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《Auditing Research》 2010-06
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Ultimate Control Right,Governance Strategy of Blockholders and Independent Directors

Tang Yuejun Zuo Jingjing  
From the perspective of type II agency problem and external supervision,the paper,based on ultimate control right,depict control rights of controlling shareholders and counterbalance mechanism of blockholders to explore impacts of governance strategy of blockholders from different interest camp on scale of independent directors.Empirical research indicates that:there is an U-shape between control rights of controlling shareholders and scale of independent directors;cash flow rights(involvement)of controlling shareholders are negatively associated with amount and ratio of independent directors;balance degree of other blockholders are positively associated with amount and ratio of independent directors.
【Fund】: 国家自然科学基金项目“大股东治理战略研究:基于大股东制衡与外部监管的实证与实验”(项目批准号:70802015)资助
【CateGory Index】: F275;F224
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【Citations】
Chinese Journal Full-text Database 7 Hits
1 WU Xiao-hui,JIANG Yan-fu(School of Economics and Management,Tsinghua University,Beijing 100084,China);Change of the Independent Director's Governing Efficiency under the Influence of Institutional Investor:Empirical Evidence from China's Listed Firms[J];China Industrial Economy;2006-05
2 TANG Yue-jun,ZUO Jing-jing(School of Management,Fudan University,Shanghai 200433,China);Policy-related Disturbance,Blockholders Counterbalance and Board Independence[J];Journal of Finance and Economics;2010-05
3 YUEJUN TANG(Fudan University) FEISHI LV XINSHENG CHENG(Nankai University);Counterbalance of Large Shareholders,Governance Strategy and Information Disclosure:Evidence from Chinese Listed Companies in 2003[J];China Economic Quarterly;2008-02
4 Tang Yuejun Xie Rengming (Research Center of Corporate Governance, Nankai University, Tianjin, 300071);Balance Mechanism of Blockholder and Tunneling of Cash Dividend: Evidences from Chinese Listed companies from 1999 to 2003[J];Nankai Economic Studies;2006-01
5 TANG Yuejun LI Weian;On the Choice Preference of Controlling Shareholders for Corporate Governance Mechanism[J];Journal of Financial Research;2009-06
6 Shao Shaomin Wu Canglan Lin Wei;Outside Directors, Board Composition and Shareholding Structure: An Empirical Test of the Listed Companies in Zhejiang Province[J];World Economy;2004-02
7 ;Blockholders Counterbalance, Information Asymmetry and External Auditing Constraints:Evidences from Chinese Listed Companies from 2001 to 2004[J];Auditing Research;2006-05
【Co-citations】
Chinese Journal Full-text Database 10 Hits
1 XIA He-ping~1,ZHAO Xi-liang~2,YUAN Guang-hua~3(1.School of Economics and Management,Tsinghua University,Beijing 100084,China;);A Positive Analysis of the Relationship Between Corporate Governance and Performance:On Chinese Listed Companies in Competitive Industry[J];Commercial Research;2006-04
2 ZHANG Zong-yi,DANG Wen-juan(School of Economics and Business Administration,Chongqing University,Chongqing 400030,China);An Empirical Study on "Involvement" of Independent Director System Innovation[J];Modern Economic Science;2006-03
3 MA Jun-lu, ZHOU Jun, LI Ze-guang(Department of Finance, Nankai University, Tianjin 300071, China);Duple Agency Costs and Effectiveness of Debt Governance Mechanisms:Evidence from Listed Companies in China (1998-2006)[J];Modern Economic Science;2008-03
4 CHEN Xiao-hong,YIN Zhe,ZENG Jiang-hong(School of Business,Central South University,Changsha 410083,China);Family Control,Enterprise Scale And Growing Quality Evidence from the Listed SMEs in China[J];Systems Engineering;2006-10
