Non-controlling large shareholders and dynamic capital structure adjustment in China
by Jia Liao, Yun Zhan, Yu Yuan, Ailing Xu
Using the sample of Chinese A-share listed firms from 2010 to 2020, this study examines the impact of non-controlling large shareholders (NCLSs) on corporate capital structure adjustment. The results show that NCLSs significantly increase the dynamic capital structure adjustment speed and reduce capital structure deviation. NCLSs have an asymmetric influence on capital structure adjustment speed for different deviation directions, i.e. compared to... Читать дальше...