This study investigates the role of firm specific factors, macroeconomic factors, and firms' heterogeneity in determining the debt levels of non-financial listed firms of Pakistan. Study implies static panel data modeling using pooled OLS and fixed effect regression as estimation techniques, with two different proxies of debt. Profitability, tangibility, and size of the firm appear to affect debt level significantly across different proxies and different estimation techniques. Interest rate and inflation are significant determinants of debt in fixed effect estimation. Study also confirms the existence of firm specific influence on debt.

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This study investigates the existence of target capital structure and estimates speed of adjustment towards target capital structure for the non financial listed firms of Pakistan. The study also examines the firm level and macroeconomic factors determining the target capital structure. This study implies the dynamic panel data modeling using partial adjustment model. The study uses the Generalized Method of Moments (GMM) as the estimation technique. Firms in Pakistan are found to chase target debt ratios and make complete adjustment towards target in less than two years. Two firm level significant determinants of the target capital structure are profitability and tangibility. Macroeconomic factors such as GDP growth rate, inflation and interest rates are also found as the significant determinants of target debt.

This research paper examines whether the enterprise risk management (ERM) practices can create value to Malaysian public listed companies (PLCs) in Malaysia. The sample consists of 417 PLCs in Malaysia. The analysis focuses on the companies' financial characteristics by using stepwise multiple regressions. This research ventures into understanding the influence of financial ratios and risk management on shareholders wealth. The findings show that return on equity, opacity, debt over asset, operating margin, cost of financing and taxation, and financial slack are significant for financial companies. While, only return on asset is significant for financial companies. This is could be due to the nature of financial companies that are highly regulated. 

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