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Corporate uncertainty perception, executives' financial background, and firms' long-term performance

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  • Li, Zhanyang
  • Wang, Weiqi

Abstract

Using data from China's A-share listed companies from 2006 to 2023, this study examines the relationships among corporate uncertainty perception, executives' Financial Background (FB), and firms' long-term performance (LTP). The findings show that corporate uncertainty perception has a significant negative impact on LTP, and executives' FB plays a moderating role in the relationship between uncertainty perception and firm performance. Furthermore, the study finds that the impact of corporate uncertainty perception on performance differs significantly between state-owned (SOEs) and non-state-owned (NSOEs) enterprises, and that similar heterogeneity exists between firms in high-tech (HT) and non-high-tech (NHT) industries. Further analysis reveals that the influence of corporate uncertainty perception on LTP is not only immediate but also persistent. Based on these findings, this paper recommends that the government strengthen the development of corporate risk management capabilities, promote diversity within executive teams—particularly by introducing executives with FB—and formulate differentiated policy support according to firm characteristics, in order to enhance firms' ability to cope with uncertainty and improve LTP.

Suggested Citation

  • Li, Zhanyang & Wang, Weiqi, 2026. "Corporate uncertainty perception, executives' financial background, and firms' long-term performance," Finance Research Letters, Elsevier, vol. 102(C).
    • Handle: RePEc:eee:finlet:v:102:y:2026:i:c:s1544612326006057
    DOI: 10.1016/j.frl.2026.110076
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