“…Empirical tests of the relationship between capital structure and business performance show positive and negative contradictory conclusions, also implying a nonlinear relationship between the two. Scholars also used the quadratic function and quantile regression model to attempt to calculate the optimal capital structure (A. N. Berger & Bonaccorsi di Patti, 2006;Margaritis & Psillaki, 2010;Schorr & Lips, 2019;Spitsin et al, 2020). Ownership structure is the foundation of corporate governance (Arosa et al, 2010), determines the choice of capital structure (Brailsford, Oliver, & Pua, 2002;Chakraborty, 2018;Jiraporn & Liu, 2008;Le & Tannous, 2016;Lee & Kuo, 2014;Margaritis & Psillaki, 2010), and ultimately affects changes in corporate value.…”