Our primary data source was Beijing University’s China Center for Economic Research (CCER) database.
Some data, including the components of the SSE Corporate Governance Sector, H-share issuance, number of
a company’s subsidiaries and the number of industries in which a company operates, were collected manually
from the Sina Finance website (www.finance.sina.com.cn), Juchao website (www.cninfo.com.cn) and the
annual financial reports of the sample firms.