Subject. We consider characteristics of corporate governance and determinants of companies' investments. Objectives. The purpose is to investigate the relationship between corporate governance characteristics and companies’ level of investment activity; to reveal the level of correlation between companies’ investments and selected determinants. Methods. The study draws on statistical analysis of data, econometric analysis of panel data with fixed or random effects. Results. Overall corporate investment activity varies across regions and countries and differs in subgroups formed on the basis of age, gender, or ownership criteria. We identified the key determinants of investments, depending on company’s geographic location and characteristics of corporate governance. The findings confirm that the latter plays a significant role in corporate investment activity. Relevance. This paper contributes to academic literature on investment activity, corporate governance, and other relevant empirical studies on corporate finance. It also discloses problems of geographical and country-level differences of the issue under consideration.
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