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This paper studies the impact of corporate ownership structure on firm performance. This paper tests whether policy intervention with respect to blockholding and higher managerial ownership is required in Pakistan. We hypothesise that market places expropriation premium on stocks of such firms where large insiders are present. In addition to poor market performance, such firms are expected to show poor accounting performance due to various forms of expropriations. These hypotheses are tested on a sample of 183 firms listed at the Karachi Stock Exchange over the period 2003-2008 with the help of OLS and 2SLS regressions while controlling for other explanatory variables that have been identified in the literature. The results indicate that both the market- and accounting-based measures of performance are negatively related to the ownership percentage of incumbent managers. Among the control variables, Tobin’s Q increases with growth opportunities and tangibility of assets, whereas it decreases with firm size, market risk, firm-specific risk, and ownership percentage of institutional shareholders.

Firm Performance and the Nature of Agency Problems in Insiders-controlled Firms: Evidence from Pakistan