Maturity mismatched investment, digital financial inclusion, and digital orientation: Evidence from China

被引：15

作者：

Xu, Meng ^{[1
]}

Yang, Zhonghai ^{[1
]}

Lin, Yu-En ^{[2
]}

Li, Gaobo ^{[3
]}

机构：

[1] Harbin Engn Univ, Sch Econ & Management, Harbin 150001, Heilongjiang, Peoples R China

[2] Jilin Univ, Ctr Quantitat Econ, Changchun 130015, Jilin, Peoples R China

[3] Beijing Open Univ, Sch Business, Beijing 100081, Peoples R China

来源：

INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS | 2024年 / 91卷

关键词：

Maturity mismatched; Digital orientation; Digital financial inclusion; Agent conflict; Managerial risk-bearing; CORPORATE-FINANCE; ROLLOVER RISK; AGENCY COSTS; CASH FLOW; DEBT; COMPLEMENTARITY; TRANSFORMATION; SPECIFICATION; DETERMINANTS; INFORMATION;

D O I：

10.1016/j.irfa.2023.102957

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

The study examines how maturity mismatched behavior influences firms' digital orientation, and the moderating effect of digital financial inclusion (DFI) on maturity mismatched behavior. We analyzed a sample of over 3000 Chinese listed firms over the period 2011-2020 and identified the "passive mismatch view." We found that firms' maturity mismatched investment could impede their digital orientation and that DFI further weakens the negative relation between firms' maturity mismatched investment and digital orientation. We further find that maturity mismatched investment impedes digital orientation for firms with more agent problems and maturity mismatched investment could impede its digital orientation through weakening managerial attitude toward potential risks.

引用

页数：15

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