Competition, stability, and economic growth: A causality approach


  • Anwar Hussain Ghazi University, DG Khan
  • Mahvish Anwar University of Lahore, Sargodha Campus


This study explores the mediating relationship between corporate governance and firm performance. We evaluate the relationship of corporate innovation as a mediator between corporate governance and firm performance for a panel sample of 2688 firms emerging and developed during the period starting from 2002 to 2017. We found that for the full sample, corporate innovation is not mediating between corporate governance and firm performance but in emerging countries defined relationship exists. Akram (2017) proposed a theoretical model for mediating the role of innovation between corporate governance and firm performance. So, we empirically test the mediating model of innovation in our study. This study contributes to the literature by showing defined relationships in emerging countries. This study can be helpful for policymakers, and management to identify the influencing power of innovation in firm value. This study is useful for foreign and local investors to evaluate innovation activities.

KEYWORDS: Corporate Innovation, Corporate Governance, Firm Performance, Two-Step System Dynamic Panel Estimation        


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How to Cite

Hussain, A. ., & Anwar, M. (2024). Competition, stability, and economic growth: A causality approach. UW Journal of Management Sciences, 8(1). Retrieved from