Short-term cross-border capital flows and corporate financialization

Xizhi Zhang, Zixi Wu, Chenxu Xian and Yanjuan Zhang

Finance Research Letters, 2025, vol. 72, issue C

Abstract: This paper selects relevant data from listed manufacturing enterprises in China from 2008 to 2021 as a sample and employs a fixed-effects model to examine the impact of short-term cross-border capital flows on corporate financialization. The study finds that cross-border capital inflows can enhance corporate financialization; when investor sentiment rises, it will, to a certain extent, facilitate the positive effect of short-term cross-border capital inflows on corporate financialization; moreover, the degree of financialization in private enterprises is more significantly influenced by cross-border capital flows.

Keywords: Short-term cross-border capital flows; Corporate financialization; Investor sentiment (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:72:y:2025:i:c:s1544612324015757

DOI: 10.1016/j.frl.2024.106546

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