Comparing the performance of firms with different types of controlling shareholders and that of firms with no controlling shareholder, only foreign-controlled firms perform significantly different from firms with no controlling shareholder, when the performance measures are the ROA and the sales–asset ratios. The mean and median ROA for foreign-controlled firms are 10.54% and 10.03%, respectively. These two values are significantly higher than the mean and median ROA
of 4.84% and 6.79% for firms with no controlling shareholder, respectively. In fact, the mean ROA for foreign-controlled firms is also superior to that of firms that are controlled by family and government. The results also show that firms with more than one controlling shareholder have an average sales–asset ratio higher than firms with no controlling shareholder.