Fig 1.
Logical framework diagram.
Table 1.
Definition of the variables and description of the indicators.
Table 2.
Definition of the variables and description of the indicators.
Table 3.
Overview of shareholder groups in state-owned enterprises.
Table 4.
Comparison of resource misallocation of companies with different shareholdings of non-state shareholders.
Table 5.
Descriptive statistics of main variables.
Table 6.
Basic regression results and formation mechanisms.
Table 7.
Robustness tests.
Table 8.
Expanded analysis: Enterprise nature and regional differences.
Table 9.
Expansive analysis: Government resource tilt and external market environment.