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...

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...

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 directors' opinions, but positively toward the...

Using a novel dataset of outside directors' opinions from 2005 to 2009, we explore the determinants of outside directors' saying ‘no' and what happens after they say ‘no' at board meetings in listed Chinese firms. We find that the firms with more severe agency problems between controlling...