Managerial myopia and corporate financialization: Evidence from China

被引：0

作者：

Zhang, Cheng ^{[1
]}

Liu, Cheng ^{[2
]}

Ma, Yaoying ^{[3
]}

Yang, Chunhong ^{[4
]}

机构：

[1] Northwestern Polytech Univ, Sch Publ Policy & Adm, Dept Econ, Xian, Peoples R China

[2] Xi An Jiao Tong Univ, Sch Econ & Finance, Dept Finance, Xian, Peoples R China

[3] City Univ Hong Kong, Coll Business, Dept Accountancy, Kowloon Tong, 83 Tat Chee Ave, Hong Kong, Peoples R China

[4] Frankfurt Sch Finance & Management, Dept Accounting, Frankfurt, Germany

来源：

JOURNAL OF INTERNATIONAL FINANCIAL MANAGEMENT & ACCOUNTING | 2024年

基金：

中国国家自然科学基金;

关键词：

analyst attention; distance to default; financialization; institutional investors; managerial myopia; INSTITUTIONAL INVESTORS; SHORT-TERMISM; TIME; PERSPECTIVE; INVESTMENT; INCENTIVES; DEBATE; FIRMS;

D O I：

10.1111/jifm.12222

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

While managerial characteristics significantly impact corporate strategies, the role of managerial myopia in corporate financialization remains underexplored. Using data from a sample of 20,881 firm-year observations of Chinese firms from 2007 to 2019, we examine how managerial myopia influences corporate financialization. We find that managerial myopia promotes corporate financialization. The results are robust to various measures of financialization, alternative specifications, and considerations of endogeneity. Further analysis reveals that external supervision, indicated by analyst attention and institutional investor shareholdings, mitigates the positive effect of managerial myopia on corporate financialization. By contrast, corporate pressures, such as default risk and competitive pressure, amplify the tendency toward financialization.

引用

页数：31

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