This paper investigates two successive reforms in China -- 2001 board independence and 2005 share structure -- to study their joint effects on corporate performance as ownership concentration declines. We find that both independent directors and ownership concentration ratios are individually...

Instrumental stakeholder theory seeks to explain how managing stakeholders effectively can yield competitive advantage for incumbent firms. We extend instrumental stakeholder theory to explain and predict future competition operationalized as new entrepreneurial entries. Our study is among the...