4.2.2. The effects of controlling shareholders on performance
Table 5 summarizes the performance of firms with and without controlling shareholders. The average values of both the accounting-based measures of performance are significantly higher for firms with controlling shareholders. The average ROA is 7.67% for firms with controlling shareholders, compared to 4.84% for firms without controlling shareholder. The mean sales–asset ratio for
firms with controlling shareholders is 0.80 for firms with controlling shareholders, compared to 0.60 firms with no controlling shareholder. The sample means of