Non-controlling large shareholders and dynamic capital structure adjustment in China

被引:0
|
作者
Liao, Jia [1 ]
Zhan, Yun [2 ]
Yuan, Yu [3 ]
Xu, Ailing [1 ]
机构
[1] Huaqiao Univ, Business Sch, Quanzhou, Fujian, Peoples R China
[2] Fujian Agr & Forestry Univ, Coll Econ & Management FAFU, Fuzhou, Fujian, Peoples R China
[3] Jinan Univ, Sch Management, Guangzhou, Guangdong, Peoples R China
来源
PLOS ONE | 2024年 / 19卷 / 07期
关键词
MULTIPLE LARGE SHAREHOLDERS; INDEPENDENT DIRECTORS; INVESTMENT DECISIONS; CORPORATE GOVERNANCE; OWNERSHIP STRUCTURE; AGENCY COSTS; CASH FLOW; LEVERAGE; FIRMS; DEBT;
D O I
10.1371/journal.pone.0307066
中图分类号
O [数理科学和化学]; P [天文学、地球科学]; Q [生物科学]; N [自然科学总论];
学科分类号
07 ; 0710 ; 09 ;
摘要
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.
引用
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页数:28
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