This study examines the relationship between the attributes of board structure and the likelihood of financial distress for the non-financial sector of an emerging market characterized by concentrated ownership and family-controlled business. The present study utilized panel logistic regression to estimate the relationship between board structure attributes and the likelihood of financial distress. We used Altman Z-Score as a proxy for firm financial distress, as this tool measures the financial distress inversely. The study finds a significant relationship between board size and the likelihood of financial distress. The results show that a one-unit increase in board size would decrease the probability of financial distress by 3.4%. Further, we observe that a greater level of board independence is associated with a lower likelihood of financial distress. A one-unit increase in board independence would decrease the probability of financial distress by 20.4%. We also find a significant positive impact of leverage on the likelihood of financial distress. The present study contributes to the body of literature on board structure attributes and likelihood of financial distress in emerging markets, like Pakistan. Furthermore, the findings would be beneficial for corporate policymakers and investors in formulating corporate financial strategy and predicting business failure.

Abstract
1. Introduction
2. Literature Review and Hypotheses
3. Research Design and Methodology
    3.1. Data and Sample Selection
    3.2. Measurement of Variables
    3.3. Methodology and Model Specifications
4. Data Analysis, Results and Discussion
    4.1. Descriptive Statistics
    4.2. Correlation Analysis
    4.3. Empirical Results
5. Conclusion and Policy Implications
References

• Shahab UD-DIN(Business Management Sciences, Karakoram International University, Gilgit-Baltistan, Ghizer Campus, Pakistan.)
• Muhammad Yar KHAN(Department of Management Sciences, COMSATS University Islamabad, Wah Campus, Pakistan.)
• Anam JAVEED(Management Sciences, University of Wah, Wah Cantt, Pakistan.)
• Ha PHAM(Dean, Faculty of Banking and Finance, Ho Chi Minh City Open University, Vietnam) Corresponding Author