Notice of RetractionCorporate life-cycle, corporate governance and investment efficiency

Notice of Retraction

After careful and considered review of the content of this paper by a duly constituted expert committee, this paper has been found to be in violation of IEEE´s Publication Principles.

We hereby retract the content of this paper. Reasonable effort should be made to remove all past references to this paper.

The presenting author of this paper has the option to appeal this decision by contacting TPII@ieee.org.

Most of literature related to corporate governance and corporate investment efficiency has been studied from static perspective. This paper conducted a research exploring the dynamic evolution of corporate governance mechanisms to design an index of corporate lifecycle. The result suggests that the impact that corporate governance mechanisms have on investment efficiency is various at different stages of lifecycle. Management equity incentive can significantly improve the efficiency of investment at the stage of growth, while monetary incentive plays a more important role for improving the investment efficiency at the stage of maturity. For firms at the stage of growth, check-and-balance ownership structure can reduce corporate investment efficiency while, at the stage of maturity, check-and-balance ownership structure can help to improve the corporate investment efficiency but not significant statistically. The governance of board can improve the corporate investment efficiency at the stage of maturity. The conclusion of this paper provides a reference for firms to adjust the corporate governance mechanisms dynamically at different stages of lifecycle.