The determinants of board size and independence: Evidence from China |
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Authors: | Catherine Huirong Chen Basil Al-Najjar |
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Institution: | 1. The Wharton School, University of Pennsylvania, 3620 Locust Walk, Philadelphia, PA 19104, United States;2. Shanghai Mingshi Investment Co., Ltd., 2101 Taiping Finance Tower, No. 488 Middle Yincheng Road, Shanghai 200120, China;3. Wharton Financial Institutions Center, University of Pennsylvania, United States;4. NBER, United States |
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Abstract: | China's corporate governance reform offers an interesting context for investigating the determinants of board size and independence. Analysing a large panel dataset from 1999 to 2003, we find that Chinese board size is primarily driven by firm complexity; board independence is mainly driven by regulation. Some governance factors newly introduced in this study also have a significant impact. For example, board independence is negatively associated with the size of supervisory board and state ownership. The findings have important implications and provide new insights into the subject. |
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