. Controlling owners, often founding families, remain in control by resorting to an extensive use of dual-class shares. The practice … of dual-class shares which separates cash-flow rights and control rights is also found to be an important determinant of …

households decreased. However, controlling owners - often founding families - remained in control by resorting to extensive use … of dual-class shares, control rights, which separate from cash-flow. This was an important determinant of firm …