Actual controller's foreign residency and firm leverage: evidence from China

被引：5

作者：

Lu, Timothy ^{[1
]}

Ren, Jinjuan ^{[2
]}

Liu, Elaine ^{[3
]}

机构：

[1] Peking Univ, HSBC Business Sch, Shenzhen, Peoples R China

[2] Univ Macau, Fac Business Adm, Macau, Peoples R China

[3] China Int Capital Corp, Shanghai, Peoples R China

来源：

APPLIED ECONOMICS LETTERS | 2020年 / 27卷 / 08期

关键词：

Leverage; actual controllers; foreign residency; political connection; POLITICAL CONNECTIONS; PERFORMANCE; OWNERSHIP;

D O I：

10.1080/13504851.2020.1728220

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We investigate how the characteristics of firms' actual controllers influence firms' access to external finance. Using hand-collected data of actual controllers of Chinese firms, we find that firms have significantly lower leverage when the actual controllers have foreign residency. Whereas actual controllers' political connection increases firm leverage, such effect is fully eroded when the actual controllers have foreign residency.

引用

页码：620 / 623

页数：4

共 50 条

[41] Executives' gender-diversity, education, and firm's bankruptcy risk: Evidence from China
Cho, Eunho
Okafor, Collins
Ujah, Nacasius
Zhang, Linmei
JOURNAL OF BEHAVIORAL AND EXPERIMENTAL FINANCE, 2021, 30
[42] Foreign Ownership and Firm Innovation: Evidence from Korea
Joe, Denis Yongmin
Oh, Frederick Dongchuhl
Yoo, Heechan
GLOBAL ECONOMIC REVIEW, 2019, 48 (03) : 284 - 302
[43] Boards of directors and firm leverage: Evidence from real estate investment trusts
Trang Doan
Nguyen, Nga Q.
JOURNAL OF CORPORATE FINANCE, 2018, 51 : 109 - 124
[44] Foreign Ownership and Firm Performance: Evidence from Malaysia
Jusoh, Mohd Abdullah
ASIAN JOURNAL OF ACCOUNTING AND GOVERNANCE, 2015, 6 : 49 - 54
[45] Anticorruption regulation and firm value: Evidence from a shock of mandated resignation of directors in China
Xu, Yongxin
JOURNAL OF BANKING & FINANCE, 2018, 92 : 67 - 80
[46] Foreign investments and firm risk: Evidence from Germany
Likitwongkajon, Napaporn
Vithessonthi, Chaiporn
GLOBAL FINANCE JOURNAL, 2024, 59
[47] Labour unions and leverage: evidence from firm-level union data
Suzuki, Katsushi
Zushi, Nakako
APPLIED ECONOMICS, 2020, 52 (27) : 2882 - 2894
[48] The Moderating Role of Corporate Governance in the Relationship between Leverage and Firm Value: Evidence from the Korean Market
Tulcanaza-Prieto, Ana Belen
Lee, Younghwan
Anzules-Falcones, Wendy
RISKS, 2024, 12 (01)
[49] Institutional investor networks and firm innovation: Evidence from China
Fan, Yaoyao
Ly, Kim Cuong
Jiang, Yuxiang
INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS, 2023, 89
[50] Goal complexity in family firm diversification: Evidence from China
Dou, Junsheng
Wang, Ning
Su, Emma
Fang, Hanqing
Memili, Esra
JOURNAL OF FAMILY BUSINESS STRATEGY, 2020, 11 (01)

← 1 2 3 4 5 →