Corporate governance and investment efficiency: with emphasis on managerial conservatism

The purpose of this study is to identify the criteria for measuring corporate governance variables and the efficiency of investment and conservatism and to measure the impact of independent variables on the dependent with respect to the moderating role of audit conservatism. The methodology of this research was a combination that in the first step, in order to identify the criteria for measuring the research variables, meta-analysis was used with the participation of 15 experts in accounting and financial management as panel members. Then, in the form of interpretive / structural analysis, an attempt was made to arrange the approved measurement criteria from the Delphi analysis stage in the form of a range from the least effective to the most effective measurement criteria. Finally, the selected measurement criteria as the most effective criteria for measuring research variables were developed in the form of hypotheses to be examined based on regression analysis in the period 2012-2018 based on the creation of 714 year-company observations. Results in the qualitative part of the approval of 8 criteria for measuring the corporate governance system; There are 6 criteria for measuring investment efficiency and 5 criteria for measuring accounting conservatism. The results in the quantitative part also showed that corporate governance has a positive and significant effect on investment efficiency. It was also found that conservatism intensifies the positive impact of corporate governance on investment efficiency.