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Multiple large shareholders and asset-liability maturity mismatches

Author

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  • Li, WeiWei
  • Huang, Chia-Hsing

Abstract

This paper examines the effect of multiple large share ownership on a firm's asset-liability maturity mismatch. Using a sample of Chinese A-share listed companies over the 2007–2022 period, the results of this study suggest that multiple large share ownership is negatively associated with asset-liability maturity mismatches. These results still hold after several endogeneity and sample selection concerns are addressed. Furthermore, the results of mechanism study suggest that multiple large share ownership can mitigate asset-liability maturity mismatches by reducing default risks of firms, firm-level financial constraints, and related-party transactions. These findings provide insights into how ownership structure affects corporate financial decisions.

Suggested Citation

  • Li, WeiWei & Huang, Chia-Hsing, 2024. "Multiple large shareholders and asset-liability maturity mismatches," Finance Research Letters, Elsevier, vol. 65(C).
    • Handle: RePEc:eee:finlet:v:65:y:2024:i:c:s1544612324005592
    DOI: 10.1016/j.frl.2024.105529
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