<b>Investigating the Connection Between Investment Efficiency and Firm Value: Board Independence as a Moderator for Non-Financial Firms of Pakistan</b>

This study investigates the investment efficiency effects on firm value for companies listed on the Pakistan Stock Exchange (PSE), taking board independence into account as a moderating factor. We looked at the data from non-financial firms between 2013 and 2022. A common market-based measure for determining a company's value, Tobin's Q provides a helpful benchmark. The results demonstrate a favorable association between firm value and investment efficiency. Furthermore, this consequence is moderated by board independence. The influence of investment efficiency on firm value and the moderating role of board independence are not examined in the context of a developing economy such as Pakistan. The opportunity to carry out comprehensive research on such variables is made possible by this gap. Because there are not many studies on how investment efficiency affects business value that emphasize the function of institutions, the findings of this analysis may show how important and necessary it is to fill this gap in the field. Keywords: Pakistan; Firm Value; board independence; Investment Efficiency