A Study on the Impact of Vertical Dual Roles among Senior Executives on Corporate Investment Efficiency

Liu Changyuan

Xi'an International Studies University

Abstract：

This study selects Chinese listed companies from 2013 to 2022 as the subjects of empirical analysis. The empirical results indicate that vertical dual roles among executives have a significant inhibitory effect on corporate investment efficiency. When the executive holding a dual role serves as the chairman, the inhibitory effect on investment efficiency is even more pronounced. Furthermore, when the firm is a non-state-owned enterprise, such dual roles reduce investment efficiency.

Key Words：

vertical dual roles among executives; investment efficiency; asset stripping by major shareholders