Results of FE model estimates.

This study examines the influence of corporate governance mechanisms on the sustainable economic performance of the textile industry in Pakistan. Performance is measured by using a global reporting initiative (GRI 201–1), an economic performance approach. The composite corporate governance mechanism index (CGMI) construction consists of five sub-indices: board of directors, disclosure and transparency, audit committee, shareholder rights, and remuneration committee. The empirical analysis demonstrated the consistency of the fixed effect model through the Hausman model specification test for data from textile firms listed on the Pakistan Stock Exchange from 2008 to 2023. However, the investigation has invoked the Generalized Method of Moments (GMM) estimation model to check its robustness. The findings indicated the positive empirical relationship between the composite CGMI and sustainable economic performance, supported by modified theoretical logics: agency theory, stewardship theory, stakeholder theory, resource-based theory, and transaction-cost theory. The findings support policymakers, regulators, and managers in executing appropriate governance mechanisms with reduced agency cost and transaction costs and improve sustainable performance.

本研究探讨了巴基斯坦纺织行业公司治理机制对其可持续经济绩效的影响。绩效采用经济绩效测算框架，以全球报告倡议组织（Global Reporting Initiative，GRI）201–1标准进行衡量。综合公司治理机制指数（Composite Corporate Governance Mechanism Index，CGMI）的构建包含五大细分维度：董事会、信息披露与透明度、审计委员会、股东权利及薪酬委员会。针对巴基斯坦证券交易所上市纺织企业2008至2023年的面板数据，本研究通过豪斯曼（Hausman）模型设定检验证实了固定效应模型的适配性。此外，本研究进一步采用广义矩估计（Generalized Method of Moments，GMM）模型开展稳健性检验。研究结果表明，综合公司治理机制指数与可持续经济绩效间存在显著正向实证关联，该结论得到修正后相关理论的支撑：代理理论、管家理论、利益相关者理论、资源基础理论及交易成本理论。本研究结果可为政策制定者、监管机构及企业管理者提供决策参考，助力其构建合理的公司治理机制，降低代理成本与交易成本，进而提升可持续经济绩效。