Inayat Khan, Ruiyang Niu, Xiaoyue Zhao, Xue Lei, Yuping Mao, Xu Zhengquain, Imran Khan, Huma Naz, Javed Khan
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引用次数: 0
Abstract
This study investigates the influence of a CEO's firstborn son on corporate investment, taking into account the contingent role of the CEO's birth after the Cultural Revolution and the number of sons. Using a unique data set of the top 500 richest individuals and their associated corporate investments on the Shanghai, Shenzhen, and Hong Kong stock exchanges between 2008 and 2020, our findings demonstrate that a CEO's firstborn son has a significant positive impact on corporate investment. Moreover, the number of sons and the CEO's birth after the Cultural Revolution have opposite moderating effects on this relationship. This finding adds new insights for corporate investment from the behavior finance perspective and guides firms' investment efficiency improvement.
期刊介绍：
KYKLOS views economics as a social science and as such favours contributions dealing with issues relevant to contemporary society, as well as economic policy applications. Since its inception nearly 60 years ago, KYKLOS has earned a worldwide reputation for publishing a broad range of articles from international scholars on real world issues. KYKLOS encourages unorthodox, original approaches to topical economic and social issues with a multinational application, and promises to give fresh insights into topics of worldwide interest
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