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Corporate investment efficiency: The role of financial development in firms with financing constraints and agency issues in OECD non-financial firms

Citations

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Cited by:

  1. Malik, Muhammad Farhan & Nowland, John & Buckby, Sherrena, 2021. "Voluntary adoption of board risk committees and financial constraints risk," International Review of Financial Analysis, Elsevier, vol. 73(C).
  2. Wang, Li & Qin, Dongqian & Pan, Lu, 2025. "The impact of accountability for illegal operation and investment on investment efficiency of SOEs: Evidence from China," Economic Analysis and Policy, Elsevier, vol. 86(C), pages 731-748.
  3. Tingli Liu & Xiao Chen & Jianing Liu, 2023. "Economic Policy Uncertainty and Enterprise Financing Efficiency: Evidence from China," Sustainability, MDPI, vol. 15(11), pages 1-27, May.
  4. Barka Zeineb & Sabri Boubaker & Taher Hamza, 2025. "Are institutional blockholders effective monitors? Evidence from corporate investment efficiency," Post-Print hal-04990225, HAL.
  5. Xiang, Yitian & Cui, Haotian & Bi, Yunxiao, 2023. "The impact and channel effects of banking competition and government intervention on carbon emissions: Evidence from China," Energy Policy, Elsevier, vol. 175(C).
  6. Hua Liu & Juncheng Wang & Mengna Liu, 2024. "Can digital finance curb corporate ESG decoupling? Evidence from Shanghai and Shenzhen A-shares listed companies," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 11(1), pages 1-15, December.
  7. Liu, Beibei & Li, Tingting & Li, Chuntao & Zhao, Yi, 2025. "Regional integrity and corporate investment efficiency," Journal of Economic Behavior & Organization, Elsevier, vol. 237(C).
  8. Tan, Changchun & Mo, Lingyu & Wu, Xiaomeng & Zhou, Peng, 2024. "Fintech development and corporate credit risk: Evidence from an emerging market," International Review of Financial Analysis, Elsevier, vol. 92(C).
  9. Qin Lu & Zongyi Zhang, 2022. "Do Financial Support Policies Catalyse the Development of New Consumption Field?—Evidence from China’s New Consumer Enterprises," Sustainability, MDPI, vol. 14(20), pages 1-23, October.
  10. Jiang, Nana & Jiang, Wei & Wang, Yanfei & Zhang, Jinning, 2024. "Impact of financial reform on urban resilience: Evidence from the financial reform pilot zones in China," Socio-Economic Planning Sciences, Elsevier, vol. 94(C).
  11. Mbanyele, William & Huang, Hongyun & Muchenje, Linda T. & Zhao, Jun, 2024. "How does climate regulatory risk influence labor employment decisions? Evidence from a quasi-natural experiment," China Economic Review, Elsevier, vol. 87(C).
  12. Zhou, Bole & Zhao, Shouguo, 2022. "Industrial policy and corporate investment efficiency," Journal of Asian Economics, Elsevier, vol. 78(C).
  13. Liu, Ying & Zheng, Lei, 2025. "Impact of pollution control intensity on green innovation of manufacturing enterprises: The role of green finance," Finance Research Letters, Elsevier, vol. 76(C).
  14. Jing, Ruifeng & Xu, Yanmei & Liu, Ruizhi, 2025. "Data element, big data and enterprise innovation: Evidence from data trading platforms and national big data comprehensive pilot zones," International Review of Financial Analysis, Elsevier, vol. 105(C).
  15. Akron, Sagi & Demir, Ender & Díez-Esteban, José María & García-Gómez, Conrado Diego, 2022. "How does uncertainty affect corporate investment inefficiency? Evidence from Europe," Research in International Business and Finance, Elsevier, vol. 62(C).
  16. Muhammad Zubair Khan & Walter Ferrier & Zafir Ullah Khan & Affan Hameed, 2025. "The interplay of institutional quality and financial development in venture capital fundraising," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 52(2), pages 379-413, June.
  17. Liu, Ying & Zheng, Lei, 2025. "Intelligent manufacturing level and corporate investment efficiency," Finance Research Letters, Elsevier, vol. 77(C).
