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.
机构:
Cent S Univ, Sch Business, 932 South Lushan Rd, Changsha 410083, Hunan, Peoples R ChinaCent S Univ, Sch Business, 932 South Lushan Rd, Changsha 410083, Hunan, Peoples R China
Yan, Caiyu
He, Hongqu
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Cent S Univ, Sch Business, 932 South Lushan Rd, Changsha 410083, Hunan, Peoples R ChinaCent S Univ, Sch Business, 932 South Lushan Rd, Changsha 410083, Hunan, Peoples R China
机构:
Sun Yat Sen Univ, Int Sch Business & Finance, Guangzhou, Guangdong, Peoples R ChinaSun Yat Sen Univ, Int Sch Business & Finance, Guangzhou, Guangdong, Peoples R China
Cheng, Minying
Lin, Bingxuan
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Univ Rhode Isl, Coll Business Adm, Kingston, RI USA
Sun Yat Sen Univ, Sch Business, Guangzhou, Guangdong, Peoples R ChinaSun Yat Sen Univ, Int Sch Business & Finance, Guangzhou, Guangdong, Peoples R China
Lin, Bingxuan
Lu, Rui
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Sun Yat Sen Univ, Lingnan Coll, Guangzhou, Guangdong, Peoples R ChinaSun Yat Sen Univ, Int Sch Business & Finance, Guangzhou, Guangdong, Peoples R China
Lu, Rui
Wei, Minghai
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Sun Yat Sen Univ, Sch Business, Guangzhou, Guangdong, Peoples R ChinaSun Yat Sen Univ, Int Sch Business & Finance, Guangzhou, Guangdong, Peoples R China
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Tianjin Univ Finance & Econ, Sch Accountancy, 25 Zhujiang Rd, Tianjin, Peoples R ChinaTianjin Univ Finance & Econ, Sch Accountancy, 25 Zhujiang Rd, Tianjin, Peoples R China
Fu, Shaozheng
Yang, Jinkun
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Tianjin Univ Finance & Econ, Sch Accountancy, 25 Zhujiang Rd, Tianjin, Peoples R ChinaTianjin Univ Finance & Econ, Sch Accountancy, 25 Zhujiang Rd, Tianjin, Peoples R China
Yang, Jinkun
Liu, Jiajia
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Beijing Univ Chem Technol, Sch Econ & Management, 15 North Third Ring East Rd, Beijing, Peoples R ChinaTianjin Univ Finance & Econ, Sch Accountancy, 25 Zhujiang Rd, Tianjin, Peoples R China
Liu, Jiajia
Hu, Guoqiang
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Tianjin Univ Finance & Econ, Sch Accountancy, 25 Zhujiang Rd, Tianjin, Peoples R ChinaTianjin Univ Finance & Econ, Sch Accountancy, 25 Zhujiang Rd, Tianjin, Peoples R China