Global Journal of Management and Business Research, A: Administration and Management, Volume 22 Issue 8

Table 1: Ownership Concentration for Sample Firm Years (as percentage) SOECG (Obs. 2135) SOELG (Obs. 4911) PRIVATE (Obs. 5449) PCHINEXT (Obs. 778) ALL (Obs. 13273) Mean Median Mean Median Mean Median Mean Median Mean Median Panel A: Ownership Concentration by Top Shareholder Percent by largest shareholder 41.77 42.40 38.71 37.28 33.38 30.16 33.86 32.12 36.73 34.94 Percent by second largest shareholder 9.02 5.28 7.48 4.33 10.21 8.84 13.58 12.86 9.20 6.88 Percent by third largest shareholder 3.10 1.87 2.96 1.85 4.47 3.50 7.04 5.99 3.84 2.66 Combined ownership by top 3 shareholders 53.89 53.79 49.14 49.24 48.06 48.14 54.48 55.82 49.77 50.08 Percent by non-controlling blockholders 9.19 7.00 9.06 6.78 13.54 12.13 21.96 21.28 11.68 9.54 SOECG (Obs. 2135) SOELG (Obs. 4911) PRIVATE (Obs. 5449) PCHINEXT (Obs. 778) ALL (Obs. 13273) Mean Median Mean Median Mean Mean Median Mean Median Mean Panel B: Percent by Largest Shareholder for Cross-sectional Years Year No. of Companies 2005 1246 46.82 50.07 43.60 42.50 33.46 29.56 40.61 38.13 2006 1402 40.63 41.03 38.18 36.77 30.94 28.93 36.03 33.52 2007 1489 40.36 41.19 37.58 36.30 32.13 29.69 35.99 34.40 2008 1502 41.26 42.23 37.86 37.25 33.09 30.58 36.53 35.42 2009 1503 41.46 42.43 38.00 36.64 32.98 30.00 30.22 27.93 36.41 34.43 2010 1708 41.38 42.22 38.27 37.42 33.75 31.16 33.54 33.07 36.43 34.83 2011 2045 41.43 42.14 37.99 36.20 34.17 31.61 34.31 32.82 36.32 34.53 2012 2534 41.36 42.14 38.50 36.27 34.42 32.07 33.99 32.12 36.41 34.63 Table I Panel A presents the summary statistics of ownership structure by largest shareholders’ actual economic identity. SOECG refers to the mean/median percentage of equity ownership owned by the public companies where the largest shareholder is affiliated to the central government. SOELG refers to the mean/median percentage of equity ownership owned by the public companies where the largest shareholder is affiliated to a local government. PRIVATE refers to the mean/median percentage of equity ownership owned by the public firms that are controlled by the natural person (private investor). ALL the companies denoted as SOECG SOELG and PRIVATE are listed on China’s main boards through the Shanghai and Shenzhen stock exchange markets. PCHINEXT represents the mean/median percentage of equity ownership owned by the public firms where the identity of the largest shareholder cannot be specified. The non- controlling blockholders are referred to as a combination of shares held by second largest shareholder to the tenth largest stockholder (within the top 10 shareholders’ tier) in each firm. Table I Panel B reports the summary statistics for the largest shareholder at each ownership category for each year from 2005 to 2012. Table 2: Ownership Structure by Industry (as percentage) Industry No. of Observations No. of Companies SOECG SOELG PRIVATE PCHINEXT ALL Agribusiness 283 57 43.21 35.46 37.96 27.22 36.74 Food & Beverage 558 408 38.90 38.62 34.99 40.96 37.15 Textile & Clothing 522 99 31.34 34.96 35.09 00.00 34.79 Petrochemical & Chemical 1457 295 39.61 38.21 33.15 33.78 35.97 Metallurgy 1153 229 42.48 46.62 36.13 34.74 41.21 Light Industry 452 100 31.81 32.82 35.75 44.18 35.00 Pharmaceuticals 858 161 46.12 36.70 31.27 33.13 34.31 Real Estate 641 131 37.87 41.26 38.15 00.00 39.53 Transportation 509 89 46.32 43.36 30.93 28.30 42.67 Public Utility 582 99 34.03 44.45 33.96 58.51 40.03 Hospitality & Tourism 208 34 34.73 37.71 27.55 34.18 34.88 Energy 209 66 60.24 48.66 25.03 31.09 48.24 Construction 297 63 51.54 39.59 33.28 41.48 40.26 The Relationship between Ownership Identity, Ownership Concentration, and Firm Performance: Evidence from China 15 Global Journal of Management and Business Research Volume XXII Issue VIII Version I Year 2022 ( ) A © 2022 Global Journals