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《China Industrial Economy》 2006-05
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Change of the Independent Director's Governing Efficiency under the Influence of Institutional Investor:Empirical Evidence from China's Listed Firms

WU Xiao-hui,JIANG Yan-fu(School of Economics and Management,Tsinghua University,Beijing 100084,China)  
This paper studies the governing efficiency of independent director under the influence of institutional investor.Key findings include institutional investors has positive correlation with increase of the next term independent directors,and the percentage of independent directors has positive correlation with performance in the samples that have institutional investors among their top 10 shareholders,this indicates that institutional investors have positive influence in motivating the establishment of independent directors system.From the point view of policymaking,this paper shows that developing more institutional investors can help turning independent director system from policy obligations to conscious behaviors of the market for better efficiency.
【CateGory Index】: F224
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