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The impact of corporate legal governance on financing efficiency: An empirical analysis based on corporate governance structure and legal risk

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  • Chen, Rukun

Abstract

This study examines the impact of legal risk, corporate governance structure, and their interaction on corporate financing efficiency. First, legal risk has a significant negative effect on financing efficiency. Second, the study finds that corporate governance structure has a positive impact on financing efficiency. Third, the analysis reveals that corporate governance structure plays a moderating role between legal risk and financing efficiency. Fourth, the study further finds that the moderating effect of corporate governance structure differs between loss-making and non-loss-making firms, with the moderating effect being more pronounced in non-loss-making firms.

Suggested Citation

  • Chen, Rukun, 2025. "The impact of corporate legal governance on financing efficiency: An empirical analysis based on corporate governance structure and legal risk," Finance Research Letters, Elsevier, vol. 86(PB).
    • Handle: RePEc:eee:finlet:v:86:y:2025:i:pb:s1544612325017556
    DOI: 10.1016/j.frl.2025.108501
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    References listed on IDEAS

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