Du, Jun; Hou, Qingchuan; Tang, Xuesong; Yao, Yiwei - In: China Journal of Accounting Research 11 (2018) 2, pp. 91-127
Using novel data on independent directors' opinions in China, we investigate the stock and labor market effects prompted by independent directors publicly saying "no" to major board decisions. We find that the market reacts negatively to modified director opinions, but positively to firms...