Institutional investor networks centrality and firms’ debt maturity mismatch

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2024-11-16 DOI:10.1016/j.frl.2024.106482

Tingting Liu , Ziang Chen , Junrui Zhang , Brian Lucey

引用次数: 0

Abstract

Institutional investors with a more central position in the network occupy a significant number of structural holes, thereby gaining a relative advantage in network influence, prominence, and prestige. This paper focuses on China, a typical relational society, to investigate the effect of institutional investor networks centrality on firms’ maturity mismatch. Drawing upon data from A-share Chinese listed firms between 2007 and 2020, we find that the higher centrality within institutional investor networks is associated with lower firms’ debt maturity mismatch. This effect is further enhanced by frequent site visits. In addition, heterogeneity analyses reveal that the documented relationship is more pronounced in non-SOEs and firms with higher levels of financing constraints. The results hold after the robustness tests and endogeneity tests.

查看原文本刊更多论文

机构投资者网络中心性与企业债务期限错配

在网络中处于中心地位的机构投资者占据了大量的结构洞，从而在网络影响力、突出性和声望方面获得了相对优势。本文以中国这个典型的关系型社会为研究对象，探讨机构投资者网络中心地位对企业成熟度错配的影响。利用 2007 年至 2020 年中国 A 股上市公司的数据，我们发现机构投资者网络中心度越高，公司债务期限错配率越低。频繁的实地考察进一步增强了这一效应。此外，异质性分析表明，所记录的关系在非国有企业和融资约束水平较高的企业中更为明显。经过稳健性检验和内生性检验后，结果成立。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance