{"title":"Social governance, financial regulation, and corporate investment efficiency","authors":"Zhongyi Gong , Pei He , Yuyang Sun","doi":"10.1016/j.frl.2025.107241","DOIUrl":null,"url":null,"abstract":"<div><div>This article selects data from publicly listed companies between 2011 and 2022 as a sample to explore the impact of social governance levels and financial regulation on corporate investment efficiency. Empirical results show that social governance levels can enhance corporate investment efficiency; financial regulation can improve corporate investment efficiency; there is heterogeneity in the impact of financial regulation on the investment efficiency of state-owned enterprises and private enterprises; and the effect of financial regulation on corporate investment efficiency exhibits a threshold effect, which varies with changes in the company's debt-to-asset ratio.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"79 ","pages":"Article 107241"},"PeriodicalIF":6.9000,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Finance Research Letters","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1544612325005045","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"2025/3/18 0:00:00","PubModel":"Epub","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0
Abstract
This article selects data from publicly listed companies between 2011 and 2022 as a sample to explore the impact of social governance levels and financial regulation on corporate investment efficiency. Empirical results show that social governance levels can enhance corporate investment efficiency; financial regulation can improve corporate investment efficiency; there is heterogeneity in the impact of financial regulation on the investment efficiency of state-owned enterprises and private enterprises; and the effect of financial regulation on corporate investment efficiency exhibits a threshold effect, which varies with changes in the company's debt-to-asset ratio.
期刊介绍：
Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies.
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