IDEAS home Printed from https://ideas.repec.org/a/eee/reveco/v102y2025ics1059056025003958.html
   My bibliography  Save this article

Implementation of the new securities law, agency cost, and corporate investment efficiency

Author

Listed:
  • Qian, Kun
  • Ren, Jiasong

Abstract

This research employs the enactment of the revised Securities Law as a natural experiment benchmark, selecting financial data from listed companies between 2017 and 2023, to empirically explore the influence of the new Securities Law on firm investment efficiency. The article further introduces agency costs as a moderating variable. The results demonstrate that the enactment of the new Securities Law markedly enhances corporate investment efficiency, while agency costs diminish the beneficial impact of the new Securities Law on investment efficiency. The heterogeneity analysis reveals that the enhancing impact of the new Securities Law is particularly pronounced in areas with elevated industrial concentration and within the manufacturing sector.

Suggested Citation

  • Qian, Kun & Ren, Jiasong, 2025. "Implementation of the new securities law, agency cost, and corporate investment efficiency," International Review of Economics & Finance, Elsevier, vol. 102(C).
    • Handle: RePEc:eee:reveco:v:102:y:2025:i:c:s1059056025003958
    DOI: 10.1016/j.iref.2025.104232
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S1059056025003958
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.iref.2025.104232?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to

    for a different version of it.

    More about this item

    Keywords

    ;
    ;
    ;
    ;

    JEL classification:

    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law
    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:reveco:v:102:y:2025:i:c:s1059056025003958. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/inca/620165 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.