制度在企业债务-生产率关系中的作用:来自中国上市公司的证据

IF 1.4 4区经济学 Q3 ECONOMICS

Journal of Applied Economics Pub Date : 2023-05-04 DOI:10.1080/15140326.2023.2207325

Chengchun Li, Huanhuan Lu, Min Wu, D. Teng

{"title":"制度在企业债务-生产率关系中的作用:来自中国上市公司的证据","authors":"Chengchun Li, Huanhuan Lu, Min Wu, D. Teng","doi":"10.1080/15140326.2023.2207325","DOIUrl":null,"url":null,"abstract":"ABSTRACT This paper examines the relationship between corporate debt and firm productivity. We add to the existing literature by investigating the contingency effect of institutional quality in the corporate debt-productivity nexus. Using data for 2,084 Chinese listed firms, we find that corporate debt and political institutional quality have significant and negative impacts on productivity while legal institutional quality is significantly and positively associated with productivity. Also, our results reveal that both financial and fintech-supporting institutional factors exert negative contingency effects in the corporate debt-productivity relationship. Our findings provide a reasonable guideline for emerging market countries aiming to address the corporate debt overhang problem or seeking factors to boost firm productivity growth.","PeriodicalId":51747,"journal":{"name":"Journal of Applied Economics","volume":null,"pages":null},"PeriodicalIF":1.4000,"publicationDate":"2023-05-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"The role of instituions in the corporate debt-productivity relationship: evidence from listed firms in China\",\"authors\":\"Chengchun Li, Huanhuan Lu, Min Wu, D. Teng\",\"doi\":\"10.1080/15140326.2023.2207325\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"ABSTRACT This paper examines the relationship between corporate debt and firm productivity. We add to the existing literature by investigating the contingency effect of institutional quality in the corporate debt-productivity nexus. Using data for 2,084 Chinese listed firms, we find that corporate debt and political institutional quality have significant and negative impacts on productivity while legal institutional quality is significantly and positively associated with productivity. Also, our results reveal that both financial and fintech-supporting institutional factors exert negative contingency effects in the corporate debt-productivity relationship. Our findings provide a reasonable guideline for emerging market countries aiming to address the corporate debt overhang problem or seeking factors to boost firm productivity growth.\",\"PeriodicalId\":51747,\"journal\":{\"name\":\"Journal of Applied Economics\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":1.4000,\"publicationDate\":\"2023-05-04\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Applied Economics\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://doi.org/10.1080/15140326.2023.2207325\",\"RegionNum\":4,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q3\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Applied Economics","FirstCategoryId":"96","ListUrlMain":"https://doi.org/10.1080/15140326.2023.2207325","RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"ECONOMICS","Score":null,"Total":0}

引用次数: 0

摘要

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

The role of instituions in the corporate debt-productivity relationship: evidence from listed firms in China

ABSTRACT This paper examines the relationship between corporate debt and firm productivity. We add to the existing literature by investigating the contingency effect of institutional quality in the corporate debt-productivity nexus. Using data for 2,084 Chinese listed firms, we find that corporate debt and political institutional quality have significant and negative impacts on productivity while legal institutional quality is significantly and positively associated with productivity. Also, our results reveal that both financial and fintech-supporting institutional factors exert negative contingency effects in the corporate debt-productivity relationship. Our findings provide a reasonable guideline for emerging market countries aiming to address the corporate debt overhang problem or seeking factors to boost firm productivity growth.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Journal of Applied Economics ECONOMICS-

CiteScore

3.00

自引率

0.00%

发文量

审稿时长

40 weeks

期刊介绍： The Journal of Applied Economics publishes papers which make a significant and original contribution to applied issues in micro and macroeconomics. The primary criteria for selecting papers are quality and importance for the field. Papers based on a meaningful and well-motivated research problem that make a concrete contribution to empirical economics or applied theory, in any of its fields, are especially encouraged. The wide variety of topics that are covered in the Journal of Applied Economics include: -Industrial Organization -International Economics -Labour Economics -Finance -Money and Banking -Growth -Public Finance -Political Economy -Law and Economics -Environmental Economics