Second, we have been privileged to have access to senior executives in China, specifically the participants and alumni of the EMBA and Executive Education programs of CEIBS. The school's enrollment reflects a broad section of senior leaders from a wide spectrum of businesses including private and state-owned firms and foreign-invested enterprises. However, this approach entails the possibility of selection biases and oversampling for example more successful firms (that would send their managers to a top business school). Moreover, we only included responding firms covered by the Oriana and Osiris databases, which implies that only business units that could be clearly matched to those databases were used.