Does digital transformation speed up dynamic capital structure adjustment? Evidence from China

被引：36
|
作者：
Niu, Yuhao [1 ]
Wang, Sai [1 ]
Wen, Wen [1 ,2 ]
Li, Sifei [1 ]
机构：
[1] Beijing Foreign Studies Univ, Int Business Sch, Beijing, Peoples R China
[2] Beijing Foreign Studies Univ, Int Business Sch, 19 North Xisanhuan Rd, Beijing, Peoples R China
来源：
PACIFIC-BASIN FINANCE JOURNAL | 2023年 / 79卷
基金：
中国国家自然科学基金;
关键词：
Digital transformation; Capital structure adjustment speed; Information asymmetry; Corporate governance; Financial constraints; FINANCIAL CONSTRAINTS; CORPORATE GOVERNANCE; AGENCY COSTS; INFORMATION; FIRMS; OWNERSHIP; DECISIONS; DETERMINANTS; INCENTIVES; INVESTMENT;
D O I：
10.1016/j.pacfin.2023.102016
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper examines whether and how digital transformation impacts capital structure adjustment speed. We find that digital transformation speeds up capital structure adjustment. Furthermore, digital transformation can improve the probability of leverage upward (downward) adjustment by issuing debts and dividends (issuing equities and repaying debts). Channel tests show that reducing information asymmetry, mitigating agency problems, and alleviating financial constraints are possible mechanisms. Cross-sectional tests show that the findings are more pronounced for firms in highly competitive industries, located in provinces with high level of market development, and in years of high economic policy uncertainty.
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页数：19
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