文章基本信息

标题：The Impact of Investment Efficiency on Firm Value and Moderating Role of Institutional Ownership and Board Independence
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作者：Mahdi Salehi ; Grzegorz Zimon ; Arash Arianpoor 等
期刊名称：Journal of Risk and Financial Management
印刷版ISSN：1911-8074
出版年度：2022
卷号：15
期号：4
页码：1-13
DOI：10.3390/jrfm15040170
语种：English
出版社：MDPI, Open Access Journal
摘要：This study investigates the impact of investment efficiency on firm value with a moderating role of institutional ownership and board independence for companies listed on the Tehran Stock Exchange (TSE). The information from 177 companies in 2014–2021 was examined. Tobin’s Q is a common measure for firm value, and it is a market-based measure and provides a good tool of comparison. The results show that investment efficiency has an impact on firm value. In addition, institutional ownership and board independence moderate this impact. There is a gap between the impact of investment efficiency on firm value and the moderating role of institutional ownership and board independence. This gap creates an opportunity for carrying out in-depth research on those variables. Since the impact of investment efficiency on firm value emphasizing the role of institutional ownership and board independence has not been studied, the study’s findings can show the importance and necessity of this study and fill the gap in this field..
关键词：firm value ;investment efficiency ;institutional ownership ;board independence