{"id":"https://openalex.org/W7204588697","doi":"https://doi.org/10.1111/irfi.70096","title":"Foreign\u2010Experienced Independent Directors and Leverage Manipulation in China","display_name":"Foreign\u2010Experienced Independent Directors and Leverage Manipulation in China","publication_year":2026,"publication_date":"2026-08-28","ids":{"openalex":"https://openalex.org/W7204588697","doi":"https://doi.org/10.1111/irfi.70096"},"language":"en","primary_location":{"id":"doi:10.1111/irfi.70096","doi":"https://doi.org/10.1111/irfi.70096","is_oa":true,"landing_page_url":"https://doi.org/10.1111/irfi.70096","pdf_url":"https://onlinelibrary.wiley.com/doi/pdfdirect/10.1111/irfi.70096","source":{"id":"https://openalex.org/S35246616","display_name":"International Review of Finance","issn_l":"1369-412X","issn":["1369-412X","1468-2443"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-scientific","cwts-core","jufo-1","norway-1","poland-70","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"International Review of Finance","raw_type":"journal-article"},"parent_works":[],"lineage":["https://openalex.org/W7204588697"],"child_works_count":0,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"bronze","oa_url":"https://onlinelibrary.wiley.com/doi/pdfdirect/10.1111/irfi.70096","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5122075934","display_name":"Fuying Wei","orcid":"https://orcid.org/0009-0004-1140-7540","observed_orcids":["https://orcid.org/0009-0004-1140-7540"]},"institutions":[{"id":"https://openalex.org/I4210119101","display_name":"Tangshan Normal University","ror":"https://ror.org/02jdm8069","country_code":"CN","type":"education","lineage":["https://openalex.org/I4210119101"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"Fuying Wei","raw_affiliation_strings":["School of Ocean Science, Tangshan Normal University  Tangshan China"],"raw_orcid":"https://orcid.org/0009-0004-1140-7540","affiliations":[{"raw_affiliation_string":"School of Ocean Science, Tangshan Normal University  Tangshan China","institution_ids":["https://openalex.org/I4210119101"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5055586869","display_name":"Hedy Jiaying Huang","orcid":"https://orcid.org/0000-0001-8806-5711","observed_orcids":["https://orcid.org/0000-0001-8806-5711"]},"institutions":[{"id":"https://openalex.org/I51158804","display_name":"Massey University","ror":"https://ror.org/052czxv31","country_code":"NZ","type":"education","lineage":["https://openalex.org/I51158804"]}],"countries":["NZ"],"is_corresponding":false,"raw_author_name":"Hedy Jiaying Huang","raw_affiliation_strings":["School of Accountancy, Economics and Finance (Auckland Campus), Massey Business School, Massey University  Auckland New Zealand"],"raw_orcid":"https://orcid.org/0000-0001-8806-5711","affiliations":[{"raw_affiliation_string":"School of Accountancy, Economics and Finance (Auckland Campus), Massey Business School, Massey University  Auckland New Zealand","institution_ids":["https://openalex.org/I51158804"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5078078883","display_name":"Siyuan Xuan","orcid":"https://orcid.org/0009-0003-6910-7877","observed_orcids":["https://orcid.org/0009-0003-6910-7877"]},"institutions":[{"id":"https://openalex.org/I137056471","display_name":"Nanjing University of Finance and Economics","ror":"https://ror.org/031y8am81","country_code":"CN","type":"education","lineage":["https://openalex.org/I137056471"]}],"countries":["CN"],"is_corresponding":true,"raw_author_name":"Siyuan Xuan","raw_affiliation_strings":["School of International Economics and Business, Nanjing University of Finance & Economics Nanjing China"],"raw_orcid":"https://orcid.org/0009-0003-6910-7877","affiliations":[{"raw_affiliation_string":"School of International Economics and Business, Nanjing University of Finance & Economics Nanjing