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Management team stability and financing constraints

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  • Zhenge Peng
  • Wenbin Yang
  • Jiaqi Mou

Abstract

This paper investigates the impact of management team stability on corporate financing constraints, based on the data of Chinese listed companies from 2008 to 2020. The results show that management team stability has a negative effect on financing constraints. Mechanism test shows that this effect operates through reducing agency cost. This paper combines internal human capital team characteristics with resource acquisition efficiency in the capital market, which represents a novel finding in the literature on financing constraints determinants.

Suggested Citation

  • Zhenge Peng & Wenbin Yang & Jiaqi Mou, 2025. "Management team stability and financing constraints," Applied Economics Letters, Taylor & Francis Journals, vol. 32(1), pages 141-145, January.
    • Handle: RePEc:taf:apeclt:v:32:y:2025:i:1:p:141-145
    DOI: 10.1080/13504851.2023.2259585
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