Investment efficiency and corporate governance: evidence from Asian listed firms

Chenguel Med bechir and Meriem Jouirou

Journal of Sustainable Finance & Investment, 2024, vol. 14, issue 3, 596-618

Abstract: Our study aims to investigate the impact of some governance mechanisms especially, shareholder activism, gender diversity, board independence, and board size, on investment efficiency as measured by capital expenditure (CAPEX). So, we conducted an empirical study on 626 Asian listed companies (China, Japan, South Korea, Indonesia, Thailand, and India) during the period2012–2019. To test our hypotheses, we used panel data estimation and constructed estimates using three estimation methods: GLS, NEWEY-WEST, and WLS regressions. To strengthen our results, we established a robustness test by choosing a new measure for our dependent variable: the growth rate of Property, plant, and equipment (Growth PP&E). The results of our study highlight that shareholder activism, gender diversity, and duality impact negatively and significantly the level of investment efficiency, while debt and board size have positive impact on the dependent variable. The robustness check confirmed these results.

Date: 2024
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DOI: 10.1080/20430795.2021.1974241

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