Document Type : Research Paper
Abstract
Purpose: This research aims to investigate the moderating role of social capital in the impact of corporate governance on investment efficiency in companies listed on the Tehran Stock Exchange.
Method: The sample for this study consists of 161 companies from those listed on the Tehran Stock Exchange over the period of 2015 to 2022. To analyze the data and test the hypotheses, multivariate regression models with panel data methodology were employed.
Results: The results of the study indicated that corporate governance has a positive and significant impact on investment efficiency. Additionally, the findings showed that social capital strengthens the positive effect of corporate governance on the investment efficiency of companies listed on the Tehran Stock Exchange.
Conclusion: Based on these results, it can be concluded that companies should focus on enhancing corporate governance and improving social capital by implementing effective corporate governance mechanisms and committing to social needs, which will ultimately lead to increased investment efficiency.
Contribution: Most of the existing research in Iran has focused on identifying factors influencing investment efficiency. This study, however, complements previous research by examining the moderating role of social capital in the relationship between corporate governance and investment efficiency.
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