Social norms theory suggests that people voluntarily defend social norms even when their economic interests are not directly affected by norm violations. On the basis of this theory, we posit that when managers seek personal gains at the expense of shareholders, independent directors may be motivated by social norms for fairness to prevent unfair outcomes. We conducted an experiment to investigate the roles of social norms for fairness in a board wherein insiders and uninformed independent directors simultaneously voted in favor of or against a project with either good or bad quality.

中文翻译：

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公平与董事会投票行为的社会规范：一项实验研究

社会规范理论表明，即使人们的经济利益不受违反规范的直接影响，人们也可以自愿捍卫社会规范。根据这一理论，我们假设，当管理者以牺牲股东利益为代价谋取个人利益时，独立董事可能会受到社会规范的激励，以追求公平，以防止不公平的结果。我们进行了一项实验，以调查社会规范在董事会中的作用，内部人员和不知情的独立董事同时投票赞成或反对质量好劣的项目。