A comparative analysis of independent director appointments on stock price behaviour: an empirical investigation based on the Markov regime-switching model

Yung-Chuan Lee () and Su-Lien Lu

Applied Economics, 2013, vol. 45, issue 20, 2883-2893

Abstract: In 2002, the Taiwanese government regulated that new companies should appoint independent directors for good corporate governance. The purpose of this article is to compare appointing independent directors' motivation of structural changes in stock behaviour. The empirical results showed that the companies with mandatory or voluntary independent director appointments significantly reduced both stock returns and risks over 2000--2006.

Date: 2013
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DOI: 10.1080/00036846.2012.687093

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