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An Empirical Study on Relationship between Independent Directors and Corporate Performance of Small and Medium Enterprises

Author: LvJian
Tutor: YangZuoZuo
School: Shandong University
Course: Business management
Keywords: SMEs Independent directors Corporate Performance
CLC: F272
Type: Master's thesis
Year: 2010
Downloads: 340
Quote: 2
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Abstract


SME is gradually becoming an important force in promoting China's economic development and social progress, due to deficiencies in the governance structure, small and medium-sized listed companies difficult to protect the interests of minority shareholders, and also had a serious impact on the operation and development of SMEs. How to build an effective corporate governance structure, in order to protect the interests of shareholders and ensure the sustainable development of enterprises, especially SMEs, sustainable development, become an urgent problem to be solved. In this case, the Board has a supervisory role, as the focus of the independent director system was introduced to our corporate governance mechanism to protect the interests of minority shareholders. However, due to the huge difference in institutional environment and governance mechanisms, theory and practice of community of independent director system can effectively play the expected role has been controversial. Previous studies with large sample test method, which is easy to overlook the industry, company type and other factors difference impact the relationship between the independent directors and corporate performance. This article will particularly focus on the relationship between independent directors and corporate performance of small and medium-sized listed companies in China, based on the principal-agent theory, resource dependence theory and modern theory of motivation, 2006-2008 SME board of Shenzhen Stock Exchange 117 listed companies as samples multiple regression analysis, an empirical test of the independence of the independent directors, motivation, diligence and background of the impact on corporate performance. Independent director system status quo on the small board of listed companies, the Director Independence of the small plates listed companies with listed companies, independent directors factors affect corporate performance and other issues in-depth study to explore the independent directors of small and medium-sized listed companies in the Chinese institutional environment effectiveness of the system. The results show that small board of listed companies corporate performance was significantly higher than the general average of listed companies, the independent director system characteristics listed companies in general; verification by empirical data on small plates listed companies, found that the proportion of independent directors and their number does not have a significant impact on corporate performance; director compensation and corporate performance has a significant negative relationship with most of the research findings, small plates listed companies, an independent director of fixed salaries and allowances and can not motivate independent director oversight role to play, but had a negative impact on the independence of the independent directors; factor of other independent directors, independent directors hold office location and age has a significant effect on corporate performance, and is robust, independent director of the local office has a significant positive effect on corporate performance, and the young independent directors is more conducive to the enhancement of company performance. In addition, the independent directors to attend Board meetings ratio on corporate performance is not strong and the proportion of independent directors did not find evidence of the U-shaped relationship, age may be related to corporate performance. Small board of listed companies, this paper extends the literature of independent directors and corporate performance, especially in the design of the independent director system is similar to the small and medium-sized listed companies in emerging markets such as China has a certain reference value for the selection of the independent directors of listed companies to provide a reference for the empirical evidence.

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CLC: > Economic > Economic planning and management > Enterprise economy > Enterprise planning and management decision - making
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