Abstract
Based on the perspective of failure tolerance, this paper measures the boards failure tolerance by whether the companys performance failing to meet the boards expectations leads to the mandatory replacement of managers. On this basis, the paper selects data from A-share listed companies in China from 2010 to 2022 to study the impact of board failure tolerance on corporate investment efficiency. The research finds that board failure tolerance can significantly improve corporate investment efficiency, both inhibiting over-investment and alleviating under-investment.
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