Does the Independent Director System Really Work? ——A Research Review

摘要

Scholars around the world have done both evaluating and analytical research into the efficiency of independent director system, which include but are not limited to: corporate performance, stock market reaction, dividend payout, legal lawsuit, accounting information disclosure, certain corporate affair, the nature and features of independent directors and factors restricting the efficient role of independent director system. Due to the difference in study perspective, interpretation framework and sampling data cited, varieties of viewpoints and conclusions have been drawn by different researchers. Based on the existent literature, the paper tries to orderly arrange previous results, throw light on the research path and main conclusions of contemporary study on the efficiency of independent director system from both domestic and abroad, and supply some support to further researches of independent director system.