Fig 1.
Table 1.
Variable definitions.
Table 2.
Descriptive statistics.
Table 3.
Correlation coefficient table.
Table 4.
Shareholding structure and corporate governance level.
Table 5.
Instrumental variable approach.
Table 6.
Robustness tests.
Table 7.
Potential channels.
Table 8.
Group test of corporate governance level.
Table 9.
Group test of board resolution behavior.
Table 10.
Test of governance effect of non-state shareholders based on board resolutions.