Heterogeneous Independent Directors and High-Quality Development of Listed Companies:A Perspective Based on the Opening of High-speed Railway and Performance of Independent Directors
The due diligence performance of independent directors is of great significance in promoting the high-quality development of listed companies.Taking the A-share listed companies in China from 2004 to 2020 as a sample,the article conducts an empirical study on how off-site independent directors affect the high-quality development of list-ed companies from the perspective of independent directors'fulfillment of their duties and examines the moderating role of high-speed railroad passages in it.It is found that the independent directors in different locations have a significant negative impact on the high quality development of listed companies,which is effectively mitigated by the opening of the high-speed railroad.The mechanism test found that off-site independent directors are detrimental to the high-quality development of listed companies because of ineffective monitoring,advising,and decision-making,and that the opening of high-speed railway mitigates these detrimental effects primarily by improving the performance of monitoring and advising functions.It is further found that there is a differential impact of off-site independent directors with differ-ent background characteristics on the high-quality development of listed companies after the opening of the high-speed rail.Specifically,the proportion of off-site independent directors with industry expertise,academic background,and overseas background is significantly and positively associated with the high-quality development of listed companies af-ter the opening of the high-speed rail,while the proportion of off-site independent directors with legal and financial background is significantly and negatively associated with the high-quality development of listed companies regardless of the opening of the high-speed rail.
off-site independent directorshigh-quality developmenthigh-speed rail commissioningmonitor-ing functionadvisory functiondecision-making function
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