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The link between disclosure of corporate information and the cost of equity in firms is one of the most important issues in finance. This paper aims to examine the connection between corporate governance, disclosure quality of information, and the cost of equity in Pakistani-listed (PSX-listed) firms. Using the Generalized Methods of Movements (Sys-GMM) model, a sample of 167 non-financial firms listed on Pakistan Stock Exchange (PSX) for the period of 2011-2015was analyzed. Sys-GMM estimation was applied to overcome the problem of endogeneity among corporate governance variables. To test the robustness of GMM estimations, we compared the results of pooled ordinary least squares (OLS) and fixed-effect estimations and found they did not overcome the problem of endogeneity, providing spurious results. We found a negative association between cost of equity and disclosure quality of financial statements. The findings suggested that the board size, concentrated ownership and CEO duality, are found as significant factors in reducing the cost of equity of PSX-listed firms. Audit committee independence and audit quality of the firm showed a positive relationship with the firm’s cost of equity. Our findings suggest that employing a high-quality auditor and independent director’s results in increased cost of equity for PSX-listed firms. Furthermore, no significant relationship between independence of the boards and duration of the authorizations of financial statements by the board of directors is found. The results also revealed the investors demand more return on their investments if inadequate and incomplete information is disclosed in the annual reports of the firms. This study provides useful insights for Pakistani corporate governance regulators, the executive management of Pakistani firms, and their investors.

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Purpose The purpose of this paper is to identify the major factors of client satisfaction (CS) that are critical for web development projects in freelance marketplaces. This quantitative study is done from the point of view of the web development services clients. Five major dimensions were proposed as determinants of CS from the literature review: ease of use, user interface, information, security and privacy. Design/methodology/approach A web-based survey methodology is used as the main data collection instrument. Statistical techniques such as confirmatory factor analysis and multiple linear regressions are used to analyze 162 responses of questionnaires. Findings The findings suggest that all factors do influence CS. In terms of strength, security had the highest level of impact on CS, so it is the strongest determinant among all factors. After security, ease of use and information are considered as strong determinants. So, this study concludes that the five major determinates do affect CS in web development projects from freelance marketplaces. Research limitations/implications This research is limited only to the top freelance marketplaces, such as Upwork, Freelancer, Fiverr, Guru, Envato Studio, etc. The sample size is relatively small and this study is focused on web development projects only. Moreover, this research is focused only on the characteristics or attributes of the projects final outcome, i.e. website. Practical implications This study attempts to identify the important factors that have a relation with CS, thus giving freelancers an indication of what to look for when working on any web development project posted by any client in a freelance marketplace. Understanding the determinants of CS will also help Pakistani information technology freelancers involved in web development projects and services to increase their project performance, improve their CS rate and increment client following. Originality/value This presents the first study on the determinants of CS in web development projects from freelance marketplaces.