“…The results of the empirical studies conducted in the last two decades on capital concentration show the positive influence of the presence of controlling shareholders on firm performance (Schleifer & Vishny, 1986;Bethel & Liebeskind, 1993;Agrawal & Knoeber, 1996;La Porta & Vishny, 1997;Kaserer & Moldenhauer, 2005;Boubakri et al, 2005). According to Demsetz (1983), Demsetz and Lehn (1985) , Demsetz and Villalonga (2001), maximizing firm value is not conditioned by capital concentration, but by its environment and its market characteristics.…”