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Heterogeneous shareholder participation and corporate maturity mismatch: Evidence from China

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  • Song, Gaoya
  • Wang, Yu

Abstract

This study investigates the relationship between heterogeneous shareholder participation and corporate maturity mismatch of investment and financing in China from 2009 to 2022. Using a hand-collected database, we find that heterogeneous shareholder participation can reduce corporate maturity mismatch. Mechanism tests show that the participation of non-state-owned shareholders and state-owned shareholders can produce “supervision incentive” and “resource support” effects, respectively. These effects alleviate type I and type II agency costs of state-owned enterprises and increase government subsidies for non-state-owned enterprises, thereby reducing maturity mismatch. Furthermore, the negative relationship between heterogeneous shareholder participation and corporate maturity mismatch is more pronounced among companies in high-tech industries and among firms with higher internal control quality. This paper expands the research in the field of equity structure, constructs a theoretical analysis framework for two-way mixed ownership reform, and provides new ideas and evidence for improving corporate maturity mismatch.

Suggested Citation

  • Song, Gaoya & Wang, Yu, 2025. "Heterogeneous shareholder participation and corporate maturity mismatch: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 103(C).
    • Handle: RePEc:eee:finana:v:103:y:2025:i:c:s1057521925003084
    DOI: 10.1016/j.irfa.2025.104221
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    Keywords

    Heterogeneous shareholder participation; Supervision incentive; Resource support; Maturity mismatch;
    All these keywords.

    JEL classification:

    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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