The Value of Board Diversity in the Relationship of Corporate Governance and Investment Decisions of Pakistani Firms
Round 1
Reviewer 1 Report
The topic of this article could be interesting.
The title should express that is a narrow analysis, conducted in one specific country (Pakistan).
The Introduction section is presented rather as a presentation of the literature related with the topic. It should the rewritten (i.e. argument for this research, economic context, the major gaps in the literature, brief information on used methods, why this method was chosen instead of others). It is recommended to have two distinct sections: Introduction and Literature review, each with its specific features. The article’s design has to be reconsidered.
The analysis concerns 29 nonfinancial firms listed on the stock market of Pakistan. There is no information about the selection criteria. There is no information about the economic sectors covered by these companies. The sample size is small.
The methodology is rather simple; there is a need for a thorough presentation of the model. Please revise the alternative methods that are presented in the literature and motivate your choice. Should we control for any economic dynamics or regulation changes that may affect the investment decision? We should control for the type of economic sector.
Regarding the results, I suggest reviewing the textual part in order to better explain the tables, including a reorganization of alternating table text. A proper discussion for each of the stated hypotheses is necessary.
It should be emphasized more clearly what is the authors' contribution to the development of research.
The conclusion section should be more thorough, explaining how the authors have achieved their research objectives, supported by references or obtained results.
A careful language editing is needed.
Author Response
Please see the attachment
Author Response File: 
Author Response.pdf
Reviewer 2 Report
The topic of the article is good, but the study sample is very small from 29 companies. You can add companies and re-study for the results to be very good.
Author Response
Please see the attachment.
Author Response File: Author Response.pdf
Reviewer 3 Report
The paper deals with the diversity of the members of board of directors,
(e.g. gender, nationality, education and experience) and seeks to find a relationship between this diversity and corporate governance and investment decisions of listed companies of Pakistan Stock Exchange. The paper is generally well written and the methodology is sound. I suggest improving the last paragraph of the introduction in order to emphasize more the contribution of the authors. Moreover, I think there shouldn't be a separate section of "recommendations", it should be included as part of conclusions. A more detailed description of the 29 companies in the sample is needed (e.g. industry and size would be interesting). Otherwise, the paper is the result of hard work.
Author Response
Please see the attachment.
Author Response File: Author Response.pdf
Round 2
Reviewer 1 Report
Compared to the first version, the latter is improved and takes into account most of the suggestions made. I appreciate the effort to enlarge the analyzed sample. The results' tables can be rearranged for better visibility.
Author Response
Point 1. Compared to the first version, the latter is improved and takes into account most of the suggestions made. I appreciate the effort to enlarge the analyzed sample. The results' tables can be rearranged for better visibility.
Response 1. Thank you for valuable input. Results' table has be reformatted for better visibility. Furthermore, Spellings have been rechecked to avoid mistakes.
Reviewer 2 Report
thank you for your response
Author Response
Thanks for valuable suggestions.
