Using the sample of Chinese A-share listed firms from 2010 to 2020, this study examines the impact of non-controlling large shareholders (NCLSs) on corporate capital structure adjustment. The results show that NCLSs significantly increase the dynamic capital structure adjustment speed and reduce capital structure deviation. NCLSs have an asymmetric influence on capital structure adjustment speed for different deviation directions, i.e. compared to the speed of upward adjustment after a downward deviation of the capital structure, the effect of NCLSs on the speed of downward adjustment of the capital structure after an upward deviation is stronger. Whether in state-owned enterprises (SOEs) or non-state-owned enterprises (NSOEs), NCLSs significantly increase the dynamic capital structure adjustment speed. However, compared with SOEs, NCLSs in NSOEs have a more significant positive impact on the dynamic capital structure adjustment speed. The mechanism analysis suggests that reducing agency costs and mitigating financing constraints serve as the important channels through which NCLSs influence the dynamic adjustment of capital structure. This paper not only enriches and improves the theoretical basis of dynamic capital structure adjustment, but also helps to deepen the understanding of dynamic capital structure adjustment of Chinese listed firms.
机构:
Cent S Univ, Sch Business, 932 South Lushan Rd, Changsha 410083, Hunan, Peoples R ChinaCent S Univ, Sch Business, 932 South Lushan Rd, Changsha 410083, Hunan, Peoples R China
Yan, Caiyu
He, Hongqu
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Cent S Univ, Sch Business, 932 South Lushan Rd, Changsha 410083, Hunan, Peoples R ChinaCent S Univ, Sch Business, 932 South Lushan Rd, Changsha 410083, Hunan, Peoples R China
机构:
Sun Yat Sen Univ, Int Sch Business & Finance, Guangzhou, Guangdong, Peoples R ChinaSun Yat Sen Univ, Int Sch Business & Finance, Guangzhou, Guangdong, Peoples R China
Cheng, Minying
Lin, Bingxuan
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Univ Rhode Isl, Coll Business Adm, Kingston, RI USA
Sun Yat Sen Univ, Sch Business, Guangzhou, Guangdong, Peoples R ChinaSun Yat Sen Univ, Int Sch Business & Finance, Guangzhou, Guangdong, Peoples R China
Lin, Bingxuan
Lu, Rui
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Sun Yat Sen Univ, Lingnan Coll, Guangzhou, Guangdong, Peoples R ChinaSun Yat Sen Univ, Int Sch Business & Finance, Guangzhou, Guangdong, Peoples R China
Lu, Rui
Wei, Minghai
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Sun Yat Sen Univ, Sch Business, Guangzhou, Guangdong, Peoples R ChinaSun Yat Sen Univ, Int Sch Business & Finance, Guangzhou, Guangdong, Peoples R China
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Beijing Foreign Studies Univ, Int Business Sch, Beijing, Peoples R ChinaBeijing Foreign Studies Univ, Int Business Sch, Beijing, Peoples R China
Niu, Yuhao
Wang, Sai
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Beijing Foreign Studies Univ, Int Business Sch, Beijing, Peoples R ChinaBeijing Foreign Studies Univ, Int Business Sch, Beijing, Peoples R China
Wang, Sai
Wen, Wen
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Beijing Foreign Studies Univ, Int Business Sch, Beijing, Peoples R China
Beijing Foreign Studies Univ, Int Business Sch, 19 North Xisanhuan Rd, Beijing, Peoples R ChinaBeijing Foreign Studies Univ, Int Business Sch, Beijing, Peoples R China
Wen, Wen
Li, Sifei
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Beijing Foreign Studies Univ, Int Business Sch, Beijing, Peoples R ChinaBeijing Foreign Studies Univ, Int Business Sch, Beijing, Peoples R China
机构:
Donghua Univ, Glorious Sun Sch Business & Management, Shanghai 200051, Peoples R ChinaDonghua Univ, Glorious Sun Sch Business & Management, Shanghai 200051, Peoples R China
Chen, Ye
Shen, Lei
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Donghua Univ, Glorious Sun Sch Business & Management, Shanghai 200051, Peoples R ChinaDonghua Univ, Glorious Sun Sch Business & Management, Shanghai 200051, Peoples R China
Shen, Lei
Bian, Yuchen
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Donghua Univ, Glorious Sun Sch Business & Management, Shanghai 200051, Peoples R ChinaDonghua Univ, Glorious Sun Sch Business & Management, Shanghai 200051, Peoples R China
Bian, Yuchen
Zhang, Xi
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Fudan Univ, Sch Management, Shanghai 200433, Peoples R ChinaDonghua Univ, Glorious Sun Sch Business & Management, Shanghai 200051, Peoples R China
机构:
Hunan Vocat Coll Commerce, Changsha 410205, Peoples R China
Cent South Univ, Sch Business, Changsha 410083, Peoples R ChinaHunan Vocat Coll Commerce, Changsha 410205, Peoples R China
Zhou, Ruogu
Li, Jialing
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机构:
Xiamen Univ, Sch Management, Xiamen 361005, Peoples R ChinaHunan Vocat Coll Commerce, Changsha 410205, Peoples R China