{"title":"独立董事、盈余保守性、投资机会——来自中国上市公司的经验证据","authors":"Luo Jin, Yan-xi Li, Wang Yang","doi":"10.1109/ICMSE.2008.4668968","DOIUrl":null,"url":null,"abstract":"Prior studies document mixed evidence on the efficacy of independent directors. Different from prior studies, as an important environmental factor, investment opportunity (IO) is adopted to explain the mixed impact of independent directors on earnings conservatism for China listed companies. This paper documents 1 no significant association between earnings conservatism and the percentage of independent director on board 2 positive association of earnings conservatism with the percentage of independent directors on the board for Non High-IO firms. Such association declines significantly when IO increases. These findings potentially explain the mixed evidence in prior studies regarding the monitoring efficacy of independent directors on managers. In particular, failure to consider investment opportunity that can influence the ability of independent directors to monitor management can contribute to mixed evidence on the efficacy of independent directors.","PeriodicalId":298505,"journal":{"name":"2008 International Conference on Management Science and Engineering 15th Annual Conference Proceedings","volume":"22 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2008-11-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"2","resultStr":"{\"title\":\"Independent director, earnings conservatism, investments opportunity-empirical evidence from Chinese listed companies\",\"authors\":\"Luo Jin, Yan-xi Li, Wang Yang\",\"doi\":\"10.1109/ICMSE.2008.4668968\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"Prior studies document mixed evidence on the efficacy of independent directors. Different from prior studies, as an important environmental factor, investment opportunity (IO) is adopted to explain the mixed impact of independent directors on earnings conservatism for China listed companies. This paper documents 1 no significant association between earnings conservatism and the percentage of independent director on board 2 positive association of earnings conservatism with the percentage of independent directors on the board for Non High-IO firms. Such association declines significantly when IO increases. These findings potentially explain the mixed evidence in prior studies regarding the monitoring efficacy of independent directors on managers. In particular, failure to consider investment opportunity that can influence the ability of independent directors to monitor management can contribute to mixed evidence on the efficacy of independent directors.\",\"PeriodicalId\":298505,\"journal\":{\"name\":\"2008 International Conference on Management Science and Engineering 15th Annual Conference Proceedings\",\"volume\":\"22 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2008-11-07\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"2\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"2008 International Conference on Management Science and Engineering 15th Annual Conference Proceedings\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1109/ICMSE.2008.4668968\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"2008 International Conference on Management Science and Engineering 15th Annual Conference Proceedings","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1109/ICMSE.2008.4668968","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
Independent director, earnings conservatism, investments opportunity-empirical evidence from Chinese listed companies
Prior studies document mixed evidence on the efficacy of independent directors. Different from prior studies, as an important environmental factor, investment opportunity (IO) is adopted to explain the mixed impact of independent directors on earnings conservatism for China listed companies. This paper documents 1 no significant association between earnings conservatism and the percentage of independent director on board 2 positive association of earnings conservatism with the percentage of independent directors on the board for Non High-IO firms. Such association declines significantly when IO increases. These findings potentially explain the mixed evidence in prior studies regarding the monitoring efficacy of independent directors on managers. In particular, failure to consider investment opportunity that can influence the ability of independent directors to monitor management can contribute to mixed evidence on the efficacy of independent directors.