The Relationship between Some Corporate Governance Mechanisms and Investment Efficiency in Life Cycle Stages

Because of rising the information asymmetry and agency problems between managers and investors, the role of corporate governance mechanisms has become increasingly important. Because the increase of information asymmetry and agency problems has consequences such as over-investment and under-investme...

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Autores principales:	Younes Badavar Nahandi, Vahid Taghizadeh Khanqa
Formato:	article
Lenguaje:	FA
Publicado:	Shahid Bahonar University of Kerman 2014
Materias:	corporate governance investment efficiency growth stage maturity stage decline stage Accounting. Bookkeeping HF5601-5689
Acceso en línea:	https://doaj.org/article/9ef4111910e74552a2f9bf92a77d3de6
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spelling	oai:doaj.org-article:9ef4111910e74552a2f9bf92a77d3de62021-11-04T19:47:20ZThe Relationship between Some Corporate Governance Mechanisms and Investment Efficiency in Life Cycle Stages2008-89142476-292X10.22103/jak.2014.862https://doaj.org/article/9ef4111910e74552a2f9bf92a77d3de62014-12-01T00:00:00Zhttps://jak.uk.ac.ir/article_862_dba002b4ae65e8f4fe4e7cc4dcce9627.pdfhttps://doaj.org/toc/2008-8914https://doaj.org/toc/2476-292XBecause of rising the information asymmetry and agency problems between managers and investors, the role of corporate governance mechanisms has become increasingly important. Because the increase of information asymmetry and agency problems has consequences such as over-investment and under-investment, and by considering this subject that the level of information asymmetry and agency problems are different in corporate life cycle stages. This study aims to investigate the relationship between corporate governance mechanisms and investment efficiency in the firm's life cycle stages. This study is applied and its research method is correlation and post facto. By deletion sampling method and considering criteria for samples, finally 100 firms were selected as samples of research for the period 2006-2011. We measure corporate governance with mechanisms such as, board independence, institutional shareholders, ownership concentration and managerial ownership. Also, we used Richardson (2006) model for measuring investment efficiency. Firms divided based on park and Chen (2000) model into the growth, maturity and decline stages. The results show that there is a significant positive relationship between the corporate governance mechanisms and investment efficiency in growth, maturity and decline cycle stages. Also, the findings of paternoster statistical tests showed that there is a significant difference between board independence, institutional shareholders and managerial ownership in life cycle stagesYounes Badavar NahandiVahid Taghizadeh KhanqaShahid Bahonar University of Kermanarticlecorporate governanceinvestment efficiencygrowth stagematurity stagedecline stageAccounting. BookkeepingHF5601-5689FAمجله دانش حسابداری, Vol 5, Iss 18, Pp 113-140 (2014)
institution	DOAJ
collection	DOAJ
language	FA
topic	corporate governance investment efficiency growth stage maturity stage decline stage Accounting. Bookkeeping HF5601-5689
spellingShingle	corporate governance investment efficiency growth stage maturity stage decline stage Accounting. Bookkeeping HF5601-5689 Younes Badavar Nahandi Vahid Taghizadeh Khanqa The Relationship between Some Corporate Governance Mechanisms and Investment Efficiency in Life Cycle Stages
description	Because of rising the information asymmetry and agency problems between managers and investors, the role of corporate governance mechanisms has become increasingly important. Because the increase of information asymmetry and agency problems has consequences such as over-investment and under-investment, and by considering this subject that the level of information asymmetry and agency problems are different in corporate life cycle stages. This study aims to investigate the relationship between corporate governance mechanisms and investment efficiency in the firm's life cycle stages. This study is applied and its research method is correlation and post facto. By deletion sampling method and considering criteria for samples, finally 100 firms were selected as samples of research for the period 2006-2011. We measure corporate governance with mechanisms such as, board independence, institutional shareholders, ownership concentration and managerial ownership. Also, we used Richardson (2006) model for measuring investment efficiency. Firms divided based on park and Chen (2000) model into the growth, maturity and decline stages. The results show that there is a significant positive relationship between the corporate governance mechanisms and investment efficiency in growth, maturity and decline cycle stages. Also, the findings of paternoster statistical tests showed that there is a significant difference between board independence, institutional shareholders and managerial ownership in life cycle stages
format	article
author	Younes Badavar Nahandi Vahid Taghizadeh Khanqa
author_facet	Younes Badavar Nahandi Vahid Taghizadeh Khanqa
author_sort	Younes Badavar Nahandi
title	The Relationship between Some Corporate Governance Mechanisms and Investment Efficiency in Life Cycle Stages
title_short	The Relationship between Some Corporate Governance Mechanisms and Investment Efficiency in Life Cycle Stages
title_full	The Relationship between Some Corporate Governance Mechanisms and Investment Efficiency in Life Cycle Stages
title_fullStr	The Relationship between Some Corporate Governance Mechanisms and Investment Efficiency in Life Cycle Stages
title_full_unstemmed	The Relationship between Some Corporate Governance Mechanisms and Investment Efficiency in Life Cycle Stages
title_sort	relationship between some corporate governance mechanisms and investment efficiency in life cycle stages
publisher	Shahid Bahonar University of Kerman
publishDate	2014
url	https://doaj.org/article/9ef4111910e74552a2f9bf92a77d3de6
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The Relationship between Some Corporate Governance Mechanisms and Investment Efficiency in Life Cycle Stages

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