We propose that independent directors are likely to play a political role in an institutional setting featuring weak investor protection and strong government intervention. Using Chinese data for 2001–2014, we invest...We propose that independent directors are likely to play a political role in an institutional setting featuring weak investor protection and strong government intervention. Using Chinese data for 2001–2014, we investigate whether the stock price reaction to an independent director's death is related to his or her political connection. We find a stronger negative reaction to the death announcements of politically connected than politically unconnected independent directors. The magnitude of the reaction is positively related to directors' political rank, and cannot be offset by their firms' political capital. However,we document no evidence of politically connected independent directors exhibiting superior monitoring or consulting performance. Additional analyses show that firms are more inclined to appoint a politically connected independent director as a successor if his or her predecessor also had political connections. Our study broadens scholarly understanding of independent directors' role in a non-Anglo-American setting.展开更多
BETWEEN OCTOBER 13 AND 15,2016,hosted by the International Department,the CPC Central Committee and organized by the CPC Chongqing Municipal Committee,the CPC in Dialogue with the World 2016was held in Chongqing.Theme...BETWEEN OCTOBER 13 AND 15,2016,hosted by the International Department,the CPC Central Committee and organized by the CPC Chongqing Municipal Committee,the CPC in Dialogue with the World 2016was held in Chongqing.Themed'Innovation in Global Economic Governance:Initiatives and Actions of Political Parties',the annual event was展开更多
The Orthodoxy has been in existence in Russia for more than 1000years and has fully merged itself into the nation,creating a strongsense of religious culture.During the long years of the reigns by differ-ent regimes f...The Orthodoxy has been in existence in Russia for more than 1000years and has fully merged itself into the nation,creating a strongsense of religious culture.During the long years of the reigns by differ-ent regimes from the Czarist Russia to the Soviet Union and then to thenew Russia,the religion went through the process of ups and downs inits development.Having once played a very important role in the展开更多
基金National Natural Science Foundation of China (Nos.71302105,71372041,and 71572100)MOE Project for Key Research Institutes of Humanities and Social Science (No.13JJD790019)MOE Foundation for Humanities and Social Science (No.13YJA790057)
文摘We propose that independent directors are likely to play a political role in an institutional setting featuring weak investor protection and strong government intervention. Using Chinese data for 2001–2014, we investigate whether the stock price reaction to an independent director's death is related to his or her political connection. We find a stronger negative reaction to the death announcements of politically connected than politically unconnected independent directors. The magnitude of the reaction is positively related to directors' political rank, and cannot be offset by their firms' political capital. However,we document no evidence of politically connected independent directors exhibiting superior monitoring or consulting performance. Additional analyses show that firms are more inclined to appoint a politically connected independent director as a successor if his or her predecessor also had political connections. Our study broadens scholarly understanding of independent directors' role in a non-Anglo-American setting.
文摘BETWEEN OCTOBER 13 AND 15,2016,hosted by the International Department,the CPC Central Committee and organized by the CPC Chongqing Municipal Committee,the CPC in Dialogue with the World 2016was held in Chongqing.Themed'Innovation in Global Economic Governance:Initiatives and Actions of Political Parties',the annual event was
文摘The Orthodoxy has been in existence in Russia for more than 1000years and has fully merged itself into the nation,creating a strongsense of religious culture.During the long years of the reigns by differ-ent regimes from the Czarist Russia to the Soviet Union and then to thenew Russia,the religion went through the process of ups and downs inits development.Having once played a very important role in the
