Table 1 Summary of Key Studies on Equity Concentration and Firm Value by Context.
Authors (Year) | Country/Region | Industry | Key Finding | Method | Context |
|---|---|---|---|---|---|
Lee & Kim (2022) | South Korea | High-tech | Positive | Panel regression | Normal |
Cao & Hsu (2021) | USA | High-tech | Positive (through R&D) | Panel regression | Normal |
Kotlar & De Massis (2020) | Multi-country | Family high-tech | Positive | Case/Panel | Normal |
Kim & Fortado (2021) | USA | High-tech manufacturing | Negative (expropriation) | Regression | Normal |
Hsu & Fang (2019) | Taiwan, China | High-tech | Positive | Panel regression | Normal |
Jain & Kedia (2018) | India | High-tech | Positive | Panel regression | Normal |
Lu & Mi (2023) | Mainland China | A-share listed | Positive (R&D moderates) | Panel regression | Normal |
Chen & Liu (2021) | Mainland China | Listed firms | Negative moderation of CSR | Panel regression | Normal |
Xu (2021) | Mainland China | Listed firms | U-shaped | Panel regression | Normal |
Zhang (2020) | Mainland China | Listed firms | Inverted U-shaped | Panel regression | Normal |
Zhang (2022) | Mainland China | ChiNext | Negative (largest holder) / Positive (top 5) | Panel regression | Normal |
Sun (2020) | Mainland China | ChiNext | Threshold effects | Threshold regression | Normal |
Zhang & Wen (2020) | Mainland China | ChiNext | Positive | Panel regression | Normal |
Liu & Han (2022) | Mainland China | Manufacturing | Positive moderation of R&D | Panel regression | Normal |
Wang et al. (2020) | Mainland China | Logistics | U-shaped | Panel regression | Normal |
Lin (2018) | Mainland China | Power | Inverted U-shaped | Panel regression | Normal |
Bai et al. (2024) | Mainland China | High-tech | Positive (monitoring effect) | Panel regression | Normal |
Jia & Sun (2023) | Mainland China | High-tech | Positive (risk management) | Panel regression | Normal |
Wang & Li (2022) | Mainland China | High-tech | Positive | Panel regression | Normal |
Chen & Huang (2021) | Mainland China | High-tech | Positive | Panel regression | Normal |
Hesheng et al. (2024) | Mainland China | High-tech | Negative (innovation) | Panel regression | Normal |
Li & Yan (2015) | Mainland China | High-tech | Inverted U-shaped | Panel regression | Normal |
Teng & Qiu (2015) | Mainland China | High-tech | Inverted U-shaped (state ownership) | Panel regression | Normal |
Wang et al. (2020) | Mainland China | High-tech | Negative (through R&D) | Mediation | Normal |
Li et al. (2018) | Mainland China | High-tech | Negative (through R&D) | Mediation | Normal |
This study | Mainland China | High-tech manufacturing | Negative (stronger after IV correction); moderated by COVID-19 | FE + IV + Mediation | Crisis |
