Non-family chair and corporate performance

Frontiers of Business Research in China

Table 1 The number and percentage of firm-year observations by year and industry

	All firms		Family-chair firms		Non-family-chair firms
	Obs.	%	Obs.	%	Obs.	%
Panel A: Distribution of firm-years by year
Year
2000	11	0.139	4	36.364	7	63.636
2001	47	0.595	30	63.830	17	36.170
2002	94	1.190	59	62.766	35	37.234
2003	158	1.999	83	52.532	75	47.468
2004	239	3.025	128	53.556	111	46.444
2005	269	3.404	138	51.301	131	48.699
2006	310	3.923	167	53.871	143	46.129
2007	343	4.341	197	57.434	146	42.566
2008	484	6.125	318	65.702	166	34.298
2009	529	6.695	360	68.053	169	31.947
2010	621	7.859	446	71.820	175	28.180
2011	923	11.681	708	76.706	215	23.294
2012	1184	14.984	958	80.912	226	19.088
2013	1339	16.945	1080	80.657	259	19.343
2014	1351	17.097	1057	78.238	294	21.762
Total	7902	100	5733	72.551	2169	27.449
Panel B: Distribution of firm-years by industry
Industry
Agriculture	162	2.050	123	75.926	39	24.074
Mining	84	1.063	52	61.905	32	38.095
Food	307	3.885	217	70.684	90	29.316
Apparel	394	4.986	279	70.812	115	29.188
Furniture	74	0.936	58	78.378	16	21.622
Printing	181	2.291	147	81.215	34	18.785
Gas and Chemistry	844	10.681	598	70.853	246	29.147
Electronics	495	6.264	415	83.838	80	16.162
Metal	547	6.922	401	73.309	146	26.691
Machinery	1629	20.615	1259	77.287	370	22.713
Pharmaceutical Products	634	8.023	480	75.710	154	24.290
Other Manufacturing	107	1.354	84	78.505	23	21.495
Energy Supply	47	0.595	22	46.809	25	53.191
Construction	164	2.075	124	75.610	40	24.390
Transportation	70	0.886	41	58.571	29	41.429
Information Technology	759	9.605	594	78.261	165	21.739
Retail & Wholesale	402	5.087	211	52.488	191	47.512
Real Estate	427	5.404	280	65.574	147	34.426
Other Service Supply	193	2.442	144	74.611	49	25.389
Entertainment	58	0.734	45	77.586	13	22.414
Other	324	4.100	159	49.074	165	50.926
Total	7902	100.000	5733	72.551	2169	27.449

Panel A presents the distribution of our sample by year. Panel B presents the distribution of our sample by industry based on the official classification issued by the China Securities Regulatory Commission (CSRC). Family-chair firms are defined as firms whose chairs are members of the controlling family including the immediate family and other relatives, while non-family chairs share no family connections such as blood ties or marriage. The sample consists of 7902 firm-years for 1466 A-share nonfinancial firms listed on Shanghai and Shenzhen Stock Exchanges during 1999–2014