| 大股东存在下的独立董事对公司业绩的影响——基于内生视角的审视 |
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| 引用本文： | 萧维嘉,王正位,段芸.大股东存在下的独立董事对公司业绩的影响——基于内生视角的审视[J].南开管理评论,2009,12(2). |
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| 作者姓名： | 萧维嘉 王正位 段芸 |
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| 作者单位： | 1. 清华大学经济管理学院
2. 哈尔滨工业大学管理学院 |
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| 摘 要： | 我国独立董事对公司业绩的治理效果一直是学者们感兴趣的话题,但此前的研究一直忽视了独立董事的内生性问题.本文使用四种模型检验了当大股东存在时独立董事对公司业绩的影响.研究发现,在排除内生性之后,独立董事对业绩的影响并不显著.本文认为,造成这种现象的原因在于当公司存在大股东的时候,公司董事会的构成会受到大股东的控制,从而使得独立董事制度流于形式.
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| 关 键 词： | 独立董事 大股东 公司业绩 内生性 |
The Impact of Major Stake-holding,Independent Directors on Company Performance:An Endogenous Perspective |
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| Xiao Weijia,Wang Zhengwei,Duan Yun.The Impact of Major Stake-holding,Independent Directors on Company Performance:An Endogenous Perspective[J].Nankai Business Review,2009,12(2). |
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| Authors: | Xiao Weijia Wang Zhengwei Duan Yun |
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| Institution: | Xiao Weijia~1,Wang Zhengwei~1,Duan Yun~2 1.School of Economics & Management,Tsinghua University,2.School of Business,Harbin Institute of Technology |
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| Abstract: | The effect of Chinese independent directors on company performance is currently a hot topic concerning scholars.However, previous research has ignored the independent director endogenous problem.This paper uses four models to examine the impact of independent directors on company performance,which is measured by Tobin's Q,ROE,and ROA,when there are major stakeholders. The result of the first Ordinary Least Squares(OLS) model shows that independent directors have a significant effect on company performance.T... |
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| Keywords: | Independent Director Major Stakeholder Company Performance Endogenous |
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