“…Such a perception is corroborated by empirical findings. Although some studies find board independence to relate positively to executive turnover (Firth et al, 2006b; Lau, Fan, Young, & Wu, 2007; You & Du, 2012) and negatively to expropriation (Shan, 2013), earnings management (Liu & Lu, 2007), and financial fraud (Chen et al, 2006), most studies find it to be insignificant in executive compensation (Chen et al, 2010, 2011; Conyon & He, 2011, 2012; Markoczy et al, 2013), strategic decisions (Chen & Cheng, 2007; Jia & Zhang, 2011; Li, Wright, & Scholes, 2010; Wu et al, 2011; Yeh et al, 2009), financial fraud (Ding et al, 2010; Firth et al, 2011; Huyghebaert & Wang, 2012; Jia et al, 2009), or firm performance (Du, 2013; Gang, 2007; Hu et al, 2010; Li & Naughton, 2007; Shen & Lin, 2009; Tian & Lau, 2001; Xu, Zeng, & Zhang, 2011).…”