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WENGE WANG
University of Auckland, New Zealand, wenge.wang@auckland.ac.nz
INDEPENDENT DIRECTORS AND CORPORATE PERFORMANCE IN
CHINA: A META-EMPIRICAL STUDY
Abstract:
This article reviews empirical studies on the relationship between independent directors and firmperformance in Chinese listed companies. The purpose is to generalize empirical evidence on thetheoretical claim that independent directors can improve firm performance by performing theirmonitoring role over management as expected by Chinese regulators. To fulfil this purpose, thisarticle conducts a meta-empirical study by collecting 30 sample articles of existing empiricalstudies on the relationship between independent directors and firm performance in Chinese listedcompanies after the independent director institution has been introduced from corporate Americato corporate China. The meta-empirical study is to review and generalize an integrated empiricalevidence whether independent directors can improve firm performance in Chinese listedcompanies or not. Based on the statistical data from 30 collected sample articles, this articleidentifies four categories (board independence, independent directors’ characteristic, backgroundand compensation) that authors of 30 sample articles use to test the correlation betweenindependent directors and firm performance in Chinese listed companies. From the integratedempirical evidence from 30 collected sample articles, this article finds on the whole that boardindependence has no significant impact on firm performance, that independent directors’characteristics and background have a controversial effect on firm performance and thatindependent directors’ compensation has a significant positive effect on firm performance. Thismay suggest that independent directors may primarily play an advisory role but not a monitoringrole in Chinese listed companies.
Keywords:
Independent directors, corporate performance, Chinese listed companies
JEL Classification: K22, G38
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