Izvorni znanstveni članak
https://doi.org/10.1080/1331677X.2021.2004186
Does managerial ability affect corporate financial constraints? Evidence from China
Qiubin Huang
Mengyuan Xiong
Ming Xiao
Sažetak
We study the effect of managerial ability on financial constraints
of Chinese listed companies. Our results indicate a negative relationship between managerial ability and corporate financial constraints. Further analyses show that managerial ability helps
alleviate financial constraints probably through lowering information asymmetry, reducing agency conflicts and enhancing corporate profitability. In addition, we find evidence that private firms
suffer from more severe financial constraints than state- and foreign-owned firms, and the effect of managerial ability in alleviating financial constraints is more pronounced for private firms.
Overall, our findings help understand the role and highlight the
importance of managerial ability in alleviating financial
constraints.
Ključne riječi
Financial constraints; managerial ability; investment-cash flow sensitivity; information asymmetry; agency conflicts; ownership structure
Hrčak ID:
302621
URI
Datum izdavanja:
31.3.2023.
Posjeta: 625 *