This study examines the impact of common institutional ownership on corporate capital structure adjustment using A-share listed companies from 2007 to 2020.The empirical test finds that common institutional ownership reduces the speed of capital structure adjustment and mainly inhibits the speed of upward capital structure adjustment.Moreover,this effect is found to be more pro-nounced when the industry is more concentrated and when common ownership is more powerful.The mechanism test shows that common institutional ownership slows down the upward adjustment of cap-ital structure mainly by reducing the level of corporate risk-taking and weakening the ability to moti-vate management through compensation.The heterogeneity analysis shows that the above inhibiting effect is more pronounced for SOEs and transactional institutional investors.The path test shows that common institutional ownership reduces the speed of upward adjustment of the firm's capital structure by restricting the increase in interest-bearing debt.
关键词
共同机构所有权/资本结构动态调整/竞争合谋/负债不足
Key words
common institutional ownership/dynamic adjustment of capital structure/competi-tive collusion/under-leveraged firms
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