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Common institutional ownership and corporate maturity mismatch

Author

Listed:
  • Song, Yunling
  • Xu, Chengying
  • Wu, Hao

Abstract

Using data from Chinese listed firms from 2003 to 2022, we find that common institutional ownership significantly increases maturity mismatches of investment and financing by reducing the aggressiveness of corporate strategy. This relationship remains qualitatively the same after a battery of robustness and diagnostic tests and becomes stronger in observations with lower industry competition or economic policy uncertainty. Our study has implications for promoting institutional investors in China and forestalling major financial risks.

Suggested Citation

  • Song, Yunling & Xu, Chengying & Wu, Hao, 2024. "Common institutional ownership and corporate maturity mismatch," Finance Research Letters, Elsevier, vol. 69(PA).
    • Handle: RePEc:eee:finlet:v:69:y:2024:i:pa:s1544612324011851
    DOI: 10.1016/j.frl.2024.106156
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