A comparative analysis of independent director appointments on stock price behaviour: an empirical investigation based on the Markov regime-switching model

In 2002, the Taiwanese government regulated that new companies should appoint independent directors for good corporate governance. The purpose of this article is to compare appointing independent directors' motivation of structural changes in stock behaviour. The empirical results showed that the companies with mandatory or voluntary independent director appointments significantly reduced both stock returns and risks over 2000--2006.

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Year of publication:	2013
Authors:	Lee, Yung Chuan ; Lu, Su-Lien
Published in:	Applied Economics. - Taylor & Francis Journals, ISSN 0003-6846. - Vol. 45.2013, 20, p. 2883-2893
Publisher:	Taylor & Francis Journals

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Type of publication:	Article
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10010618964