{"id":"https://openalex.org/W3014096770","doi":"https://doi.org/10.3390/ijfs8020020","title":"Corporate Governance Mechanisms, Ownership and Firm Value: Evidence from Listed Chinese Firms","display_name":"Corporate Governance Mechanisms, Ownership and Firm Value: Evidence from Listed Chinese Firms","publication_year":2020,"publication_date":"2020-04-02","ids":{"openalex":"https://openalex.org/W3014096770","doi":"https://doi.org/10.3390/ijfs8020020","mag":"3014096770"},"language":"en","primary_location":{"id":"doi:10.3390/ijfs8020020","doi":"https://doi.org/10.3390/ijfs8020020","is_oa":true,"landing_page_url":"http://dx.doi.org/10.3390/ijfs8020020","pdf_url":"https://www.mdpi.com/2227-7072/8/2/20/pdf?version=1585822499","source":{"id":"https://openalex.org/S2764827305","display_name":"International Journal of Financial Studies","issn_l":"2227-7072","issn":["2227-7072"],"is_oa":true,"is_in_doaj":true,"is_core":true,"listed_in":["anvur-scientific","cwts-core","doaj","norway-1","poland-40","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310310987","host_organization_name":"Multidisciplinary Digital Publishing Institute","host_organization_lineage":["https://openalex.org/P4310310987"],"host_organization_lineage_names":["Multidisciplinary Digital Publishing Institute"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"International Journal of Financial Studies","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref","doaj"],"open_access":{"is_oa":true,"oa_status":"gold","oa_url":"https://www.mdpi.com/2227-7072/8/2/20/pdf?version=1585822499","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5077157120","display_name":"Yusheng Kong","orcid":"https://orcid.org/0000-0002-7358-6482","observed_orcids":["https://orcid.org/0000-0002-7358-6482"]},"institutions":[{"id":"https://openalex.org/I115592961","display_name":"Jiangsu University","ror":"https://ror.org/03jc41j30","country_code":"CN","type":"education","lineage":["https://openalex.org/I115592961"]}],"countries":["CN"],"is_corresponding":true,"raw_author_name":"Yusheng Kong","raw_affiliation_strings":["School of Finance & Economics, Jiangsu University, 301 Xuefu Road, Zhenjiang 212013, China"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"School of Finance & Economics, Jiangsu University, 301 Xuefu Road, Zhenjiang 212013, China","institution_ids":["https://openalex.org/I115592961"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5006289377","display_name":"Takuriramunashe Famba","orcid":"https://orcid.org/0000-0003-0945-4474","observed_orcids":["https://orcid.org/0000-0003-0945-4474"]},"institutions":[{"id":"https://openalex.org/I115592961","display_name":"Jiangsu University","ror":"https://ror.org/03jc41j30","country_code":"CN","type":"education","lineage":["https://openalex.org/I115592961"]}],"countries":["CN"],"is_corresponding":true,"raw_author_name":"Takuriramunashe Famba","raw_affiliation_strings":["School of Finance & Economics, Jiangsu University, 301 Xuefu Road, Zhenjiang 212013, China"],"raw_orcid":"https://orcid.org/0000-0003-0945-4474","affiliations":[{"raw_affiliation_string":"School of Finance & Economics, Jiangsu University, 301 Xuefu Road, Zhenjiang 212013, China","institution_ids":["https://openalex.org/I115592961"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5037793334","display_name":"Grace Chituku-Dzimiro","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I121645547","display_name":"Chinhoyi University of Technology","ror":"https://ror.org/005f4y685","country_code":"ZW","type":"education","lineage":["https://openalex.org/I121645547"]}],"countries":["ZW"],"is_corresponding":false,"raw_author_name":"Grace Chituku-Dzimiro","raw_affiliation_strings":["Department of Accounting & Finance, Grace Chituku-Dzimiro, Chinhoyi University of Technology, Chinhoyi 263, Zimbabwe"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Accounting & Finance, Grace Chituku-Dzimiro, Chinhoyi University of Technology, Chinhoyi 263, Zimbabwe","institution_ids":["https://openalex.org/I121645547"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5050126178","display_name":"Huaping