The impact of financial agglomeration on corporate financialization: The moderating role of financial risk in Chinese listed manufacturing enterprises

被引：5
|
作者：
Chen, Liping [1 ]
Zhang, Cheng [2 ]
机构：
[1] Hubei Univ Educ, Sch Econ & Management, Wuhan 430074, Peoples R China
[2] Hubei Univ Econ, Sch Accounting, Wuhan 430205, Peoples R China
来源：
FINANCE RESEARCH LETTERS | 2023年 / 58卷
关键词：
Financial agglomeration; Corporate financialization; Financial risk; CENTERS;
D O I：
10.1016/j.frl.2023.104655
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper investigates the impact of financial agglomeration on corporate financialization using data from Chinese listed manufacturing enterprises between 2011 and 2020. By considering financial risk as a moderating variable, the study offers a comprehensive analysis of both the positive and potential negative effects of financial agglomeration on corporate financialization. We find that, first, financial agglomeration significantly promotes corporate financialization. Second, financial risk moderates the relationship between financial agglomeration and corporate financialization. Third, financial agglomeration has a more significant impact on corporate financialization for companies with higher financial risk and non-state-owned enterprises.
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页数：6
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