HYPOTHESIS No. 11a

The share of capital held by relevant shareholders is positively related to company performance

SHAREHLDR

+

N.S.

N.S.

N.S.

HYPOTHESIS No. 11b

The presence of a relevant shareholder whose participation goes beyond certain thresholds is positively related to company performance

BLOCK_25;

BLOCK_50

+

N.S.

N.S.

N.S.

HYPOTHESIS No. 12

Family ownership is positively related to company performance

BLOCK_FAM

+

N.S.

N.S.

N.S.

HYPOTHESIS No. 13

State ownership is negatively related to company performance

BLOCK_GVT

−

N.S.

N.S.

N.S.

HYPOTHESIS No. 14

Pyramidal control mechanisms are negatively related to company performance

PYRAMID

−

N.S.

N.S.

N.S.