(1) if the voting rights of the controlling
shareholder (i.e., the family) and related persons (i.e., relatives,
affiliated firms, etc.) are over 30 percent of the firm, or (2) if the
controlling shareholder (i.e., the family) exercises de facto controlling
influence on it via exchange of directors and managers,
business transactions, etc. (for further details, refer to
Almeida et al., 2011: 455). Then, we collected data of family
ownership at the firm level and cross-shareholding matrices
at the business group level from KFTC for calculation of the
family’s ultimate cash flow rights along with its voting rights.