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首页> 外文期刊>China Journal of Accounting Research >Do independent directors play a political role? Evidence from independent directors’ death events
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Do independent directors play a political role? Evidence from independent directors’ death events

机译：独立董事是否发挥政治作用？独立董事死亡事件的证据

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摘要

We propose that independent directors are likely to play a political role in an institutional setting featuring weak investor protection and strong government intervention. Using Chinese data for 2001–2014, we investigate whether the stock price reaction to an independent director’s death is related to his or her political connection. We find a stronger negative reaction to the death announcements of politically connected than politically unconnected independent directors. The magnitude of the reaction is positively related to directors’ political rank, and cannot be offset by their firms’ political capital. However, we document no evidence of politically connected independent directors exhibiting superior monitoring or consulting performance. Additional analyses show that firms are more inclined to appoint a politically connected independent director as a successor if his or her predecessor also had political connections. Our study broadens scholarly understanding of independent directors’ role in a non-Anglo-American setting.
机译：我们建议独立董事在弱于投资者保护和强有力的政府干预的制度环境中可能扮演政治角色。利用2001-2014年的中国数据，我们调查了独立董事去世后的股价反应是否与其政治联系有关。我们发现，与政治上没有联系的独立董事相比，政治上有联系的人对死亡公告的消极反应更为强烈。反应的程度与董事的政治地位成正比，不能被其公司的政治资本所抵消。但是，我们没有记录到有政治联系的独立董事具有出色的监督或咨询表现的证据。进一步的分析表明，如果公司的前任也有政治关系，他们更倾向于任命具有政治联系的独立董事为继任人。我们的研究拓宽了学术界对独立董事在非英美环境中的角色的理解。

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