Control Defense, Board Structure and Corporate Governance Efficiency under Dual-Class Share Structure——For Chinese Science, Technology, and Innovation-oriented Companies Listed in the United States

The study sample is primarily composed of Chinese science, technology, and innovation-oriented companies listed in the United States from 2013 to 2022. Furthermore, it empirically investigates the intrinsic path of the founder control defense on the corporate governance efficiency with a panel data model, with board structure as the moderating role under a dual-class share structure.

Moreover, it reveals the roles of equity checks and balances and audit tenure in the governance mechanism of science-technology and innovation-oriented listed companies. The paper finds that: (i) The dual-class share structure serves as an effective mechanism to cope with the diversification of shareholders’ interests, stimulating the “interest convergence effect” by giving founders a higher degree of control defense, further improving the corporate governance efficiency.