China","institution_ids":["https://openalex.org/I137056471"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5009906089","display_name":"Liping Zou","orcid":"https://orcid.org/0000-0002-7091-484X","observed_orcids":["https://orcid.org/0000-0002-7091-484X"]},"institutions":[{"id":"https://openalex.org/I51158804","display_name":"Massey University","ror":"https://ror.org/052czxv31","country_code":"NZ","type":"education","lineage":["https://openalex.org/I51158804"]}],"countries":["NZ"],"is_corresponding":false,"raw_author_name":"Liping Zou","raw_affiliation_strings":["School of Accountancy, Economics and Finance (Auckland Campus), Massey Business School, Massey University  Auckland New Zealand"],"raw_orcid":"https://orcid.org/0000-0002-7091-484X","affiliations":[{"raw_affiliation_string":"School of Accountancy, Economics and Finance (Auckland Campus), Massey Business School, Massey University  Auckland New Zealand","institution_ids":["https://openalex.org/I51158804"]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":3,"corresponding_author_ids":["https://openalex.org/A5078078883"],"corresponding_institution_ids":["https://openalex.org/I137056471"],"apc_list":{"value":2900,"currency":"USD","value_usd":2900},"apc_paid":null,"fwci":0.0,"has_fulltext":true,"cited_by_count":0,"citation_normalized_percentile":{"value":0.0,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":"26","issue":"3","first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9897000193595886,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9897000193595886,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10081","display_name":"Auditing, Earnings Management, Governance","score":0.00839999970048666,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T13957","display_name":"Corporate Governance and Financial Management","score":0.0005000000237487257,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/corporate-governance","display_name":"corporate governance","score":0.7760000228881836},{"id":"https://openalex.org/keywords/board-composition","display_name":"board composition","score":0.9010000228881836},{"id":"https://openalex.org/keywords/information-disclosure-quality","display_name":"disclosure quality","score":0.9559999704360962},{"id":"https://openalex.org/keywords/information-asymmetry","display_name":"information asymmetry","score":0.9980000257492065},{"id":"https://openalex.org/keywords/financial-constraints","display_name":"financial constraints","score":0.9879999756813049},{"id":"https://openalex.org/keywords/institutional-investors","display_name":"institutional investors","score":0.796999990940094},{"id":"https://openalex.org/keywords/industry-competition","display_name":"industry competition","score":0.6480000019073486},{"id":"https://openalex.org/keywords/chinese-listed-companies","display_name":"Chinese listed companies","score":0.9380000233650208}],"concepts":[{"id":"https://openalex.org/C153083717","wikidata":"https://www.wikidata.org/wiki/Q6535263","display_name":"Leverage (statistics)","level":2,"score":0.883899986743927},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.7972000241279602},{"id":"https://openalex.org/C39389867","wikidata":"https://www.wikidata.org/wiki/Q380767","display_name":"Corporate governance","level":2,"score":0.7681000232696533},{"id":"https://openalex.org/C191935318","wikidata":"https://www.wikidata.org/wiki/Q148","display_name":"China","level":2,"score":0.656000018119812},{"id":"https://openalex.org/C2780233690","wikidata":"https://www.wikidata.org/wiki/Q535347","display_name":"Transparency (behavior)","level":2,"score":0.6377000212669373},{"id":"https://openalex.org/C6422946","wikidata":"https://www.wikidata.org/wiki/Q857354","display_name":"Panel data","level":2,"score":0.5680999755859375},{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.5669000148773193},{"id":"https://openalex.org/C137577040","wikidata":"https://www.wikidata.org/wiki/Q431965","display_name":"Information