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Corporate Governance Boundary, Debt Constraint, and Investment Efficiency

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  • Qianhua Lei
  • Huili Chen

Abstract

This article examines how the corporate governance boundary affects corporate investment efficiency. The empirical results based on Chinese listed companies suggest that the expansion of the corporate governance boundary can significantly improve investment efficiency. We also investigate the role of debt constraint. Debt constraint can enhance the positive effects of the corporate governance boundary on investment efficiency. This study contributes to the theory of corporate groups and has policy implications on corporate governance.

Suggested Citation

  • Qianhua Lei & Huili Chen, 2019. "Corporate Governance Boundary, Debt Constraint, and Investment Efficiency," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 55(5), pages 1091-1108, April.
    • Handle: RePEc:mes:emfitr:v:55:y:2019:i:5:p:1091-1108
    DOI: 10.1080/1540496X.2018.1526078
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    Cited by:

    1. Zou, Ying & Zhong, Zhuoming & Luo, Jia, 2021. "Ethnic diversity, investment efficiency, mediating roles of trust and agency cost," Economic Analysis and Policy, Elsevier, vol. 69(C), pages 410-420.
    2. Iman Harymawan & Mohammad Nasih & Dian Agustia & Fajar Kristanto Gautama Putra & Hadrian Geri Djajadikerta, 2022. "Investment efficiency and environmental, social, and governance reporting: Perspective from corporate integration management," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 29(5), pages 1186-1202, September.
    3. Peter Nderitu GITHAIGA, 2019. "Income Diversification, Market Power and Performance," Journal of Economics and Financial Analysis, Tripal Publishing House, vol. 3(2), pages 1-21.
    4. Hou, Fei & Tang, Wenjie & Wang, Huabing & Xiong, Hao, 2021. "Economic policy uncertainty, marketization level and firm-level inefficient investment: Evidence from Chinese listed firms in energy and power industries," Energy Economics, Elsevier, vol. 100(C).
    5. Lee, Chien-Chiang & Tang, Manting & Lee, Chi-Chuan, 2023. "Reaping digital dividends: Digital inclusive finance and high-quality development of enterprises in China," Telecommunications Policy, Elsevier, vol. 47(2).

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