Table 5
A comparison of performance: Firms with controlling shareholder versus firms with no controlling shareholder
This table provides a comparison of the performance of firms with and without controlling shareholders. Performance is measured by ROA, Sales–asset and Tobin’s q. Significance level refers to the difference of mean and median tests between firms with controlling shareholders, including the four groups of controlling shareholders, and firms without controlling shareholder. Two-tailed t-statistic from a parametric test are used for the pairwise comparison of means. Wilcoxon signed rank tests are
used for the pairwise comparison of medians.