Consentient Votes With Reservation: Independent Directors’ Signaling Efforts

Gerald J. Lobo, Haina Shi, Xin Zhang, Ziye Zhao, Bauer College of Business, University of Houston, School of Management, Fudan University, School of Accountancy, Institute of Accounting and Finance, Shanghai University of Finance and Economics

Journal of Accounting, Auditing & Finance

Published online on January 07, 2026

Abstract

Journal of Accounting, Auditing & Finance, Ahead of Print.
Using China’s unique corporate governance structure, which mandates independent directors to publish opinion reports for approving specific transactions, we investigate how the tone of these reports affects market reactions to consentient votes. Our ...