For the studies of the relation of

For the studies of the relation of outside directors with informativeness of earnings, Anderson et al. (2003: 17) find that earnings informativeness is positively related to board independence.
However, Vafeas (2000: 157) suggests that the percentage of outside directors is unrelated to the informativeness of earnings. Petra (2002: 79) also finds the evidence consistent with Vafeas (2000)’s.