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Despite interest in financial management, few studies have considered paying attention to the ownership structure among stockholders. Two alternative approaches related to the ownership structure are generally regarded as the leading cause of different management behaviours. First, managers should be less controlled in the case of less concentrated ownership with many owners, and thus could be more willing to not cooperate in the interests of owners. Second, vice versa, the less concentrated ownership structure causes the more pronounced control of management, and hence the pressure on its functioning. The results of this paper have proven the second approach in one country and just suggested the first among two different countries belonging to the EU leaders within the automotive industry. Furthermore, this study reveals that, without deploying techniques, subsequently introduced a modified version of GMM estimators with panel data by providing an implementation using Stata statistical software. Otherwise, these particular econometric tools to analyse a dynamic panel can often give false significant estimates.