Palavras-chave
Inteligência competitiva
Assimetria informacional
Eficiência de investimento
Subinvestimento
Tomada de decisão estratégica
Como Citar
Resumo
Objetivo: Este artigo examina se os diretores representantes dos empregados atuam como agentes internos de inteligência competitiva em empresas chinesas listadas. O foco está em seu papel na facilitação da circulação de informações específicas da empresa, no apoio à tomada de decisão em nível de conselho e na melhoria das condições informacionais sob as quais as decisões de investimento são realizadas. O estudo também investiga se a assimetria informacional ajuda a explicar essa relação e se o papel dos diretores representantes dos empregados é mais evidente em situações de subinvestimento.
Metodologia/abordagem: Utilizando uma amostra de empresas chinesas listadas na bolsa A-share, o estudo emprega modelos de regressão em painel para examinar a relação entre diretores representantes dos empregados e ineficiência de investimento. A análise de mediação é utilizada para avaliar o papel da assimetria informacional, que serve como proxy empírica das condições informacionais internas. Testes adicionais incluem medidas alternativas de ineficiência de investimento e pareamento por escore de propensão (propensity score matching).
Originalidade/Relevância: O artigo reúne diretores representantes dos empregados, assimetria informacional e eficiência de investimento em um mesmo contexto empírico, mas os interpreta sob a perspectiva da inteligência competitiva. Em vez de considerar os diretores representantes dos empregados apenas como um arranjo de governança, o estudo os trata como agentes internos capazes de melhorar o fluxo de informações, apoiar a disseminação da inteligência e fortalecer o suporte à decisão dentro da organização. Dessa forma, a pesquisa desloca o foco da estrutura de governança para os processos informacionais que sustentam a alocação estratégica de recursos.
Principais resultados: Os resultados demonstram que os diretores representantes dos empregados reduzem significativamente a ineficiência de investimento. A assimetria informacional medeia essa relação. O efeito é assimétrico: os diretores representantes dos empregados contribuem principalmente para reduzir o subinvestimento, enquanto sua influência sobre o sobreinvestimento não apresenta significância estatística. O efeito também é mais forte em empresas estatais.
Contribuições teóricas/metodológicas: O artigo contribui para a literatura ao demonstrar que os diretores representantes dos empregados podem influenciar a eficiência dos investimentos por meio de seu impacto sobre as condições informacionais internas, e não apenas por sua participação formal no conselho. Os resultados sugerem que seu papel está intimamente relacionado à qualidade da informação, à disseminação interna do conhecimento e ao reconhecimento de oportunidades. De forma mais ampla, o estudo oferece uma explicação baseada em informação sobre como esses diretores podem fortalecer as condições internas de decisão associadas à alocação estratégica de recursos e, indiretamente, aos fundamentos da vantagem competitiva sustentável.
Referências
Albagli, E., Hellwig, C., & Tsyvinski, A. (2023). Imperfect financial markets and investment inefficiencies. American Economic Review, 113(9), 2323–2354. https://doi.org/10.1257/aer.20170725
Almutairi, N. N., Albaz, M. M., & Hashad, T. M. (2025). Board gender diversity, information asymmetry, and investment efficiency: Do female voices make a difference? Risks, 13(3), 45. https://doi.org/10.3390/risks13030045
Arab, R., Gholamrezapoor, M., & Toraj, E. (2020). The mediating effect of information asymmetry and agency costs on the relationship between CSR and investment efficiency. Advances in Mathematical Finance & Applications, 5, 149–166. https://doi.org/10.22034/amfa.2019.1870787.1238
Ayagi, S. R. (2026). Mediating effects of information asymmetry and cost of capital on the relationship between financial reporting quality and investment efficiency of listed deposit money banks in Nigeria. FUDMA Journal of Accounting and Finance Research [FUJAFR], 4(1), 163–183. https://doi.org/10.33003/fujafr-2026.v4i1.309.163-183
Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120. https://doi.org/10.1177/014920639101700108
Baron, R. M., & Kenny, D. A. (1986). The moderator-mediator variable distinction in social psychological research: Conceptual, strategic, and statistical considerations. Journal of Personality and Social Psychology, 51(6), 1173–1182. https://doi.org/10.1037/0022-3514.51.6.1173
Biddle, G. C., Hilary, G., & Verdi, R. S. (2009). How does financial reporting quality relate to investment efficiency? Journal of Accounting and Economics, 48(2–3), 112–131. https://doi.org/10.1016/j.jacceco.2009.09.001
