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

Luo Jin, Yan-xi Li, Wang Yang
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引用次数: 2

摘要

先前的研究对独立董事的有效性给出了不同的证据。与以往研究不同的是,本文采用投资机会(IO)作为重要的环境因素来解释独立董事对中国上市公司盈余稳健性的混合影响。本文发现1 .盈余稳健性与董事会独立董事比例之间不存在显著相关;2 .非高io公司盈余稳健性与董事会独立董事比例呈正相关。当IO增加时,这种关联显著下降。这些发现可能解释了先前研究中关于独立董事对经理监督效果的混合证据。特别是,没有考虑到投资机会可能会影响独立董事监督管理层的能力,这可能会导致独立董事效能的证据好坏参半。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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.
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