Corporate Governance Boundary, Debt Constraint, and Investment Efficiency

Qianhua Lei and Huili Chen

Emerging Markets Finance and Trade, 2019, vol. 55, issue 5, 1091-1108

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.

Date: 2019
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DOI: 10.1080/1540496X.2018.1526078

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