Calof, J. L., & Wright, S. (2008). Competitive intelligence. European Journal of Marketing, 42(7/8), 717–730. https://doi.org/10.1108/03090560810877114
Cao, G., Duan, Y., & Cadden, T. (2019). The link between information processing capability and competitive advantage mediated through decision-making effectiveness. International Journal of Information Management, 44, 121–131. https://doi.org/10.1016/j.ijinfomgt.2018.10.003
Cavallo, A., Sanasi, S., Ghezzi, A., & Rangone, A. (2021). Competitive intelligence and strategy formulation: connecting the dots. Competitiveness Review, 31(2), 250–275. https://doi.org/10.1108/CR-01-2020-0009
Chaidir, M., Benardi, B., & Patricia, M. C. (2025). Managerial Self-Interest, Investment Decisions, and Stock Market Valuation: A Comprehensive Analysis of Theoretical Frameworks and Empirical Findings. International Journal of Business, Marketing, Economics & Leadership (IJBMEL), 2(3), 20–27. https://doi.org/10.70142/ijbmel.v2i3.288
Chen, F., Hope, O.-K., Li, Q., & Wang, X. (2011). Financial Reporting Quality and Investment Efficiency of Private Firms in Emerging Markets. The Accounting Review, 86(4), 1255–1288. https://doi.org/10.2308/accr-10040
Chen, S., Sun, Z., Tang, S., & Wu, D. (2011). Government intervention and investment efficiency: Evidence from China. Journal of Corporate Finance, 17(2), 259–271. https://doi.org/10.1016/j.jcorpfin.2010.08.004
De Haas, R., Ferreira, D., & Kirchmaier, T. (2021). The inner workings of the board: Evidence from emerging markets. Emerging Markets Review, 48, 100777. https://doi.org/10.1016/J.EMEMAR.2020.100777
Du, X., Wang, N., Lu, S., Zhang, A., & Tsai, S.-B. (2025). Sustainable competitive advantage under digital transformation: an eco-strategy perspective. Chinese Management Studies, 19(3), 758–782. https://doi.org/10.1108/CMS-01-2024-0077
Fauver, L., & Fuerst, M. E. (2006). Does good corporate governance include employee representation? Evidence from German corporate boards. Journal of Financial Economics, 82(3), 673–710. https://doi.org/10.1016/j.jfineco.2005.10.005
Franzoni, F. (2009). Underinvestment vs. overinvestment: Evidence from price reactions to pension contributions. Journal of Financial Economics, 92(3), 491–518. https://doi.org/10.1016/J.JFINECO.2008.06.004
Ginglinger, E., Megginson, W., & Waxin, T. (2011). Employee ownership, board representation, and corporate financial policies. Journal of Corporate Finance, 17(4), 868–887. https://doi.org/10.1016/j.jcorpfin.2011.03.005
Gong, C. M., Gong, P., & Jiang, M. (2023). Corporate financialization and investment efficiency: Evidence from China. Pacific-Basin Finance Journal, 79, 102045. https://doi.org/10.1016/j.pacfin.2023.102045
Gregorič, A., & Poulsen, T. (2020). When do employees choose to be represented on the board of directors? Empirical analysis of representation in Denmark. British Journal of Industrial Relations, 58(2), 241–272. https://doi.org/10.1111/bjir.12490
Huang, B., & Huang, Y. (2022). Does employee representation affect corporate investment efficiency? Evidence from China’s capital market. China Journal of Accounting Studies, 10(1), 120–144. https://doi.org/10.1080/21697213.2022.2086027
Jiang, F., Cai, W., Wang, X., & Zhu, B. (2018). Multiple large shareholders and corporate investment: Evidence from China. Journal of Corporate Finance, 50, 66–83. https://doi.org/10.1016/J.JCORPFIN.2018.02.001
Jiang, X., Yang, J., Yang, W., & Zhang, J. (2021). Do employees’ voices matter? Unionization and corporate environmental responsibility. International Review of Economics & Finance, 76, 1265–1281. https://doi.org/10.1016/J.IREF.2019.11.013
Jin, X. (2025). A study on the impact of financing constraints on inefficient investment behavior of listed firms. Academic Journal of Business & Management, 7(6), 108–113. https://doi.org/10.25236/AJBM.2025.070616
Kang, Y. J., Lee, H. Y., Park, H. Y., & Park, J. H. (2022). Social ties, managerial overconfidence, and investment efficiency. Finance Research Letters, 46, 102300. https://doi.org/10.1016/j.frl.2021.102300
Khan, M. A., Yau, J. T. H., Sarang, A. A. A., Gull, A. A., & Javed, M. (2024). Information asymmetry and investment efficiency: the role of blockholders. Journal of Applied Accounting Research, 26(1), 194–221. https://doi.org/10.1108/JAAR-05-2023-0123
Li, T., & Ren, Y. (2025). Employee Directors and Auditors’ Risk Responses. Auditing Research, (04), 117–132 (In Chinese). https://kns.cnki.net/kcms2/article/abstract?v=pcbjM8AHIkMkqnO9o78PBcdY48OhtYyZFcDnnDZhRYbl1rtT4yVe26xzuRwVIK6OTdBEPv1u3tZpAqrW16KlW4tjlKBHPYUdAyAJXoT0Yk519NFphWPlv82hASSMam8bW9AqHstlvuJvJ8jVDWqLFORuZdPmYSvG7qdbLmXud3w=&uniplatform=NZKPT
Lin, C., Schmid, T., & Xuan, Y. (2018). Employee representation and financial leverage. Journal of Financial Economics, 127(2), 303–324. https://doi.org/10.1016/j.jfineco.2017.12.003