  18. Sheida Hasani & Razieh Masoomi & Jamshid Ardalankia & Mohammadbashir Sedighi & Hamid Jafari, 2019. "Growth Dynamics of Value and Cost Trade-off in Temporal Networks," Papers 1908.11433, arXiv.org, revised Aug 2020.
  19. Kai Chang & Ning Lu & Ze Sheng Li & Yi Ran Wang, 2021. "The combined impacts of fiscal and credit policies on green firm's investment opportunity: Evidences from Chinese firm‐level analysis," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 42(7), pages 1822-1835, October.
  20. Mengqin Zhang & Yi He & Surui Zhang & Xiang Zhang & Stavros Sindakis & Saloome Showkat, 2024. "RETRACTED ARTICLE: Stock Liquidity and Investment Efficiency: Evidence from the New Regulation of Insider Selling in China," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(2), pages 8563-8587, June.
  21. Li, Xinqian & Zhang, Jing & An, Duo, 2024. "Banking crises and corporate trade credit: The role of creditor protection," Finance Research Letters, Elsevier, vol. 65(C).
  22. Huynh, Japan, 2024. "Banking market structure and corporate investment efficiency," The North American Journal of Economics and Finance, Elsevier, vol. 74(C).
  23. Lin Zheng & Qiguang An & Mu Yang, 2026. "Climate change, corporate risk-taking, and financialization: evidence from Chinese A-share non-financial listed companies," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 28(1), pages 1443-1466, January.
  24. Lin, Ying & Yan, Xiaohan & Yang, Xiuyun, 2023. "Digital finance and enterprise investment efficiency in China," International Review of Financial Analysis, Elsevier, vol. 90(C).
  25. Jains P. Chacko & Lakshmi Padmakumari, 2023. "The Effect of Investment Inefficiency on Expected Returns," Journal of Emerging Market Finance, Institute for Financial Management and Research, vol. 22(3), pages 272-296, September.
  26. Hanousek, Jan & Flannery, Mark J. & Ferris, Stephen P. & Hanousek, Jan & Kapounek, Svatopluk, 2025. "The “Cinderella” effect in business groups: Choosing which subsidiary is the princess," International Review of Financial Analysis, Elsevier, vol. 107(C).
  27. Jing Zou, 2024. "RETRACTED ARTICLE: The Relationship Between Corporate Financialization and Digital Finance in the Era of Digital Transformation," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(3), pages 13425-13448, September.
  28. Yawen Li & Yufei Xia & Huiyi Shi & Na Li & Zhengxu Shi, 2025. "Can Bank Regulatory Technology (RegTech) Boost Corporate Investment Efficiency? Evidence From Matched Bank–Firm Loan Data," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 46(6), pages 3683-3710, September.
  29. Kampouris, Ilias & Mertzanis, Charilaos & Samitas, Aristeidis, 2022. "Foreign ownership and the financing constraints of firms operating in a multinational environment," International Review of Financial Analysis, Elsevier, vol. 83(C).
  30. Jia Liao & Yun Zhan & Yu Yuan, 2024. "Institutional investors’ site visits and investment-cash flow sensitivity: Mitigating financing constraints or inhibiting agent conflicts?," PLOS ONE, Public Library of Science, vol. 19(3), pages 1-22, March.
  31. Wang, Bo & Wang, Jixiang & Zhang, Mengqi, 2025. "Marketing investment, financial leverage, and corporate investment efficiency," Finance Research Letters, Elsevier, vol. 85(PA).
  32. Gong, Zheng & Gong, Liuji, 2024. "The financial geographic structure, Confucian culture, and corporate asset allocation efficiency," Finance Research Letters, Elsevier, vol. 63(C).
  33. Kong, Dongmin & Ji, Mianmian & Liu, Lihua, 2023. "Mandatory dividend policy and investment efficiency within state-owned business groups," Pacific-Basin Finance Journal, Elsevier, vol. 77(C).
  34. Yong Ma & Yiqing Jiang, 2024. "Digital financial inclusion and corporate investment efficiency: Evidence from small‐ and medium‐sized enterprises in China," Review of Development Economics, Wiley Blackwell, vol. 28(3), pages 929-957, August.
  35. Qiang Lu & Yihang Zhou & Zhenzeng Luan & Yang Deng, 2024. "Influences of Top Management Team Social Networks on Enterprise Digital Innovation," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(4), pages 16541-16574, December.
