“…To capture the variance of dependent variable as much as possible, and due to the fact that foundations in the same region might be affected by the same regional factors, we also included several provincial level economic and political predictors as control variables, such as marketization level, percentage of population received higher education, and government expenditure per capita (Wei, 2017). According to Wang et al (2017), the marketization index measures the level of economic marketization at provincial level in China, which is composed of five aspects of the economy: government-market relationship, development of private sector, development of product markets, development of factor markets, and development of market intermediaries and legal environment.…”