Background of Independent Directors and Risk Aversion Empirical Evidence Based on Resignation of Independent Directors
This study empirically tests the prediction that independent directors with different backgrounds have different risk awareness on listed companies, by using the dataset of resignation of independent directors of Chinas listed companies during the years of 2002 and 2005 as targeted samples. We find that independent directors with accounting background are more sensitive to earning management, while independent directors with intermediary agency background are more sensitive to event risk, and independent directors with entity or academic research background are more sensitive to tunneling risk. Our study also finds that the reputation of independent directors has no significant impact on risk aversion, but independent directors with higher education background have stronger risk awareness.
independent director risk aversion background of independent director
Jinsong Tan Fan Zhou
School of Business Sun Yat-sun University Guangzhou 510275, China School of Economics and Management Tsinghua University Beijing, 100084, China
国际会议
北京
英文
367-371
2009-11-21（万方平台首次上网日期，不代表论文的发表时间）