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Firm internationalization and asset-liability maturity mismatch

Author

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  • Li, WeiWei
  • Huang, Chia-Hsing

Abstract

The relationship between firm internationalization and asset-liability maturity mismatch is studied in this research. Data of 3824 Chinese firms listed in the Shanghai and Shenzhen Stock Exchange from the year 2008–2021 are used for the study. The research results show that firm internationalization has a significantly positive impact on asset-liability maturity mismatch which supports the agency theory. Fixed-effect model, lagged firm internationalization variables, alternative measure of maturity mismatch, difference in difference test, instrumental variable two-stage least squares models, propensity score matching method (PSM), and Heckman two-stage model all ensure that the results are robust. Mechanism analysis results show that the firm internationalization impacts asset-liability maturity mismatch through financial constraint channel and information asymmetry channel.

Suggested Citation

  • Li, WeiWei & Huang, Chia-Hsing, 2025. "Firm internationalization and asset-liability maturity mismatch," Research in International Business and Finance, Elsevier, vol. 77(PB).
    • Handle: RePEc:eee:riibaf:v:77:y:2025:i:pb:s0275531925001837
    DOI: 10.1016/j.ribaf.2025.102927
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    More about this item

    Keywords

    Firm internationalization; Asset-liability maturity mismatch; Agency theory;
    All these keywords.

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • 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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