Can University Connections of Independent Directors Improve Firm Performance? Evidence of Chinese Listed Manufacturing Companies over 2008-2013
Changzheng Zhang, Jiao Zhang, Qian Guo
Asian Journal of Economics, Business and Accounting · pp. 1–18 · Published 13 Jul 2018
10.9734/AJEBA/2018/42219Abstract
The paper investigates the effect of the university connections of independent directors on firm performance by choosing the panel data consisting of 2994 firm-year observations in Chinese listed manufacturing companies during 2008-2013 as research sample. Empirical analysis by adopting the multiple regression analysis based on OLS and the independent samples test with SPSS19.0 makes the following new finding: In the manufacturing companies in China, there is a positive relationship between the university connections of independent directors and firm performance measured by ROE, ROA and EPS. Further investigation shows that the independent directors from the universities would produce a higher productivity in the traditional labor-intensive firms rather in the technology-intensive firms, and what is more, if the independent directors from the universities attend more board meetings, their positive role in affecting firm performance would be enhanced.
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