关键词: 独立董事, 价值低估, 组织公平, 社会交换, 离职, 晋升

Abstract:

Based on the organizational justice theory, existing studies have found that undervalued independent directors are more likely to quit due to perceived unfairness. However, the existing research cannot explain why some undervalued independent directors do not choose to quit, and that those “undervalued” independent directors who stayed on the board would have more promotion opportunities later. In order to answer the above questions, by introducing the social exchange theory in addition to the organizational justice theory, arguments are derived that the social exchange relationship of independent directors (based on the social exchange theory) has a negative moderating effect on the positive relationship between the undervaluation of independent directors and their turnovers (based on the organizational justice theory). Moreover, the undervalued independent directors who do not quit will have more chances of “promotion” (based on the organizational justice theory). The empirical study of the data of the independent directors of Chinese A-share listed companies from 2008 to 2017 supports the above theoretical inferences. To be specific, the social exchange relationship plays a significant negative moderating role in the relationship between the undervaluation of independent directors and their turnovers. Specifically, when the undervalued independent directors are appointed by the current chairman, or when the undervalued independent directors have better social skills, the positive effect of their undervaluation on turnovers is weaker. For independent directors who are undervalued and do not quit, they are more likely to be “promoted” later.

Key words: independent director, undervaluation, organizational justice, social exchange, quit, promotion