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| Research on the Impact of Lead Independent Directors on Corporate Violations |
| LI Ding，LI Weian，ZHOU Ning，WANG Haoran |
| 1. Nanjing Audit University， Nanjing， China； 2.Dongbei University of Finance and Economics,
Dalian, Liaoning, China; 3. Nankai University, Tianjin, China; 4. Anhui University, Hefei, China
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Abstract Based on a sample of A-share non-financial listed companies in the Chinese capital market from 2010 to 2022, this study empirically examines the relationship between lead independent directors and corporate violations. The findings reveal that lead independent director curbs corporate violations through three pathways: enhancing the status and performance efficiency of independent directors, and reducing performance risks. Further analysis finds that the lead independent director’s influence on corporate violations is significant in the samples with separation of the two positions, more directors appointed by controlling shareholders and strong analyst attention. Lead independent director can reduce the company return volatility and default risk, and enhance the enterprise value.
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Received: 12 August 2024
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