CONCOMITANT OF INSIDE-SHAREHOLDING, GROUP AFFILIATION AND FIRM VALUE: EVIDENCE FROM PAKISTAN

The present study inspects the comparative effects of inside shareholding on firm value for group-affiliated firms and non-group-affiliated in Pakistan. research uses excess-value as a performance measure by employing chop-shop approach treatment regression model (TERM). results reveal that lower level higher negatively associated with firms’ value. However, it positively relates at moderate level. Also, shareholding-value relationship differs significantly firms. Firms appear to more visible business groups, these show adverse consistent divergence interest effect. Nevertheless, ownership level, namely standalone firms, affect entrenchment findings also confirm non-linearity shareholding-firm relationships.