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The difference among directors in psychological perceptive gives rise to an informal hierarchy in the board, known as board informal hierarchy. This hierarchy helps to coordinate the interactions between directors, making it more likely for the board to contribute to corporate governance efficiency. This paper explores the relationship between board informal hierarchy and corporate governance efficiency from the perspective of cognitive psychology, considering the mediating role of psychological perception in the relationship. The research data were collected from the Chinese companies listed in 2015 and 2016, and subjected to descriptive and regression analyses. The results show that the stronger the board informal hierarchy, the better the corporate governance efficiency; this positive correlation is fully mediated by psychological perception. The research results enrich the theories on the board structure and corporate governance.

INFLUENCE OF BOARD INFORMAL HIERARCHY ON CORPORATE GOVERNANCE EFFICIENCY: AN ANALYSIS BASED ON PSYCHOLOGICAL PERCEPTION