Board secretary’s financial experience, overconfidence, and SMEs’ financing preference: Evidence from China’s NEEQ market

Wang, Kun; Chen, Yaozhi; Liu, Yao; Yingkai, Tang

doi:10.1080/00472778.2020.1838177

Cited by 18 publications

(13 citation statements)

References 60 publications

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“…In such conditions, optimists use internal cash holding for investment and reduce external financing. Conversely, Wang et al (2020) propose two opposite aspects of managerial optimism and firm cash holding. Firstly, in constrained firms, optimists retain more cash than rational managers for growth opportunities and avoid external financing.…”

Section: Managerial Optimism and Cash Holdingmentioning

confidence: 99%

Cash Holding and Firm Value in the Presence of Managerial Optimism

Habib

Bhatti

Khan

et al. 2021

JRFM

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Cash holding is important for Chinese manufacturing firms coping with the increasing costs of financing and tough economic conditions. This study examines the impact of cash holding on the firm value of Chinese manufacturing businesses. We found evidence that a non-linear relationship exists between cash holding and firm value in these companies. The study reveals that a higher level of cash holding in financially constrained firms negatively affects the firm value, while unconstrained firms with a less cash holding level have a better firm value. Finally, this research is enriched by implementing the novel measure of managerial optimism. Revealed is the interactive role of cash holding and optimism and how they affect firm value. The study concludes that managerial optimism influences a firm’s cash holding decisions, and this is more costly for unconstrained firms.

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Section: Managerial Optimism and Cash Holdingmentioning

confidence: 99%

Cash Holding and Firm Value in the Presence of Managerial Optimism

Habib

Bhatti

Khan

et al. 2021

JRFM

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“…Then, for underdeveloped areas, the government should provide appropriate financial support, strengthen local Internet infrastructure construction, step up publicity efforts, and promote rural residents to adapt to digital financial services. Next, create a better business environment to strengthen the role of digital financial inclusion in entrepreneurship [76], to alleviating poverty in rural areas and improve income distribution. Digital inclusive finance is a new concept, and there are many blind spots in the original financial supervision system.…”

Section: Discussionmentioning

confidence: 99%

Has Digital Financial Inclusion Narrowed the Urban-Rural Income Gap: The Role of Entrepreneurship in China

Wang

et al. 2021

Sustainability

Self Cite

101

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The combination of digital technology and finance has brought about a new development model for financial inclusion. What impact will it have on the current imbalance in the distribution of financial resources and the urban-rural income gap in China? To answer this question, this paper uses relevant data from 2014–2018 to study the impact of digital inclusive finance on the urban-rural income gap from the theory of financial exclusion, and analyzes the transmission of digital inclusive finance through alleviating financial exclusion, widening financing channels and helping residents with entrepreneurial spirit to start their own businesses, thus increasing jobs, raising the income of rural residents and reducing the urban-rural income gap. The conclusions are as follows: (1) digital inclusive finance can significantly converge the urban-rural income gap; (2) among the dimensions of digital inclusive finance, only the breadth of coverage can significantly reduce the urban-rural income gap, while the effects of depth of use and digitalization are not significant; (3) digital inclusive finance can alleviate the urban-rural income gap through the transmission mechanism of promoting residents’ entrepreneurship; (4) the worse the regional economic development and education, the better the effect of digital inclusive finance on the urban-rural income gap. This paper combines the above results to propose corresponding policy recommendations.

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“…The level of individual enterprise after surveying review articles on corporate governance and enterprise environmental governance [10,[56][57][58], and other relevant studies, we selected the time of establishment (establish) [57], shareholding ratio of management (share) [56], shareholding ratio of the top shareholder (top) [58,59], and management scale (drcnum) [60], total assets (lnassets) [61], return on assets (roa) [62], an asset-liability ratio (lev) were also considered [63]. These 6 indicators were the control variables at the enterprise level, which can affect the innovation decisions of the enterprise.…”

Section: Control Variablesmentioning

confidence: 99%

“…The total assets of an enterprise reflect the operating volume and economic strength of the company. Companies with a large economy have more capital to invest in innovation [59]. Return on assets reflects the operating performance of an enterprise [68].…”

Section: Control Variablesmentioning

confidence: 99%

Environmental Regulations and Corporate Green Innovation in China: The Role of City Leaders’ Promotion Pressure

Yang

Zhang

2021

IJERPH

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China and other emerging market countries have suffered from the problem of environmental pollution while developing rapidly in the past few decades. In recent years, many countries have introduced strict environmental regulations in order to achieve sustainable development. This paper discusses the relationship between environmental regulations and corporate green innovation from the perspective of regional leaders’ promotion pressure. The empirical results show that direct policy regulation within the region stimulates green innovation on the part of enterprises, and the promotion pressure of city leaders has a further positive moderating effect on the positive correlation between environmental regulations and enterprises’ green innovation. The conclusion of the study proves that a strict environmental policy can promote the effectiveness of an environmental performance appraisal system in the sustainable development plans of cities and enterprises. This paper not only reveals the influence path of official promotion pressure on the sustainable development of enterprises in the administrative area from the micro perspective but also sheds some light that may improve government governance and promote the transformation of enterprises.

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Board secretary’s financial experience, overconfidence, and SMEs’ financing preference: Evidence from China’s NEEQ market

Cited by 18 publications

References 60 publications

Cash Holding and Firm Value in the Presence of Managerial Optimism

Cash Holding and Firm Value in the Presence of Managerial Optimism

Has Digital Financial Inclusion Narrowed the Urban-Rural Income Gap: The Role of Entrepreneurship in China

Environmental Regulations and Corporate Green Innovation in China: The Role of City Leaders’ Promotion Pressure

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