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The effects of executives with foreign experience on capital structure adjustments toward targets: Evidence from China

Economic research - Ekonomska istraživanja, 2023-03, Vol.36 (1), p.1470-1489

2022 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group. 2022 ;2022 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group. This work is licensed under the Creative Commons Attribution License http://creativecommons.org/licenses/by/4.0/ (the “License”). Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License. ;ISSN: 1331-677X ;EISSN: 1848-9664 ;DOI: 10.1080/1331677X.2022.2089708

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  • Title:
    The effects of executives with foreign experience on capital structure adjustments toward targets: Evidence from China
  • Author: Gu, Yan ; Huang, Hung-Yi ; Ho, Kung-Cheng ; Liu, Shengnan
  • Subjects: Adjustment ; Capital structure ; capital structure adjustment ; Corporate governance ; Decision making ; dynamics of capital structure ; Economic theory ; Executives ; Executives with foreign experience ; Leverage ; over-levered firms ; under-levered firms ; underlevered firms
  • Is Part Of: Economic research - Ekonomska istraživanja, 2023-03, Vol.36 (1), p.1470-1489
  • Description: This study discusses the impact of executives with foreign experience on decisions involving corporate capital structures. Based on a sample of Chinese A-share listed companies, this study finds that firms with (more) executives with foreign experience adjust to the optimal capital structure faster. The effect exists mainly for over-levered firms that need to deleverage. The empirical results remain robust when using alternative methods to estimate target leverage, excluding the effects of mechanical adjustments, controlling the impact of corporate governance, and using the full sample to test asymmetric effects. In addition, firms managed by executives with foreign experience tend to maintain low leverage for a long time. Overall, the results show that executives with foreign experience help companies adopt more efficient and conservative capital structure adjustment decisions. The results enrich the literature on the impact of foreign experience on corporate decision-making.
  • Publisher: Pula: Routledge
  • Language: English
  • Identifier: ISSN: 1331-677X
    EISSN: 1848-9664
    DOI: 10.1080/1331677X.2022.2089708
  • Source: Taylor & Francis Open Access
    Coronavirus Research Database
    ProQuest Central
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