Proceedings of the 6th International Conference on Humanities and Social Science Research (ICHSSR 2020)

Research on the Value of Independent Directors of Universities: Evidence from the Resignation of Independent Directors of Universities3

Authors
Fei Che, Yan Jiang
Corresponding Author
Fei Che
Available Online 1 May 2020.
DOI
https://doi.org/10.2991/assehr.k.200428.088How to use a DOI?
Keywords
the value of independent directors of universities, resignation, market reaction
Abstract

In this paper, using Notice No.11 of Education Department in 2015 as an exogenous event, we test the value of independent directors of universities when they resign from the listed companies. First, we find that the market reaction is negative and significant. Moreover, the reaction has the characteristics of state-dependence. It means that the market reaction of state-owned listed companies is significantly negative, while the non-state-owned listed companies is significantly positive. Second, the governance mechanism of independent directors of universities as special committee members is limited in state-owned listed companies. Third, in the short term, independent directors of universities with good reputation have played a significant role in non-state-owned listed companies, but the market is not optimistic about this resource support function in the long term. In a word, the main way for independent directors of universities to exert their value is to supervise and consult in the listed companies. Therefore, the governance mechanism of special committees should be further improved to improve the efficiency of independent director system.

Copyright
© 2020, the Authors. Published by Atlantis Press.
Open Access
This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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Volume Title
Proceedings of the 6th International Conference on Humanities and Social Science Research (ICHSSR 2020)
Series
Advances in Social Science, Education and Humanities Research
Publication Date
1 May 2020
ISBN
978-94-6252-960-1
ISSN
2352-5398
DOI
https://doi.org/10.2991/assehr.k.200428.088How to use a DOI?
Copyright
© 2020, the Authors. Published by Atlantis Press.
Open Access
This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

Cite this article

TY  - CONF
AU  - Fei Che
AU  - Yan Jiang
PY  - 2020
DA  - 2020/05/01
TI  - Research on the Value of Independent Directors of Universities: Evidence from the Resignation of Independent Directors of Universities3
BT  - Proceedings of the 6th International Conference on Humanities and Social Science Research (ICHSSR 2020)
PB  - Atlantis Press
SP  - 403
EP  - 414
SN  - 2352-5398
UR  - https://doi.org/10.2991/assehr.k.200428.088
DO  - https://doi.org/10.2991/assehr.k.200428.088
ID  - Che2020
ER  -