State-Owned Capital Infusion and Compensation Practices in Non-State-Owned Enterprises

The initial sample comprises 19,313 firm-year observations with ownership structure data manually collected from corporate registries on Qichacha , complemented by financial and governance variables sourced from the China Stock Market & Accounting Research, China Research Data Service Platform, and China Economic Information databases.

For sample validity, we sequentially applied four filters: excluding firms initially state-controlled at IPOs that later transitioned to NSOEs through equity transfers; removing financial and insurance sector firms; dropping financially distressed entities, including special treatment firms and delisted companies; and eliminating observations with incomplete data for key variables. The final sample encompassed 14,650 firm-year observations.