Insider ownership, ownership concentration and investment performance: An international comparison

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Varieties in state capitalism and corporate innovation: Evidence from an emerging economy (2021, background): “…controlling shareholder and the minority shareholders because, in China, the divergence between the controlling owners ’ cash flow rights and voting rights is mostly maintained through pyramid structures (Liu and Sun, 2005; Gugler et al., 2008; Fan et al., 2011; Claessens and Yurtoglu, 2013).”
Corporate governance mechanisms and financial performance in China: panel data evidence on listed non financial companies (2011, methodology): “…have relied mainly on Tobin’s Q as a measure of corporate performance (Hermalin and Weisbach 1991, McConnell and Servaes 1995, Himmelberg et al. 1999, Holderness et al. 1999, Demsetz and Villalonga 2001, Oxelheim and Randøy 2003, Wei et al. 2005, Gunasekarage et al. 2007, Gugler et al. 2008).”