Does Proclamation of Independent Director System Affect Firm Value?

摘要：

This paper explores the proclamation effects of Establishing Independent Director System in Listed Company on firm value. Utilizing modified event study and matching method, we apply empirical methodologies to test three proposed hypotheses derived from theoretical analysis. Our findings show that the proclamation has significant negative effects on firm value; however, these effects are affected by firm characteristics of corporate governance and asset size. Specifically, firms that are more compliant with the regulations before the proclamation or large firms earn positive abnormal returns while firms that are less compliant or small firms earn significant negative abnormal returns.

关键词： Independent Director Firm Value Four-factor Model Matching Method

作者: LIANG Qi YU Fengyan HAO Xiangchao

作者单位: Center for Studies of Corporate Governance, Nankai University, Tianjin, China, 300071 Department of Department of Finance, School of Economics, Nankai University, Tianjin, China, 300071 Center for Studies of Corporate Governance, Nankai University, Tianjin, China, 300071

会议类型: 国际会议

会议名称: The 5th International Sympsium for Corporate Governance(第五届公司治理国际研讨会)

会议地点: 天津

会议语种:英文

页码: 1596-1603

在线出版日期: 2009-09-01（万方平台首次上网日期，不代表论文的发表时间）