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Impact of perceived unlucky years on corporate debt maturity: Evidence from Chinese “Zodiac Year”

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  • Liu, Gang
  • Liu, Xinxuan
  • Zhao, Min
  • Hao, Ying
  • Shen, Kexin

Abstract

Utilizing data from China, we investigate whether and how senior executives’ superstitions about unlucky years affect corporate debt maturity structure. We show that, on average, senior executives in their zodiac years tend to adopt a longer debt maturity. This effect is primarily driven by managers’ pessimism associated with superstitious beliefs. The results are stronger for enterprises with higher operational risk, in more intense competition within the industry, for chairpersons of lower education, and in regions with a stronger Taoist cultural influence. Overall, this paper enriches the research literature on managers’ superstitions about perceived bad luck and their impact on corporate decision-making.

Suggested Citation

  • Liu, Gang & Liu, Xinxuan & Zhao, Min & Hao, Ying & Shen, Kexin, 2026. "Impact of perceived unlucky years on corporate debt maturity: Evidence from Chinese “Zodiac Year”," Finance Research Letters, Elsevier, vol. 98(C).
    • Handle: RePEc:eee:finlet:v:98:y:2026:i:c:s1544612326004186
    DOI: 10.1016/j.frl.2026.109889
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