... significantExecutive directors/ Negative, sta- Not statistically Not statisticallyoverall directors tistically sig- significant significantnificantDirectors appointed Positive, sta- Positive, ... characterizedby the absence of families and individuals as significant shareholders,the negligible role of financial institutions and institutional investors, and the large role of the state. In ... statisticallyby the largest three tistically sig- tistically sig- significantshareholders/over- nificant nificantall directorsDirectors appointed Positive, sta- Positive, sta- Not statisticallyby...