asymmetry","level":2,"score":0.39559999108314514},{"id":"https://openalex.org/C2779530757","wikidata":"https://www.wikidata.org/wiki/Q1207505","display_name":"Quality (philosophy)","level":2,"score":0.3400999903678894},{"id":"https://openalex.org/C149933338","wikidata":"https://www.wikidata.org/wiki/Q950816","display_name":"Capital structure","level":3,"score":0.33239999413490295},{"id":"https://openalex.org/C45983554","wikidata":"https://www.wikidata.org/wiki/Q3412851","display_name":"Information quality","level":3,"score":0.3059999942779541},{"id":"https://openalex.org/C206757995","wikidata":"https://www.wikidata.org/wiki/Q1665188","display_name":"Institutional investor","level":3,"score":0.2962000072002411},{"id":"https://openalex.org/C58546491","wikidata":"https://www.wikidata.org/wiki/Q1150207","display_name":"Competitive advantage","level":2,"score":0.2930000126361847},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.28690001368522644},{"id":"https://openalex.org/C121017731","wikidata":"https://www.wikidata.org/wiki/Q11661","display_name":"Information technology","level":2,"score":0.25760000944137573}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.1111/irfi.70096","doi":"https://doi.org/10.1111/irfi.70096","is_oa":true,"landing_page_url":"https://doi.org/10.1111/irfi.70096","pdf_url":"https://onlinelibrary.wiley.com/doi/pdfdirect/10.1111/irfi.70096","source":{"id":"https://openalex.org/S35246616","display_name":"International Review of Finance","issn_l":"1369-412X","issn":["1369-412X","1468-2443"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-scientific","cwts-core","jufo-1","norway-1","poland-70","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"International Review of Finance","raw_type":"journal-article"}],"best_oa_location":{"id":"doi:10.1111/irfi.70096","doi":"https://doi.org/10.1111/irfi.70096","is_oa":true,"landing_page_url":"https://doi.org/10.1111/irfi.70096","pdf_url":"https://onlinelibrary.wiley.com/doi/pdfdirect/10.1111/irfi.70096","source":{"id":"https://openalex.org/S35246616","display_name":"International Review of Finance","issn_l":"1369-412X","issn":["1369-412X","1468-2443"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-scientific","cwts-core","jufo-1","norway-1","poland-70","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"International Review of Finance","raw_type":"journal-article"},"sustainable_development_goals":[{"display_name":"Peace, justice, and strong institutions","score":0.6601999998092651,"id":"https://metadata.un.org/sdg/16"}],"study_designs":[],"awards":[{"id":"https://openalex.org/G3841191869","display_name":null,"funder_award_id":"25ZHC012","funder_id":"https://openalex.org/F4320318609","funder_display_name":"Jiangsu Office of Philosophy and Social Science"}],"funders":[{"id":"https://openalex.org/F4320318609","display_name":"Jiangsu Office of Philosophy and Social Science","ror":"https://ror.org/016982061"}],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W7204588697.pdf","grobid_xml":"https://content.openalex.org/works/W7204588697.grobid-xml"},"referenced_works_count":77,"referenced_works":["https://openalex.org/W1559083449","https://openalex.org/W1599887070","https://openalex.org/W1964598485","https://openalex.org/W1996666670","https://openalex.org/W1996980711","https://openalex.org/W2001609437","https://openalex.org/W2004143035","https://openalex.org/W2030484980","https://openalex.org/W2044148486","https://openalex.org/W2047326456","https://openalex.org/W2069630233","https://openalex.org/W2150291618","https://openalex.org/W2159648070","https://openalex.org/W2170564468","https://openalex.org/W2333866040","https://openalex.org/W2406127493","https://openalex.org/W2767128445","https://openalex.org/W2780593362","https://openalex.org/W2795887155","https://openalex.org/W2906820974","https://openalex.org/W2916555054","https://openalex.org/W2953470701","https://