Purpose: This study aims to apply unit root test to investigate the behavior of Chinese firms toward their leverage policy. The study is based on two influential and competing theories of capital structure. Design/methodology/approach: This study applies unit root test to investigate the...

Purpose: The purpose of this paper is to investigate how corporate cash holdings changes across firm life cycle and how firms undergo heterogeneous dynamic cash adjustment as they advance from one stage to the next stage. Design/methodology/approach: This study uses an extensive data set of...

The purpose of this study was to investigate the capital structure adjustment rate in different levels of product market competitions. We classified Chinese non-financial listed firms into highly, moderately, and less competitive firms and applied an unbiased dynamic panel fractional estimator...

We examine the impact of corporate governance on cash holdings and the interplay of family ownership on this relationship through static and dynamic panel estimation models. Composite indicator for the corporate governance based on several proxies related to corporate board structure and...