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Using a sample of China's A-share listed companies for the period 2001-2004, this paper investigates the influence of institutional environment variables, including the process of marketization, level of local government intervention, and local legal environment, on blockholder characteristics and ownership concentration, and the relation between the endogeneity of ownership structure and institutional environment. Our results indicate that the effects of these variables on ownershipdoi:10.1016/s1755-3091(13)60013-1 fatcat:lpep7nqn7bhshpziyrpicng66u