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Absence of ultimate controller and investment efficiency: Evidence from China.

PLoS One · 2023 · PMC10289388 · PMID 37352229

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an increasing trendno p-value reported
It shows that during the sample period from 2007 to 2020, the number of listed companies without an ultimate controller increased from 31 to 176, and the ratio of such companies to the total number of listed companies also increased from 3.07% to 5.64%, indicating an increasing trend annually.

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