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Does digital transformation speed up dynamic capital structure adjustment? Evidence from China

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  • Niu, Yuhao
  • Wang, Sai
  • Wen, Wen
  • Li, Sifei

Abstract

This paper examines whether and how digital transformation impacts capital structure adjustment speed. We find that digital transformation speeds up capital structure adjustment. Furthermore, digital transformation can improve the probability of leverage upward (downward) adjustment by issuing debts and dividends (issuing equities and repaying debts). Channel tests show that reducing information asymmetry, mitigating agency problems, and alleviating financial constraints are possible mechanisms. Cross-sectional tests show that the findings are more pronounced for firms in highly competitive industries, located in provinces with high level of market development, and in years of high economic policy uncertainty.

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  • Niu, Yuhao & Wang, Sai & Wen, Wen & Li, Sifei, 2023. "Does digital transformation speed up dynamic capital structure adjustment? Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 79(C).
    • Handle: RePEc:eee:pacfin:v:79:y:2023:i:c:s0927538x23000823
    DOI: 10.1016/j.pacfin.2023.102016
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    Keywords

    Digital transformation; Capital structure adjustment speed; Information asymmetry; Corporate governance; Financial constraints;
    All these keywords.

    JEL classification:

    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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