The study findings have important implications. The findings imply that different types of ownership structures
have different affects on firm performance. Some ownership structures enhance performance while others
worsen performance. Finding a negative relationship between government ownership and firm performance
raises serious questions about the effectiveness of government in monitoring its own firms. One limitation of this
study could be attributed to the proxies used to measure firm performance as they may fail to capture the role of
some corporate governance mechanisms, such as board structure variables. In addition, there is always the
possibility of omitting other governance mechanisms that would assist in explaining variations in firm
performance. Future research could examine additional governance mechanisms. Due to data limitations, the
results of this study are based on data from a one-year period. Future research could investigate the change in the
relationship between governance mechanisms and firm performance.