| The study of company financial behavior based on social network perspective has only begun to develop in recent years.The behavior of the director is embedded in the social network,which is affected by various factors,and it will inevitably affect the company’s behavior decision.This is especially true of board network in China,which is Human-oriented society and Relations-oriented society.Sociology of Mosaic theory,weak linkage advantage theory and social capital theory suggest that the independent directors in the position of the board network can get more set in director in the network information,thus to independent directors advisory function.Existing research shows that the independent director network can influence the financing behavior,investment efficiency and executive incentive of the company,and also improve the probability of m&a and the frequency of acquisition.However,whether the independent director network can play the same role in the performance of M&A has not been studied by scholars.Based on the social network perspective,this paper takes the M&A events in China’s A-share market from 2006 to 2014 as the research object,and examines the influence of the network position of independent directors on M&A performance.The results suggest that the more the independent directors are in the network,the better the M&A performance of the listed companies.Further research has found that the network centrality of independent directors plays a more prominent role in the promotion of M&A performance in non-state-owned listed companies.At the same time,the paper also adds a positive correlation between the network of independent directors and the long-term M&A performance of BHAR.The research of this paper has certain theoretical and practical significance.Firstly,the research of the network of directors has expanded the existing research perspectives on independent directors in China.Secondly,combining the network location of independent directors with the performance of M&A,the research results of social network and merger and acquisition are enriched.Thirdly,this paper also emphasizes the "consultation" function of independent directors from the perspective of weakening information asymmetry. |
