管理短视与企业金融化:来自中国的证据

IF 9.4 3区 管理学 Q1 BUSINESS, FINANCE
Cheng Zhang, Cheng Liu, Yaoying Ma, Chunhong Yang
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引用次数: 0

摘要

虽然管理特征显著影响公司战略,但管理近视在公司金融化中的作用仍未得到充分探讨。利用2007年至2019年中国企业20881个年度观察样本的数据,我们研究了管理近视如何影响企业金融化。研究发现,管理短视促进了企业金融化。结果是稳健的各种措施的金融化,替代规范,并考虑内生性。进一步分析发现,外部监督(以分析师关注和机构投资者持股为表现)可以缓解管理短视对公司金融化的正向影响。相比之下,企业压力,如违约风险和竞争压力,放大了金融化的趋势。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Managerial myopia and corporate financialization: Evidence from China

While managerial characteristics significantly impact corporate strategies, the role of managerial myopia in corporate financialization remains underexplored. Using data from a sample of 20,881 firm-year observations of Chinese firms from 2007 to 2019, we examine how managerial myopia influences corporate financialization. We find that managerial myopia promotes corporate financialization. The results are robust to various measures of financialization, alternative specifications, and considerations of endogeneity. Further analysis reveals that external supervision, indicated by analyst attention and institutional investor shareholdings, mitigates the positive effect of managerial myopia on corporate financialization. By contrast, corporate pressures, such as default risk and competitive pressure, amplify the tendency toward financialization.

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来源期刊
CiteScore
9.10
自引率
2.00%
发文量
23
期刊介绍: The Journal of International Financial Management & Accounting publishes original research dealing with international aspects of financial management and reporting, banking and financial services, auditing and taxation. Providing a forum for the interaction of ideas from both academics and practitioners, the JIFMA keeps you up-to-date with new developments and emerging trends.
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