Ikram, Atif; Naqvi, Syed Ali Asjad - East Asian Bureau of Economic Research (EABER) - 2005
In Pakistan there is a ubiquity of firms in which there exists a controlling shareholder, usually in the form of the family. By and large this control is maintained via crossshareholding and inter-locked directorships which in turn is facilitated by the pyramidal organization of these firms....