Variable type	Name	Symbol	Definition
Explained variable	Reduction ratio	R_ratio	The ratio of the total number of shares held by the actual controller to the company’s outstanding shares (%).
Explained variable	Reduction frequency	R_fre	The sum of the number of times the actual controller reduces holdings.
Explanatory variables	Family membership	Fam_type	Dummy variable, the value of the alienation type is 1, otherwise it is 0.
	Family members in management	Manage	Dummy variable, if two or more family members participate in the management of the family business, the value is 1, otherwise it is 0.
	Financial distress	FD	Dummy variable, if the company’s net profit is negative, the value is 1, otherwise it is 0.
Control variable	Whether the chairman and CEO is the same person	Sameflag	Dummy variable, if the two are the same person, the value is 1, otherwise it is 0.
	Return on assets	ROA	Total corporate net profit/total corporate assets.
	Book-to-market ratio	BM	Total assets/market value.
	Debt ratio	Debt_ratio	Total corporate liabilities/total corporate assets.
	Institutional shareholding ratio	Ins_ratio	Number of shares held by institutional investors/total shares (%).
	Independent director ratio	Ind_ratio	Number of independent directors/total number of directors.
	Shareholding ratio of the top five shareholders	H5_ratio	Number of shares held by the top five shareholders/total number of shares.
	Stock circulation ratio	Cir_ratio	Number of shares outstanding/total shares.
	Tobin’ q	Tb_q	Market value/(total assets—net intangible assets—net goodwill).
	Owned sector	Bkflag	Dummy variable, the main board is 0, the entrepreneurial sector is 1, medium the small business sector is −1.
	Firm size	Size	The natural log of a company’s total assets.
	Listing years	Life	The number of years since the company went public.
	Industry	Industry	Industry dummy variable.
	Year	Year	Year dummy variable.