Companies A, B and C have the following share ownership structure:

^ Firm A: the largest shareholder is an individual owning 10% of the equity, a further ¢ve members of the family own 25%, with the remaining shares owned by ¢nancial institutions and with no one institution owning more than 3%. The board of directors does not include the largest shareholder but does control 10%

of the equity.

^ FirmB: the largest shareholder is an institution owning 3% of the equity. The remaining shares are owned by 20,000 individual and institutional shareholders.

^ Firm C: the largest shareholder is an individual owning 40% of the equity. A single bank owns 20% and three companies the remaining 40%.

Classify each ¢rm according to whether it is owner or managerially controlled and whether it is likely to be part of an insider or outsider system of corporate governance.