Volume 19, Number 2, December 2024
| The Moderating Role of Commonwealth Between the Degree of Strategic Aggressiveness and Investment Efficiency-Taking the Real Estate Industry of Chinese Listed Companies as an Example |
Abstract
This paper selects the real estate industry of Chinese listed companies from 2019 to 2022 as the sample and empirically explores the relationship between the commonwealth performance in strategic aggressiveness and investment efficiency, and it is found that the overall performance of the commonwealth has a positive moderating effect between strategic aggressiveness and investment efficiency, especially in companies with the best investment efficiency level, and this positive moderating effect has a lag effect. Moreover, for companies with excellent investment efficiency, the adequacy of the commonwealth has a significant positive effect on the current investment efficiency and has a positive moderating effect between strategic aggressiveness and investment efficiency. However, this moderating effect will transform into a negative moderating effect in companies with poorer investment efficiency. Except for companies with excellent investment efficiency, these moderating effects have no lag effect. Finally, the harmonization performance of the commonwealth has no significant impact on current investment efficiency, but for companies with excellent investment efficiency, the positive regulatory effect between strategic aggressiveness and investment efficiency has a lagging effect. In summary, this paper combines the empirical results and puts forward corresponding suggestions, which provide a reference for enterprises to optimize their investment decisions.
Keywords: Real Estate, Investment Efficiency, Strategic Aggressiveness, Commonwealth
JEL Classification: R3, G11