Sun","orcid":"https://orcid.org/0000-0002-9328-7850","observed_orcids":["https://orcid.org/0000-0002-9328-7850"]},"institutions":[{"id":"https://openalex.org/I115592961","display_name":"Jiangsu University","ror":"https://ror.org/03jc41j30","country_code":"CN","type":"education","lineage":["https://openalex.org/I115592961"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"Huaping Sun","raw_affiliation_strings":["School of Finance & Economics, Jiangsu University, 301 Xuefu Road, Zhenjiang 212013, China"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"School of Finance & Economics, Jiangsu University, 301 Xuefu Road, Zhenjiang 212013, China","institution_ids":["https://openalex.org/I115592961"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5016545402","display_name":"Ophias Kurauone","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I115592961","display_name":"Jiangsu University","ror":"https://ror.org/03jc41j30","country_code":"CN","type":"education","lineage":["https://openalex.org/I115592961"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"Ophias Kurauone","raw_affiliation_strings":["School of Finance & Economics, Jiangsu University, 301 Xuefu Road, Zhenjiang 212013, China"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"School of Finance & Economics, Jiangsu University, 301 Xuefu Road, Zhenjiang 212013, China","institution_ids":["https://openalex.org/I115592961"]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":2,"corresponding_author_ids":["https://openalex.org/A5006289377","https://openalex.org/A5077157120"],"corresponding_institution_ids":["https://openalex.org/I115592961"],"apc_list":{"value":1000,"currency":"CHF","value_usd":1056},"apc_paid":{"value":1000,"currency":"CHF","value_usd":1056},"fwci":12.5426,"has_fulltext":true,"cited_by_count":48,"citation_normalized_percentile":{"value":0.98542427,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":93,"max":100},"biblio":{"volume":"8","issue":"2","first_page":"20","last_page":"20"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9990000128746033,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9990000128746033,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T13957","display_name":"Corporate Governance and Financial Management","score":9.999999747378752e-05,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11843","display_name":"Family Business Performance and Succession","score":9.999999747378752e-05,"subfield":{"id":"https://openalex.org/subfields/1407","display_name":"Organizational Behavior and Human Resource Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/corporate-governance","display_name":"corporate governance","score":0.6809999942779541},{"id":"https://openalex.org/keywords/ownership-concentration","display_name":"ownership concentration","score":0.8360000252723694},{"id":"https://openalex.org/keywords/firm-value","display_name":"firm value","score":0.9739999771118164},{"id":"https://openalex.org/keywords/state-owned-enterprises","display_name":"state-owned enterprises","score":0.800000011920929},{"id":"https://openalex.org/keywords/non-state-owned-enterprises","display_name":"non-state-owned enterprises","score":0.8460000157356262},{"id":"https://openalex.org/keywords/tobin-s-q","display_name":"Tobin's Q","score":0.8460000157356262},{"id":"https://openalex.org/keywords/ownership-structure","display_name":"ownership structure","score":0.6200000047683716},{"id":"https://openalex.org/keywords/privatization","display_name":"privatization","score":0.6029999852180481},{"id":"https://openalex.org/keywords/split-share-structure-reform","display_name":"split share structure reform","score":0.8569999933242798},{"id":"https://openalex.org/keywords/chinese-listed-companies","display_name":"Chinese listed companies","score":0.8740000128746033},{"id":"https://openalex.org/keywords/emerging-markets","display_name":"emerging markets","score":0.5609999895095825}],"concepts":[{"id":"https://openalex.org/C39389867","wikidata":"https://www.wikidata.org/wiki/Q380767","display_name":"Corporate governance","level":2,"score":0.765643835067749},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.7006644010543823},{"id":"https://openalex.org/C23032112","wikidata":"https://www.wikidata.org/wiki/Q1344727","display_name":"Enterprise