RESEARCH ARTICLE
Corporate Governance and Investment Efficiency: What Is the Role of Financial Statement Comparability?
Nguyen Vinh Khuong,
Vu Tran Trong Tai,
Le Huu Tuan Anh,
Corresponding Author
Nguyen Vinh Khuong
University of Economics and Law, Ho Chi Minh City, Vietnam
Vietnam National University, Ho Chi Minh City, Vietnam
Correspondence:
Nguyen Vinh Khuong ([email protected])
Search for more papers by this authorVu Tran Trong Tai
University of Economics and Law, Ho Chi Minh City, Vietnam
Vietnam National University, Ho Chi Minh City, Vietnam
Search for more papers by this authorLe Huu Tuan Anh
Department of Accounting, Monash Business School, Monash University, Melbourne, Victoria, Australia
Search for more papers by this authorNguyen Vinh Khuong,
Vu Tran Trong Tai,
Le Huu Tuan Anh,
Corresponding Author
Nguyen Vinh Khuong
University of Economics and Law, Ho Chi Minh City, Vietnam
Vietnam National University, Ho Chi Minh City, Vietnam
Correspondence:
Nguyen Vinh Khuong ([email protected])
Search for more papers by this authorVu Tran Trong Tai
University of Economics and Law, Ho Chi Minh City, Vietnam
Vietnam National University, Ho Chi Minh City, Vietnam
Search for more papers by this authorLe Huu Tuan Anh
Department of Accounting, Monash Business School, Monash University, Melbourne, Victoria, Australia
Search for more papers by this authorFirst published: 27 June 2025
Funding: This research is funded by Vietnam National University Ho Chi Minh City (VNU-HCM) under Grant number B2024-34-01.
ABSTRACT
This study examines the relationship between corporate governance, investment efficiency, and financial statement comparability as a mediating factor. Using the System Generalized Method of Moments (Sys GMM), we analyze data from 227 Vietnamese firms between 2016 and 2022 to investigate how financial statement comparability influences the effect of corporate governance on investment efficiency. The selection of Sys GMM is based on its ability to address endogeneity issues and manage dynamic panel data, thereby guaranteeing reliable and coherent evaluations of the interconnections among the various factors. Our findings show that corporate governance positively influences investment efficiency (β = 0.012, p < 0.01), and this relationship is further strengthened when financial statements are more comparable, as transparency reduces information asymmetry. Model diagnostics confirm our specification's validity (Hansen test: p > 0.10). Unlike prior studies that focus on governance's direct impact, this research uniquely establishes financial statement comparability as a mediating mechanism, bridging corporate governance and investment efficiency. It provides valuable insights for decision-makers, regulators, and professionals aiming to enhance corporate governance and financial reporting comparability, fostering a more transparent and efficient investment environment.
Conflicts of Interest
The authors declare no conflicts of interest.
Open Research
Data Availability Statement
Data of present study will be available on request from corresponding author.
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