Based on the sample of A-share listed companies from 2011 to 2018, this paper analyzes the relationship between the performance of independent directors and corporate performance, and the moderating effect of independent directors’ human capital on the above relationship from three perspectives: Meeting attendance, dissenting behavior and resignation behavior. The results show that: 1) Meeting attendance is not related to the company’s performance, and the independent director’s dissenting behavior and resignation behavior improve the company’s performance; 2) The independent director’s human capital enhances the relationship between the attendance at the meeting and the company’s performance, which turns the two into a significant positive correlation; strengthens the positive correlation between the dissenting behavior and the company’s performance; strengthens the positive correlation between the resignation behavior and the company’s performance correlation. The study of this paper is conducive to comprehensively and reasonably evaluate the performance of independent directors and play the role of independent directors.
Adams, R. B., & Ferreira, D. (2012). Regulatory Pressure and Bank Directors’ Incentives to Attend Board Meetings. International Review of Finance, 12, 227-248. https://doi.org/10.1111/j.1468-2443.2012.01149.x
Chen, D, H., & Xiang, J, F. (2017). Is it Reasonable for Independent Directors to Serve Only Six Consecutive Terms? Management World, 5, 144-157.
Chen, F., & Liu, L. D. (2016). The Relationship between the Resignation of Independent Directors and the Resignation of Independent Directors in China. Financial Forum, 21, 72-80.
Chen, R., Wang, Z., & Duan, C, Q. (2015). Research on the “Adverse Selection” Effect of Independent Directors: Empirical Evidence Based on Independent Opinions. China Industrial Economics, 8, 145-160.
Fan, H, J., Wang, L, H., & Zhang, B. (2017). Research on the Elegant Performance Behavior of Independent Directors. Economic Management, 39, 85-99.
Hao, Y. H., Gan, T., & Lin, X, Y. (2017). The Impact of Independent Directors’ Identity on Firm Performance. Journal of Management, 11, 520-524.
Huo, M. K., Zhang, X. X., & Li, S. (2016). An Empirical Study on the Influencing Factors of Information Transmission Efficiency of Supply Chain Information Ecological Chain. Chinese Journal of Information, 35, 188-194, 200.
Jiang, W., Wan, H. L., & Zhao, S. (2016) Reputation Concerns of Independent Directors: Evidence from Individual Director Voting. The Review of Financial Studies, 29, 655-696. https://doi.org/10.1093/rfs/hhv125
Kim, K., Mauldin, E., & Patro, S. (2014). Outside Directors and Board Advising and Monitoring Performance. Journal of Accounting and Economics, 57, 110-131. https://doi.org/10.1016/j.jacceco.2014.02.001
Le, F. F., & Zhang, J. T. (2018). Research on the Influence of Political Association of Independent Directors on the Dynamic Adjustment of Capital Structure. Investment Research, 37, 115-130.
Lei, Q. H., Luo, D. L., & Chen, H. L. (2017). What Role Does the Independent Director of Listed Company Play?—The Perspective of Market Perception of Resignation of Independent Directors of Chinese Listed Companies. Journal of Finance and Economics, 4, 61-70.
Li, S. G., Jiang, X. H., & Jiang, Y. M. (2019). Compensation Gap and Dissident Behavior of Independent Directors. Economic Management, 41, 124-140.
Li, W. A., & Xu, J. (2014). Board Independence, General Manager Succession and Strategic Change: An Empirical Study on the Effectiveness of Independent Directors. Nankai Management Review, 17, 4-13.
Liu, C., Li, S. M., & Sun, L. (2015). Do Independent Directors Have Consulting Function? An Empirical Study on the Function of Independent Directors from Different Places in the Foreign Mergers and Acquisitions. Management World, 3, 124-136.
Ning, X. D., & Zhang, Y. (2012). Can Independent Directors Supervise with Diligence and Integrity? Construction of Independent Directors’ Behavior Decision-Making Model. China Industrial Economics, 1, 101-109.
Qu, L., Zhang, J., & Hao, Y. H. (2014). How Do Independent Directors Improve Enterprise Performance? Based on Four-Layer Principal-Agent Embedded Model. China Industrial Economics, 7, 109-121.
Quan, Y., & Chen, D. H. (2016). The Relationship between the Power Distribution and Governance of Multi-Seat Independent Directors. Accounting Research, 12, 29-36.
Quan, Y., & Guo, Q. (2017). “Pursuing Fame” or “Pursuing Profits”: Research on the Motivation of Independent Directors’ Performance. Management Science, 30, 3-16.
Shi, C. L. (2020). Attend Meetings and Opinions of Independent Directors: Compliance Performance or Effectiveness Performance. Journal of Accounting, 14, 122-129.
Spence, M. (1973). Job Marketing Signaling. Quarterly Journal of Economics, 87, 355-374. https://doi.org/10.2307/1882010
Tang, Q. Q., & Luo, D. L. (2007). Risk Perception and Resignation Behavior of Independent Directors. Journal of Sun Yat-sen University (Social Science Edition), 1, 91-98.
Wan, L. Y., & Hu, J. (2014). Network Location, Independent Director Governance and Corporate Mergers and Acquisitions: Evidence from Chinese Listed Companies. Nankai Management Review, 17, 64-73.
Xiao, S. G. (2006). An Empirical Study on Whether Independent Directors Affect the Performance of Listed Companies. Journal of Hunan Business College, 6, 74-79.
Xu, Z., & Chen, Y. M. (2018). Research on the “Voting by Hand” Behavior of Independent Directors of Listed Companies in China. East China Economic Management, 32, 140-148.
Yang, Q., Xue, Y. N., & Yurtoglu, B. B. (2011). Exploration of the Functions of My Country’s Board of Directors: Strategic Consulting or Salary Monitoring? Financial Research, No. 3, 165-183.
Yang, Y. H., & Huang, Z. X. (2015). Research on the Performance Status and Objective Environment of Independent Directors. Accounting Research, 4, 20-26+95.
Ye, K. T., Zhu, J. G., Lu, Z. F., & Zhang, R. (2011). The Independence of Independent Directors: Evidence Based on Board Vote. Economic Research Journal, 1, 126-139.
Ying, D., Sidharth, S., & Zhang, E. J. C. (2015). Should Independent Directors Have Term Limits? The Role of Experience in Corporate Governance. Financial Management, 44, 583-621. https://doi.org/10.1111/fima.12091
Zhang, J. S., & Zeng, Y. M. (2010). Information Content of Resignation Behavior of Independent Directors. Financial Research, 8, 155-170.
Zhang, T. S., Chen, X. Y., & Huang, J. (2018). Independent Directors’ Compensation and Corporate Governance Efficiency. Financial Research, 6, 155-170.
Zhou, J., Luo, X. Y., & Zhang, S. P. (2016). The Theory of the Effectiveness of the Board of Directors’ Supervision. China Industrial Economics, 5, 109-126.
Zhou, J., Wang, S. H., & Zhang, S. P. (2018). Information Provision of Board Secretaries, Effectiveness of Independent Directors’ Performance and Company Performance. Management Science, 31, 97-116.