Table 3
Description of controlling shareholder
This table presents the characteristics of controlling shareholders. Panel A shows the identity of controlling shareholders, and the extent of their involvement in management. Firms are classified into each category according to their controlling shareholders. InÕolÕed represents the case when controlling shareholders are involved in management as officers and directors. The table also shows the percentage of firms where the controlling shareholders are involved in the management. Panel B presents the number of firms that use control mechanisms such as pyramids and cross-shareholdings. Firms that do not implement pyramids and cross-shareholdings are categorized as using a simple structure. The A%B column presents the percentage of firms with controlling shareholders that implement a given control mechanism.