Does managerial myopia promote enterprises over-financialization? Evidence from listed firms in China.
PLoS One
; 19(9): e0309140, 2024.
Article
en En
| MEDLINE
| ID: mdl-39236054
ABSTRACT
This paper analyzes the potential shortsightedness of enterprise managers through annual reports. Additionally, we use corporate financial statement data to measure enterprises over-financialization in terms of resource allocation. After testing with a causal inference model, we find that firms with managerial myopia significantly contribute to over-financialization. It remains robust even after the instrumental variable of whether the manager has experienced a famine is used. Furthermore, financial distress and financing constraints amplify the inclination of short-term-focused managers to amass greater financial assets.
Texto completo:
1
Base de datos:
MEDLINE
Asunto principal:
Administración Financiera
País/Región como asunto:
Asia
Idioma:
En
Revista:
PLoS One
Asunto de la revista:
CIENCIA
/
MEDICINA
Año:
2024
Tipo del documento:
Article