公司治理与投资效率:财务报表可比性的作用是什么?

IF 4.8 Q1 BUSINESS
Nguyen Vinh Khuong, Vu Tran Trong Tai, Le Huu Tuan Anh
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引用次数: 0

摘要

本研究以公司治理、投资效率和财务报表可比性为中介因素,考察三者之间的关系。利用系统广义矩量法(Sys GMM),我们分析了2016年至2022年227家越南企业的数据,以研究财务报表可比性如何影响公司治理对投资效率的影响。Sys GMM的选择是基于其解决内生性问题和管理动态面板数据的能力,从而保证对各种因素之间的相互联系进行可靠和连贯的评估。我们的研究结果表明,公司治理积极影响投资效率(β = 0.012, p < 0.01),当财务报表更具可比性时,这种关系进一步加强,因为透明度减少了信息不对称。模型诊断证实了我们的规范的有效性(Hansen检验:p >; 0.10)。与以往关注公司治理直接影响的研究不同,本研究独特地确立了财务报表可比性作为中介机制,架起了公司治理与投资效率的桥梁。它为决策者、监管者和专业人士提供了有价值的见解,旨在加强公司治理和财务报告的可比性,促进更透明和高效的投资环境。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Corporate Governance and Investment Efficiency: What Is the Role of Financial Statement Comparability?

This study examines the relationship between corporate governance, investment efficiency, and financial statement comparability as a mediating factor. Using the System Generalized Method of Moments (Sys GMM), we analyze data from 227 Vietnamese firms between 2016 and 2022 to investigate how financial statement comparability influences the effect of corporate governance on investment efficiency. The selection of Sys GMM is based on its ability to address endogeneity issues and manage dynamic panel data, thereby guaranteeing reliable and coherent evaluations of the interconnections among the various factors. Our findings show that corporate governance positively influences investment efficiency (β = 0.012, p < 0.01), and this relationship is further strengthened when financial statements are more comparable, as transparency reduces information asymmetry. Model diagnostics confirm our specification's validity (Hansen test: p > 0.10). Unlike prior studies that focus on governance's direct impact, this research uniquely establishes financial statement comparability as a mediating mechanism, bridging corporate governance and investment efficiency. It provides valuable insights for decision-makers, regulators, and professionals aiming to enhance corporate governance and financial reporting comparability, fostering a more transparent and efficient investment environment.

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来源期刊
Business Strategy and Development
Business Strategy and Development Economics, Econometrics and Finance-Economics, Econometrics and Finance (all)
CiteScore
5.80
自引率
6.70%
发文量
33
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