企业高管的学术经历对企业金融化的影响--来自中国制造业上市公司的证据

IF 6.3 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance Pub Date : 2024-09-16 DOI:10.1016/j.ribaf.2024.102587

Chang Li, Yongjun Hua

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引用次数: 0

摘要

本文利用沪深证券交易所 A 股制造业上市公司 2010 年至 2019 年的数据，研究了企业高管早期学术经历对企业金融化的影响。结果表明，早期学术生涯经历中形成的个人特征会显著抑制其企业金融化决策。这种抑制作用在非国有企业和市场化程度较高地区的企业中更为明显。同时，这种抑制作用会随着企业高管股权激励政策的实施而增强，但不会随着员工持股计划（ESOPs）的实施而增强。研究结果揭示了高管早期学术生涯经历在公司治理中的价值。

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The effect of corporate executives’ academic experience on firm financialization — Evidence from listed manufacturing firms in China

This paper studies the impact of corporate executives’ early academic experience on corporate financialization using the data from 2010 to 2019 of A-share listed manufacturing firms on the Shanghai and Shenzhen stock exchanges. The results show that the personal characteristics developed in early academic career experience significantly inhibit their decision-making on corporate financialization. This inhibitory effect is more obvious among the non-state-owned firms and those firms in the regions with a high level of marketization. Meanwhile, this inhibitory effect enhances with the implementation of equity incentive policies for corporate executives, but not with the employee stock ownership plan (ESOPs). The results reveal the value of early academic career experiences of executives in corporate governance.

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来源期刊

Research in International Business and Finance BUSINESS, FINANCE-

CiteScore

11.20

自引率

9.20%

发文量

240

期刊介绍： Research in International Business and Finance (RIBAF) seeks to consolidate its position as a premier scholarly vehicle of academic finance. The Journal publishes high quality, insightful, well-written papers that explore current and new issues in international finance. Papers that foster dialogue, innovation, and intellectual risk-taking in financial studies; as well as shed light on the interaction between finance and broader societal concerns are particularly appreciated. The Journal welcomes submissions that seek to expand the boundaries of academic finance and otherwise challenge the discipline. Papers studying finance using a variety of methodologies; as well as interdisciplinary studies will be considered for publication. Papers that examine topical issues using extensive international data sets are welcome. Single-country studies can also be considered for publication provided that they develop novel methodological and theoretical approaches or fall within the Journal''s priority themes. It is especially important that single-country studies communicate to the reader why the particular chosen country is especially relevant to the issue being investigated. [...] The scope of topics that are most interesting to RIBAF readers include the following: -Financial markets and institutions -Financial practices and sustainability -The impact of national culture on finance -The impact of formal and informal institutions on finance -Privatizations, public financing, and nonprofit issues in finance -Interdisciplinary financial studies -Finance and international development -International financial crises and regulation -Financialization studies -International financial integration and architecture -Behavioral aspects in finance -Consumer finance -Methodologies and conceptualization issues related to finance