• Tarique Mahmood Arain
  • Dr. Abdul Sattar Shah
  • Dr. Sobia Shafaq Shah
Keywords: Performance, Liquidity, Activity, Profitability, Growth, Pakistan


This paper examines the association between firm specific determinants and the performance of cement firms’ in Pakistan over the period 2010 to 2019 for sixteen sampled cement firms quoted at Karachi stock exchange using the panel least square technique. Return on Investment (ROI) is the dependent variable of the regression model and five firm specific determinants are expressed as the independent variables. The results of data analysis disclose that the variables of liquidity, activity and profitability are positively associated with cement firms’ performance measure, ROI. Besides, the variables of leverage and growth are negatively associated with it. In addition, the regression results highlight that all the variables except the growth are significant and have significant influence on cement firms’ performance. The analysis results may be very encouraging and useful for management as well as for the investors to plan investment and operational activities to accomplish profitability goals more efficiently and effectively.

Author Biographies

Tarique Mahmood Arain

Tarique Mahmood Arain is a PhD Scholar of Business Administration in the University of Sindh, Jamshoro.

Dr. Abdul Sattar Shah

 Dr. Abdul Sattar Shah is Director at Institute of Business Administration, University of Sindh Jamshoro.

Dr. Sobia Shafaq Shah

Dr. Sobia Shafaq Shah is Associate Professor, at IBA, University of Sindh Jamshoro.


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How to Cite
Arain, T., Shah, D. A., & Shah, D. S. (2021). FIRM SPECIFIC DETERMINANTS AND PERFORMANCE OF CEMENT FIRMS IN PAKISTAN. Journal of Business Strategies, 15(2), 21-42. Retrieved from