Abstract
Taking Chinese A-share listed companies from 2012 to 2018 as research objects, this paper finds evidence that financialization suppresses the inefficient investment behavior of enterprises and alleviates the effect of earnings management on inefficient investment. The inefficient investment behavior of SOEs (state-owned enterprises) is less affected by financialization and earnings management, and the property rights of SOEs weaken the influence of financialization on earnings management. Then, we further find that institutional ownership is positively related with inefficient investment. For stable institutional investors, the influence of financialization on inefficient investment is not significant.
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CITATION STYLE
Lin, Z., & Li, S. (2020). Financialization, Earnings Management and Investment Efficiency. In Advances in Intelligent Systems and Computing (Vol. 1190 AISC, pp. 130–141). Springer. https://doi.org/10.1007/978-3-030-49829-0_10
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