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Digital financial development and inefficient investment: a study based on the dual perspectives of resource and governance effects

Business

Digital financial development and inefficient investment: a study based on the dual perspectives of resource and governance effects

L. Xue, J. Dong, et al.

This empirical study by Liuyang Xue, Junan Dong, and Shiyao Jiang reveals how digital finance plays a crucial role in reducing inefficient investments in Chinese non-financial firms. Notably, it shows that this impact is especially significant in non-state firms and regions with robust institutional frameworks. Explore how digital finance not only minimizes wasteful expenditures but also enhances overall investment levels!

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Playback language: English
Abstract
This study empirically examines the influence of digital finance on inefficient investment in Chinese non-financial firms (2011-2019). Results show that digital finance mitigates inefficient investment, particularly in non-state firms and regions with stronger institutional development. This effect operates through resource and governance mechanisms, with digital finance's breadth of coverage, use depth, and support services all contributing to reduced inefficient investment. Furthermore, digital finance improves overall firm investment levels.
Publisher
Humanities and Social Sciences Communications
Published On
Jan 01, 2024
Authors
Liuyang Xue, Junan Dong, Shiyao Jiang
Tags
digital finance
inefficient investment
Chinese firms
institutional development
resource mechanisms
governance

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