3. Influence of ownership system
　　3.1 Insider system
　　<1> Feature
　　a. Most companies listed on local stock exchange are owned and controlled by a small number of major shareholders （the company’s funder）， such as banks, founding family or government.
　　b. Shareholder involved in management, easier to influence management, policy and strategy through ownership and dialogue.
　　<2> Advantages
　　a. Agency problem is reduced. Easier to establish ties between owners and managers （stronger owner-manager links）
　　b. Flexible about the time profits are made, so investors take a long-term strategic view of their investment
　　<3> Disadvantages
　　a. Discrimination against minority shareholders
　　b. Lack of monitoring/governance due to informal governance structures and unwilling to recruit independent NEDs
　　c. Opaque financial transactions and misuse of funds,
　　d. Large shareholders （financial institutional） tend to avoid these shares that are speculative and invest only in blue chip shares
　　3.2 Outsider system
　　<1> Feature
　　a. Shareholding is more widely dispersed
　　b. Manager-ownership separation
　　<2> Advantages
　　a. Separation of ownership and management has provided an impetus for the development of more robust legal and governance regimes to protect shareholders
　　b. Shareholders have voting rights that they can use exercise control
　　c. Hostile takeover as a disciplining mechanism on company management
　　<3> Disadvantages
　　a. Have an agency problem and significant costs of agency
　　b. Large shareholders in these regimes tent to have short-term priorities and prefer to sell their shares
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