Firms’ uncertainty perception and asset–debt maturity mismatch

Xiang Li, Xu Peng, Lijuan Chen and Zejuan Ren

Finance Research Letters, 2024, vol. 69, issue PB

Abstract: This study examines a sample of Chinese A-share listed companies from 2012 to 2022 and explores the relationship between a significant increase in firm uncertainty perception and asset–debt maturity mismatch. The findings show that increasing firms’ perceptions of uncertainty can exacerbate asset–debt maturity mismatch. Furthermore, the impact of firm perceptions of uncertainty on asset–debt maturity mismatch is achieved through financial constraints, financing difficulties, and the effects of investment preferences. Specifically, when enterprises perceive increasing uncertainty, they may experience insufficient cash flow, operational difficulties, and increased external risks, forcing enterprises to adopt short- and long-lending behavior to address the issues.

Keywords: Uncertainty perception; Asset–debt maturity mismatch; Financial constraints; Financing difficulties; Investment preferences (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:69:y:2024:i:pb:s1544612324011899

DOI: 10.1016/j.frl.2024.106160

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