State ownership and corporate performance: A quantile regression analysis of Chinese listed companies |
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| Authors: | Tao LI Laixiang SUN Liang ZOU |
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| Institution: | aSchool of Economics, Central University of Finance and Economics, Beijing, China;bDepartment of Financial & Management Studies, SOAS, University of London, UK;cInternational Institute for Applied Systems Analysis (IIASA), Laxenburg, Austria;dGuanghua School of Management, Peking University, Beijing, China;eAmsterdam Business School, 1018 WB Amsterdam, The Netherlands |
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| Abstract: | This study assesses the impact of government shareholding on corporate performance using a sample of 643 non-financial companies listed on the Chinese stock exchanges. In view of the controversial empirical findings in the literature and the limitations of the least squares regressions, we adopt the method of quantile regression and report a robust and significant negative relation between government shareholding and corporate performance among, and only among, the more profitable firms. This new finding, which the conditional mean-focused regressions do not capture, suggests that while Chinese government still exerts influences on the performance of these partially privatized firms, the relationship parameter changes across quantiles of the distribution of performance variables. |
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| Keywords: | State ownership Corporate performance China Quantile regression |
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