Leverage, corporate governance, and export intensity of heterogeneous firms: micro-level evidence for Pakistan

This study attempts to analyse the impact of leverage and corporate governance on export intensity of manufacturing firms quoted on Pakistan stock exchange for period 2013-2019. The results of a two-step system GMM method show that leverage has a negative relationship to export intensity. We find evidence that a firm's age negatively impacts the export sales to total sales ratio, while profitability has a positive connection with it. Finally, we note that board size exhibits a negative relationship with export intensity. These findings suggest important policy implications for export promotion, specifically for a small-open economy.