Intergenerational Succession in Family Businesses and the Risk of Corporate Default

被引：0

作者：

Deng, Jiaying ^{[1
]}

Ren, Qin ^{[2
]}

机构：

[1] Shanxi Univ, Coll Marxism, Taiyuan 030006, Peoples R China

[2] Shanxi Univ Finance & Econ, Coll Marxism, Taiyuan 030006, Peoples R China

来源：

FINANCE RESEARCH LETTERS | 2025年 / 73卷

关键词：

Family business succession; Corporate default risk;

D O I：

10.1016/j.frl.2024.106559

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study empirically investigates the impact of intergenerational succession in family businesses on corporate default risk, specifically targeting family-listed firms in China's Shanghai and Shenzhen A-share markets. The results reveal that intergenerational succession significantly lowers corporate default risk. Mechanism tests further suggest that this reduction in default risk is indirectly achieved by curbing the scale of corporate investment activities. Heterogeneity analysis indicates that the decrease in corporate default risk associated with intergenerational succession is most pronounced in firms facing high liquidity constraints.

引用

页数：8

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