Government integrity and corporate investment efficiency

Du, Jing; Li, Wanfu; Lin, Bin; Yu, Wang

doi:10.1016/j.cjar.2017.03.002

Cited by 38 publications

(20 citation statements)

References 26 publications

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“…This leads to information asymmetry between investing institutions and entrepreneurs. Most of the enterprises invested are emerging enterprises ( Du et al, 2018 ). The records of such enterprises’ systems, credits, and finances are not comprehensive, leading to more serious information asymmetry between entrepreneurs and investing institutions.…”

Section: Methodsmentioning

confidence: 99%

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The Control Strategies for Information Asymmetry Problems Among Investing Institutions, Investors, and Entrepreneurs in Venture Capital

Hong

Xia²

2020

Front. Psychol.

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To analyze the problem of information asymmetry between investment institutions, investors, and entrepreneurs, thereby protecting the interests of all parties and ensuring the income under high risks, some companies listed on Shanghai Stock Exchange and Shenzhen Stock Exchange are taken as research samples. First, the relations between investment institutions, investors, and entrepreneurs, as well as the causes and solutions of information asymmetry in venture capital, are analyzed. Second, based on the residual model, a model that analyzes the information asymmetry and investment efficiency of the enterprise is built. Finally, through two cases, the relation between the information asymmetry and the investment rate is revealed. The research results show that from 2014 to 2018, the investment level of companies listed on the Shanghai Stock Exchange and Shenzhen Stock Exchange was below 7.69%; the investment levels of different companies varied greatly, with significant differences in the development situations. Besides, information asymmetry is significantly related to investment efficiency. The corresponding regression coefficient is 0.0119. The larger the enterprise is, the higher the investment efficiency will be. The case analysis shows that it is important to understand and seize the market, and the information asymmetry between the actual environment and the investment environment is more serious. To deal with these issues, material incentives, reputation incentives, control incentives, and stock option incentives are substantive measures that can be taken, which are of great significance for improving the decision-making level of investors and investment institutions and reducing the investment risk of investors and entrepreneurs.

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Section: Methodsmentioning

confidence: 99%

“…This leads to information asymmetry between investing institutions and entrepreneurs. Most of the enterprises invested are emerging enterprises (Du et al, 2018).…”

Section: Information Asymmetry In Venture Capitalmentioning

confidence: 99%

The Control Strategies for Information Asymmetry Problems Among Investing Institutions, Investors, and Entrepreneurs in Venture Capital

Hong

Xia²

2020

Front. Psychol.

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“…This is because some of the corporate integrity elements providing protection from the retribution of suspected misconduct reported and supports human rights and environmental sustainability. Any breach of integrity can cause damage to the organisation itself, the employees and the stakeholders (Du, Li, Lin, & Wang, 2018;Kaptein, 1999).…”

Section: Discussionmentioning

confidence: 99%

Assessing and Comparing the Level of Corporate Integrity Practices in Malaysian Statutory Bodies

Yahya¹,

Said²,

Zakaria³

et al. 2020

APMAJ

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There are few frauds and unethical cases in the Malaysian public sector and that might have contributed to the lower score in the Corruption Perception Index (CPI) for Malaysia. Hence corporate integrity is crucial as one of the mechanisms to curb corruption. This study aimed to evaluate and compare corporate integrity practices of federal and state statutory bodies through a survey questionnaire. The measurement for corporate integrity practices is based on three dimensions; ethical foundation, ethical culture and ethical risk management. Based on 194 responses received from the top management of Malaysian statutory bodies, the overall corporate integrity practices showed an above-average score of 5.938 for federal and 5.896 state statutory bodies. The T-test results indicated that there is no significant difference between corporate integrity practices in federal and state statutory bodies. Despite the different resources they have, both types of statutory bodies seem to have and instil an equally high level of corporate integrity practices.

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“…Sehingga pemberi pinjaman melakukan antisipasi terhadap kemungkinan manajemen dan pemegang saham melakukan tindakan oportunistik yang dapat mengakibatkan meningkatnya bunga pinjaman atau pembatasan kredit, sehingga penerimaan pinjaman dari debtholders menjadi lebih berisiko bagi perusahaan dan memaksa manajemen untuk menggunakan sumberdaya keuangan perusahaan secara hati-hati. Sehingga menimbulkan ketidakpercayaan pemegang saham dan memunculkan JRAK 9.3 ketidakharmonisan hubungan antara manajemen dengan debtholders (Borad, 2019;Du, Li, Lin, dan Wang, 2018;McNichols dan Stubben, 2008;Wang, Zhu, dan Hoffmire, 2015).…”

Section: Pendahuluanunclassified

Investigasi Empiris Interaksi Free Cash Flow, Earning Management Dan Inefisiensi Investasi

Perdana¹

2019

JRAK

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The level of Free cash flow has a pivotal role for investors to understand the inefficiency of a company's investment. This paper discusses empirical research that investigates the main effects of free cash flow and the effects of their interactions with earning management on investment inefficiency. This study uses a sample of 56 infrastructure, utility and transportation companies registered in Indonesian's Capital Market for the fiscal year ended on December 31, 2014 to 2018. This study uses a multiple regression method with the pooled ordinary least square (OLS) approach for 256 observational data. This study find that the main effect of free cash flow is significantly positive on investment inefficiency, but the earning management does not affect inefficiency investment. Furthermore this study find that the interaction effect of free cash flow is significantly negative on investment inefficiency if the amount of earning management is small.

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Government integrity and corporate investment efficiency

Cited by 38 publications

References 26 publications

The Control Strategies for Information Asymmetry Problems Among Investing Institutions, Investors, and Entrepreneurs in Venture Capital

The Control Strategies for Information Asymmetry Problems Among Investing Institutions, Investors, and Entrepreneurs in Venture Capital

Assessing and Comparing the Level of Corporate Integrity Practices in Malaysian Statutory Bodies

Investigasi Empiris Interaksi Free Cash Flow, Earning Management Dan Inefisiensi Investasi

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