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https://doi.org/10.1016/0304-405X(84)90022-9

has been cited by the following article:

• TITLE: The Proportion of Shares Held by the Largest Shareholder and the Proportion of Independent Directors

  AUTHORS: Xiaopeng Chu

  KEYWORDS: Major Shareholder, Largest Shareholder, Independent Directors, Structure of the Board of Directors, Shareholding Ratio

  JOURNAL NAME: Open Journal of Business and Management, Vol.9 No.2, March 29, 2021

  ABSTRACT: In this paper, the relevant data of the proportions of major shareholders and independent directors from 2008 to 2017 are examined. Firstly, the functions of the board of directors and the role of independent directors are introduced. Then, the impact of the institutional changes of the board of directors on the proportion of independent directors is investigated. Next, the determinants of the structure of the board of directors are reviewed. Thus, two hypotheses are proposed. According to the regression results of the model, hypothesis 1B presents positive significance. It can be concluded through the influence of the largest shareholder’s shareholding ratio on the proportion of independent directors in the board of directors that the higher the shareholding ratio of the largest shareholder, the higher the proportion of independent directors. By increasing the proportion of independent directors, the voting space of non-independent directors will be squeezed, so as to increase their control. This study reveals that the ownership structure is an essential factor influencing the structure of the board of directors, constituting a crucial supplement to the literature on the determinants of the structure of the board of directors.