Abstract
China's corporate governance reform offers an interesting context for investigating the determinants of board size and independence. Analysing a large panel dataset from 1999 to 2003, we find that Chinese board size is primarily driven by firm complexity; board independence is mainly driven by regulation. Some governance factors newly introduced in this study also have a significant impact. For example, board independence is negatively associated with the size of supervisory board and state ownership. The findings have important implications and provide new insights into the subject.
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