openalex.org/W2964379611","https://openalex.org/W3021190191","https://openalex.org/W3023160244","https://openalex.org/W3044213233","https://openalex.org/W3082728243","https://openalex.org/W3121401171","https://openalex.org/W3122158509","https://openalex.org/W3122733718","https://openalex.org/W3123143636","https://openalex.org/W3123849843","https://openalex.org/W3124043170","https://openalex.org/W3124489871","https://openalex.org/W3124948273","https://openalex.org/W3125041837","https://openalex.org/W3125339022","https://openalex.org/W3125411270","https://openalex.org/W3125486395","https://openalex.org/W3125615571","https://openalex.org/W3125637487","https://openalex.org/W3126012185","https://openalex.org/W3186074736","https://openalex.org/W3193946544","https://openalex.org/W3196836501","https://openalex.org/W4220944218","https://openalex.org/W4280493231","https://openalex.org/W4293826659","https://openalex.org/W4311728824","https://openalex.org/W4324148023","https://openalex.org/W4379988367","https://openalex.org/W4382404708","https://openalex.org/W4384557618","https://openalex.org/W4385498131","https://openalex.org/W4385782813","https://openalex.org/W4387534781","https://openalex.org/W4389990433","https://openalex.org/W4390616186","https://openalex.org/W4391373756","https://openalex.org/W4393199394","https://openalex.org/W4395042145","https://openalex.org/W4401421793","https://openalex.org/W4401928422","https://openalex.org/W4402487960","https://openalex.org/W4406080900","https://openalex.org/W4406276811","https://openalex.org/W4407445433","https://openalex.org/W4407985854","https://openalex.org/W4407988984","https://openalex.org/W4408300949","https://openalex.org/W4408447123","https://openalex.org/W4408833434","https://openalex.org/W4409786937","https://openalex.org/W4411387067","https://openalex.org/W4413020486","https://openalex.org/W4413754631","https://openalex.org/W7129245292"],"related_works":["https://openalex.org/W7130645805","https://openalex.org/W3094949654","https://openalex.org/W2773150947","https://openalex.org/W4389990174","https://openalex.org/W4414340068","https://openalex.org/W3186074736","https://openalex.org/W7217087047","https://openalex.org/W2755803214","https://openalex.org/W4409213233","https://openalex.org/W2976057499"],"abstract_inverted_index":{"ABSTRACT":[0],"This":[1],"study":[2],"finds":[3],"that":[4,32],"foreign\u2010experienced":[5],"independent":[6],"directors":[7],"play":[8],"a":[9,62,70],"significant":[10],"governance":[11,108],"role":[12],"in":[13,59,79,90],"mitigating":[14],"corporate":[15],"leverage":[16,43],"manipulation":[17],"among":[18],"Chinese":[19],"listed":[20],"firms.":[21],"Using":[22],"panel":[23],"data":[24],"from":[25],"2008":[26],"to":[27,110],"2023,":[28],"the":[29,85,104],"analysis":[30],"shows":[31],"their":[33],"presence":[34],"on":[35],"boards":[36],"is":[37,57],"associated":[38],"with":[39,61,69],"lower":[40],"levels":[41],"of":[42,65,73,87],"manipulation,":[44],"primarily":[45],"through":[46],"improving":[47],"information":[48,53],"disclosure":[49],"quality":[50],"and":[51,77,100,114],"reducing":[52],"asymmetry.":[54],"The":[55],"effect":[56],"stronger":[58],"firms":[60,68,78],"high":[63],"level":[64],"financing":[66],"constraints,":[67],"higher":[71],"proportion":[72],"short\u2010term":[74],"institutional":[75,101],"investors,":[76],"competitive":[80],"industries.":[81],"These":[82],"findings":[83],"highlight":[84],"importance":[86],"global":[88],"experience":[89],"board":[91],"composition":[92],"while":[93],"recognizing":[94],"potential":[95],"challenges":[96],"such":[97],"as":[98],"cultural":[99],"unfamiliarity,":[102],"underscoring":[103],"need":[105],"for":[106],"context\u2010sensitive":[107],"policies":[109],"enhance":[111],"financial":[112],"transparency":[113],"stability.":[115]},"counts_by_year":[],"updated_date":"2026-11-10T11:39:43.021295","created_date":"2026-08-29T00:00:00"}
