3.2.2 Ownership Structure Variables
TOP1 is the percent ownership of the largest shareholder. TOP5 is the percent of shares owned by the five largest
shareholders. Following Khan (2006), TOP5 is used as a proxy for ownership concentration. GOV is the percent
of shares held by the government. INST is the percent of shares owned by institutional investors. INDV is the
percent of shares owned by individual investors. FOREN is the percent of shares owned by foreign investors