  36. Yu, Lianchao & Sha, Haobin & Ji, Peinan, 2025. "Government-led voluntary environmental regulation and corporate investment efficiency: Evidence from the green factory certification in China," Energy Economics, Elsevier, vol. 152(C).
  37. Agnes Aurora Ngelo & Yani Permatasari & Iman Harymawan & Nadia Anridho & Khairul Anuar Kamarudin, 2022. "Corporate Tax Avoidance and Investment Efficiency: Evidence from the Enforcement of Tax Amnesty in Indonesia," Economies, MDPI, vol. 10(10), pages 1-22, October.
  38. Deng, Li & Qian, Pengcheng, 2024. "Mitigating effect of digital payments on the micro-enterprises’ financing constraints," Finance Research Letters, Elsevier, vol. 62(PB).
  39. Namryoung Lee, 2025. "The Varying Impact of Cryptocurrency Investments on a Company’s Liquidity in Korean Companies," IJFS, MDPI, vol. 13(1), pages 1-18, February.
  40. Askarzadeh, Alireza & Yung, Kenneth & Askarzadeh, Fatemeh, 2025. "The effect of international diversification on investment efficiency," Research in International Business and Finance, Elsevier, vol. 73(PB).
  41. Li, Shuangyan & Chen, Zehua & Diao, Yu & Chen, Zeming, 2025. "The impact of green finance on debt financing costs from the perspective of strategic corporate signaling behavior—Evidence from China," International Review of Financial Analysis, Elsevier, vol. 102(C).
  42. Beladi, Hamid & Hu, May & Yang, JingJing & Zhu, Ruicheng, 2022. "Dual-class stock structure and firm investment," Finance Research Letters, Elsevier, vol. 47(PA).
  43. Wang, Qunwei & Fan, Zining, 2023. "Green finance and investment behavior of renewable energy enterprises: A case study of China," International Review of Financial Analysis, Elsevier, vol. 87(C).
  44. Oluwaseyi Olopade & Beatrice Desiree Simo-Kengne & Abieyuwa Ohonba, 2022. "The impact of financial constraints on investment efficiency in South Africa," Economics and Business Letters, Oviedo University Press, vol. 11(3), pages 125-133.
  45. Wang, Xinyi & Zhu, Ling, 2023. "How does export VAT rebates policy affect corporate investment efficiency? Evidence from corporate tax stickiness," Pacific-Basin Finance Journal, Elsevier, vol. 82(C).
  46. Cumming, Douglas & Khan, Muhammad Zubair & Khan, Naimat U. & Khan, Zafir Ullah, 2024. "Size matters: Unpacking the relationship between institutional investor size and private equity asset allocation within diverse institutional contexts," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 92(C).
  47. Sabahat Riaz & Mohamed Hisham Hanifa & Fauzi Zainir, 2021. "Does Foreign Institutional Equity Participation Instigate Sustainable Corporate Investment Efficiency? Evidence from Emerging Economies," Sustainability, MDPI, vol. 13(8), pages 1-17, April.
  48. Lin, Ying & Li, Lei & Yang, Xiuyun & Yan, Xiaohan, 2025. "Geographic expansion of banks and enterprise investment efficiency: Structural evidence from China," International Review of Financial Analysis, Elsevier, vol. 100(C).
  49. Yahya, Farzan & Lee, Chien-Chiang, 2023. "Disentangling the asymmetric effect of financialization on the green output gap," Energy Economics, Elsevier, vol. 125(C).
  50. Jia, Haibo & Zhang, Ming, 2024. "Financing constraints, major business performance, and return on financial assets," Finance Research Letters, Elsevier, vol. 66(C).
  51. Bilal Ahmed & Minhas Akbar & Tanazza Sabahat & Saqib Ali & Ammar Hussain & Ahsan Akbar & Xie Hongming, 2020. "Does Firm Life Cycle Impact Corporate Investment Efficiency?," Sustainability, MDPI, vol. 13(1), pages 1-13, December.
  52. Ben-Nasr, Hamdi & Basha, Shabeen Afsar & Shams, Syed, 2025. "The influence of carbon risk on debt structure," International Review of Financial Analysis, Elsevier, vol. 107(C).
