Board Composition and Control of Shareholder Voting Rights in the Banking Industry
研究190家上市银行控股公司的董事会，发现董事会构成反映所有权结构：机构投资者和独立外部董事持股多时外部董事多，CEO持股多时外部董事少。
This study examines the board of directors in 190 publicly traded bank holding companies and finds that board composition reflects the ownership structure of the firm. Outside director board membership is greater when insititutional investors and independent outside directors own a substantial share of a firm's equity. Outside director board membership is lower when the CEO owns more of a firm's equity. This suggests that outside investors gain control over internal control mechanisms as their share of equity increases but have less control when the CEO owns more of a firm's equity.