Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/338467 
Year of Publication: 
2022
Citation: 
[Journal:] China Journal of Accounting Studies (CJAS) [ISSN:] 2169-7221 [Volume:] 10 [Issue:] 1 [Year:] 2022 [Pages:] 73-94
Publisher: 
Taylor & Francis, Abingdon
Abstract: 
The phenomenon of corporate debt default has broken out in recent years, which highlights the importance of the macro situation to the stability of business operations. In this paper, the debt default of A-share listed companies in Shanghai and Shenzhen Stock Exchange from 2008 to 2018 are used as a sample to conduct a research from the perspective of independent directors with macro vision. The empirical results show that the larger the number and the higher the proportion of macro-background independent directors in bond issuing companies, the less debt default will be found; moreover, the relationships are stronger when enterprises face more economic uncertainty and higher systemic risk. Meanwhile, independent director with macro vision mainly reduces the company's default risk. The above results not only provide new evidence for the advisory role of independent directors, but also supplement the influencing factors of debt default.
Subjects: 
Independent director
advisory role
macro vision
debt default
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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