机构地区: 华南师范大学经济与管理学院
出 处: 《上海商学院学报》 2012年第2期72-77,共6页
摘 要: 本文从权力循环理论出发,以2005—2006年沪深民营上市公司作为样本,实证检验CEO权力对董事会独立性与公司绩效关系的影响。实证结果显示,CEO兼任董事长在董事会独立性与公司绩效关系中起正向调节作用,即CEO兼任董事长时,董事会独立性与公司绩效的正相关关系更强;CEO持股比例在董事会独立性与公司绩效关系中起负向调节作用,即CEO持股比例较低时,董事会独立性与公司绩效的负相关关系更强。 s:Drawing on the perspective of the power circulation,this paper using a sample of Chinese private listed companies in 2005—2006 and empirically studies the moderating effect of CEO power on the relationship between board independence and corporate performance,The results show that(1) CEO duality positively moderates the board independence-corporate performance relationship,which is under duality,there is a positive relationship between board independence and corporate performance;(2) CEO ownership negatively moderates the board independence-corporate performance relationship,which is the less CEO ownership,the more negative the relationship between board independence and corporate performance.
领 域: [经济管理]