Notice of RetractionOn the Influence of Executives over the Performance of the Natural Person Holding Company

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.

In natural person holding company, owners are also managers, clients are also agents. Therefore, natural person holding company has some characteristics such as the high shareholding proportion of executives and popularity of CEO duality. The empirical study of this paper shows that CEOpsilas holding shares is positively correlated to corporate performance, and chairman of boardpsilas holding shares and educational background of both chairman and CEO are all positively correlated to Tobin Q while CEO duality is negatively correlated to ROE, and so does chairman of board of supervisorspsila holding shares to Tobin Q. It is clearly to be seen that the chairmanpsilas being ldquothe single big shareholderrdquo doesnpsilat have any negative impact on corporate performance. It is suggested that the natural person holding company should choose right executive, reduce degree of CEO duality and increase CEOpsilas shareholding proportion, so as to reduce agency cost and improve corporate performance.