Notice of RetractionResearch on the relationship between firm value and ownership structure on the context of centralized ownership: The empirical study of listed companies in China´s manufacturing industry

Notice of Retraction

After careful and considered review of the content of this paper by a duly constituted expert committee, this paper has been found to be in violation of IEEE´s Publication Principles.

We hereby retract the content of this paper. Reasonable effort should be made to remove all past references to this paper.

The presenting author of this paper has the option to appeal this decision by contacting TPII@ieee.org.

On the context of centralized ownership, the basic conflicts exited in the companies are not the principal-agent conflicts, but the principal-principal conflicts. According to this consideration, we choose the listed companies in China´s manufacturing industry from 2003 to 2006 as our research target, and exam the relationship between firm value and ownership structure for the listed companies with concentrated ownership structure in this paper. The empirical results show that there is a positive U-shape relationship between the firm value and controlling shareholder equity ratio, and the relationship between firm value and the degree of stock checks and balances is shown as the inverted U-shape.