The study variables description
| Independent and control variables | ||
|---|---|---|
| Variable | Code | Operationalization |
| Foreign ownership | FOROWN | The percentage of the shares owned by foreigners to the total number of issued shares |
| State ownership | STAOWN | The percentage of state-owned shares to the total number of issued shares |
| Managerial ownership | MANOWN | The percentage of shares owned by CEO and executive directors to the total number of shares |
| Block-holder ownership | BLKOWN | Owners 5% or more of a total shares |
| Family ownership | FAMOWN | Percentage of family-owned shares to total issued shares |
| Board independence | BOIND | Percentage of independence directors on the board |
| Control variables | ||
| Company size | COSZE | The natural logarithm of total assets |
| Company age | COAGE | Number of years since foundation |
| Company type of industry | COTYP | The type of sub-sectors |
| Independent and control variables | ||
|---|---|---|
| Foreign ownership | FOROWN | The percentage of the shares owned by foreigners to the total number of issued shares |
| State ownership | STAOWN | The percentage of state-owned shares to the total number of issued shares |
| Managerial ownership | MANOWN | The percentage of shares owned by CEO and executive directors to the total number of shares |
| Block-holder ownership | BLKOWN | Owners 5% or more of a total shares |
| Family ownership | FAMOWN | Percentage of family-owned shares to total issued shares |
| Board independence | BOIND | Percentage of independence directors on the board |
| Company size | COSZE | The natural logarithm of total assets |
| Company age | COAGE | Number of years since foundation |
| Company type of industry | COTYP | The type of sub-sectors |