State Ownership, Institutional Ownership and Relationship with Firm Performance: Evidence from Chinese Public Listed Firms Lifei Mao University of Twente P.O. Box 217, 7500AE Enschede The Netherlands ABSTRACT State ownership and institutional ownership both play important roles in Chinese public listed firms.

This paper extends prior research to examine the managerial ownership influences on firm performance through the choices of capital structures by using a new sample of S&P 500 firm in 2005. The empirical results of OLS regressions replicate the nonlinear relationship between managerial ownership and firm value.