Results and discussion
3.1. Summary statistics and base results We report the summary statistics in Table 2. Among the samples, the mean of PARTY is 0.087, suggesting there are approximately 8.7% of SOEs having members of their CPCs as directors, supervisors, or senior managers. The means of PARTY_DIR, PARTY_SUP, and PARTY_MAN are 0.066, 0.022, and 0.032, respectively, indicating 6.6%, 2.2%, and 3.2% of the SOEs have at least one member of their CPCs as a director, a supervisor, or a senior manager. Overall, the CPC members of SOEs show some involvement in running their SOEs.
