Common institutional ownership and corporate trade credit

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

Pacific-Basin Finance Journal Pub Date : 2025-01-21 DOI:10.1016/j.pacfin.2025.102684

Jie Wang , Liang Chen , Wanli Li

引用次数: 0

Abstract

Using a dataset of Chinese listed firms from 2010 to 2022, this study demonstrates that common institutional ownership significantly facilitates the use of trade credit. The mechanism analysis reveals that common institutional ownership strengthens firms' market positions and mitigates information asymmetry. The effect is more pronounced in non-state-owned enterprises and in regions with lower levels of marketization. Additionally, corporate governance structures, such as the presence of a single controlling shareholder and CEO duality, significantly amplify the impact of common institutional ownership on trade credit. These findings contribute to the literature on trade credit determinants by shedding light on the broader implications of common institutional ownership for corporate stakeholders and governance dynamics.

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共同的机构所有权和企业贸易信用

利用2010 - 2022年的中国上市公司数据，本研究表明，共同机构所有权显著促进了贸易信贷的使用。机制分析表明，共同机构所有权强化了企业的市场地位，缓解了信息不对称。这种影响在非国有企业和市场化程度较低的地区更为明显。此外，公司治理结构，如单一控股股东和CEO双重身份的存在，显著放大了共同机构所有权对贸易信贷的影响。这些发现通过揭示共同机构所有权对公司利益相关者和治理动态的更广泛影响，为贸易信贷决定因素的文献做出了贡献。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Pacific-Basin Finance Journal BUSINESS, FINANCE-

CiteScore

6.80

自引率

6.50%

发文量

157

期刊介绍： The Pacific-Basin Finance Journal is aimed at providing a specialized forum for the publication of academic research on capital markets of the Asia-Pacific countries. Primary emphasis will be placed on the highest quality empirical and theoretical research in the following areas: • Market Micro-structure; • Investment and Portfolio Management; • Theories of Market Equilibrium; • Valuation of Financial and Real Assets; • Behavior of Asset Prices in Financial Sectors; • Normative Theory of Financial Management; • Capital Markets of Development; • Market Mechanisms.