 The effect of corporate executives’ academic experience on firm financialization — Evidence from listed manufacturing firms in ChinaChang Li and Yongjun Hua Research in International Business and Finance, 2025, vol. 73, issue PA Abstract: This paper studies the impact of corporate executives’ early academic experience on corporate financialization using the data from 2010 to 2019 of A-share listed manufacturing firms on the Shanghai and Shenzhen stock exchanges. The results show that the personal characteristics developed in early academic career experience significantly inhibit their decision-making on corporate financialization. This inhibitory effect is more obvious among the non-state-owned firms and those firms in the regions with a high level of marketization. Meanwhile, this inhibitory effect enhances with the implementation of equity incentive policies for corporate executives, but not with the employee stock ownership plan (ESOPs). The results reveal the value of early academic career experiences of executives in corporate governance. Keywords: academic experience; manufacturing industry; financialization; equity incentive; ownership (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:riibaf:v:73:y:2025:i:pa:s0275531924003805 DOI: 10.1016/j.ribaf.2024.102587 Access Statistics for this article Research in International Business and Finance is currently edited by T. Lagoarde Segot More articles in Research in International Business and Finance from Elsevier |
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