Research On Independent Director Network Centrality And Corporate Performance Management From The Perspective Of Multi-dimensional Proximity

With the gradual transition of China from industrial economy to new economic era,the network development model has gradually been highly praised.For listed companies,the independent director network is one of the important medias to explore external resources.By the end of 2017,the proportion of chain independent directors reached 90%,which has formed a large-scale network.The phenomenon of independent directors network has aroused wide attention in academic circles.Scholars think the enterprise network location has a significant impact on enterprise performance.But they seemed to assume that the information transmission characteristic of network is undifferentiated.In fact,the similarity between enterprises is likely to affect the efficiency of information transfer between them,such as geographical location,organizational system,knowledge reserve and so on.Then,for enterprises in the network,will the degree of similarity between enterprises affect the information transmission characteristics of the network,and then affect the relationship between network location and enterprise performance? And how? Is it beneficial from a company which has a similar characteristic,or different characteristic?Based on the practice and theoretical background,and from the perspective of multidimensional proximity,we selected the Shanghai-Shenzhen A-share listed company from 2007 to 2017 as a research sample,and explored the relationship between centrality and firm performance,and the moderate effects of geographic proximity,cognitive proximity,and institutional proximity.It was found that the higher the centrality was,the higher the enterprise performance,and this relationship existed in both degree centrality and closeness centrality.More importantly,when there was geographic proximity,cognitive proximity or institutional proximity between enterprises in the network,the positive relationship between closeness centrality and performance would be inhibited.However,when it comes to the relationship between degree centrality and performance,it would be no significantly affect to its positive relationship.Based on those conclusions,suggestions were respectively put forward from the national,organizational and individual levels,so as to provide theoretical basis for the improvement of China's independent director system,the optimization of the independent director network of listed companies and the personal development of independent directors.