The Impact of Corporate Governance Structures on Corporate Investment: Moderating Role of Institutional Quality and Firm Life Cycle
- Title
- The Impact of Corporate Governance Structures on Corporate Investment: Moderating Role of Institutional Quality and Firm Life Cycle
- Creator
- Rana, Anamika; Debata, Byomakesh
- Description
- This study delves into the relationship between corporate governance and corporate investment, specifically examining how institutional quality and the different stages of a firms life cycle can influence this relationship. Utilising a panel data framework, the analysis focuses on a sample of 548 non-financial listed Indian companies over the time span from 20102011 to 20222023. An investigation into the relationship between governance and investment is conducted using a fixed-effect regression model. To ensure the reliability of the findings, additional analyses are performed on subsamples, alternative proxies for corporate governance are considered, and a two-step system generalised method of moments approach is utilised. The findings provide strong evidence of a positive correlation between corporate governance and corporate investment, with the quality of institutions further amplifying this impact. In addition, the study uncovers that the impact of governance on investment is more noticeable in the early, expansion and later phases of the companys life cycle. This study stands out for its analysis of the relationship between governance and investment in a developing market, considering the companys life cycle and the institutional quality. 2025 Institute of Public Enterprise
- Source
- Indian Journal of Corporate Governance;Volume;18;Issue;2;pp.291-318
- Date
- 01-01-2025
- Publisher
- SAGE Publications Ltd
- Subject
- corporate governance; Corporate investment; firm life cycle; institutional quality
- Coverage
- Rana A., School of Commerce, Finance, and Accountancy, Christ University, Karnataka, Bengaluru, India; Debata B., Department of Economics and Finance, BITS Pilani, Rajasthan, India
- Rights
- Restricted Access; Hardcopy may be available in the library
- Relation
- ISSN: 9746862;
- Format
- online
- Language
- English
- Type
- Article
Collection
Citation
Rana, Anamika; Debata, Byomakesh, “The Impact of Corporate Governance Structures on Corporate Investment: Moderating Role of Institutional Quality and Firm Life Cycle,” CHRIST (Deemed To Be University) Institutional Repository, accessed June 19, 2026, https://archives.christuniversity.in/items/show/23152.