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Management Practices and Busineiss Development in Pakistan, 1950-1988

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Management Practices and Busineiss Development in Pakistan, 1950-1988 MANAGEMENT PRACTICES AND BUSINEISS DEVELOPMENT IN PAKISTAN, 1950-1988 Naveed Hasan A thesis subm itted for the degree of Doc;t(or of Philosophy The London Sclhool off Economics and Political Science University of London February 1995 UMI Number: U074771 All rights reserved INFORMATION TO ALL USERS The quality of this reproduction is dependent upon the quality of the copy submitted. In the unlikely event that the author did not send a complete manuscript and there are missing pages, these will be noted. Also, if material had to be removed, a note will indicate the deletion. Disscrrlation Publishing UMI U074771 Published by ProQuest LLC 2014. Copyright in the Dissertation held by the Author. Microform Edition © ProQuest LLC. All rights reserved. This work is protected against unauthorized copying under Title 17, United States Code. ProQuest LLC 789 East Eisenhower Parkway P.O. Box 1346 Ann Arbor, Ml 48106-1346 F POUriCAL /- 2 ( c 8 '077 ‘9(' ABSTRACT The impact of systematic and organised strategy on investment patterns is essential to an understanding of management development; an effective organisational strategy stimulates diversification of business house investments. There is a copious literature on management techniques which demonstrates its status as an intellectual discipline in its own right. In recognition of managers’ role as decision makers, this thesis investigates those factors which were the necessary and sufficient conditions for better managed organisational systems and how these two conditions when harmonised, enabled Pakistani business groups to diversify their investments from trading to primary and light-engineering goods production. Using the case study approach, this thesis attempts to isolate the external stimuli (the necessary conditions) which contributed to the initial formation of business houses from the internal stimuli (the sufficient conditions) provided by effective management policies, which directed business house investments from 1950-1988. The exogenous factors which directed the structure of investments in the short-term, were derived fi*om the groups’ relations with the State and access to discounted sources of finance from credit lending institutions. As organisations matured, the impact of their internal systems, which were a function of the prevalent management philosophy, superseded and replaced the original stimulus provided by State largesse for enabhng diversification; that is, the endogenous environment became increasingly responsible for the direction of future investments made by the managers of these groups. Endogenous organisational factors affecting long-term transition, were qualitative inputs such as the impact of training on employee skills and productivity. Where family managers consistently, although not necessarily consciously, applied the principles of the Systems Approach which are internal organisational factors, the business structures which so emerged were rationalised to produce a results-driven record of diversification. Management as a generic subject incorporates general concepts as well as specific techniques which mould the portfolio of business house investments. Management theory, in particular the tenets of the Systems Approach, focus on general concepts which have universal applicability as a problem-solving technique, which are tested on practical organisational situations. The principles of this approach are holistic and iterative since they deal with a general class of situations to which the methodology of the Systems Approach is applied to solve problems. A major premise of this approach is that those managers who viewed the form of a problem in order to develop a criterion to solve it, before addressing the content of the problem, (which was the domain of subject specialists such as engineers or economists), produced better managed organisational structures. ACNOWLEDGEMENTS This thesis was written with the financial support of the Association of Commonwealth Universities as well as a bursary from the London School of Economics and the London Goodenough Trust in the United Kingdom. This support is gratefully acknowledged. This work has henefitted from a number of people too numerous to name individually. I wish to acknowledge in particular those entrepreneurs on the Board of Governors and Trustees of the Lahore University of Management Sciences, who granted me access to their company data used in this project, especially their private hmited company records and correspondence, and to all those who provided me the opportunity to interview them. I also thank the Case Services of the Harvard Business School for granting permission to quote fi'om its case # 390-095. I appreciate Gareth Austin’s review of the initial drafts of this project and to those who consented to read parts of my work at different stages of completion and who offered useftd