Information Cost, Outside Director Reputation and Corporate Performance

摘要：

Reputation is an important incentive mechanism of outside directors. Reputation mechanism is influenced by information costs. Information costs will affect the outside directors to obtain information, aggravate information asymmetry,and influence the functions of outside directors and then further influence corporate performance. This paper constructs a model of reputation incentive and information cost,and uses unbalanced panel data of 2005-2007 to make empirical research. The results show that: Information costs were significantly negatively correlated with corporate performance; The lower information costs of corporate are,and the better the reputations of outside directors in the corporate are,the better the corporate performance is; Adopting the quantity of total jobs for the proxy variable of outside directors reputation can get good effect of regression; The lower information costs of the company are,the better the reputations of outside directors in the company are.

关键词： Information cost Outside director Reputation, Performance

作者: LI Weian JIANG Shenzhou NIU Jianbo

作者单位: Dongbei University of Finances and Economics, Dalian, China, 116023 Corporate Governance Research Ce Corporate Governance Research Center of Nankai University, Tianjin, China, 300071

会议类型: 国际会议

会议名称: The Sixth International Symposium on Corporate Governance(第六届公司治理国际研讨会)

会议地点: 大连

会议语种:英文

页码: 547-554

在线出版日期: 2011-08-20（万方平台首次上网日期，不代表论文的发表时间）