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《Journal of Finance and Economics》 2011-03
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Valuation of Cash and Dividend Assets,and the Effectiveness of Independent Directors: An Empirical Analysis Based on Value Regression Model

XU Xiao-ping,LI Jin-jun(School of Finance,Shanghai University of Finance and Economics,Shanghai 200433,China)  
By adopting the corporate value model developed by Fama and French in 1998 and the valuation of cash and dividends,this paper studies the effectiveness of independent directors of listed companies in China.The result shows that the introduction of independent directors into the board can raise the value of the company's cash holdings and obviously reduce the contribution of dividends to corporate value.Thus,it proves that independent directors can protect the interests of investors from being expropriated by the management and large shareholders,leading to the improvement of corporate governance.It also finds that the presence of independent directors in the board partially offsets the negative relationship between board size and corporate value,which gives an explanation of the possible nonlinear relationship between board size and corporate value to some extent.
【Fund】: 上海财经大学第五批研究生科研创新基金资助项目(CXJJ-2010-329)
【CateGory Index】: F275
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