DocumentCode
2423425
Title
Notice of Retraction
Research on the relationship between firm value and ownership structure on the context of centralized ownership: The empirical study of listed companies in China´s manufacturing industry
Author
Pan Lixin ; Li Jin
Author_Institution
Sch. of Econ. & Manage., Beihang Univ. Beijing, Beijing, China
fYear
2010
fDate
7-9 May 2010
Firstpage
1230
Lastpage
1234
Abstract
Notice of Retraction
After careful and considered review of the content of this paper by a duly constituted expert committee, this paper has been found to be in violation of IEEE´s Publication Principles.
We hereby retract the content of this paper. Reasonable effort should be made to remove all past references to this paper.
The presenting author of this paper has the option to appeal this decision by contacting TPII@ieee.org.
On the context of centralized ownership, the basic conflicts exited in the companies are not the principal-agent conflicts, but the principal-principal conflicts. According to this consideration, we choose the listed companies in China´s manufacturing industry from 2003 to 2006 as our research target, and exam the relationship between firm value and ownership structure for the listed companies with concentrated ownership structure in this paper. The empirical results show that there is a positive U-shape relationship between the firm value and controlling shareholder equity ratio, and the relationship between firm value and the degree of stock checks and balances is shown as the inverted U-shape.
After careful and considered review of the content of this paper by a duly constituted expert committee, this paper has been found to be in violation of IEEE´s Publication Principles.
We hereby retract the content of this paper. Reasonable effort should be made to remove all past references to this paper.
The presenting author of this paper has the option to appeal this decision by contacting TPII@ieee.org.
On the context of centralized ownership, the basic conflicts exited in the companies are not the principal-agent conflicts, but the principal-principal conflicts. According to this consideration, we choose the listed companies in China´s manufacturing industry from 2003 to 2006 as our research target, and exam the relationship between firm value and ownership structure for the listed companies with concentrated ownership structure in this paper. The empirical results show that there is a positive U-shape relationship between the firm value and controlling shareholder equity ratio, and the relationship between firm value and the degree of stock checks and balances is shown as the inverted U-shape.
Keywords
commerce; manufacturing industries; organisational aspects; China; centralized ownership; firm value; listed companies; manufacturing industry; ownership structure; principal-agent conflicts; principal-principal conflicts; shareholder equity ratio; Analytical models; Companies; Context; Correlation; Economics; Manufacturing industries; Monitoring; Centralized Ownership; Firm Value; PP Conflicts; Stock Checks and Balances;
fLanguage
English
Publisher
ieee
Conference_Titel
E-Business and E-Government (ICEE), 2010 International Conference on
Conference_Location
Guangzhou
Print_ISBN
978-0-7695-3997-3
Type
conf
DOI
10.1109/ICEE.2010.315
Filename
5592016
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