Corporate Governance Boundary, Debt Constraint, and Investment Efficiency

被引：17
|
作者：
Lei, Qianhua [1 ]
Chen, Huili [2 ]
机构：
[1] South China Univ Technol, Sch Business Adm, Dept Accounting, Guangzhou, Guangdong, Peoples R China
[2] Guangdong Univ Finance, Sch Accounting, Dept Financial Management, Guangzhou, Guangdong, Peoples R China
来源：
EMERGING MARKETS FINANCE AND TRADE | 2019年 / 55卷 / 05期
基金：
中国国家自然科学基金;
关键词：
corporate governance boundary; corporate group; debt constraint; investment efficiency; BUSINESS GROUPS; AGENCY COSTS; EARNINGS MANAGEMENT; CASH FLOW; OWNERSHIP; FINANCE; FIRM; ENTRENCHMENT; INFORMATION; LEVERAGE;
D O I：
10.1080/1540496X.2018.1526078
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
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.
引用
收藏
页码：1091 / 1108
页数：18
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