Can corporatization improve the performance of state-owned enterprises even without privatization?

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Leverage and investment under a state-owned bank lending environment : evidence from China (2008, methodology): “Based on evidence from Canadian firms, Aivazian et al. (2005) also offer evidence for a significantly negative impact of leverage on investment, with the negative relation stronger for low growth firms.”
Corporate governance quality and financial leverage: Evidence from China (2020, methodology): “To examine the influence of firms’ financial leverage on corporate performance, we refer to Aivazian et al. (2005) and Graham and Tucker (2006) and use corporate sales revenue (Revenue) as a proxy variable of profitability. Drawing from Chen and Shimerda (1981), we calculate the liquidity index (Liq”
Does the type of ownership control matter? Evidence from China's listed companies (2009, result): “Our evidence is consistent with Aivazian et al. (2005), Wei et al.”
Grasp the Large, Let Go of the Small: The Transformation of the State Sector in China (2016, unknown): “See Aivazian et al. (2005) for an assessment of the initial experiments with reforms in corporate governance.”
Financial development, bank discrimination and trade credit (2007, methodology): “These surveys have been used in various studies of the Chinese economy (e.g., Aivazian et al., 2005a,b; Groves et al., 1994, 1995; Li, 1997).”