Research On The Independence Of The Board Of Directors, Corporate Social Responsibility And Corporate Value

It is significant to balance the interests of shareholders and other stakeholders in enterprise management.Both the board of directors and independent directors are required to perform their due diligence actively and fulfill corporate social responsibility to promote the enterprise value.Independent directors,the important group in maintaining the overall interests of enterprises,are playing an indispensable role in fulfilling corporate social responsibility and promoting enterprise value.It has been an important topic in corporate governance whether can independent directors guarantee their independence and the independence of the board of directors and whether can they accomplish their supervision and advice goals while being responsible to the shareholders.In this paper,we analyze the role of board independence in CSR and corporate value,and in deeper area,we focus on studying the independence and the right to speak of independent directors.In order to fills the blank in related research,we write this paper to discuss the relationship between independent directors,CSR and the corporate value,and dig into the regulating role of independent directors.By selecting 2192 samples of A listed companies in 2013-2015 stock market in SSE and SZSE and using empirical tools,we get the following results:(1)The level of corporate social responsibility plays different roles on the enterprise value in different samples.The level of corporate social responsibility plays a significant role in promoting corporate value in the sample group of non-state owned enterprises,but have a weak impact on enterprise value in SOE samples;(2)The independence of board of directors has different effects on firm value in different samples.We find no clear evidence that The independence of the board of directors has significant effect on the firm value in the sample of state-owned enterprises;in the samples of non-state-owned enterprises,the independence of board of directors has a significant positive effect on the firm value;(3)Board independence plays an important role in regulating the relationship between corporate social responsibility and firm value.This paper find that the interaction between board independence and corporate social responsibility has significant negative correlation with firm value.And this relationship is more significant in the sample of non-state-owned enterprises.Focused on corporate governance,this paper explore ways to achieve a balance development of the CSR and firm value.Also,this paper provides data for theimprovement of independent director system in Chinese enterprises,give recommendations for the formulation and planning of enterprise goals,and make suggestions for the relevant departments on the supervise system of enterprise directors.