The impact of CEO legal responsibility on financialization of entity enterprises

Zihao Zhang and Jiangtao Song

Finance Research Letters, 2025, vol. 80, issue C

Abstract: Based on the data of Shanghai and Shenzhen listed enterprises from 2008 to 2022, we empirically test the impact of CEO legal responsibility on the financialization of entity enterprises. We find that CEO legal responsibility has a significant inhibitory effect on the financialization of entity enterprise. This impact will exhibit heterogeneity based on the different characteristics of the enterprise. Corporate social responsibility can play a moderating role between the two. The findings of this paper provide a useful reference for optimizing the internal governance of enterprises and promoting the healthy development of the real economy.

Keywords: CEO legal responsibility; Social responsibility fulfillment; The financialization of entity enterprises; Heterogeneity (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:80:y:2025:i:c:s1544612325006221

DOI: 10.1016/j.frl.2025.107361

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