Financial cycles and corporate financialization levels—Evidence from the cultural industry enterprises

Yu Guan and Qing Wei

Finance Research Letters, 2024, vol. 67, issue PB

Abstract: This investigation explores the nexus between financial cycles and the corporate financialization levels, utilizing data on a quarterly basis from listed companies in the cultural industry, spanning 2012 to 2023. The empirical evidence indicates a robust positive correlation between financial cycles and the level of corporate financialization, with corporate profitability acting as a facilitative moderator in this association. Further analysis uncovers the heterogeneity in the impact of financial cycles on corporate financialization levels. Specifically, the influence of financial cycles is more pronounced for small-sized companies and those with low levels of debt.

Keywords: Financial cycles; Corporate financialization levels; Corporate profitability; Cultural industry (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:67:y:2024:i:pb:s1544612324008237

DOI: 10.1016/j.frl.2024.105793

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