Ownership Structure, Corporate Characteristics and Scale of Boards of Directors!in Listed Companies

CAO Ting-qiu SUN Yu-guang (School of Economics, Shandong University, Jinan 250100, P.R.China)  

The boards of directors, as the highest control system in companies, have become the focus of research in the academic field throughout the world, and the scale of a board of directors has attracted a lot of attention. Using the data of 1176 listed corporations in China, our empirical study demonstrates that internal stock ownership is negatively correlated with the scales of boards of directors, and external shareholders' supervision positively correlated with the scales of boards of directors. With the increase of the proportion of independent directors, the scale tends to decrease: the independent director's proportion has risen from 22% to 33%, and this will probably result in the reduction of the number of directors by 1 person.

【Key Words】： board of director ownership structure corporate governance
【Fund】： 国家自然科学基金重点项目(70532001);; 山东省软科学项目(A200623-11)。
【CateGory Index】： F279.2;F224

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