Variable

Code

Measurement

Reference

Managerial Ownership

MOWN

The amount of shares owned by individuals with managerial roles in the company as a measure of ownership

Shin-Ping & Tsung-Hsien, 2007 [33]

Li, Yue and Zhao, 2009 [25]

Foreign Ownership

FOWN

The amount of shares owned by foreign institutions as a measure of ownership

Soliman, 2013 [34] and Benndesen & Wolfenzon (2000) [35]

Block holders Ownership

BOWN

The amount of shares owned by individual or institutional block-holders as a measure of ownership

Denis et al., 1997 [36] , Soliman, 2013 [34]