The strand of literature on Chinese firm performance shows that state ownership clearly has influence. This state-performance relationship is found to be linear, concave and convex shaped which remains to be resolved yet there are few studies. The authors study a large and recent sample of 27,896 Chinese publicly listed firm year observations during 2001-2011 using panel regressions. The authors show that state ownership is related to financial performance as measured by Tobin’s Q and stock returns. Our results affirm a non-linear, concave relationship between state ownership and financial performance. The authors also show how firm governance plays a clear role in Chinese firm performance.
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