The Effect of Market Competition on the Relationship between Corporate Governance and Investment Efficiency
With increasing competition in the business field, companies need to make appropriate and timely investments for their survival. Considering the developments in the world today, especially developing countries, these countries need appropriate solutions to better use their facilities to solve their economic problems. In this regard, one of the important factors in solving the economic problems of countries is the expansion and development of investment; but this alone is not enough and due to the limitation of financial resources, in addition to the issue of investment development, increasing the efficiency of investment is also one of the important issues. Based on this, the current research examines the effect of corporate governance on investment efficiency and also the moderating role of market competition in this regard. In order to achieve the above objectives, two hypotheses were formulated. Therefore, in order to test the research hypothesis, a sample of 140 firms was selected from the firms listed in Tehran Stock Exchange during the period 2014 to 2021. Multivariate regression model based on combined data was used to test the research hypothesis. The findings of the research showed that corporate governance has a positive and significant effect on investment efficiency, that is, an increase in corporate governance leads to an increase in investment efficiency; In addition, the results indicate that market competition weakens the relationship between corporate governance and investment efficiency.
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