Social governance, financial regulation, and corporate investment efficiency

Zhongyi Gong, Pei He and Yuyang Sun

Finance Research Letters, 2025, vol. 79, issue C

Abstract: This article selects data from publicly listed companies between 2011 and 2022 as a sample to explore the impact of social governance levels and financial regulation on corporate investment efficiency. Empirical results show that social governance levels can enhance corporate investment efficiency; financial regulation can improve corporate investment efficiency; there is heterogeneity in the impact of financial regulation on the investment efficiency of state-owned enterprises and private enterprises; and the effect of financial regulation on corporate investment efficiency exhibits a threshold effect, which varies with changes in the company's debt-to-asset ratio.

Keywords: Social governance; Financial regulation; Investment efficiency (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:79:y:2025:i:c:s1544612325005045

DOI: 10.1016/j.frl.2025.107241

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