The paper "The governance effect of the Large Number of Minority Shareholders - An Investigation based on the Number of Participants in the Annual General Meeting" co-authored by Huang Zeyue, PhD candidate of the Department of Accounting, 2018, and Professor Luo Jinhui of the Department of Accounting/Accounting Development Research Center, and Li Xiangxin, master candidate, was officially published in the 4th issue of Management World 2022.

Despite the continuous improvement of the investor protection system, the situation that major shareholders damage the rights and interests of minority shareholders while minority shareholders do nothing has not changed substantially. Under the "retail" investor structure in China, how to transform the basic characteristics of the large number of minority shareholders into the advantages of their effective participation in corporate governance is of great significance. Based on the data of minority shareholders attending the annual general meeting of Shenzhen A-share listed companies from 2015 to 2018, this paper finds that the more minority shareholders participate in the annual general meeting, the more beneficial it is to inhibit the hollowing out of major shareholders, and this influence is enhanced with the improvement of the separation degree of the two rights and the improvement of the external institutional environment. Further analysis shows that the participation of minority shareholders has an incremental governance effect other than voting rights, which is realized by increasing the probability of motion rejection and increasing media attention. The research conclusions of this paper supplement the literature on the hollowing out of major shareholders and the activism of minority shareholders, and provide theoretical support and empirical evidence for improving the protection system of minority investors.

Huang Zeyue is a 2018 PhD candidate in the Department of Accounting, School of Management, Xiamen University. Her supervisor is Professor Luo Jinhui. Her research field is capital market financial accounting and corporate governance.