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Board of directors' foreign experience and stock price informativeness

机译:董事会外国经验和股票价格信息

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摘要

We investigate the impact of board of directors' foreign experience on stock price informativeness from 2008 to 2016 in Chinese A-share listed firms. The empirical findings suggest that board of directors' foreign experience has a positive and significant impact on stock price informativeness. By analysing the role of external monitoring factors, our results show that board of directors' foreign experience has a positive and significant impact on stock price informativeness in the absence of external monitoring factors such as audit quality, the cross-listing of firms, and foreign ownership. Our findings are robust to the use of advanced techniques and the inclusion of instrumental variables. Overall, our study supports the resource dependency theory and the substitutional effect on the relationship between board of directors' foreign experience and stock price informativeness.
机译:我们在中国A股上市公司2008年至2016年调查了董事会外国经验股票价格信息的影响。 实证研究结果表明,董事会外国经验对股票价格信息性具有积极而重大影响。 通过分析外部监测因素的作用,我们的结果表明,董事会外国经验对股票价格信息的积极和重大影响,在没有外部监测因素,如审计质量,公司的跨上市和外国 所有权。 我们的研究结果对使用先进技术和包括乐器变量的强大。 总体而言,我们的研究支持资源依赖理论和对董事会外国经验与股票价格信息的关系的替代作用。

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