Ownership Structure,Board of Directors' Governance and Top Management Fraud in Listed Companies—Empirical Analysis Based on Chinese Cases
Zhou Hao-wen · Dangdai jingji kexue · 2006
Numerous top management frauds have attracted extensive attention in Chinese listed companies.This paper examines the relation between top management fraud,ownership structure and board of directors' governance.Based on selected 31 cases from fraud companies through 2004-2006,we conduct an empirical study with binary Logistic Regression.We find that equity concentration has a positive correlation with top management fraud,that board scale,top management salary,education background and internal control have significant relation with fraud.The paper gives some theoretic explanation and proposes a tentative solution.