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Notice of RetractionAn empirical investigation on the determinants of independent directors' compensation: New evidence from Chinese listed company

This paper empirically examines the determinants of independent directors' compensation for a sample of listed companies in Shanghai & Shenzhen stock markets, we find that independent directors'compensation is positively related to their working hours, educational background, past compensation and top executive's compensation, negatively related to the scale of board, percentage of independent directors. Moreover, the more independent directors from the bank the higher their compensation. But there is no evidence showing that the compensation is related to independent directors'age, risks taken, percentage of biggest shareholder's shareholding, percentage of the second largest shareholder's shareholding, number of independent directors, executive directors'compensation. In Chinese institutional environment, independent directors'multiple directorship and institutional investors do not have significant effect on independent directors' compensation.