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Legal consultation and strategic planning: High-quality legal advisors’ influence on corporate long-term development strategies

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  • Hou, Fang
  • Gao, Wangbo

Abstract

Using data from Chinese A-share initial public offerings between 2007 and 2023, this study examines the influence and mechanisms of high-quality legal advisors on corporate long-term development. Results show that these advisors significantly enhance long-term growth, especially in monopolistic and labor-intensive industries. Their involvement reduces financial risk, supporting corporate expansion. Although they slightly increase financing constraints, this effect prompts firms to allocate capital more efficiently and pursue more cautious investment strategies, ultimately advancing sustainable development.

Suggested Citation

  • Hou, Fang & Gao, Wangbo, 2025. "Legal consultation and strategic planning: High-quality legal advisors’ influence on corporate long-term development strategies," Finance Research Letters, Elsevier, vol. 80(C).
    • Handle: RePEc:eee:finlet:v:80:y:2025:i:c:s1544612325006592
    DOI: 10.1016/j.frl.2025.107399
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