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Do large shareholders separate the roles of CEO and board chairman for expropriations? Evidence from pyramidal business groups in China

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  • Huilong Liu
  • Yunfei Qi
  • Hong Wang

Abstract

This paper proposes that the separation of the roles of CEO and board chairman is a result of, rather than a solution to large shareholder agency problem. We support this view by examining the probabilities of CEO duality in pyramidal groups. We find that the probability of CEO duality is negatively associated with the number of pyramid layers and large shareholder expropriation, the number of pyramid layers and the level of large shareholder expropriation are positively related. Further analysis reveals that CEO duality improves (dampens) firm performance in cases of more (fewer) pyramid layers.

Suggested Citation

  • Huilong Liu & Yunfei Qi & Hong Wang, 2021. "Do large shareholders separate the roles of CEO and board chairman for expropriations? Evidence from pyramidal business groups in China," Asia-Pacific Journal of Accounting & Economics, Taylor & Francis Journals, vol. 28(3), pages 334-356, May.
    • Handle: RePEc:taf:raaexx:v:28:y:2021:i:3:p:334-356
    DOI: 10.1080/16081625.2019.1636664
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    Cited by:

    1. IWASAKI, Ichiro & MA, Xinxin & MIZOBATA, Satoshi, 2024. "Board Structure in Emerging Markets : A Simultaneous Equation Modeling," RRC Working Paper Series 104, Russian Research Center, Institute of Economic Research, Hitotsubashi University.
    2. Iwasaki, Ichiro & Ma, Xinxin & Mizobata, Satoshi, 2024. "Board structure in emerging markets: A simultaneous equation modeling," Journal of Economics and Business, Elsevier, vol. 128(C).

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