The influence of the degree of state ownership and the ownership concentration on the performance of listed Chinese companies

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Corporate governance and firm value during the global financial crisis: Evidence from China (2012, background): “Many previous Chinese studies have found a negative effect of state ownership on firm value (Gunasekarage et al., 2007; Sun and Tong, 2003; Xu and Wang, 1999; Zhang et al., 2001).”
Corporate governance mechanisms and financial performance in China: panel data evidence on listed non financial companies (2011, methodology): “Giving consideration to recent data, Gunasekarage et al. (2007) again investigate the influence of the degree of state ownership and ownership concentration on firm performance.”
Ownership Structure and Firm Performance: Evidence from Vietnamese Listed Firms (2016, methodology): “This is because the goals of state owners – such as responding to the political agenda of the government, especially under a civil law system (Borisova et al., 2012) – are different from those of other shareholders (Gunasekarage et al., 2007).”
The Impact of Capital Structure on Firm Performance: Evidence from Vietnam (2020, result): “This result supports the results of Gunasekarage, Hess, and Hu (2007), Chang, Wang, Lee, and La (2014), Logavathani and Lingesiya (2018), and Nguyen and Nguyen (2020).”