Non-Local Chambers of Commerce and Corporate Investment Efficiency
Based on a sample of Chinese A-share listed companies from 2004 to 2021,this paper in-vestigates the impact and mechanism of non-local chambers of commerce on corporate investment efficien-cy.The study finds that participating in non-local chambers of commerce can significantly improve corpo-rate investment efficiency.The results remainsvalid after a series of robustness tests.Mechanism tests find that non-local chambers of commerce can help expand companies'social networks and improve corporate investment efficiency by alleviating financing constraints,mitigating agency costs,and reducing operating risks.Further analysis indicates that non-local chambers of commerce can alleviate underinvestment and overinvestment.Firms participating through donating or appointing management can both restrain inefficient investment.In addition,in areas with a higher level of marketization,non-local chambers of commerce can better improve corporate investment efficiency.The findings of this study are instructive for improving institutional construction of non-local chambers of commerce and promoting the high-quality development of companies.
non-local chambers of commercecorporate investment efficiencyagency costsfinancial constraintsoperating risks
万方数据
维普
