data
Description
This paper selects the annual data of China's A-share listed companies from 2007 to 2021 as the initial sample. It performs the following treatments based on the researcher's needs. First, it retains only samples where the controlling shareholders' equity nature is state-owned or private. Second, it excludes data from listed companies marked with ST and *ST in the current year. Third, it eliminates samples from the financial industry. Fourth, it removes samples with missing data for the main variables. Ultimately, this results in 15,874 research samples. The data on heterogeneous shareholders is manually collected and organized, while the corporate governance and financial data are obtained from the CSMAR database. To avoid the impact of extreme values, all continuous variables are winsorized at 1% to 99% before estimation.