Table 4
Summary statistics of firms characteristics
Firms are classified into two categories: firms with controlling shareholders and firms with no controlling shareholder. A controlling shareholder is a shareholder who owns at least 25% of a firm’s shares. The summary statistics in this table are the mean and median of variables based on 1996 values. Total assets and sales are in millions of Baht, with an approximate exchange rate at the end of 1996 of one US$ equal to 26 Baht. Mean median differences are tested using theŽ . t-test and the Wilcoxon signed rank test.