Table 6 shows a comparison of the performance of firms where the controlling
shareholders hold the top executive positions and those where the controlling
shareholders do not. Panels A and B are the pairwise comparisons based on the
mean and median values of the performance measures, respectively. The mean and
median values of both accounting-based measures are significantly higher for
firms where the controlling shareholders are not involved in management. For
example, the mean ROA for firms where the controlling shareholder is involved in
management is 4% with median 4.20%, whereas the mean ROA for firms where
the controlling shareholder is not involved in management is 7.82% with median
7.07%.