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Earnings quality, business group affiliation, and investment efficiency

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  • Rawat, Savita
  • Chaudhry, Neeru

Abstract

This paper examines the effect of earnings quality and business group affiliation on.investment decisions through theoretical channels of agency and information.asymmetry. Using a dataset of 18,927 firm-year observations covering the period.1997–2021, we find that both earnings quality and business group affiliation improve.investment efficiency by reducing both over- and underinvestment. The positive.relation between earnings quality and investments is more pronounced for group.affiliates than for standalone firms suggesting the alignment effect outreaches.entrenchment effect. Business group characteristics such as size, age, group.resources, and cash flow rights significantly influence the relationship between.earnings quality and investment. The robustness checks conducted, using alternate.measures, the effect of political connection, and endogeneity checks, further confirm.our main findings. Our findings highlight the complementary role of earnings quality.and business groups in mitigating agency conflicts and improving resource allocation in.an emerging country setting marked by a less developed financial market and weak.legal protection. The study offers novel insights with practical implications for.managers, investors, and policymakers in emerging markets, highlighting the.importance of transparent reporting and a unique organizational structure in driving investment efficiency

Suggested Citation

  • Rawat, Savita & Chaudhry, Neeru, 2025. "Earnings quality, business group affiliation, and investment efficiency," Research in International Business and Finance, Elsevier, vol. 75(C).
    • Handle: RePEc:eee:riibaf:v:75:y:2025:i:c:s0275531924005257
    DOI: 10.1016/j.ribaf.2024.102732
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