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Independent directors, CEO career concerns, and firm innovation: Evidence from China

机译:独立董事,首席执行官的职业忧虑和企业创新:来自中国的证据

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摘要

This paper studies the impact of independent directors on corporate innovation activities. Based on patent data of Chinese listed firms during 2006-2017, I find that firms with more independent directors are better able to produce a higher level of innovation output. Consistent with the "career concerns" view, this positive effect is stronger in firms that face intense competition, are not state-owned, and have CEOs with short tenure. Overall, this study highlights the important monitoring role played by independent directors.
机译:本文研究了独立董事对公司创新活动的影响。根据2006年至2017年中国上市公司的专利数据,我发现具有更多独立董事的公司更有能力产生更高水平的创新产出。与“职业关注”观点一致,这种积极影响在面临激烈竞争,非国有且首席执行官任期短的公司中更为明显。总体而言,本研究强调了独立董事所扮演的重要监督角色。

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