Does Independent Director Characteristic Exert Effect on Investment Efficiency? Evidence from Chinese Listed Firms

Based on upper echelons theory, we investigate the relation between board members characteristic and investment efficiency from independent directors perspectives. We find that age, gender and financial background of independent directors are correlated with total investment efficiency, underinvestment and overinvestment to some extent. Further results show that independent directors characteristic exert great impact on firm value. Our findings enrich research related to upper echelons theory and also provide some reference in terms of enterprises' human resources management..