Time/时间：5月12日（周五） 上午10:00-11:30
Venue/地点：Room 501, Jiageng Building 2/嘉庚二号楼501教室
Topic/题目：The black box of power distribution: shareholder heterogeneity and the appointment of directors——Evidence for China
Speaker/报告人：尹玉佳（2021级财务学博士研究生）
Facilitator/主持人：王荔红教授
Online Conference ID/腾讯会议号：728-500-562
Abstract/摘要：The ownership structure and the board of directors play an important role in corporate governance, but the impact of ownership structure on director assignments remains largely unexplored. Utilizing a sample of Chinese listed companies with the multiple large shareholders due to the entry of other large shareholders over the 2006-2021 period, we find that newly-entering heterogeneous large shareholders are more likely to appoint directors compared to homogeneous large shareholders. And the positive relationship between heterogeneous large shareholders and the appointment of directors is weakened if the company is state-owned, while it can be strengthened if the newly-entering large shareholder holds a larger percentage of shares relative to the largest shareholder. Finally, if entry is by way of an agreement transfer, it strengthens the positive relationship between the newly-entering heterogeneous large shareholder and the appointed directors, but this relationship is driven more by the situation that the newly-entering large shareholder has less power relative to the largest shareholder.