We found a match
Your institution may have access to this item. Find your institution then sign in to continue.
- Title
Confucianism, openness to the West, and corporate investment efficiency.
- Authors
Lei Chen; Zhi Jin; Yongqiang Ma; Hui Xu
- Abstract
This study presents robust findings that Confucianism significantly improves investment efficiency of Chinese listed firms and that the improvement is achieved through decreasing overinvestment without inducing underinvestment. Financial reporting quality is found to be an important mechanism for the disciplinary effect of Confucianism to work. More importantly, we provide strong and consistent evidence that openness to the West neutralizes the role of the Confucianism in overinvestment. Against the backdrop of globalization, this paper offers valuable references to emerging markets that experience intensive interactions with developed economies.
- Subjects
INDUSTRIAL efficiency; CONFUCIANISM; FINANCIAL statements; EMERGING markets
- Publication
European Financial Management, 2019, Vol 25, Issue 3, p554
- ISSN
1354-7798
- Publication type
Article
- DOI
10.1111/eufm.12173