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| Does the Manager’s Financial Crisis Experience Affect the Financialization Level of Nonfinancial Enterprises?——Evidence from Chinese Listed Companies |
| DU Yong,WANG Ting |
| School of Economics and Management,Southwest University |
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Abstract Based on the imprinting theory, using a dataset of Chinese A-share nonfinancial listed companies from 2008 to 2017, this paper investigates the impact of managers’ financial crisis experience on the financialization level of nonfinancial enterprises. We find that managers’ financial crisis experience can effectively increase the positive impact, and this conclusion is still valid after a series of robustness tests. Based on different situations, the effect to increase the positive impact is mainly reflected in the firms with higher marketing process and severer financing constraints, and is significantly suppressed in enterprises that suffer financial difficulties during financial crisis. Further we find that managers who have experienced financial crisis hold financial assets both for prevention and for profit, but the motives for profit are stronger. Finally, we also find that managers’ profit motives and managerial self-confidence may be the key mechanism of financial crisis experience affecting the level of enterprise financialization. This paper expands the research on the influencing factors of the financialization level of nonfinancial enterprises from the micro level of the enterprise, and explores the impact of the managers’ experience on the financialization of nonfinancial enterprises and its mechanism.
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Received: 03 April 2019
Published: 15 August 2019
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Corresponding Authors:
DU Yong
E-mail: dy77@swu.edu.cn
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2019, Vol. 39 
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