Madureira, L., Popovič, A., & Castelli, M. (2021). Competitive intelligence: A unified view and modular definition. Technological Forecasting and Social Change, 173, 121086. https://doi.org/10.1016/J.TECHFORE.2021.121086
Menshawy, I. M., Basiruddin, R., Mohd‐Zamil, N., & Hussainey, K. (2023). Strive towards investment efficiency among Egyptian companies: Do board characteristics and information asymmetry matter? International Journal of Finance & Economics, 28(3), 2382–2403. https://doi.org/10.1002/ijfe.2540
Neckebrouck, J., & Schulze, W. S. (2025). Owner-management, board governance and responses to performance feedback in private firms. Journal of Business Venturing, 40(4), 106509. https://doi.org/10.1016/J.JBUSVENT.2025.106509
Prescott, J. E. (2001). Competitive intelligence: Lessons from the trenches. Competitive Intelligence Review, 12(2), 5–19. https://doi.org/10.1002/cir.1013
Quan, X., Xiang, C., & Yuan, Q. (2025). Cultivating integrity? The role of employee directors in mitigating corporate financial misconduct. Journal of Business Ethics 2025, 1–24. https://doi.org/10.1007/S10551-025-06143-1
Richardson, S. (2006). Over-investment of free cash flow. Review of Accounting Studies, 11(2–3), 159–189. https://doi.org/10.1007/s11142-006-9012-1
Salhi, Y. (2020). A framework for measuring information asymmetry. Proceedings of the AAAI Conference on Artificial Intelligence, 34(03), 2983–2990. https://doi.org/10.1609/aaai.v34i03.5691
Sarang, A. A. A., Rind, A. A., Al-Faryan, M. A. S., & Saeed, A. (2024). Women on board and the cost of equity: the mediating role of information asymmetry. Journal of Financial Reporting and Accounting, 22(5), 1356–1379. https://doi.org/10.1108/JFRA-02-2022-0048
Silverstein, B. (2020). Managerial Opportunism and Corporate Investment Efficiency. Social Science Research Network. https://doi.org/10.2139/SSRN.3463419
Song, Y., Xu, F., & Huang, M. (2026). Subsidiary complexity, information asymmetry, and controlling shareholder tunneling. Management Review, 38(1), 14–26. https://doi.org/10.14120/j.cnki.cn11-5057/f.2026.01.012
Teece, D. J. (2007). Explicating dynamic capabilities: the nature and microfoundations of (sustainable) enterprise performance. Strategic Management Journal, 28(13), 1319–1350. https://doi.org/10.1002/smj.640
Teece, D. J., Pisano, G., & Shuen, A. (1997). Dynamic capabilities and strategic management. Strategic Management Journal, 18(7), 509–533. https://doi.org/10.1002/(SICI)1097-0266(199708)18:7<509::AID-SMJ882>3.0.CO;2-Z
Thys, K., Vandekerkhof, P., Steijvers, T., & Corten, M. (2024). Top management team and board of directors as the strategic leadership system: The effect of behavioral integration on strategic decision-making quality. European Management Journal, 42(5), 721–734. https://doi.org/10.1016/J.EMJ.2023.04.010
Torchia, M., Calabrò, A., & Huse, M. (2011). Women directors on corporate boards: From tokenism to critical mass. Journal of Business Ethics, 102(2), 299–317. https://doi.org/10.1007/s10551-011-0815-z
Xinhua News Agency. (2023). Company Law of the People’s Republic of China. https://www.gov.cn/yaowen/liebiao/202312/content_6923395.htm
Xu, J., & Duan, M. (2026). Can employee directors promote corporate innovation: From the perspective of employee rights protection. Finance Research Letters, 87, 109107. https://doi.org/10.1016/J.FRL.2025.109107
Yadav, A. S., & Yadav, I. S. (2025). Agency conflicts, product market competition and investment efficiency: new evidence from emerging market. International Journal of Managerial Finance, 21(2), 445–473. https://doi.org/10.1108/IJMF-04-2024-0219
Yu, C. (2023). Board gender diversity and investment inefficiency. Journal of Economics and Business, 124, 106107. https://doi.org/10.1016/j.jeconbus.2022.106107
Yu, H.-F., Lin, T.-J., Chang, H.-Y., & Wang, Y.-H. (2020). The impact of political connection and information asymmetry on investment efficiency: Evidence from China. Sustainability, 12(14), 5607. https://doi.org/10.3390/su12145607
Zhang, Y., Kong, D., & Liu, H. (2024). Internal governance and investment efficiency: The role of non-CEO executives. International Review of Financial Analysis, 96, 103764. https://doi.org/10.1016/J.IRFA.2024.103764
Zhao, D., Yusoff, W. S., Salleh, M. F. M., Lin, N. S., Jamil, A. H., Abd Rani, M. J., & Shaari, M. S. (2025). The impact of ESG and the institutional environment on investment efficiency in China through the mediators of agency costs and financial constraints. Social Sciences & Humanities Open, 11, 101323. https://doi.org/10.1016/j.ssaho.2025.101323
Este trabalho está licenciado sob uma licença Creative Commons Attribution 4.0 International License.
Copyright (c) 2026 Revista Inteligência Competitiva