Lead independent director and earnings management
研究了美国公司2000-2018年间设立首席独立董事对盈余管理的影响，发现其能减少盈余管理，尤其在透明度低、治理弱、风险高的公司中效果更明显，并促进研发投资、降低杠杆、提升企业价值。
Abstract In this study, we examine the effects of lead independent directors (LIDs) on firms' earnings management. On the basis of US firms from 2000 to 2018, those with LIDs managed earnings less, as reflected by the absolute value of discretionary accruals. Specifically, we find the effect is likely to be more prominent among firms with less disclosure transparency, weaker corporate governance and higher risk. In addition, we find that firms with LIDs tend to increase R&D and capital expenditures, reduce leverages and enhance firm values. Overall, the findings indicate the monitoring of LIDs can effectively reduce firms' earnings management and enhance firm values.