代理成本、机构投资者监督与独立董事津贴
首发时间:2012-11-19
摘要:本文运用我国上市公司2002-2010年间的数据研究公司代理成本和独立董事津贴之间的关系,以及机构投资者的监督对两者关系的影响。本文发现,独立董事津贴与独立董事所在公司代理成本之间存在正相关关系,机构投资者监督强化了这一正相关关系,且这两个关系主要出现在代理成本相对较低的公司中。本文的研究结果意味着,独立董事已在一定程度上认知和重视公司的代理成本,且可能要求不同程度的津贴水平来为其面临的代理问题寻求风险补偿,而机构投资者的监督会促进独立董事重视所在公司的代理成本,从而进一步提高其风险补偿。
关键词: 企业管理 独立董事 津贴 风险 代理成本 机构投资者
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Agency Costs,Institutional Investors Monitor and Independent Directors Compensation
Abstract:y using the data of listing companies of China from 2002 to 2010, we study the relation between the agency costs and independent directors' compensation, and what role do the institutional investors play in the relation. We document that there is a positive relation between agency costs and independent directors' compensation, and the relation is more pronounced in firms with lower agency costs. In addition, the higher institutional investors ownership could heighten the positive relation. Our findings suggest that independent directors realize the risk of agency problem and ask for higher compensation to cover the risk, the institutional investors' monitor have effects on the relationship.
Keywords: Business management Independent Directors Compensation Agency Costs Risk Institutional Investors
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