Relationship of Corporate Governance Structure and Large Shareholders Expropriation: Empirical Evidence from Petroleum, Chemical and Plastic Industries

摘要

By using listed companies from petroleum, chemical and plastic Industries, the paper considers related-party transactions as substitute of expropriation of large shareholder. The result indicates that if shares proportion of the largest shareholder, size of board of directors and proportion of directors controlled by large shareholder is higher, and president and general manager as one person, large shareholder will have chances to expropriate other stakeholders' interests.