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This paper investigates the impact of management team stability on corporate financing constraints, based on the data of Chinese listed companies from 2008 to 2020. The results show that management team stability has a negative effect on financing constraints. Mechanism test shows that this effect operates through reducing agency cost. This paper combines internal human capital team characteristics with resource acquisition efficiency in the capital market, which represents a novel finding in the literature on financing constraints determinants. [ABSTRACT FROM AUTHOR]

This paper investigates the relationship between cross-shareholding networks and internal controls quality using a sample of all listed A-share firms in China during 2007–2020. We find that the higher the centrality of cross-shareholding networks, the lower the quality of internal control. This finding passes a series of robustness regressions. Moreover, we further test the influence channel of cross-shareholding on the internal control quality and find that the agency cost is the corresponding intermediary. That is, the cross-shareholding network increases the agency cost of the firm and thus reduces the quality of internal control. [ABSTRACT FROM AUTHOR]

This paper investigates the impact of herding behaviour of Chinese Securities Investment Funds (SIFs) on firm value by taking stock price informativeness and agency cost as intermediary variables. It constructs LSV model to measure herding behaviour of SIFs, and develops logarithmic conversion method of the goodness-of-fit to characterize stock price informativeness. The stepwise regression method is employed for empirical analysis and it is found that: (i) The herding behaviour of SIFs significantly negatively affects the stock price informativeness, and the former is 'intentional herding' that ignores personal private information. (ii) The stock price informativeness is positively related to firm value, while agency cost has a significant negative influence on firm value. (iii) The stock price informativeness and agency cost play significant partial mediating effects between the herding behaviour of SIFs and firm value, respectively. [ABSTRACT FROM AUTHOR]

From an agency theory perspective, we find the increase of stock liquidity will lead to more dividend payouts. There are two potential channels, the 'outcome hypothesis' (La Porta et al. 2000) and the 'creditors substitute hypothesis' (Brockman and Unlu 2009), through which stock liquidity could increase dividend payouts. We confirm that stock liquidity influences dividend payouts mainly through the latter. [ABSTRACT FROM AUTHOR]

This paper analyzes the effect of CEO succession via overall hierarchical jumps on Chinese firm performance and agency cost. It categorizes hierarchical jumps into low, medium and high level. The study reveals through panel regression analysis that the CEOs appointed via medium hierarchical jumps substantially enhance firm performance. Conversely, the successors appointed through low and high hierarchical jumps have relatively no effect on firm profitability. Conclusively, this research evaluates that the aged CEOs should be preferred among the CEOs successors via high hierarchical jumps, which have mitigated the agency problem decisively. [ABSTRACT FROM AUTHOR]