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Is there an Expectations Gap in the Roles of Independent Directors? An Explorative Study of Listed Chinese Companies

机译:独立董事的角色是否存在期望差距?中国上市公司探索性研究

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摘要

This paper investigates whether an expectations gap exists in the control, strategic and resource provision roles that independent directors play in the corporate governance of listed Chinese firms and the factors that affect their performance of these roles. For this purpose, we interviewed Chinese executive directors, independent directors, institutional investors and stock exchange regulators. We find a performance gap but no reasonableness gap with respect to the control and strategic roles. The results suggest that the performance gap may be attributed to such factors as the ill-defined roles, independent directors' limited amount of time commitment and their lack of competence and objectivity. Interestingly, there is disagreement over the protection of minority interest as the objective of the control role. We find no consensus on the desirability, reasonableness and effectiveness of independent directors' resource provision role, perhaps because of a pejorative interpretation of this role as an exercise of guanxi.
机译:本文研究了独立董事在中国上市公司的公司治理中所扮演的控制,战略和资源提供角色中是否存在预期差距,以及影响这些角色绩效的因素。为此,我们采访了中国执行董事,独立董事,机构投资者和证券交易所监管机构。我们发现在控制和战略角色方面存在绩效差距,但没有合理性差距。结果表明,绩效差距可能归因于角色定义不明确,独立董事有限的时间投入以及他们缺乏能力和客观性等因素。有趣的是,关于控制少数人权益作为控制角色的目标存在分歧。我们对独立董事的资源提供角色的可取性,合理性和有效性没有达成共识,这也许是因为对这种角色的一种贬义解释是一种“关系”。

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