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《Communication of Finance and Accounting(Academy Version)》 2007-08
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Empirical Research on the Relevance of Independent Directors and Firm Performance in Listed Companies

Chen Xudong Chi Danfeng(Economic and Trade School of Shihezi University,Shihezi,Xinjiang 832003)  
The paper uses the panel data to review the relevance between independent directors and firm performance from the angel of independent directors' proportion,time,occupation,inspiriting and so on,and tests the performance in the influence of the size of independent directors' proportion.After analysis the following results are provided.Independent directors have the character of attorneys.Independent directors can't improve the firm performance in the condition that the competence and realizable force of independent directors is insufficient.When the independent directors become most or even absolute majority in the board of directors,the proportion of independent directors to all directors is negative to the company performance which displays the character of attorneys.The pay of independent directors is positive to firm performance.Independent directors need motivation.Meanwhile,independent directors should have the capability of manager.Through reviewing the time and occupation of independent directors,we find that the independent directors who possess enough energy and ability can improve the firm performance.The independent directors take a signal effect.The signal effect of independent directors who hold different ideas damages the firm performance.The repute of independent directors can improve the firm performance.
【Fund】: 石河子大学校级课题重点项目的阶段性成果(项目编号RWSK2006-Z01)
【CateGory Index】: F271;F224
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