State-owned capital participation and customer concentration in private firms: Evidence from China

The empirical process consists of seven main steps, each of which corresponds to the empirical analysis in the paper in turn. Firm-level financial and corporate governance data are obtained from the CSMAR database, and macroeconomic data are sourced from the China Statistical Yearbook. All tables can be obtained by running "code.do." We have clarified all tables and figures in the do-file.