摘要
独立董事制度有效性取决于独立董事是否切实履行职责,独立董事履职行为的影响因素一直是公司治理研究的重点问题。然而已有研究大都考察声誉、薪酬或监管政策等外部激励因素,很少关注可能影响独立董事履职行为的内在驱动因素,如独立董事履职时的感知责任。为了探讨内在感知责任对独立董事履职行为的作用,分别对独立董事监督履职情景和咨询履职情景构建内在感知责任驱动模型。在模型基础上分别设计实验,提取实证证据中难以体现的独立董事履职时的监督感知责任和咨询感知责任。进而验证独立董事感知责任与其履职行为的程度之间的相关关系,以确定感知责任对独立董事履职行为的影响。进一步探讨独立董事感知责任在职责相关情景与履职行为的程度之间的中介作用。研究结果表明,大股东侵占中小股东利益的事件激发独立董事的监督感知责任,大股东侵占程度越严重,独立董事感知责任越强烈,促使独立董事切实履行其监督职责;独立董事的监督感知责任在大股东侵占程度与独立董事监督履职行为的程度之间起部分中介作用,当独立董事察觉董事会中其他董事做出不合理决策时会产生咨询感知责任,进而被其驱动向非独立董事提出建议以提高董事会决策质量;咨询感知责任部分中介非独立董事决策合理程度与独立董事咨询履职行为的程度之间的关系。通过对独立董事履职行为的内在激励进行解释,试图揭示经济管理实践中个体行为背后的动机性的黑箱。结果表明,除了薪酬和声誉等外部激励因素外,独立董事感知责任是促使其履行职责的内在激励因素之一。在探讨独立董事制度的有效性时责任感知的作用不容忽视,独立董事对职责相关事件的责任感知倾向应是选聘独立董事的重要考察维度,这可能是行为公司治理的突破方向之一。
The effectiveness of the independent director system is determined by the case whether independent directors earnestly fulfill their duties.The influence factors of the independent directors′duty fulfilling behaviors have been stressed in studies of corporate governance.The existing studies have examined the external factors which modulate the performance of independent directors,such as reputation,payments,or regulatory policies.They seldom regard the internal motivators which may also have effects on the behaviors of the independent directors,for example,the perceived responsibility.In order to investigate the effects of perceived responsibility for the duty fulfilling behaviors of the independent directors,this research first construct perceived responsibility drive models in monitoring duty situation and consulting duty situation separately.Then two experiments are designed based on these two models.By use of experiments,this paper elicits the monitoring perceived responsibility and the consulting perceived responsibility of the independent directors which are hardly be revealed in the empirical evidence.Further,this paper examines the causal correlativity between the independent directors′perceived responsibility and their following duty fulfilling behaviors to ensure the roles of the perceived responsibility on independent directors′duty fulfilling behaviors.Finally,the mediating roles of the perceived responsibility between duty related situations and duty fulfilling behaviors of the independent directors are also examined.This study finds that the situation in which the major shareholders expropriate profits of the minority shareholders may arouse monitoring perceived responsibility of the independent directors.The monitoring perceived responsibility significantly and positively relate to the severity degree of the major shareholders expropriation,and urges the independent directors to fulfill their monitoring duty.The independent directors′monitoring perceived responsibility plays a partial mediating role between the encroachment of major shareholders and the monitoring duty fulfillment.Similarly,the consulting perceived responsibility of the independent directors is aroused when the independent directors realize that other directors have made unreasonable decisions.And then,the independent directors are motived by their consulting perceived responsibility to put forward proposals to improve the other directors′decisions.The consulting perceived responsibility is proved to have partly mediated the relation between the non-independent director′unreasonable decisions and the independent director’consulting duty fulfillment.By providing a reasonable explanation for the internal motivations of the independent directors′duty fulfilling behaviors,this research attempts to reveal the"black-box"behind the individuals′behaviors in economic management practice.The results of this research reveal that,except for the external incentives such as payment and reputation,the perceived responsibility is proved to be one of the internal initiatives prompting the independent directors to fulfill their duties.Therefore,the role of perceived responsibility may not be ignored when discussing the effectiveness of independent director system.When appointing independent directors,their tendency of perceiving responsibility to the duty related cases should be taken into consideration,which may be a new breakthrough point of behavioral corporate governance.
作者
李帅琦
李建标
LI Shuaiqi;LI Jianbiao(School of Finance,Shandong University of Finance and Economics,Jinan 250014,China;China Academy of Corporate Governance,Nankai University,Tianjin 300071,China;Institute for Study of Brain-like Economics,Shandong University,Jinan 250100,China;Binhai College,Nankai University,Tianjin 300270,China)
出处
《管理科学》
CSSCI
北大核心
2021年第1期50-65,共16页
Journal of Management Science
基金
国家社会科学基金(20AZD0441)
国家自然科学基金(71673152,71533002)
关键词
独立董事
感知责任
监督履职
咨询履职
行为公司治理
independent directors
perceived responsibility
monitoring fulfilling
consulting fulfilling
behavioral corporate governance
作者简介
李帅琦,管理学博士,山东财经大学金融学院副教授,研究方向为公司治理、行为经济学和神经经济学等,代表性学术成果为“两职分离形式的公司治理效应及其滞后性”,发表在2016年第1期《管理科学》,E-mail:clodelee@126.com;李建标,经济学博士,南开大学中国公司治理研究院、山东大学类脑经济学研究院和南开大学滨海学院教授,研究方向为公司治理、实验经济学和决策神经科学等,代表性学术成果为“Transcranial stimulation over right inferiorfrontal gyrus increases the weight given to private information during sequential decision-making”,发表在2019年第3期《Social Cognitive and Affective Neuroscience》,E-mail:biaojl@126.com
