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Dynamics of financial leverage across firm life cycle in Chinese firms:An empirical investigation using dynamic panel data model

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China Finance and Economic Review 2017年第1期6卷 27-55页

作者： ajid ur rehman Wang Man Yu Haoyang Dongbei University of Finance and Economics China

This study tries to investigate how firms adjust their leverage policy across the firm’s life *** this purpose the study uses an extensive set of data of 867 A listed Chinese non-financial firms over a 19-year years period(1996-2014).The study employs Arellano-Bover/Blundell-Bond dynamic panel data model to estimate adjustment rate of leverage and its determinants in three different life stages of Chinese *** find that adjustment rate of leverage varies for different life *** accordance with trade off theory of capital structure this study reports a low-high-low pattern of leverage across growth,maturity and decline stage of firms’life *** total leverage,dynamic panel data reports highest adjustment rate for growing firms,followed by mature firms and firms in declining stage of their *** short term and long term leverage report similar pattern of leverage’s adjustment rate across the three stages of life *** study provides useful insight in a unique market setting of Chinese financial markets.

关键词： firm life cycle leverage Chinese firms dynamic adjustment GMM

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How do Chinese firms adjust their financial leverage?An empirical investigation using multiple GMM models

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China Finance and Economic Review 2017年第4期6卷 23-52页

作者： ajid ur rehman Wang Man Sultan Sikandar Mirza School of Accounting Dongbei University of Finance&EconomicsChina

Given the unique market setting and institutional environment of China,this study tries to investigate targeting behavior of Chinese firms towards leverage and the determinants of leverage policy in China at various *** this purpose,we use an extensive set of data of 760 firms over a period from 2001 to *** investigate the adjustment behavior towards target leverage policy,this study uses the GMM(Generalized Method of Moments)models of Arellano and Bover(1995)/Blundell and Bond(2000)to estimate the adjustment behavior and adjustment speed towards a target level of *** study finds that Chinese firms have a target level of leverage and try to adjust to their *** find that adjustment rate of Chinese state-owned enterprises is higher than Chinese non-state-owned enterprises,indicating an aggressive leverage policy for SOEs(state-owned enterprises).Further,we find that some firm-level factors like firm size and growth opportunities have significant and positive effect on firms *** and firm liquidity is found to have a negative relationship with firm *** country level,GDP is found to have positive impact of firm leverage *** negative relationship of lending rate with leverage shows that firms in China reduce debt financing when lending rates in the market *** these findings indicate significant policy implications for Chinese *** adjustment level,regulatory bodies should ensure that all firms are at ease while raising their debt and thus avoid a pecking order in lending *** industry level,institutions should try to curtail industry concentration to provide an equal ground of debt issuing to the firms.

关键词： target leverage multilevel determinants GMM Chinese firms

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Financial inclusion and carbon emissions in Asia:Implications for environmental sustainability

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Economic and Political Studies 2024年第1期12卷 88-104页

作者： Shahzad Hussain Tanveer Ahmad Sabeeh Ullah ajid ur rehman Syed Jawad Hussain Shahzad Department of Business Administration Rawalpindi Women UniversityRawalpindiPakistan Institute of Business Studies Kohat University of Science and TechnologyKohatPakistan Institute of Business and Management Sciences Faculty of Management and Computer SciencesThe University of AgriculturePeshawarPakistan NUST Business School National University of Sciences and TechnologyIslamabadPakistan Finance Control and Law DepartmentMontpellier Business SchoolMontpellierFrance

This study explores how carbon emissions are affected by financial *** a balanced panel data set of 26 Asian countries,we compute a composite index,through the principal component analysis(PCA)technique,of financial inclusion based on a set of attributes related to financial *** main analysis also delineates the subsamples of developed and developing Asian *** results reveal a long(short)-run positive(negative)impact of financial inclusion on carbon emissions across the Asian *** finding is also true for the developed country subsample,implying nonlinearity in shortand long-run *** the developing countries,a more pronounced long-run positive impact compared to developed countries is ***,the pairwise causality test results indicate the existence of bi-directional causality between financial inclusion and carbon *** findings have important policy implications,especially in the context of the strategic integration of financial inclusion and climate change strategies.

关键词： Financial inclusion CO_(2) emissions climate change sustainable development Asian countries

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