dummy variable that equals 1 when the largest shareholder at the 10% threshold is an institutional shareholder (for instance, pension funds and mutual fund managers)(Ben‐Amar, Francoeur, Hafsi, & Labelle, 2013)
 
(Hsu, 2009) and voluntary disclosure (Chau andGray, 2010). Anderson and Reeb (2004) have alsoshown that public firms where independent directors balance family board representation perform better. However, higher levels of diversity are likely to lead to conflicts and loss of firm-specific knowledge detained by family members (Dyer, 2006; Jones, Makri and Gomez-Mejia, 2008).
 
Firms characterized by high ownership concentration such as family firms will benefit more from low levels than from high levels of SD and DD. (Ben‐Amar, Francoeur, Hafsi, & Labelle, 2013)