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I investigate whether board governance is associated with firm-level investment efficiency, after controlling for a firm’s level of accounting quality. Prior literature finds inconsistent results for the relation between governance mechanisms and investment efficiency. I argue that managers also need strong internal controls to provide accurate information about investment projects to make efficient investment decisions. I find that strong board governance, when combined with strong internal controls over financial reporting, results in greater investment efficiency. The findings suggest that board governance and internal controls over financial reporting together enhance the monitoring role provided by financial reporting which, in turn, causes managers to more efficiently allocate firm resources, resulting in greater investment efficiency.

The Effect of Board Governance and Internal Control on Investment Efficiency