Does independent directors' monitoring affect reputation? Evidence from the stock and labor markets

doi:10.1016/j.cjar.2018.01.002

CORC > 上海财经大学 > 上海财经大学

	Does independent directors' monitoring affect reputation? Evidence from the stock and labor markets
	Du, Jun 1; Hou, Qingchuan 2; Tang, Xuesong 3; Yao, Yiwei 4
刊名	CHINA JOURNAL OF ACCOUNTING RESEARCH
	2018-06
卷号	11 期号:2 页码:91-127
ISSN号	1755-3091
DOI	10.1016/j.cjar.2018.01.002
英文摘要	Using novel data on independent directors' opinions in China, we investigate the stock and labor market effects prompted by independent directors publicly saying "no" to major board decisions. We find that the market reacts negatively to modified director opinions, but positively to firms interlocked with the directors who said "no." We further find substantial turnover and decline in board seats after independent directors issue modified opinions. Overall, we identify a dilemma in China whereby the labor market does not reward vigilant directors for standing up to firm insiders, although investors add a premium to effective board monitoring. (C) 2018 Sun Yat-sen University. Production and hosting by Elsevier B.V.
WOS研究方向	Business & Economics
语种	英语
出版者	ELSEVIER SCIENCE BV
WOS记录号	WOS:000432474400002
内容类型	期刊论文
源URL	[http://10.2.47.112/handle/2XS4QKH4/622]
专题	上海财经大学
通讯作者	Yao, Yiwei
作者单位	1.Hong Kong Polytech Univ, Sch Accounting & Finance, Hong Kong, Hong Kong, Peoples R China; 2.Shanghai Univ Finance & Econ, Sch Accountancy, Shanghai, Peoples R China; 3.Southwestern Univ Finance & Econ, Sch Accounting, Chengdu, Sichuan, Peoples R China; 4.Hang Seng Management Coll, Dept Accountancy, Hong Kong, Hong Kong, Peoples R China
推荐引用方式 GB/T 7714	Du, Jun,Hou, Qingchuan,Tang, Xuesong,et al. Does independent directors' monitoring affect reputation? Evidence from the stock and labor markets[J]. CHINA JOURNAL OF ACCOUNTING RESEARCH,2018,11(2):91-127.
APA	Du, Jun,Hou, Qingchuan,Tang, Xuesong,&Yao, Yiwei.(2018).Does independent directors' monitoring affect reputation? Evidence from the stock and labor markets.CHINA JOURNAL OF ACCOUNTING RESEARCH,11(2),91-127.
MLA	Du, Jun,et al."Does independent directors' monitoring affect reputation? Evidence from the stock and labor markets".CHINA JOURNAL OF ACCOUNTING RESEARCH 11.2(2018):91-127.