Foreign Stock Markets Are Frequently Characterized by Controlling Shareholders for the Individual

Foreign stock markets are frequently characterized by controlling shareholders for the individual publicly traded firms. Which of the following is NOT identified by the authors as typical controlling shareholders?

A) The government (for example, privatized utilities) .
B) Institutions (such as banks in Germany) .
C) Family (such as in France) .
D) All of the above were identified by the authors as controlling shareholders.