value","level":2,"score":0.688541829586029},{"id":"https://openalex.org/C2777506082","wikidata":"https://www.wikidata.org/wiki/Q2396633","display_name":"State ownership","level":3,"score":0.5282437205314636},{"id":"https://openalex.org/C199728807","wikidata":"https://www.wikidata.org/wiki/Q2578557","display_name":"Equity (law)","level":2,"score":0.4892737567424774},{"id":"https://openalex.org/C191935318","wikidata":"https://www.wikidata.org/wiki/Q148","display_name":"China","level":2,"score":0.47611507773399353},{"id":"https://openalex.org/C2776291640","wikidata":"https://www.wikidata.org/wiki/Q2912517","display_name":"Value (mathematics)","level":2,"score":0.46992695331573486},{"id":"https://openalex.org/C2775924081","wikidata":"https://www.wikidata.org/wiki/Q55608371","display_name":"Control (management)","level":2,"score":0.42888057231903076},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.4277515113353729},{"id":"https://openalex.org/C2780299701","wikidata":"https://www.wikidata.org/wiki/Q475000","display_name":"Stock market","level":3,"score":0.4188550114631653},{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.40216970443725586},{"id":"https://openalex.org/C121087249","wikidata":"https://www.wikidata.org/wiki/Q546395","display_name":"Emerging markets","level":2,"score":0.33448880910873413},{"id":"https://openalex.org/C34447519","wikidata":"https://www.wikidata.org/wiki/Q179522","display_name":"Market economy","level":1,"score":0.32804301381111145},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.2574765682220459},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.2125970721244812},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0},{"id":"https://openalex.org/C187736073","wikidata":"https://www.wikidata.org/wiki/Q2920921","display_name":"Management","level":1,"score":0.0},{"id":"https://openalex.org/C119857082","wikidata":"https://www.wikidata.org/wiki/Q2539","display_name":"Machine learning","level":1,"score":0.0},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C151730666","wikidata":"https://www.wikidata.org/wiki/Q7205","display_name":"Paleontology","level":1,"score":0.0},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.0},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.0},{"id":"https://openalex.org/C2780762169","wikidata":"https://www.wikidata.org/wiki/Q5905368","display_name":"Horse","level":2,"score":0.0}],"mesh":[],"locations_count":4,"locations":[{"id":"doi:10.3390/ijfs8020020","doi":"https://doi.org/10.3390/ijfs8020020","is_oa":true,"landing_page_url":"http://dx.doi.org/10.3390/ijfs8020020","pdf_url":"https://www.mdpi.com/2227-7072/8/2/20/pdf?version=1585822499","source":{"id":"https://openalex.org/S2764827305","display_name":"International Journal of Financial Studies","issn_l":"2227-7072","issn":["2227-7072"],"is_oa":true,"is_in_doaj":true,"is_core":true,"listed_in":["anvur-scientific","cwts-core","doaj","norway-1","poland-40","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310310987","host_organization_name":"Multidisciplinary Digital Publishing Institute","host_organization_lineage":["https://openalex.org/P4310310987"],"host_organization_lineage_names":["Multidisciplinary Digital Publishing Institute"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"International Journal of Financial Studies","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:gam:jijfss:v:8:y:2020:i:2:p:20-:d:340369","doi":null,"is_oa":false,"landing_page_url":"https://www.mdpi.com/2227-7072/8/2/20/","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"},{"id":"pmh:oai:doaj.org/article:3e2f8cb8582c4ddc8e1c0ec32916d96b","doi":null,"is_oa":true,"landing_page_url":"https://doaj.org/article/3e2f8cb8582c4ddc8e1c0ec32916d96b","pdf_url":null,"source":{"id":"https://openalex.org/S4306401280","display_name":"DOAJ (DOAJ: Directory of Open Access Journals)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by-sa","license_id":"https://openalex.org/licenses/cc-by-sa","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"International Journal of Financial Studies, Vol 8, Iss 2, p 20 (2020)","raw_type":"article"},{"id":"pmh:oai:econstor.eu:10419/257687","doi":null,"is_oa":true,"landing_page_url":"http://hdl.handle.net/10419/257687","pdf_url":null,"source":{"id":"https://openalex.org/S4306401696","display_name":"Econstor (Econstor)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"doc-type:article"}],"best_oa_location":{"id":"doi:10.3390/ijfs8020020","doi":"https://doi.org/10.3390/ijfs8020020","is_oa":true,"landing_page_url":"http://dx.doi.org/10.3390/ijfs8020020","pdf_url":"https://www.mdpi.com/2227-7072/8/2/20/pdf?version=1585822499","source":{"id":"https://openalex.org/S2764827305","display_name":"International Journal of Financial Studies","issn_l":"2227-7072","issn":["2227-7072"],"is_oa":true,"is_in_doaj":true,"is_core":true,"listed_in":["anvur-scientific","cwts-core","doaj","norway-1","poland-40","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310310987","host_organization_name":"Multidisciplinary Digital Publishing Institute","host_organization_lineage":["https://openalex.org/P4310310987"],"host_organization_lineage_names":["Multidisciplinary Digital Publishing Institute"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"International Journal of Financial Studies","raw_type":"journal-article"},"sustainable_development_goals":[{"display_name":"Peace, justice, and strong institutions","score":0.47620001435279846,"id":"https://metadata.un.org/sdg/16"}],"sustainable_development_goals_aurora":[{"display_name":"Partnerships for the goals","score":0.550000011920929,"id":"https://metadata.un.org/sdg/17"}],"study_designs":[],"awards":[{"id":"https://openalex.org/G709192285","display_name":null,"funder_award_id":"71371081","funder_id":"https://openalex.org/F4320315254","funder_display_name":"Innovative Research Group Project of the National Natural Science Foundation of China"},{"id":"https://openalex.org/G8336385974","display_name":"\u79fb\u52a8\u793e\u4f1a\u5316\u5a92\u4f53\u4e2d\u57fa\u4e8e\u4ef7\u503c\u5171\u521b\u7684\u4f01\u4e1a\u8d1f\u9762\u53e3\u7891\u5904\u7406\u8d44\u6e90\u7684\u7ba1\u7406\u65b9\u6cd5\u53ca\u7cfb\u7edf\u7814\u7a76","funder_award_id":"71371081","funder_id":"https://openalex.org/F4320321001","funder_display_name":"National Natural Science Foundation of China"}],"funders":[{"id":"https://openalex.org/F4320315254","display_name":"Innovative Research Group Project of the National Natural Science Foundation of China","ror":null},{"id":"https://openalex.org/F4320321001","display_name":"National Natural Science Foundation of China","ror":"https://ror.org/01h0zpd94"}],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W3014096770.pdf","grobid_xml":"https://content.openalex.org/works/W3014096770.grobid-xml"},"referenced_works_count":79,"referenced_works":["https://openalex.org/W618764699","https://openalex.org/W1194316878","https://openalex.org/W1485489162","https://openalex.org/W1551231595","https://openalex.org/W1970639591","https://openalex.org/W1971889171","https://openalex.org/W1979927021","https://openalex.org/W1983237694","https://openalex.org/W1987810790","https://openalex.org/W1993347968","https://openalex.org/W1993519994","https://openalex.org/W2007574415","https://openalex.org/W2011487370","https://openalex.org/W2011947891","https://openalex.org/W2025610165","https://openalex.org/W2028261688","https://openalex.org/W2033421104","https://openalex.org/W2035554302","https://openalex.org/W2036602459","https://openalex.org/W2043019907","https://openalex.org/W2053827383","https://openalex.org/W2080952114","https://openalex.org/W2092532477","https://openalex.org/W2096167588","https://openalex.org/W2099199959","https://openalex.org/W2101242833","https://openalex.org/W2106440373","https://openalex.org/W2111558694","https://openalex.org/W2117594039","https://openalex.org/W2120552721","https://openalex.org/W2129755254","https://openalex.org/W2131136597","https://openalex.org/W2135241016","https://openalex.org/W2138312983","https://openalex.org/W2144357229","https://openalex.org/W2215815758","https://openalex.org/W2271674507","https://openalex.org/W2354500548","https://openalex.org/W2480037152","https://openalex.org/W2480252866","https://openalex.org/W2515621318","https://openalex.org/W2587578636","https://openalex.org/W2607021369","https://openalex.