Governance Impact of Leadership Structures on the Control Rights Transferred in the Capital Restructuring

摘要

In this study We document 376 listed companies of control rights transferred over five-yearperiod 2001-2006.Results indicate a significant effect but in a direction opposite to that expected.Forlisted companies of control rights transferred, the relation between leadership structure and corporateperformance was adjusted sig-nificantly by surroundings variables and though control rights transferredwasn't affected. On the while, leadership structure dummy and corporate performance were significantlinear correlation. Therefore, dual leadership structures were beneficial to control rights transferred andwere positive correlation with corporate performance. But in the different categories, influence betweenleadership struture and corporate performance was different. In general, dual leadership condition hadthe significant influence on corporate performance and had no significant effect on the control rightstransferred. The study is significant because it supports the need to consider personality andenvironmental factors in control fights transferred together.