Macquarie University
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Board effectiveness and firm investment efficiency

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posted on 2022-03-28, 14:57 authored by Rong He
Business leaders and the Australian Stock Exchange (ASX) are calling for more effective boards, to ensure the goal of long-term survival and prosperity of firms. Efficient investment is the key to achieving firms' sustainability. Using 14-year panel data of all the companies listed on the ASX, this study investigates the association between a variety of board attributes and firm investment efficiency. The study provides evidence that boards with more concentrated functional expertise and higher director shareholdings are more effective in reducing both over-investment and under-investment. Smaller boards are able to reduce under-investment but not over-investment, while boards with longer average tenure restrain over-investment but not under-investment.


Table of Contents

Chapter 1. Introduction -- Chapter 2. Literature review -- Chapter 3. Research design -- Chapter 4. Sample selection and data collection -- Chapter 5. Results --Chapter 6. Discussions, implications and limitations -- Appendix A -- References.


Bibliography: pages 109-120 Theoretical thesis.

Awarding Institution

Macquarie University

Degree Type

Thesis MRes


MRes, Macquarie University, Faculty of Business and Economics, Department of Accounting and Corporate Governance

Department, Centre or School

Department of Accounting and Corporate Governance

Year of Award


Principal Supervisor

Elaine Evans

Additional Supervisor 1

Colly He


Copyright Rong He 2016. Copyright disclaimer:




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