Top Management Team Characteristics, Accounting Information Quality and Enterprise Investment Efficiency

The purpose is to study the influence of top management team characteristics (i.e., top management team size, education level and average tenure) on enterprise inefficient investment, and the joint effect of top management team characteristics and accounting information quality on inefficient investment. Based on the empirical analysis and test of non-financial listed companies in China from 2010 to 2019, it was concluded that the top management team size, education level and average tenure were all negatively correlated with inefficient investment. Moreover, the interaction between top management background characteristics and accounting information quality had a negative impact on inefficient investment. This work supplemented the influencing factors and ways of enterprise investment efficiency and offered a theoretical basis for Chinese enterprises to select and train senior managers and improve accounting information quality.