文献类型：期刊文献

英文题名：Board interlocks and capital structure dynamics: evidence from China

作者：Li, Danmeng[1];Jiang, Qiuju[2];Mai, Yong[1]

机构：[1]East China Univ Sci & Technol, Sch Business, Shanghai, Peoples R China;[2]Chongqing Technol & Business Univ, Sch Accountancy, Chongqing, Peoples R China

年份：2019

卷号：59

起止页码：1893

外文期刊名：ACCOUNTING AND FINANCE

收录：;WOS:【SSCI(收录号:WOS:000483250500001)】；

基金：The authors are grateful to the National Natural Science Foundation of China, Grant No. 71502060, for providing research funding.

语种：英文

外文关键词：Interlocked directors; Network; Dynamic adjustment of capital structure; Peer effect

摘要：Using a sample of Chinese A-share listed companies from the Shanghai and Shenzhen stock exchanges from 2007 to 2016, this paper investigates the effects of director network centrality on the speed of capital structure adjustment. The results indicate that firms in the central position of the director network have a higher speed of capital structure adjustment and a lower extent of deviation from the target capital structure. This effect is mainly significant for non-state-owned enterprises (non-SOEs). Collectively, the evidence shows the network of interlocked directors creating mechanisms for information and resource exchanges, which enhance the efficiency of corporate financing polices.