  53. Lou, Yang & Zhou, Wei & Ma, Ying, 2023. "The impact of involvement in targeted poverty alleviation on corporate investment efficiency," Economic Analysis and Policy, Elsevier, vol. 79(C), pages 418-434.
  54. Zhu, Fengzhan & Chen, Liang, 2025. "Credit availability, overinvestment, and corporate innovation capability," Finance Research Letters, Elsevier, vol. 76(C).
  55. Liu, Liyuan & Feng, Yi, 2025. "Government digital governance and corporate investment efficiency," Finance Research Letters, Elsevier, vol. 77(C).
  56. Wu, Shan & Zou, Mengqi & Jin, Tongen, 2025. "Data element marketization and corporate investment efficiency: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 104(PA).
  57. Tang, Mengxuan & Hu, Yang & Hou, Yang (Greg) & Oxley, Les & Goodell, John W., 2025. "Fintech development and corporate financial policy: Evidence from corporate financing and investment," Journal of International Money and Finance, Elsevier, vol. 157(C).
  58. Susi Susilawati & Titik Aryati & Vinola Herawaty, 2024. "Financial Reporting Quality, ESG and Prosperity Disclosure, and Investment Efficiency: The Role of Information Asymmetry (Moral Hazard Friction)," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 7, pages 142-160.
  59. Ding, Qian & Huang, Jianbai & Chen, Jinyu, 2023. "Does digital finance matter for corporate green investment? Evidence from heavily polluting industries in China," Energy Economics, Elsevier, vol. 117(C).
  60. Wang, Hanying & Qi, Ju & Li, Zhuohua & Sensoy, Ahmet & Xing, Hongwei, 2024. "Excessive financialization and “Original Sin Theory”: Redemption from corporate reputation," Research in International Business and Finance, Elsevier, vol. 70(PA).
  61. Gao, Wenyu & Zhuang, Xudong & Wu, Yu & Xie, Yanxiang & Hu, Yunchao, 2025. "Foreign investors, agency problems and capital allocation efficiency: From the perspective of QFII shareholding," International Review of Financial Analysis, Elsevier, vol. 105(C).
  62. Wang, Lixia & Hao, Neng & Fang, Hui & Wu, Maoguo & Ma, Xinlei, 2023. "A model for measuring over-financialization: Evidence from Chinese companies," Finance Research Letters, Elsevier, vol. 51(C).
  63. Heshu Huang & Yuchen Zou & Liukai Wang & Weiqing Wang & Xiaohong Ren, 2025. "Impact of carbon information disclosure on corporate financing constraints: Evidence from the Carbon Disclosure Project," Australian Journal of Management, Australian School of Business, vol. 50(1), pages 104-131, February.
  64. Bu, Ya & Du, Xin & Wang, Yuting & Liu, Shuyu & Tang, Min & Li, Hui, 2024. "Digital inclusive finance: A lever for SME financing?," International Review of Financial Analysis, Elsevier, vol. 93(C).
  65. Ye, Tifang & Zhou, Yanli & Zhang, Zhigang & Ge, Xiangyu & Yang, Xingxing, 2024. "Research on the effect of fintech on inefficient investment: From the perspective of information effect and resource effect," Finance Research Letters, Elsevier, vol. 69(PB).
  66. BENKRAIEM, Ramzi & GAAYA, Safa & LAKHAL, Faten, 2024. "Tax avoidance, investor protection, and investment inefficiency: An international evidence," Research in International Business and Finance, Elsevier, vol. 69(C).
  67. Ghazali, Ahmad & Khaw, Karren Lee-Hwei & Zainir, Fauzi Bin, 2022. "Development vs. political views of government ownership: How does it affect investment efficiency?," Finance Research Letters, Elsevier, vol. 48(C).
  68. Shahid Ali & Muhammad Farooq & Zhou Xiaohong & Martina Hedvicakova & Ghulam Murtaza, 2024. "Board characteristics, institutional ownership, and investment efficiency: Evidence from an emerging market," PLOS ONE, Public Library of Science, vol. 19(2), pages 1-24, February.
  69. Yadav, Akash Singh & Yadav, Inder Sekhar, 2025. "The impact of country- and firm-level governance on capital allocation efficiency: New evidence from India," Journal of Financial Stability, Elsevier, vol. 78(C).
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