comments. My greatest debt is to Terry Gourvish, Director of the Business History Unit at the London School of Economics who supervised my work to its completion in a most constructive and gracious manner, for the guidance and good counsel he has given me, and to my family, in particular my father who provided me with the inspiration and opportunity to pursue research on an area which has remained the subject of discussion since as far back as 1 can remember. This thesis is dedicated to them. TABLE OF CONTENTS Page List of Tables 6 CHAPTER ONE: INTRODUCTION 8 1.1. Sources of Data 12 1.2. Previous Analysis of Business Groups 14 1.3. The Approach Used in this Study 27 1.4. Research Issues and Methodology 39 1.5. The Methodology of Systems Analysis/Approach 49 1.6. Conclusion 56 CHAPTER TWO: THE INDUSTRIAL POLICY AND EVOLUTION OF BUSINESS 60 2.1. Patterns of Development: An Overview 63 2.2. State Largesse, Industrial Policy and Business Development 67 2.3. Structural Changes and Linkage Effects of the Industrial Policy 108 2.4. Interest Group Lobbying: Control Networks 119 2.5. Power, Influence and Control: Rent Seeking Activity 129 2.6. Systems Management: A Historiography 142 2.7. Management Prerequisites: The Institutional Setting for Effective Systems Implementation 150 2.8. The Initiation, Usage and Implementation of the Systems Approach in Business Applications 153 2.9. Conclusion 161 CHAPTER THREE: THE WAZIR ALI GROUP 164 3.1. Business Development: 1948-88 167 3.2. Selected Company Histories 180 3.2.1 Syed A & M Wazir Ali (Pvt) Limited and Wazir Ali Industries Limited (WIL) 181 3.2.2 Packages Limited 189 3.2.3 Milkpak Limited (Milkpak) 203 3.2.4 Ali Automobiles (Pvt) Limited (Ali Autos) 208 3.2.5 Treet Safety Razor Corporation (Pvt) Limited (Treet) 213 3.3. External Relations 221 3.4. Management Strategy 239 3.5. Interlocking Directorships and Kinship Patterns 252 3.6. Conclusion 256 Page CHAPTER FOUR: THE CRESCENT GROUP 261 4.1. Group Formation and Background 262 4.2. Business Development: 1951-88 266 4.3. Management Philosophy: Four Company Histories 281 4.3.1 Muhammad Amin Muhammad Bashir (Pvt) Limited (MAMBL) 281 4.3.2 Crescent Textile Mills Limited (CTML) 286 4.3.3 Shakarganj Mills Limited (SML) 297 4.3.4 Crescent Steel and Alhed Products Limited (CSAPL) 311 4.4. External Relations 313 4.5. Management Strategy: Endogenous Systems for Business Development 329 4.6. Conclusion 338 CHAPTER FIVE: THE GHULAM FARUQUE GROUP 344 5.1. Group Formation and Background 346 5.2. Business Development: 1964-88 351 5.3. Selected Company Histories 355 5.3.1 Greaves Cotton (Pvt) Limited (GCPL) 356 5.3.2 Cherat Cement Company Limited (CCCL) 361 5.4. External Relations 379 5.5. Management Strategy 395 5.6. Conclusion 409 CHAPTER SIX: THE DAWOOD GROUP 413 6.1 Group Formation and Background 414 6.2 Business Development: 1948-88 417 6.3 Selected Company Histories 426 6.3.1 Descon (Pvt) Limited (Descon) 427 6.3.2 Lahore Cycle Industries (Pvt) Limited (LCl) 433 6.3.3 Delta (Pvt) Limited (Delta) 436 6.4 External Relations 440 6.5 Rent Seeking Activity 446 6.6 Management Strategy 450 6.7 Conclusion 465 CHAPTER SEVEN: CONCLUSION 468 BIBLIOGRAPHY 498 APPENDIX A 524 LIST OF TABLES Page Table 1.1 Functions of Systems Management, Systems Analysis and Systems Engineering 51 Table 2.1 Group Origin of Business Post-Independence Location 71 Table 2.2 Year Realisation Vouchers Average Rate Issued of Bonus (percent) 79 Table 2.3 Exports Under Bonus Voucher Scheme, 1964-69 82 Table 2.4 Pakistan- Annual Compound Growth Rates and Value of Manufacturing at 1959-60 factor cost, 1955-70 84 Table 2.5 Estimates of Private Industrial Investment, 1960-70 (constant prices) 86 Table 2.6 Pakistan- Index of Industrial Production, 1959-69 87 Table 2.7 Incremental Private Industrial Investment, 1971-74 93 Table 2.8 Import of Industrial Plant and Machinery, 1983-87 103 Table 2.9 Trends in Private Investment, 1961-88 107 Table 2.10 PIDC Investment in Completed projects (30th June 1962) 127 Table 2.11 Membership on the Boards of Directors of Government Controlled Companies by the Leading Industrial Families, 1968 128 Table 2.12 Sources of Financing for Industrial Assets which Existed in 1959 (at cost) 133 Table 2.13 Business Groups’ Share in Investments of NIT and I.e.P., 1970 136 Table 2.14 Foreign Exchange Loans Obtained by Business Groups 1958-1970 138 Table 2.15 Net Manufacturing Assets, 1958-70 (Publicly and Privately Quoted Companies) 140 Table 3.1 Entity Nature of Business Year Estb. 169 Table 3.2 Equity Structure Sadiq Oil MiUs and Alhed Industries Limited and Sadiq Soap Company Limited, 1947 172 Table 3.3 Ah Group Net Assets, 1698-88 (Publicly and Privately Quoted Companies) 179 Table 3.4 Pakistan: Unilever’s Volume of Sales, 1957-65 184 Table 3.5 In WIL employment New Designation 188 Table 3.6 Packages Limited Pre-Tax Profits, 1968-88 193 Table 3.7 Milkpak Pre-tax Profits and (Losses), 1981-88 207 Table 3.8 Treet Safety Razor Blades Corporation (Pvt) Limited Pre-tax Profits and (Losses), 1977-88 218 Table 4.1 Company Nature of Business Year Estb.
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