org/W2621152421","https://openalex.org/W2671641588","https://openalex.org/W2735306585","https://openalex.org/W2752617332","https://openalex.org/W2755763803","https://openalex.org/W2761787359","https://openalex.org/W2763991216","https://openalex.org/W2780744508","https://openalex.org/W2891535705","https://openalex.org/W2892015643","https://openalex.org/W2898276426","https://openalex.org/W2902639523","https://openalex.org/W2918265267","https://openalex.org/W2921177713","https://openalex.org/W2943590930","https://openalex.org/W3005275274","https://openalex.org/W3121133695","https://openalex.org/W3121403162","https://openalex.org/W3121693921","https://openalex.org/W3121751714","https://openalex.org/W3121759882","https://openalex.org/W3122419220","https://openalex.org/W3122602955","https://openalex.org/W3122859634","https://openalex.org/W3123091495","https://openalex.org/W3123724460","https://openalex.org/W3125448976","https://openalex.org/W3126004765","https://openalex.org/W3126083986","https://openalex.org/W4239883852","https://openalex.org/W4251580155","https://openalex.org/W4285719527","https://openalex.org/W6689061899","https://openalex.org/W6736752424","https://openalex.org/W6762087008","https://openalex.org/W6766130015"],"related_works":["https://openalex.org/W2735306585","https://openalex.org/W3125357367","https://openalex.org/W2033859132","https://openalex.org/W4205615014","https://openalex.org/W2117851052","https://openalex.org/W2360961095","https://openalex.org/W2159894470","https://openalex.org/W1502141988","https://openalex.org/W4391326993","https://openalex.org/W2046860517"],"abstract_inverted_index":{"This":[0],"study":[1],"analyzes":[2],"corporate":[3,7,28,62,168],"ownership":[4,29,66,111,139,159],"as":[5,125,188,194],"a":[6,37,54,82,87,106,144],"governance":[8,169],"mechanism":[9,166],"and":[10,65,98,113,122],"its":[11,170],"role":[12],"in":[13,33],"creating":[14],"firm":[15,56,118,145],"value.":[16],"Previous":[17],"research":[18,32],"shows":[19],"that":[20,117,134],"there":[21],"is":[22,79,90,141,148,172],"no":[23],"convergence":[24],"on":[25],"the":[26,42,69,96,99,135,189,197],"firm-value":[27],"relationship.":[30],"Most":[31],"this":[34],"area":[35],"takes":[36],"cross":[38],"national":[39],"approach":[40],"ignoring":[41],"uniqueness":[43],"of":[44,50,71,138,183,199],"each":[45],"institutional":[46],"setting":[47],"particularly":[48],"those":[49],"emerging":[51],"nations.":[52],"Using":[53,95],"unique":[55],"level":[57],"dataset,":[58],"we":[59,104],"investigate":[60],"how":[61],"control":[63,78],"nature":[64,147],"concentration":[67,112,140,160],"affect":[68],"value":[70,119],"Chinese":[72],"listed":[73],"firms.":[74],"First,":[75],"non-state":[76,149],"owned":[77,150],"associated":[80],"with":[81],"higher":[83],"Tobin\u2019s":[84,114],"Q":[85],"while":[86],"negative":[88,136],"premium":[89],"found":[91],"for":[92,167,174,196],"state":[93],"owned.":[94],"hybrid":[97],"correlated":[100],"random":[101],"effects":[102],"model":[103],"confirm":[105],"U-shaped":[107],"non-linear":[108],"relationship":[109],"between":[110],"Q,":[115],"implying":[116],"first":[120],"decreases":[121],"then":[123],"increases":[124],"block":[126],"holders":[127],"own":[128],"more":[129],"shares.":[130],"Further":[131],"investigation":[132],"reveals":[133],"effect":[137,171],"weaker":[142,173],"when":[143],"equity":[146],"enterprises":[151,156],"(non-SOEs)":[152],"compared":[153,176],"to":[154,162,177],"state-owned":[155],"(SOEs).":[157],"While":[158],"appears":[161],"be":[163],"an":[164],"efficient":[165],"SOEs":[175],"non-SOEs.":[178],"The":[179],"results":[180],"support":[181],"privatization":[182],"SOEs,":[184],"sound":[185],"reforms":[186],"such":[187],"split":[190],"share":[191],"structure":[192],"reform":[193],"crucial":[195],"development":[198],"China\u2019s":[200],"stock":[201],"market.":[202]},"counts_by_year":[{"year":2026,"cited_by_count":12},{"year":2025,"cited_by_count":3},{"year":2024,"cited_by_count":6},{"year":2023,"cited_by_count":13},{"year":2022,"cited_by_count":4},{"year":2021,"cited_by_count":8},{"year":2020,"cited_by_count":2}],"updated_date":"2026-11-01T11:40:01.658920","created_date":"2020-04-10T00:00:00"}