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This study investigates the impact of rookie independent directors (RIDs) on agency costs. Utilizing a sample of Chinese listed firms, we employ panel ordinary least square estimations. Our findings reveal that increased RIDs is positively associated with agency costs, suggesting that rookie independent directors may exacerbate agency conflicts wit...
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Context 1
... variables are defined in Table 1. Table 5 presents the results of the moderating effect of Qualified Foreign Institutional Investors (QFIIs) on the relationship between rookie independent directors and agency costs, considering three dimensions of agency costs. For the S&AdmExp ratio, the interaction term RIDs%*QFIIs has a coefficient of 0.103, which is statistically significant at the 1 % level (t-value of 7.22). ...Context 2
... hypothesis H3 is accepted. Table 5 shows the regression results of the moderating impact of Qualified Financial Institutional Investors on the relationship between RIDs and agency costs. The moderating effect of QFIIs in Columns (1) and (2) is for the effect of RIDs proxies on S&AdmExp ratio. ...