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ETF ownership and corporate financialization

Author

Listed:
  • Liu, Qi
  • Shi, Changying

Abstract

This study uses Chinese listed companies from 2010 to 2023 as the research sample to analyze the relationship between the proportion of ETF ownership and corporate financialization in depth. The findings indicate that the proportion of ETF ownership has a significant negative impact on corporate financialization, and this impact exhibits notable heterogeneity among companies of different sizes and industry intensities. Furthermore, the study reveals that ETF ownership indirectly suppresses the trend of corporate financialization by improving the quality of corporate accounting information and encouraging more investor behavior. Additionally, market liquidity plays an important moderating role in the relationship between ETF ownership and corporate financialization.

Suggested Citation

  • Liu, Qi & Shi, Changying, 2025. "ETF ownership and corporate financialization," Finance Research Letters, Elsevier, vol. 82(C).
    • Handle: RePEc:eee:finlet:v:82:y:2025:i:c:s1544612325008529
    DOI: 10.1016/j.frl.2025.107593
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    References listed on IDEAS

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