Percentage of shares held by the largest shareholders if the largest shareholder is government or government agency (Liang et al, 2013)
the percentage of shares owned by the controlling shareholder with the controlling shareholder being the state or foreign investor has a significantly negative impact on bank performance. The results suggest that the controlling state ownership is negatively correlated with bank performance, (Liang et al, 2013) which is consistent with the previous banking literature (e.g. Berger et al., 2009; Jia, 2009; Lin and Zhang, 2009).