The Impact of Independent Directors’ Performance on Corporate Performance—Based on the Regulatory Role of Human Capital

Abstract

Based on the sample of A-share listed companies from 2011 to 2018, this paper analyzes the relationship between the performance of independent directors and corporate performance, and the moderating effect of independent directors’ human capital on the above relationship from three perspectives: Meeting attendance, dissenting behavior and resignation behavior. The results show that: 1) Meeting attendance is not related to the company’s performance, and the independent director’s dissenting behavior and resignation behavior improve the company’s performance; 2) The independent director’s human capital enhances the relationship between the attendance at the meeting and the company’s performance, which turns the two into a significant positive correlation; strengthens the positive correlation between the dissenting behavior and the company’s performance; strengthens the positive correlation between the resignation behavior and the company’s performance correlation. The study of this paper is conducive to comprehensively and reasonably evaluate the performance of independent directors and play the role of independent directors.