Capital structure, business model innovation, and firm performance: Evidence from Chinese listed corporate based on system GMM model
Xu Tian,
Yan Wang,
Umar H. A. Kohar
Abstract:This paper aims to verify the impact of capital structure on business model innovation and firm performance and the mediating effect of business model innovation. We use the data of the Chinese growth enterprises market (GME) listed high-tech firms from 2016 to 2022 as a dynamic panel data model with the system–generalized method of moments (sys-GMM), adopting return on asset and earning per share as firm performance. Our results show that capital structure has a lag effect on firm performance. The total debt … Show more
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