Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/241773 
Erscheinungsjahr: 
2018
Quellenangabe: 
[Journal:] China Journal of Accounting Research [ISSN:] 1755-3091 [Volume:] 11 [Issue:] 2 [Publisher:] Elsevier [Place:] Amsterdam [Year:] 2018 [Pages:] 91-127
Verlag: 
Elsevier, Amsterdam
Zusammenfassung: 
Using novel data on independent directors' opinions in China, we investigate the stock and labor market effects prompted by independent directors publicly saying "no" to major board decisions. We find that the market reacts negatively to modified director opinions, but positively to firms interlocked with the directors who said "no." We further find substantial turnover and decline in board seats after independent directors issue modified opinions. Overall, we identify a dilemma in China whereby the labor market does not reward vigilant directors for standing up to firm insiders, although investors add a premium to effective board monitoring.
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