{"title":"Organization Capital and Corporate Financialization: Evidence From China","authors":"Yingying Qin, Yishan Zhang, Yu-en Lin, Jingbo Hu","doi":"10.1002/mde.4473","DOIUrl":null,"url":null,"abstract":"<div>\n \n <p>This paper investigates the impact of organization capital on corporate financialization. Based on the data of Chinese A-share listed firms from 2014 to 2020, we find that organization capital is positively related to corporate financialization. After a series of robustness tests and endogeneity tests, the conclusion still holds. We further find that agency theory is the potential channel driving our findings. Precautionary savings theory, executive overconfidence theory and resource-based theory do not hold in our study. Furthermore, we find that the positive effect of organization capital on corporate financialization is stronger when firms are hit by severe external natural disasters shocks.</p>\n </div>","PeriodicalId":18186,"journal":{"name":"Managerial and Decision Economics","volume":"46 3","pages":"1701-1720"},"PeriodicalIF":2.7000,"publicationDate":"2024-12-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Managerial and Decision Economics","FirstCategoryId":"96","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1002/mde.4473","RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"ECONOMICS","Score":null,"Total":0}
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Abstract
This paper investigates the impact of organization capital on corporate financialization. Based on the data of Chinese A-share listed firms from 2014 to 2020, we find that organization capital is positively related to corporate financialization. After a series of robustness tests and endogeneity tests, the conclusion still holds. We further find that agency theory is the potential channel driving our findings. Precautionary savings theory, executive overconfidence theory and resource-based theory do not hold in our study. Furthermore, we find that the positive effect of organization capital on corporate financialization is stronger when firms are hit by severe external natural disasters shocks.
期刊介绍：
Managerial and Decision Economics will publish articles applying economic reasoning to managerial decision-making and management strategy.Management strategy concerns practical decisions that managers face about how to compete, how to succeed, and how to organize to achieve their goals. Economic thinking and analysis provides a critical foundation for strategic decision-making across a variety of dimensions. For example, economic insights may help in determining which activities to outsource and which to perfom internally. They can help unravel questions regarding what drives performance differences among firms and what allows these differences to persist. They can contribute to an appreciation of how industries, organizations, and capabilities evolve.
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