Does the reputation mechanism apply to independent directors in emerging markets? Evidence from China

Adams, 2010, The role of boards of directors in corporate governance: a conceptual framework and survey, J. Econ. Lit., 48, 58, 10.1257/jel.48.1.58 Ang, 2000, Agency costs and ownership structure, J. Financ., 55, 81, 10.1111/0022-1082.00201 Berkman, 2009, Expropriation through loan guarantees to related parties: evidence from China, J. Bank. Financ., 33, 141, 10.1016/j.jbankfin.2007.11.001 Brickley, 1999, What happens to CEOs after they retire? new evidence on career concerns, horizon problems, and CEO incentives, J. Financ. Econ., 52, 341, 10.1016/S0304-405X(99)00012-4 Bryan, 2020, Independent director reputation incentives, accruals quality and audit fees, J. Bus. Financ. Acc., 47, 982, 10.1111/jbfa.12435 Coles, 2014, Co-opted boards, Rev. Financ. Stud., 27, 1751, 10.1093/rfs/hhu011 Conyon, 2011, Executive compensation and corporate governance in China, Finance, 17, 1158 Ertimur, 2012, Reputation penalties for poor monitoring of executive pay: evidence from option backdating, J. Financ. Econ., 104, 118, 10.1016/j.jfineco.2011.12.004 Fama, 1983, Separation of ownership and control, J. Law Econ., 26, 301, 10.1086/467037 Fan, 2007, Politically connected CEOs, corporate governance, and post-IPO performance of China’s newly partially privatized firms, J. Financ. Econ., 84, 330, 10.1016/j.jfineco.2006.03.008 Farrell, 2000, The consequences of forced CEO succession for outside directors, J. Bus., 73, 597, 10.1086/209656 Ferris, 2003, Too busy to mind the business? monitoring by directors with multiple board appointments, J. Financ., 58, 1087, 10.1111/1540-6261.00559 Fich, 2006, Are busy boards effective monitors?, J. Financ., 61, 689, 10.1111/j.1540-6261.2006.00852.x Firth, 2007, How ownership and corporate governance influence chief executive pay in China's listed firms, J. Bus. Res., 60, 776, 10.1016/j.jbusres.2007.01.014 Fos, 2014, Shareholder democracy in play: career consequences of proxy contests, J. Financ. Econ., 114, 316, 10.1016/j.jfineco.2014.07.009 Giannetti, 2015, The brain gain of corporate boards: evidence from China, J. Financ., 70, 1629, 10.1111/jofi.12198 Gilson, 1990, Bankruptcy, boards, banks, and blockholders: evidence on changes in corporate ownership and control when firms default, J. Financ. Econ., 27, 355, 10.1016/0304-405X(90)90060-D Harford, 2003, Takeover bids and target directors’ incentives: the impact of a bid on directors’ wealth and board seats, J. Financ. Econ., 69, 51, 10.1016/S0304-405X(03)00108-9 He, 2018, Agency problems in firms with an even number of directors: evidence from China, J. Bank. Financ., 93, 139, 10.1016/j.jbankfin.2018.06.006 Huang, 2016, The reputation of independent directors and earnings quality: analysis from the perspectives of independent directors with financial background, Manage. World, 3, 128 Hwang, 2009, It pays to have friends, J. Financ. Econ., 93, 138, 10.1016/j.jfineco.2008.07.005 Jiang, 2015, Corporate governance in China: a modern perspective, Finance, 32, 190 Jiang, 2010, Tunnelling through intercorporate loans: the China experience, J. Financ. Econ., 98, 1, 10.1016/j.jfineco.2010.05.002 Jiang, 2016, Reputation concerns of independent directors: evidence from individual director voting, Rev. Financ. Stud., 29, 655 Kaplan, 1990, Outside directorships and corporate performance, J. Financ. Econ., 27, 389, 10.1016/0304-405X(90)90061-4 La Porta, 2000, Investor protection and corporate governance, J. Financ. Econ., 58, 3, 10.1016/S0304-405X(00)00065-9 Liang, 2013, Board characteristics and Chinese bank performance, J. Bank. Financ., 37, 2953, 10.1016/j.jbankfin.2013.04.018 Lin, 2008, The roles, responsibilities and characteristics of audit committee in China, Account. Audit. Account. J., 21, 721, 10.1108/09513570810872987 Liu, 2018, Political connections and firm value in China: an event study, J. Bus. Ethics, 152, 551, 10.1007/s10551-016-3316-2 Liu, 2014, Do women directors improve firm performance in China?, Finance, 28, 169 Liu, 2015, Board independence and firm performance in China, Finance, 30, 223 Luo, 2017, Female directors and real activities manipulation: Evidence from China, China Journal of Accounting Research, 10, 141, 10.1016/j.cjar.2016.12.004 Ma, 2016, Independent directors’ dissent on boards: evidence from listed companies in China, Strateg. Manag. J., 37, 1547, 10.1002/smj.2421 Masulis, 2014, Independent director incentives: where do talented directors spend their limited time and energy?, J. Financ. Econ., 111, 406, 10.1016/j.jfineco.2013.10.011 Masulis, 2016 Masulis, 2017 Peng, 2011, Tunnelling or propping: evidence from connected transactions in China, Finance, 17, 306 Qian, 2015, Bank financing and corporate governance, Finance, 32, 258 Shanghai Stock Exchange, 2004. A report on the corporate governance of Chinese publicly listed companies: Board independence and effectiveness. Fudan University Press Shi, 2018, Do politically connected independent directors create or destroy value?, J. Bus. Res., 83, 82, 10.1016/j.jbusres.2017.10.009 Shivdasani, 1999, CEO involvement in the selection of new board members: an empirical analysis, J. Financ., 54, 1829, 10.1111/0022-1082.00168 Sila, 2017, Independent director reputation incentives and stock price informativeness, Finance, 47, 219 Singh, 2003, Agency costs, ownership structure and corporate governance mechanisms, J. Bank. Financ., 27, 793, 10.1016/S0378-4266(01)00260-6 Sun, 2019, Air pollution and spatial mobility of labor force: study on the migrants’ job location choice, Econ. Res. J., 11, 102 Wang, 2018 Yermack, 2004, Remuneration, retention, and reputation incentives for outside directors, J. Financ., 59, 2281, 10.1111/j.1540-6261.2004.00699.x