Exploring the Relationship between Institutional Shareholders' Heterogeneity and Firm-Level Governance Practices: Evidence from Pakistan's Non-Financial Industries.

Institutional investors should not be treated as homogeneous group of investors. One of the contributions of the study to the existing literature on ownership structure is the empirical verification of the role played by different institutional shareholders in Pakistan. The study considers estimation of panel data model on a total sample of 247 non-financial firms over a period of ten years i.e. from 2006 to 2015. Empirical evidence from diversified industries that include textile, sugar and allied, food and personal care-products, chemical, cement, auto, power generation and distribution, and miscellaneous confirm that only NIT play a significant and positive role in enhancing firm-level governance mechanisms. The findings from this study assist the regulators and the policy makers in redesigning the provisions of code of corporate governance that can ensure better governance at corporate level in Pakistan. [ABSTRACT FROM AUTHOR]