Dynamics of Intellectual Capital, Corporate Governance, and Firm Performance in Family-Owned Companies in Pakistan

The study aims to examine the corporate governance effect on performance of family-owned cement companies in Pakistan for period 2016 2021 using random and fixed panel regression based Hausman test considering intellectual capital as a moderator. results indicate positive audit size top 20 shareholders while negative insider shareholding board independence Tobin’s Q, ROE, ROA. Additionally, institutional CEO duality, is found. While shareholdings duality found case ROA moderation all measures. findings are consistent with stewardship agency theory. empirical outcomes emphasize importance policymakers regulators it rewarding activity shareholder wealth maximization.