Board independence and firm performance in China

被引：318
|
作者：
Liu, Yu [1 ]
Miletkov, Mihail K. [2 ]
Wei, Zuobao [1 ]
Yang, Tina [3 ]
机构：
[1] Univ Texas El Paso, Coll Business Adm, El Paso, TX 79968 USA
[2] Univ New Hampshire, Paul Coll Business & Econ, Durham, NH 03824 USA
[3] Villanova Univ, Sch Business, Villanova, PA 19085 USA
来源：
JOURNAL OF CORPORATE FINANCE | 2015年 / 30卷
基金：
美国国家科学基金会;
关键词：
Independent directors; Firm performance; Monitoring costs; Tunneling; Investment efficiency; China; CORPORATE GOVERNANCE; DIRECTORS; DETERMINANTS; SHAREHOLDERS; ENDOGENEITY; INVESTMENT; OWNERSHIP; COMPANIES; FINANCE; MARKET;
D O I：
10.1016/j.jcorpfin.2014.12.004
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We provide the first comprehensive and robust evidence on the relationship between board independence and firm performance in China. We find that independent directors have an overall positive effect on firm operating performance in China. Our findings are robust to a battery of tests, including endogeneity checks using instrumental variables, the dynamic generalized method of moments estimator, and the difference-in-differences method. The positive relationship between board independence and firm performance is stronger in government-controlled firms and in firms with lower information acquisition costs. We also document that Chinese independent directors play an important role in constraining insider self-dealing and improving investment efficiency. (C) 2014 Elsevier B.V. All rights reserved.
引用
收藏
页码：223 / 244
页数：22
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