In addition, following previous research, we include four control variables: concentration of family ownership concentration (SHARE), liabilities level (DEBT), firm size (SIZE) and CEO to take the chairman (CEO). Family ownership concentration (SHARE) is measured as the proportion of share owned by family. The higher level of SHAREindicates the family’ stronger influence on listed companies because of representation and voting rights on the board. The literature finds that debt financing should be positively related to firm performance. DEBT is measured as total liabilities over total assets. Firm size is also likely to be a major factor in the determination of corporate performance. Accordingly, variable SIZE, the natural logarithm of a firm's total assets, enters Model (1) and Model (2) as a separate and important control variable. In Chinese family corporate, it is clear that strategic firm decisions often require the approval of the chairperson [21]. We control for this possible effect on firm performance through inclusion of variable CEO. This variable takes on value one in cases where the CEO is also the firm's chairperson. The specific definitions of variables are shown in Tab.1. But