Cash flow uncertainty, ownership structure and corporate real estate holding

Jie Deng, Hao Liu, Huaibing Yu and Zonghao Chen

Applied Economics, 2025, vol. 57, issue 43, 6833-6852

Abstract: This study examines the relationship between cash flow uncertainty and corporate real estate holdings and investigates the role of ownership structure. Using a dataset of A-share listed companies in China, we find that there is a significantly negative association between cash flow uncertainty and corporate real estate holdings, and this effect is more pronounced for private enterprises (non-SOEs). The results hold firmly after performing various methods to address potential endogeneity and a set of related robustness tests. From the perspective of supply-led and debt cost discrimination, we also demonstrate that state-owned enterprises (SOEs) can benefit from favourable credit discrimination, which mitigates the impact of cash flow uncertainty.

Date: 2025
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DOI: 10.1080/00036846.2024.2386859

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