Does managerial ability affect corporate financial constraints? Evidence from China

We study the effect of managerial ability on financial constraints of Chinese listed companies. Our results indicate a negative relationship between managerial ability and corporate financial constraints. Further analyses show that managerial ability helps alleviate financial constraints probably th...

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Autores principales:	Qiubin Huang, Mengyuan Xiong, Ming Xiao
Formato:	article
Lenguaje:	EN
Publicado:	Taylor & Francis Group 2021
Materias:	financial constraints managerial ability investment-cash flow sensitivity information asymmetry agency conflicts ownership structure Economic growth, development, planning HD72-88 Regional economics. Space in economics HT388
Acceso en línea:	https://doaj.org/article/74caa4155d774b418877d37332ec4a45
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spelling	oai:doaj.org-article:74caa4155d774b418877d37332ec4a452021-11-26T11:19:47ZDoes managerial ability affect corporate financial constraints? Evidence from China1331-677X1848-966410.1080/1331677X.2021.2004186https://doaj.org/article/74caa4155d774b418877d37332ec4a452021-11-01T00:00:00Zhttp://dx.doi.org/10.1080/1331677X.2021.2004186https://doaj.org/toc/1331-677Xhttps://doaj.org/toc/1848-9664We study the effect of managerial ability on financial constraints of Chinese listed companies. Our results indicate a negative relationship between managerial ability and corporate financial constraints. Further analyses show that managerial ability helps alleviate financial constraints probably through lowering information asymmetry, reducing agency conflicts and enhancing corporate profitability. In addition, we find evidence that private firms suffer from more severe financial constraints than state- and foreign-owned firms, and the effect of managerial ability in alleviating financial constraints is more pronounced for private firms. Overall, our findings help understand the role and highlight the importance of managerial ability in alleviating financial constraints.Qiubin HuangMengyuan XiongMing XiaoTaylor & Francis Grouparticlefinancial constraintsmanagerial abilityinvestment-cash flow sensitivityinformation asymmetryagency conflictsownership structureEconomic growth, development, planningHD72-88Regional economics. Space in economicsHT388ENEkonomska Istraživanja, Vol 0, Iss 0, Pp 1-23 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	financial constraints managerial ability investment-cash flow sensitivity information asymmetry agency conflicts ownership structure Economic growth, development, planning HD72-88 Regional economics. Space in economics HT388
spellingShingle	financial constraints managerial ability investment-cash flow sensitivity information asymmetry agency conflicts ownership structure Economic growth, development, planning HD72-88 Regional economics. Space in economics HT388 Qiubin Huang Mengyuan Xiong Ming Xiao Does managerial ability affect corporate financial constraints? Evidence from China
description	We study the effect of managerial ability on financial constraints of Chinese listed companies. Our results indicate a negative relationship between managerial ability and corporate financial constraints. Further analyses show that managerial ability helps alleviate financial constraints probably through lowering information asymmetry, reducing agency conflicts and enhancing corporate profitability. In addition, we find evidence that private firms suffer from more severe financial constraints than state- and foreign-owned firms, and the effect of managerial ability in alleviating financial constraints is more pronounced for private firms. Overall, our findings help understand the role and highlight the importance of managerial ability in alleviating financial constraints.
format	article
author	Qiubin Huang Mengyuan Xiong Ming Xiao
author_facet	Qiubin Huang Mengyuan Xiong Ming Xiao
author_sort	Qiubin Huang
title	Does managerial ability affect corporate financial constraints? Evidence from China
title_short	Does managerial ability affect corporate financial constraints? Evidence from China
title_full	Does managerial ability affect corporate financial constraints? Evidence from China
title_fullStr	Does managerial ability affect corporate financial constraints? Evidence from China
title_full_unstemmed	Does managerial ability affect corporate financial constraints? Evidence from China
title_sort	does managerial ability affect corporate financial constraints? evidence from china
publisher	Taylor & Francis Group
publishDate	2021
url	https://doaj.org/article/74caa4155d774b418877d37332ec4a45
work_keys_str_mv	AT qiubinhuang doesmanagerialabilityaffectcorporatefinancialconstraintsevidencefromchina AT mengyuanxiong doesmanagerialabilityaffectcorporatefinancialconstraintsevidencefromchina AT mingxiao doesmanagerialabilityaffectcorporatefinancialconstraintsevidencefromchina
_version_	1718409541748523008

Does managerial ability affect corporate financial constraints? Evidence from China

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