Operational Complexity, Independent Directors and Synchronicity

摘要

Stock price synchronicity means that the majority of stock prices rise or fall at the same time in a period of time.High stock price synchronicity means that a little firm-specific information is contained in the stock prices and the transfer efficiency of the firm-specific information has declined.This paper selected all A-share listed companies from 2009-2011 as samples, a total of 4745 observations.We first study the relationship between the operational complexity and the synchronicity, and then join the independent directors to study the regulation effect of the relationship between the two.We find that the higher the degree of operation complexity, the higher the stock price synchronicity, and the positive correlation between the two are weakened by the proportion of independent directors and industry expertise independent directors.