Actual controller's foreign residency and firm leverage: evidence from China

被引：4

作者：

Lu, Timothy ^{[1
]}

Ren, Jinjuan ^{[2
]}

Liu, Elaine ^{[3
]}

机构：

[1] Peking Univ, HSBC Business Sch, Shenzhen, Peoples R China

[2] Univ Macau, Fac Business Adm, Macau, Peoples R China

[3] China Int Capital Corp, Shanghai, Peoples R China

来源：

APPLIED ECONOMICS LETTERS | 2020年 / 27卷 / 08期

关键词：

Leverage; actual controllers; foreign residency; political connection; POLITICAL CONNECTIONS; PERFORMANCE; OWNERSHIP;

D O I：

10.1080/13504851.2020.1728220

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We investigate how the characteristics of firms' actual controllers influence firms' access to external finance. Using hand-collected data of actual controllers of Chinese firms, we find that firms have significantly lower leverage when the actual controllers have foreign residency. Whereas actual controllers' political connection increases firm leverage, such effect is fully eroded when the actual controllers have foreign residency.

引用

页码：620 / 623

页数：4

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