5 YANG Zhongcheng WANG Zhongjun(Huazhong University of Science and Technology,Wuhan,China);Influence of Institutional Investors on Directors Board Efficiency[J];Chinese Journal of Management;2008-02
6 LI Shanmin WANG Caiping(Sun Yat-Sen University,Guangzhou,China);A Model about Factors Influencing Institutional Investors' Decesion in Corporate Governance[J];Chinese Journal of Management;2009-04
7 TANG Yue-jun (School of Management,Fudan University,Shanghai 200433,China);Audit Fees,Auditor Switching and Audit Opinion Shopping:Test for Interaction Effect based on Evidences of Chinese Stock Market[J];The Theory and Practice of Finance and Economics;2009-05
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9 XUE Qiu-zhi, LI Qian;Internationalization under the Influence of Institutional Investor:Empirical Evidence from China’s 2004-2007 Listed Manufacturing Firms[J];International Business Research;2010-01
10 XU Wen-bin~1, LIU Meng~2(1.School of Economics, Xiamen University, Xiamen 361005, China;2.China's Agriculture Bank,Beijing 100036, China);An Empirical Study on Relationship of Shareholding Structure and Dividend Payout Policy in China's Listed Companies——Before and After Non-tradable Shares Reform[J];China Industrial Economics;2009-12
China Proceedings of conference Full-text Database 6 Hits
1 Tang Yuejun Li Wei’an Xie Rengming (Research Center for Corporate Governance at Nankai University, Tianjin 300071);Blockholders Counterbalance,Asymmetric Information and ST Policy:Evidences from Chinese Listed companies from 2001 to 2004[A];[C];2006
2 ;The Research on Several Realistic Issues of Our Public Accounting Firms’ Merger[A];[C];2004
3 ;Research on Evaluation System of Controlling Shareholders[A];[C];2008
4 Yu Mengying Xiao Shufang (School of Management and Economics,Beijing Institute of Technology Beijing 100081);Before and after the Reform of non-tradable shares, Who direct the Role of Cash Dividends?[A];[C];2009
5 TanTang Mudan;Liu Hanmin(School of Management,Jinan University,Guangzhou,510632,China);An Empirical Investigation on the Determinants of Independent Directors' Compensation:New Evidence from Chinese Listed Company[A];[C];2010
6 ;Dividend policy, firm growth and resource allocation:based on larger shareholder’s tunneling[A];[C];2007
【Secondary Citations】
Chinese Journal Full-text Database 10 Hits
1 CHENGuo hui1,ZHAOChun guang2 (1 DongbeiUniversityofFinanceandEconomics,Dalian ,Liaoning ,1 1 6 0 2 5,China; 2 ShanghaiUniversityofFinanceandEconomics,Shanghai,2 0 0 0 83 ,China);Positive Study on the Dividends Policy Option for Enterprises in the Stock Market[J];RESEARCH ON FINANCIAL AND ECONOMIC ISSUES;2000-05
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3 TANG Yue-jun,XIE Reng-ming(Research Center of Corporate Governance at Nankai University,Tianjin 300071,China);Share Liquidity,Balance Mechanism of Shareholders and Tunneling of Cash Dividend:Evidences from Chinese Listed Companies from 1999 to 2003[J];China Industrial Economy;2006-02
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5 WU Xiao-hui,JIANG Yan-fu(School of Economics and Management,Tsinghua University,Beijing 100084,China);Change of the Independent Director's Governing Efficiency under the Influence of Institutional Investor:Empirical Evidence from China's Listed Firms[J];China Industrial Economy;2006-05
6 TANG Yue-jun1,LI Wei-an2(1.School of Management,Fudan University,Shanghai 200433,China; 2.Research Center for Corporate Governance at Nankai University,Tianjin 300071,China);Corporate Harmony,Stakeholders Governance and Corporate Performance[J];China Industrial Economics;2008-06
7 YUEJUN TANG(Fudan University) FEISHI LV XINSHENG CHENG(Nankai University);Counterbalance of Large Shareholders,Governance Strategy and Information Disclosure:Evidence from Chinese Listed Companies in 2003[J];China Economic Quarterly;2008-02
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