Digital finance and enterprise trade and investment: The moderating effect of CEO characteristics

Guangyuan Ding, Zhenzu Li and Hebin Shen

Finance Research Letters, 2024, vol. 64, issue C

Abstract: This research primarily focuses on examining the relationship between digital finance and corporate investment. Based on a sample of publicly listed companies in China from 2011 to 2022, we find a significant positive relationship between the development of digital finance and cross-border trade and investment of enterprises. Moreover, executive characteristics can profoundly moderate the main relationship we identified. Specifically, the positive relationship is more evident among firms with older CEOs and long-tenured CEOs. Our results are robust to a series of econometric tests. Our research contributes to the literature on digitalization and corporate investment.

Keywords: Digital finance; Corporate investment; CEO; Transaction costs (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:64:y:2024:i:c:s1544612324005014

DOI: 10.1016/j.frl.2024.105471

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