The determinants of the monitoring effectiveness of independent directors: empirical evidence from china's listed firms.

Lui, Kai Yin.Thesis (M.Phil.)--Chinese University of Hong Kong, 2008.Includes bibliographical references (leaves 49-55).Abstracts in English and Chinese.Abstract --- p.iChinese Version --- p.iiAcknowledgments --- p.iiiChapter 1 --- Introduction --- p.1Chapter 2 --- Literature Review --- p.6Chapter 3 --- Research Hypothesis --- p.8Chapter 3.1 --- Institutional Setting --- p.8Chapter 3.2 --- The Monitoring Effectiveness of Independent Directors --- p.11Chapter 4 --- Methodology --- p.15Chapter 4.1 --- Negative Opinion Issuances --- p.15Chapter 4.2 --- The Personal Characteristics of Independent Directors --- p.17Chapter 4.3 --- Control Grouping Methods --- p.21Chapter 4.4 --- Board Structure --- p.23Chapter 4.5 --- Control Variables --- p.24Chapter 4.6 --- Regional Governance --- p.25Chapter 4.7 --- ST Companies --- p.27Chapter 5 --- Data --- p.29Chapter 5.1 --- Negative Opinion Issuance --- p.29Chapter 5.2 --- The Personal Characteristics of Independent Directors --- p.30Chapter 5.2.1 --- Treatment Group --- p.31Chapter 5.2.2 --- Control Group --- p.32Chapter 5.3 --- Board Structure --- p.32Chapter 5.4 --- Control Variables --- p.33Chapter 5.5 --- Regional Governance --- p.34Chapter 5.6 --- ST Companies --- p.34Chapter 6 --- Empirical Results --- p.36Chapter 6.1 --- Testing Means of Two Samples --- p.36Chapter 6.2 --- Event Study --- p.37Chapter 6.3 --- Logistic Regressions --- p.38Chapter 6.3.1 --- The Personal Characteristics of Independent Directors --- p.39Chapter 6.3.2 --- Board Structure --- p.40Chapter 6.3.3 --- Regional Governance --- p.42Chapter 6.3.4 --- Pull Set of Variables --- p.43Chapter 6.4 --- Checking Robustness of Results by Using ST Companies --- p.46Chapter 7 --- Summary and Conclusion --- p.47References --- p.49Appendix --- p.56"Table 1: Negative Opinion Issuance, Descriptive Statistics" --- p.56"Table 2: Negative Opinion Issuance, by Categories" --- p.56Table 3: Sample Companies Location Distribution --- p.57"Table 4: Personal Characteristics, Descriptive Statistics I" --- p.58"Table 5: Personal Characteristics, Descriptive Statistics II" --- p.59Table 6: Board Structure and Control Variables: Descriptive Statistics --- p.60Table 7: Regional Governance Indices --- p.61"Table 8: ST companies, Descriptive Statistics" --- p.62Table 9: Negative Opinion Issuance and Company Status Changes --- p.62"Table 10: The Level of Negative Opinion Issuance, the Respective Com- panies and Independent Directors Involved" --- p.62"Table 11: Personal Characteristics (ST Companies), Descriptive Statistics I" --- p.63"Table 12: Personal Characteristics (ST Companies), Descriptive Statistics II" --- p.64"Table 13: Board Structure and Control Variables (ST Companies), De- scriptive Statistics" --- p.64"Table 14: Mean-Comparison t-test Between Control and Treatment Groups, Personal Characteristics and Board Structure" --- p.65"Table 15: Event Study, by Different Event Windows" --- p.66"Table 16: Event Study, by Different Categories of Negative Opinions" --- p.66Table 17: Logistic Regression - Treatment Group Only (n = 144) --- p.67Table 18: Conditional Logistic Regression - Treatment Group and Control Group Paired Together According to Companies (n = 273). Personal Characteristics Variables Only --- p.68Table 19: Conditional Logistic Regression - Treatment Group and Control Group Paired Together According to Companies (n = 273). Board Structure and Control Variables Only --- p.69Table 20: Conditional Logistic Regression - Treatment Group and Control Group Paired Together According to Companies (n = 273). Regional Governance Only --- p.69Table 21: Conditional Logistic Regression - Treatment Group and Control Group Paired Together According to Companies (n = 273). All Variables --- p.70Table 22: Conditional Logistic Regression - Treatment Group and Control Group Paired Together According to Companies (n = 273). All Variables --- p.71Table 23: Ordered Logistic Regression - ST companies (n = 352) --- p.7