https://openalex.org/W2146880834","https://openalex.org/W2752617332","https://openalex.org/W3121131820","https://openalex.org/W3122002592","https://openalex.org/W3122778786","https://openalex.org/W3123906439","https://openalex.org/W3124114405"],"related_works":["https://openalex.org/W2128862537","https://openalex.org/W7099639390","https://openalex.org/W3123034369","https://openalex.org/W3091987467","https://openalex.org/W1502420374","https://openalex.org/W2891772505","https://openalex.org/W3175363415","https://openalex.org/W2182272197","https://openalex.org/W1554505491","https://openalex.org/W2169071390"],"abstract_inverted_index":{"In":[0],"the":[1,4,30,39,46,79,94,123,137,157,208],"present":[2],"paper":[3],"linkage":[5,18],"between":[6,110],"capital":[7,119],"structure":[8],"and":[9,32,84,112,141],"Financial":[10,64],"Reforms":[11],"are\nanalyzed":[12],"in":[13,163],"a":[14,23,67,131],"dynamic":[15,57],"setup.":[16],"The":[17,107],"is":[19,173,178],"explored":[20],"by":[21,37,169,192],"using":[22],"panel":[24,58],"data":[25,59],"set,":[26],"spanning":[27],"1988-\n2008,":[28],"of":[29,35,48,62,93,116,139,144],"Fuel":[31],"Energy":[33],"industry":[34],"Pakistan":[36,145],"employing":[38],"Arellano-Bond":[40],"Dynamic\nPanel-Data":[41],"Estimation":[42],"technique":[43],"to":[44,91,98,147,202],"avoid":[45],"problems":[47],"endogeneity,":[49],"heteroscedasticity":[50],"and\nautocorrelation":[51],"which":[52,121],"are":[53],"usually":[54],"associated":[55],"with":[56,70,82,134,197,217],"estimation.The":[60],"main\nvariable":[61],"interest,":[63],"Reforms,":[65],"has":[66,88,130,194,211],"negative":[68,76,132],"relationship":[69,77,109,196,216],"leverage":[71,87,111],"as":[72,167,190],"predicted":[73,191],"by\ntheory.":[74],"This":[75],"substantiate":[78],"fact":[80],"that":[81,136],"liberalization":[83],"strengthening":[85],"of\ninstitutions,":[86],"decreased":[89],"due":[90],"shifting":[92],"firms":[95,138,181,200],"from":[96],"debt":[97,154],"equity":[99,184],"market":[100],"once\nthe":[101],"financial":[102],"constraints":[103],"got":[104],"eased":[105],"out.":[106],"positive":[108,195,212],"lagged\nleverage":[113],"suggest":[114],"costs":[115],"adjustment":[117,124],"for":[118,153],"structure,":[120],"delays":[122],"process.\nTangibility,":[125],"confirming":[126],"Pecking":[127,160,170],"Order":[128,161,171],"Hypothesis,":[129,172],"correlation":[133],"leverage;\nindicating":[135],"fuel":[140],"energy":[142],"sector":[143],"fail":[146],"use":[148],"their":[149],"tangible":[150],"assets":[151],"as\ncollateral":[152],"financing.":[155],"Nevertheless,":[156],"results":[158],"validate":[159],"Hypothesis":[162],"case\nof":[164],"profitability.":[165],"Profitability,":[166],"advocated":[168],"negatively":[174],"associated\nwith":[175],"leverage.":[176,218],"That":[177],"highly":[179],"profitable":[180],"looks":[182],"towards":[183],"financing":[185],"rather":[186],"than":[187],"debt\nfinancing.":[188],"Size":[189],"theory":[193],"leverage;":[198],"bigger":[199],"tend":[201],"be":[203],"financed":[204],"through":[205],"debt.":[206],"Ironically,":[207],"Growth":[209],"variable":[210],"but":[213],"statistically":[214],"insignificant":[215]},"counts_by_year":[],"updated_date":"2026-11-08T12:12:28.789561","created_date":"2016-06-24T00:00:00"}
