独立董事连锁能够提高会计信息可比性吗?

Can Independent Director Interlocks Improve Accounting Information Comparability?

本文从董事网络视角,考察了独立董事连锁对会计信息可比性的影响及其作用机制。通过实证研究,发现:(1)独立董事连锁的两家公司,其会计信息可比性更高;(2)兼任公司数较多、审计委员会任职以及有会计师事务所工作背景的独立董事连锁会进一步加强连锁公司间的会计信息可比性;(3)连锁独立董事能够使连锁公司间资产减值计提等会计政策更加趋同,是会计信息可比性提高的作用机制。以上结论在考虑独立董事连锁的内生性以及剔除具有关联关系的公司后依然成立。本文不仅丰富了独立董事连锁的经济后果研究,而且从微观层面上补充和拓展了会计信息可比性的影响因素研究。

From the perspective of independent director interlocks, the paper studies on the determinants of accounting information comparability. Our major findings include:1) Two companies interlocked by the same independent director are more likely to have comparable accounting information;2 ) Interlocking independent director who is employed by more firms, audit committee interlocks or has accounting firm background will further strengthen the comparability of accounting information;3) Two companies interlocked by the same independent director choose more convergence accounting policy so that they will have more comparable accounting information. The conclusions remain robust after controlling for the possible endogeneity issue, excluding of affiliated firms. This paper not only enriches the economic consequences of independent director interlocks, but also supplements and expands the determinants of accounting information comparability.