Does the informal hierarchy of independent directors have a corporate governance effect? Evidence from China

IF 1.4 4区经济学 Q3 BUSINESS, FINANCE

Asia-Pacific Journal of Accounting & Economics Pub Date : 2022-05-17 DOI:10.1080/16081625.2022.2077778

Dongshan Ma, Jiayu Zhao, Shengqiang Zhang, Cuifang Wang

引用次数: 2

Abstract

ABSTRACT Using a large sample of Chinese A-share listed firms during 2008–2017, this study investigates whether and how the informal hierarchy of independent directors affects two types of agency costs. We find that the informal hierarchy of independent directors is negatively correlated with the two types of agency costs and the negative effect is robust to alternative empirical designs. Moreover, our further research indicates that ownership structure matters for the performance of independent directors. We provide empirical evidence for optimizing the independent director team structure and improving corporate governance.

查看原文本刊更多论文

独立董事的非正式层级是否具有公司治理效应?来自中国的证据

本文以2008-2017年中国a股上市公司为样本，研究独立董事非正式层级是否以及如何影响两类代理成本。研究发现，独立董事的非正式层级与两类代理成本呈负相关，且这种负相关效应对其他实证设计具有稳健性。此外，我们进一步的研究表明，股权结构对独立董事的绩效有影响。本文为优化独立董事团队结构、完善公司治理提供了实证证据。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Asia-Pacific Journal of Accounting & Economics Multiple-

CiteScore

2.40

自引率

9.10%

发文量

期刊介绍： The Asia-Pacific Journal of Accounting & Economics (APJAE) is an international forum intended for theoretical and empirical research in all areas of economics and accounting in general. In particular, the journal encourages submissions in the following areas: Auditing, financial reporting, earnings management, financial analysts, the role of accounting information, international trade and finance, industrial organization, strategic behavior, market structure, financial contracts, corporate governance, capital markets, and financial institutions. The journal welcomes contributions related to the Asia Pacific region, and targets top quality research from scholars with diverse regional interests. The editors encourage submission of high quality manuscripts with innovative ideas. The editorial team is committed to an expedient review process.