非家族股东委派董事与企业韧性OA

Taking Shanghai and Shenzhen A-share listed family firms from 2009 to 2024 as research samples,this paper empirically analyzes the relationship between non-family shareholder-appointed directors and corporate resilience.The study finds that non-family shareholder-appointed directors can significantly enhance corporate resilience.Mechanism analysis shows that non-family shareholder-appointed directors improve corporate resilience by reducing agency costs and safeguarding corporate reputation.Further analysis reveals that the enhancement effect of non-family shareholder-appointed directors on corporate resilience is more pronounced for firms with smaller board size,higher environmental uncertainty,weaker corporate governance,and for firms in which strategic shareholdings are held by non-family shareholders.After mitigating potential endogeneity concerns and conducting a battery of robustness tests,this paper confirms that the main empirical conclusions hold steadily.Economic consequence analysis indicates that corporate resilience mediates the relationship between non-family shareholder-appointed directors and total factor productivity(TFP).