Ayesha REHAN*, Attiya Yasmeen JAVAID** and Mohammad UMAR***
This study is an attempt to investigate the impact of concentrated ownership on the growth of the manufacturing firms listed at Pakistan Stock Exchange for the data 2006-2016. A number of panel data estimation techniques are employed; all confirm the positive alignment effect of concentrated ownership on firm growth in line with Agency Theory and Penrose Theory of Firm Growth. In addition to this, a number of firm specific factors are also found to have a significant impact on firm growth. Moreover, the study provides practical implication for investors and policymakers in understanding the role of concentrated ownership on firm growth.
Keywords: Concentrated Ownership, Firm Growth, Sales Growth.