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Board independence and firm performance in China
Abstract
We provide the first comprehensive and robust evidence on the relationship between board independence and firm performance in China. We find that independent directors have an overall positive effect on firm operating performance in China. Our findings are robust to a battery of tests, including endogeneity checks using instrumental variables, the dynamic generalized method of moments estimator, and the difference-in-differences method. The positive relationship between board independence and firm performance is stronger in government-controlled firms and in firms with lower information acquisition costs. We also document that Chinese independent directors play an important role in constraining insider self-dealing and improving investment efficiency.
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Cites
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Bertrand, M., & Mullainathan, S. (2003) · Journal of Political Economy · doi:10.1086/376950 · Cited by 3,777
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State-owned enterprises in China: A review of 40 years of research and practice
Lin, K. J., Lu, X., Zhang, J., & Zheng, Y. (2020) · China Journal of Accounting Research · doi:10.1016/j.cjar.2019.12.001 · Cited by 654
Environmental, social and governance transparency and firm value
Yu, E. P., Guo, C. Q., & Luu, B. V. (2018) · Business Strategy and the Environment · doi:10.1002/bse.2047 · Cited by 613
Government subsidy and corporate green innovation - Does board governance play a role?
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Metadata
- Authors
- Liu, Y., Miletkov, M. K., Wei, Z., & Yang, T.
- Venue
- Journal of Corporate Finance
- Publisher
- Elsevier BV
- Published
- 2015-02
- Volume
- 30
- Pages
- 223-244
- ISSN
- 0929-1199
- OpenAlex
- W3121648137
- Cited by
- 618
- References
- 1
- FWCI
- 131.15
- Type
- journal article
- Language
- en
- Open access
- closed
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- Liu, Y., Miletkov, M. K., Wei, Z., & Yang, T. (2015). Board independence and firm performance in China. Journal of Corporate Finance. https://doi.org/10.1016/j.jcorpfin.2014.12.004
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
