Research on the Influence of Comprehensive Characteristics of CFO on Corporate Diversification
It is more and more common for corporate to carry out diversified operation strategy.Whether to adopt diversified opera-tion strategy will be affected by many factors.Based on the data of listed companies,the CFO characteristic index is constructed by principal component analysis.On this basis,this paper analyzes the impact of CFO comprehensive characteristics on corporate diversification strategy.The results show that there is a negative correlation between CFO comprehensive characteristics and corpo-rate diversification.After considering endogenous problems and robustness test,the conclusion is still valid;The mechanism shows that the comprehensive characteristics of CFO affect the diversification strategy of corporate by affecting the leverage ratio of cor-porate;The heterogeneity analysis found that after distinguishing the specific characteristics of CFO,the higher the CFO's educa-tion and the CFO's salary at the end of the year,the lower the degree of diversification of the corporate.In addition,compared with state-owned corporate,the negative correlation between CFO comprehensive characteristics and corporate diversification is more obvious in non-state-owned corporate;Further analysis shows that CFO comprehensive characteristics will also affect the diversifi-cation of corporate,and there is a negative correlation between them;Finally,this paper also finds that the high CFO comprehen-sive characteristics weaken the negative impact of diversification on corporate value.The results of this paper enrich the research on the influencing factors of corporate diversification and provide a reference for corporate to implement diversification strategy,which has a certain practical significance.
CFO comprehensive characteristicsLeverageCorporate diversificationCorporate value
NETL
NSTL
万方数据
