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Managerial Ownership, Independent Directors and Corporate Value

Author: WangYue
Tutor: LuXinSheng
School: Northwest University of Science and Technology
Course: Finance
Keywords: Managerial ownership The proportion of independent directors The value of the company Endogeneity
CLC: F272
Type: Master's thesis
Year: 2010
Downloads: 150
Quote: 0
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Abstract


Corporate governance mechanism has important implications on the establishment of a modern enterprise system and to improve the efficiency of corporate governance . In the practice of corporate governance , academic and corporate institutions continue to explore and improve the corporate governance mechanism , made ??a lot of achievements . Equity incentives and the establishment of an independent director system is important manifestation of the fruits of corporate governance . In order to perfect the corporate governance mechanism , the introduction of the equity incentive and independent director system , but the effect of the implementation of how to do ? Scholars did not reach the same conclusion . On the basis of previous studies to further explore the role played by the equity incentive and the independent director system in China 's corporate governance , and to promote further improvement of corporate governance in China . The paper selects the 2006 A-shares of Shanghai and Shenzhen stock 372 listed companies as the research object , interaction between the angle from endogenous managerial ownership, the proportion of independent directors and the company's value , mutually decided . In this paper, ordinary least squares (OLS) and three-stage least squares method (3SLS) regression analysis for the comparative analysis of the empirical results . The proportion of independent directors to comprehensive , objective, real analysis of independent directors to play the role of the proportion of independent directors is equal to 1 / 3 ( China Securities Regulatory Commission requires listed companies to not less than 1 / 3 ) is the critical point , the data sample is divided into three categories separate regression . In this paper, empirical analysis , draw three conclusions . 1 . Managerial Ownership and Corporate Value endogenous interaction between specific performance both as a significant positive correlation . Inherent demand of the independent directors of listed companies ( the proportion of independent directors is about 1 / 3 ) exists between managerial ownership and the proportion of independent directors the weak endogeneity interactive relationship , they are negatively correlated with each other ; independent directors no intrinsic demand of listed companies , they do not exist in the interaction between endogenous . Inherent demand of the independent directors of listed companies ( the proportion of independent directors is about 1 / 3 ) , between the proportion of independent directors and the company's value significantly endogeneity interactive relationship between the proportion of independent directors has a positive influence on the value of the company , the value of the company have a negative impact on the proportion of independent directors ; independent directors do not have the internal needs of listed companies there is no interaction between endogenous .

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