کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5083020 | 1477791 | 2017 | 37 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
The impact of CEO power on corporate capital structure: New evidence from dynamic panel threshold analysis
ترجمه فارسی عنوان
تاثیر قدرت اجرایی بر ساختار سرمایه شرکت: شواهد جدید از تجزیه و تحلیل آستانه پانل پویا
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
چکیده انگلیسی
This study examines the non-linearity between CEO power and corporate capital structure. Previous studies show that firm leverage responds differently to CEO power changes. In order to capture this non-linear relationship, we employ an innovative dynamic panel threshold model, this novel method allows the estimation of threshold effects with panel data even in case of endogenous regressors. Using a panel-dataset of Chinese SMEs from 2009 to 2013, we find that a CEO power threshold exists in the CEO power-firm leverage association. CEO power has a strong positive and statistically significant determinant of firm leverage, in the “low-CEO power” firms. However, at “high-CEO” regime, the impact is negative but insignificant determinant of leverage. The results are robust to alternative measures of leverage and CEO power, as well as additional explanatory variables.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: International Review of Economics & Finance - Volume 51, September 2017, Pages 107-120
Journal: International Review of Economics & Finance - Volume 51, September 2017, Pages 107-120
نویسندگان
Chi Chur Chao, May Hu, Qaiser Munir, Tongxia Li,