Common institutional ownership and corporate maturity mismatch

被引：0
|
作者：
Song, Yunling [1 ]
Xu, Chengying [1 ]
Wu, Hao [2 ]
机构：
[1] Inner Mongolia Univ, Sch Econ & Management, Hohhot, Peoples R China
[2] Southwestern Univ Finance & Econ, Sch Accounting, Chengdu, Peoples R China
来源：
FINANCE RESEARCH LETTERS | 2024年 / 69卷
关键词：
Common institutional ownership; Maturity mismatch of investment and financing; Governance externalities; Coordination effects;
D O I：
10.1016/j.frl.2024.106156
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Using data from Chinese listed firms from 2003 to 2022, we find that common institutional ownership significantly increases maturity mismatches of investment and financing by reducing the aggressiveness of corporate strategy. This relationship remains qualitatively the same after battery of robustness and diagnostic tests and becomes stronger in observations with lower industry competition or economic policy uncertainty. Our study has implications for promoting institutional investors in China and forestalling major financial risks.
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页数：8
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