Effects of ownership concentration on firm performance: Pakistani evidence

Qaiser Rafique Yasser · Abdullah Al Mamun

37 citations0/0 files storedJournal of Asia Business Studies

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Corporate Finance and Governance Firm Innovation and Growth Family Business Performance and Succession

Abstract

Purpose – This paper aims to present an analysis of the association between five categories of concentrated ownership and firm performance in Pakistan. The connection between high ownership concentration and firm performance has attracted much attention, especially in emerging market, yet yielded many inconsistent empirical results. Design/methodology/approach – Karachi Stock Exchange (KSE)-100 Indexed companies listed in KSE from 2007 to 2011 were selected as the sample, and correlation coefficient and regression model were used to inspect the relationship between ownership concentration degree and corporate performance. Findings – It was found that there is no significant association with ownership concentration and accounting-based performance, market-based performance measures and economic profit, in general. Originality/value – The first demonstration that the shareholding proportion of the single largest shareholder is the only variable having positive association with market-based performance measures.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1998Law and Finance 1999Corporate Ownership Around the World 1988Management ownership and market valuation 2000Investor protection and corporate governance 1985The Structure of Corporate Ownership: Causes and Consequences 1983Agency Problems and Residual Claims 1990Additional evidence on equity ownership and corporate value

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