Financial geographic structure, Market competition, and corporate financialization

Yudong Zhang, Fengwen Wang, Yunxu Zhou and Nannan Zhao

Finance Research Letters, 2025, vol. 75, issue C

Abstract: Using a data sample from Chinese listed companies between 2007 and 2022, this study analyzes the relationship between financial geographic structure and corporate financialization. Results indicate a notable positive relationship between financial geographic structure and corporate financialization, which is mediated by market competition. Specifically, the financial geographic structure promotes corporate financialization by reducing market competition. Furthermore, heterogeneity analysis shows considerable differences in the impact of financial geographic structure on enterprise financialization in state-owned and nonstate-owned enterprises.

Keywords: Financial geographic structure; Market competition; Corporate financialization (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:75:y:2025:i:c:s1544612325000716

DOI: 10.1016/j.frl.2025.106806

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