Accounting Quality and Firm-Level Capital Investment
研究会计质量如何影响企业资本投资效率，发现高质量会计通过减少信息不对称提升投资效率，且在依赖市场融资的经济体中效果更强。
This study examines how accounting quality relates to firm-level capital investment efficiency. Our first hypothesis is that higher quality accounting enhances investment efficiency by reducing information asymmetry between managers and outside suppliers of capital. Our second hypothesis is that this effect should be stronger in economies where financing is largely provided through arm's-length transactions compared with countries where creditors supply more capital. Our results are consistent with these hypotheses both across and within countries. They are robust to alternative econometric specifications, different measures of accounting quality and investment-cash flow sensitivity, and numerous control variables.