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Independent directors, CEO career concerns, and firm innovation: Evidence from China

Yishu Fu

The North American Journal of Economics and Finance, 2019, vol. 50, issue C

Abstract: This paper studies the impact of independent directors on corporate innovation activities. Based on patent data of Chinese listed firms during 2006–2017, I find that firms with more independent directors are better able to produce a higher level of innovation output. Consistent with the “career concerns” view, this positive effect is stronger in firms that face intense competition, are not state-owned, and have CEOs with short tenure. Overall, this study highlights the important monitoring role played by independent directors.

Keywords: Independent directors; CEO career concerns; Firm innovation; China (search for similar items in EconPapers)
Date: 2019
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DOI: 10.1016/j.najef.2019.101037

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