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《Journal of Sun Yatsen University(Social Science Edition)》 2002-05
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The Institution of Independent Directors and Shareholder Wealth

LI Shan-min , CHEN Zheng-dao ( School of Management, Sun Yat-sen University, Guangzhou, 510275)  
This paper uses case study framework to examine 114 listed companies in China before 2001. The authors find that the appointment oi: independent directors to the board of listed companies is associated with positive cumulative abnormal return (CAR). In analyzing the CAR factors, the companies that have independent directors majoring in management or economics, the companies that have appointed independent directors during 2001 and the companies in Shenzhen Stock Exchange acquire positive cumulative abnormal return.
【Fund】: 国家社会科学基金资助(02BJY067)
【CateGory Index】: F276.6
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