Purpose – The purpose of this paper is to explore the effects of large shareholdings from the agency problem perspective of overinvestment, and re‐test the role of board independence in the context of concentrated ownership. Design/methodology/approach – Using a five‐year panel data of...

Family firms throughout the world commonly appoint family members as CEOs. However, the value of family CEOs is a subject of ongoing debate. This study attempts to further illuminate the debate in two ways. First, we extend this debate to China, a new and underexplored context, where family...