How do global board reforms affect managerial investment decisions?

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance Pub Date : 2025-05-01 DOI:10.1016/j.ribaf.2025.102934

Shu-Miao Lai , Chih-Liang Liu

引用次数: 0

Abstract

This study investigates how global board reforms affect managerial investment decisions. After remedying the biases of staggered difference-in-differences regression estimators, we corroborate that global board reforms significantly improve investment efficiency, reflected in the reduction of both over-investment and under-investment. Importantly, our analysis highlights that the real effects of these reforms occur through improved financial reporting quality. These results are primarily driven by reforms related to increased board and audit committee/auditor independence. Furthermore, global board reforms significantly affect investment efficiency more in comply-or-explain countries than in rule-based countries. Collectively, we provide new insights into how global board reforms improve investment efficiency.

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全球董事会改革如何影响管理投资决策？

本研究探讨全球董事会改革如何影响管理投资决策。在修正了交错差中差回归估计的偏差后，我们证实了全球董事会改革显著提高了投资效率，反映在过度投资和投资不足的减少上。重要的是，我们的分析强调，这些改革的真正效果是通过提高财务报告质量来实现的。这些结果主要是由与提高董事会和审计委员会/审计师独立性相关的改革推动的。此外，全球董事会改革对“服从或解释”国家的投资效率的影响显著高于基于规则的国家。总的来说，我们为全球董事会改革如何提高投资效率提供了新的见解。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Research in International Business and Finance BUSINESS, FINANCE-

CiteScore

11.20

自引率

9.20%

发文量

240

期刊介绍： Research in International Business and Finance (RIBAF) seeks to consolidate its position as a premier scholarly vehicle of academic finance. The Journal publishes high quality, insightful, well-written papers that explore current and new issues in international finance. Papers that foster dialogue, innovation, and intellectual risk-taking in financial studies; as well as shed light on the interaction between finance and broader societal concerns are particularly appreciated. The Journal welcomes submissions that seek to expand the boundaries of academic finance and otherwise challenge the discipline. Papers studying finance using a variety of methodologies; as well as interdisciplinary studies will be considered for publication. Papers that examine topical issues using extensive international data sets are welcome. Single-country studies can also be considered for publication provided that they develop novel methodological and theoretical approaches or fall within the Journal''s priority themes. It is especially important that single-country studies communicate to the reader why the particular chosen country is especially relevant to the issue being investigated. [...] The scope of topics that are most interesting to RIBAF readers include the following: -Financial markets and institutions -Financial practices and sustainability -The impact of national culture on finance -The impact of formal and informal institutions on finance -Privatizations, public financing, and nonprofit issues in finance -Interdisciplinary financial studies -Finance and international development -International financial crises and regulation -Financialization studies -International financial integration and architecture -Behavioral aspects in finance -Consumer finance -Methodologies and conceptualization issues related to finance