Abstract
Both independent and female directors are important parts of the board composition. This paper empirically examines the impact of independent directors’ background and the size of independent directors and female directors. The background of independent directors has positive effect on the performance of Chinese financial listed companies. The size of independent directors, female directors and female independent directors has no significant effect on corporate performance. This result provides an empirical evidence for the reform of corporate governance in China.
Highlights
IntroductionSince 1993, Tsingtao Brewery Co. employed independent directors and was listed in H Stock Market, China has opened a new chapter in independent directors
The main concern is β1 - β6 in the regression model, which the respect the variables, which measure the impact on corporate performance from variables, such as proportion of independent directors with background, independent directors, female directors, female independent directors
This paper verifies whether the characteristics of independent directors and the quantitative characteristics of independent directors, female directors, female independent directors have a significant effect on company performance
Summary
Since 1993, Tsingtao Brewery Co. employed independent directors and was listed in H Stock Market, China has opened a new chapter in independent directors. Independent Director System was formally introduced to China through the propromulgation of guidelines for the establishment of IDS of listed companies by Securities Regulatory Committee of PRC in 2001. The board of directors of listed companies shall include at least one-third of the independent directors, who have more than five years experience of legal, economic or other related areas. Independent directors are introduced to company for improving the level of corporate governance. Quantitative Variablesi = β6 fbri + β7dbri + β8dbri (3). Where Performance Measure means the company’s performance variable, Background Variables means variable of the director’s background, and Quantitative Variables means the number of director
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