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《Economic Research Journal》 2007-04
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Can Independent Directors Deter the Tunneling of Large Shareholders?

Ye Kangtao(University of North Carolina,USA)Lu Zhengfei and Zhang Zhihua(Guanghua School of Management,Peking University)  
We examine the impacts of independent directors on the tunneling of large shareholders in China's stock market.Specifically,we study whether independent directors can reduce the fund embezzlement of large shareholders from the listed companies.Similar to previous literature,we do not find the significant relation between the percentage of independent directors and the fund embezzlement of large shareholders in OLS regressions.Further analyses demonstrate,however,the percentage of independent directors is an endogenous variable.After controlling the endogeneity issue,the percentage of independent directors is negatively related to the fund embezzlement of large shareholders,implying that the previous research which do not find the negative relation between independent directors and tunneling may be subject to model misspecification.Our conclusions are robust to various proxies for the fund embezzlement of large shareholders.
【CateGory Index】: F279.21;F224
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8 Yu Peikun Zhong Ruijun School of Economics and Management,Tsinghua University;Can Individual Investor Sentiment Predict Market Returns?[J];Nankai Business Review;2009-01
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1 GAO Yu-xiang, ZHANG Qiu-sheng, YANG Hang, ZHANG Jin-xin (Center for Chinese M&A Research,Beijing Jiaotong University, Beijing 100044, China);Corporate Governance Effect in China Listed Corporate Control Market: An Empirical Analysis[J];Journal of Beijing Jiaotong University(Social Sciences Edition);2004-02
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【Secondary References】
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1 CHEN Qi-an,TANG Ya-bei,ZHANG Li-gong (School of Economics and Business Administration,Chongqing University,Chongqing 400030,China);Effect Mechanism of the Effect of Institutional Investors' Overconfidence on Chinese Stock Market[J];Systems Engineering;2009-07
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