Financial reporting quality,debt maturity and investment efficiency |
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| Institution: | 1. Department of Finance, National Taiwan University, Taiwan;2. School of Economics and Management, Southwest Jiaotong University, China;3. School of Management, Gui Lin University of Technology, China;1. Applied Financial Economics Department, College of Economics & Management, Beijing University of Technology, Beijing 100124, China;2. Middlesex University Business School, Hendon Campus, The Burroughs, London NW4 4BT, UK;3. China International United Petroleum & Chemicals Co., Ltd, Beijing 100728, China;4. Energy Studies Institute, National University of Singapore, Singapore 119620, Singapore;5. Finance and Economics Development Research Center, College of Economics & Management, Beijing University of Technology, Beijing 100124, China;1. Department of Accounting and Finance, School of Management, Zhejiang University, China;2. Business School, University of Queensland, Australia |
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| Abstract: | This study, conducted with a sample of Spanish listed companies during the period 1998–2008, examines the role of financial reporting quality and debt maturity in investment efficiency. The results show that financial reporting quality mitigates the overinvestment problem. Likewise, lower debt maturity can improve investment efficiency, reducing both overinvestment and underinvestment problems. We further find that financial reporting quality and debt maturity are mechanisms with some degree of substitution in enhancing investment efficiency: firms with lower (higher) use of short-term debt, exhibit higher (lower) financial reporting quality effect on investment efficiency. |
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| Keywords: | Investment efficiency Overinvestment Underinvestment Financial reporting quality Debt maturity |
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