CFO人口统计与中国营运资金管理

IF 1.2 Q3 BUSINESS, FINANCE

Journal of Emerging Market Finance Pub Date : 2023-09-01 DOI:10.1177/09726527231190692

Qida Hu, Md. Borhan Uddin Bhuiyan, M. Houqe

{"title":"CFO人口统计与中国营运资金管理","authors":"Qida Hu, Md. Borhan Uddin Bhuiyan, M. Houqe","doi":"10.1177/09726527231190692","DOIUrl":null,"url":null,"abstract":"This research examines whether Chief Finance Officer (CFO) demographics (including age, educational background, gender and tenure) impact firm working capital policies. We argue that the personal characteristics of the CFO impact corporate financial policy, such as working capital management. Using a sample of listed companies in the China Stock market over 2000–2021, we find that CFO age, gender, education, and tenure determine firm working capital management. Further, we identified that findings are more pronounced within firms that do not have state ownership, suggesting that private ownership firms are likely to have aggressive working capital management. In terms of economic significance, our results demonstrated that a one-standard-deviation rise in CFO age is associated with a decrease in working capital of 1.09% to 1.39% for the sample firms. This implies that the effect of CFO age on working capital management is economically significant, implying that it considerably impacts the financial situation. JEL Codes: G32, G34, G39","PeriodicalId":44100,"journal":{"name":"Journal of Emerging Market Finance","volume":null,"pages":null},"PeriodicalIF":1.2000,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"CFO Demographics and Working Capital Management in China\",\"authors\":\"Qida Hu, Md. Borhan Uddin Bhuiyan, M. Houqe\",\"doi\":\"10.1177/09726527231190692\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"This research examines whether Chief Finance Officer (CFO) demographics (including age, educational background, gender and tenure) impact firm working capital policies. We argue that the personal characteristics of the CFO impact corporate financial policy, such as working capital management. Using a sample of listed companies in the China Stock market over 2000–2021, we find that CFO age, gender, education, and tenure determine firm working capital management. Further, we identified that findings are more pronounced within firms that do not have state ownership, suggesting that private ownership firms are likely to have aggressive working capital management. In terms of economic significance, our results demonstrated that a one-standard-deviation rise in CFO age is associated with a decrease in working capital of 1.09% to 1.39% for the sample firms. This implies that the effect of CFO age on working capital management is economically significant, implying that it considerably impacts the financial situation. JEL Codes: G32, G34, G39\",\"PeriodicalId\":44100,\"journal\":{\"name\":\"Journal of Emerging Market Finance\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":1.2000,\"publicationDate\":\"2023-09-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Emerging Market Finance\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1177/09726527231190692\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q3\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Emerging Market Finance","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1177/09726527231190692","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}

引用次数: 0

摘要

本研究考察了首席财务官（CFO）的人口统计数据（包括年龄、教育背景、性别和任期）是否会影响公司的营运资本政策。我们认为，首席财务官的个人特征会影响公司的财务政策，如营运资金管理。使用2000-2001年中国股市上市公司的样本，我们发现首席财务官的年龄、性别、教育程度和任期决定了公司的营运资金管理。此外，我们发现，这些发现在没有国有制的公司中更为明显，这表明私有制公司可能有积极的营运资本管理。就经济意义而言，我们的研究结果表明，样本公司的首席财务官年龄增加一个标准差，营运资本减少1.09%至1.39%。这意味着CFO年龄对营运资金管理的影响在经济上是显著的，这意味着它对财务状况有很大影响。JEL代码：G32、G34、G39

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

CFO Demographics and Working Capital Management in China

This research examines whether Chief Finance Officer (CFO) demographics (including age, educational background, gender and tenure) impact firm working capital policies. We argue that the personal characteristics of the CFO impact corporate financial policy, such as working capital management. Using a sample of listed companies in the China Stock market over 2000–2021, we find that CFO age, gender, education, and tenure determine firm working capital management. Further, we identified that findings are more pronounced within firms that do not have state ownership, suggesting that private ownership firms are likely to have aggressive working capital management. In terms of economic significance, our results demonstrated that a one-standard-deviation rise in CFO age is associated with a decrease in working capital of 1.09% to 1.39% for the sample firms. This implies that the effect of CFO age on working capital management is economically significant, implying that it considerably impacts the financial situation. JEL Codes: G32, G34, G39

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 Emerging Market Finance BUSINESS, FINANCE-

CiteScore

1.80

自引率

33.30%

发文量

期刊介绍： The Journal of Emerging Market Finance is a forum for debate and discussion on the theory and practice of finance in emerging markets. While the emphasis is on articles that are of practical significance, the journal also covers theoretical and conceptual aspects relating to emerging financial markets. Peer-reviewed, the journal is equally useful to practitioners and to banking and investment companies as to scholars.