Characteristics of Board of Directors & Firm investment: Based on Chinese listed companies
Abstract
companies. In view of the inconsistent conclusions in existing literature, this research takes agency theory as the theoretical foundation, adopts
a deductive approach and quantitative secondary analysis method, and uses the panel data of Chinese A-share non-financial listed companies
from 2010 to 2020 from the China Stock Market and Accounting Research (CSMAR) database. The Biddle et al. (2009) model is employed to
measure investment efficiency, and multivariate regression analysis is used to test the impacts of board size, independent directors, CEO duality, board behavior and board diversity (age and gender) on investment efficiency. The results clarify the heterogeneous effects of different
board characteristics on corporate investment efficiency, fill the research gap in the Chinese context, and put forward practical strategies for
optimizing board structure to improve investment efficiency. This study provides empirical evidence and governance implications for Chinese
listed companies to optimize investment decision-making and protect the interests of stakeholders.
Keywords
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DOI: http://dx.doi.org/10.70711/memf.v3i7.9487
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