期刊论文

Qin Wang

英文

Emerging Markets Finance and Trade

1540-496X

2022

58

12

3487-3503

10.1080/1540496X.2022.2051812

This research is supported by the Ministry of Education in China (MOE) Project of Humanities and Social Sciences (18YJC790166), the Innovation and Talent Base for Digital Technology and Finance (B21038) and Digital Technology and Financial Engineering Discipline Construction Fund and the Fundamental Research Funds for the Central Universities (Zhongnan University of Economics and Law). All remaining errors are our own. We thank the editor and the anonymous reviewers for their insightful comments and suggestions.

本校为第一机构

In this paper, we use a dataset of Chinese-listed firms to explore the potential value-enhancing or value-destroying role of multiple large shareholders in determining dynamics of capital structure decisions of firms. We estimate a modified partial adjustment model of leverage and find that firms with multiple large shareholders present a lower speed of leverage adjustment. The relatively more convincing explanation is that the high coordination costs among large shareholders can weaken the efficiency of monitoring managers who have incentives ...