Abstract
We use A-share listed firms in Shanghai and Shenzhen between 2011 and 2021 as a sample, and analyze the impact of director network distance on enterprise investment returns. The results show that the smaller the director network distance is, the more it helps to enhance enterprise investment returns. The inhibitory effect of director network distance on enterprise investment returns is significantly stronger in capital-intensive industries, resource-intensive industries and non-state-owned enterprises compared to labor-intensive industries and state-owned enterprises. Informal information channels play an intermediary role, which means that informal information channels can improve the return on enterprise investment returns.
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