This study aims to investigate the direct relationship between precautionary cash holdings, cash flow volatility and the financial constraints of Pakistani firms for the period 2003–2013.The study also takes into account the 2008 financial crisis. This study seeks to discover that if a firm is...

This paper posits that the relevance and indeed the assumptions of the dividends cost minimization model are restricted to those countries where shareholders rights are well protected. Alternatively, we propose an “investor power” hypothesis, which is closely akin to the La Porta et al....

This paper examines the impact of group - and family - ownership on financial performance of a sample of firms listed on the Karachi Stock Exchange from the year 2003 to 2008. Since previous studies have found ownership structure to be endogenously determined, we account for this problem by...