Busy Directors, Reputational Incentives and the Monitoring Behaviors of Independent Directors

谢诗蕾,浙江工商大学财务与会计学院副教授;许永斌,浙江工商大学财务与会计学院教授,博士生导师;胡舟丽,浙江理工大学科技与艺术学院助教。【中文摘要】自繁忙董事假说以来,多席位独立董事在公司治理中起到的作用广受质疑。以公司规模作为独立董事席位的声誉激励衡量指标,可探究不同席位声誉激励对独立董事监督行为及其效率的影响。研究结果表明,多席位独立董事在各公司间的监督行为存在差异,在声誉激励较大的任职企业,独立董事履行监督义务更为勤勉负责,缺席董事会会议可能性较小;受到高声誉激励的独立董事占所有独立董事的比例与公司业绩表现成正比。以上结论为理解声誉激励的运行机理提供了行为层面的经验证据,也有助于上市公司完善独立董事的选聘和监督机制。 【Abstract】Since the busy directors hypothesis was put forth by Ferris (2003), the question of whether multi-seat independent directors contribute to corporate governance or not has been extensively inquired about. Using firm size as the measurement of reputational incentives imposed by independent directorship, we investigate the effect of distinct reputational incentives on the monitoring behaviors and performance of independent directors. We find that the monitoring behaviors of multi-seated independent directors vary among firms of different sizes. In those companies which offer higher reputational incentives, independent directors perform their monitoring obligations more diligently, as evidenced by a lower probability of absence in board meetings. Furthermore, we find a significantly positive relationship between firm performance and higher percentage of directorship with stronger reputational incentives. Our results provide behavioral-level evidence for understanding the laws of reputational incentives and contribute to the improvement of the mechanisms for listed firms to select and supervise independent directors.国家自然科学基金青年基金“声誉与独立董事制度的有效性——基于行为视角的研究”(71302032);国家社会科学基金重点项目“中国家族企业代际传承的财务安排研究”(14AGL009

永久起搏器患者中QRS宽度与心房颤动的关系

【目的】探讨永久性起搏器患者的起搏QRS 波宽度（QRSd）与术后心房颤动（AF）发生的关系。 【方法】我们回顾收集了180例因完全性/进展性房室传导阻滞而行永久性起搏器植入术的患者。所有的患者都 是右室间隔部起搏。心电图在术前和术后都有记录。QRSd在部分胸前导联（V1，V4和V6）、I导联和AVF导联 都有测量，QRS波差值由术后起搏QRSd减去术前QRSd获得。【结果】AF发生在64（35.56%）例患者中。AF发生 组和没有AF 发生组间，术前的QRSd 相比没有统计学差异，但QRSd 差值在V4 导联（P=0.022）和V6 导联 （P=0.001）有统计学差异。COX比例风险模型提示V6导联的QRSd差值（P=0.005，HR 1.822，95%CI 1.174-2.718， QRSd的间隔区值定为40 ms）和左心房直径（P=0.045，HR 1.042，95%CI 1.001-1.086）是预测AF发生的独立危 险因素。ROC曲线提示V6导联的QRSd差值可以预测AF的发生，尤其是术前QRSd较长的患者（≥120 ms，曲线 下面积为0.826，95%CI 0.685-0.967）。【结论】V6导联的QRSd差值与术后AF的发生可能存在正相关关系