Reform of the administrative approval system, regional financial development, and corporate performance: An exploration of a market-oriented governance mechanism

Tao Liu, Han Wu, Yinglong Zheng and Ziyi Cui

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

Abstract: This study uses data from Chinese listed companies between 2007 and 2022 as a sample to examine the impact of administrative approval system reforms and regional financial development on corporate performance. The findings indicate that regional financial development significantly enhances corporate performance. Moreover, administrative approval system reforms moderate the effect of regional financial development on corporate performance, and this moderating effect exhibits heterogeneity across different corporate characteristics. Additionally, corporate financialization plays a mediating role in the relationship between regional financial development and corporate performance.

Keywords: Administrative approval system reform; Regional financial development; Corporate performance; Corporate financialization (search for similar items in EconPapers)
Date: 2025
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S1544612325006336
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:80:y:2025:i:c:s1544612325006336

DOI: 10.1016/j.frl.2025.107373

Access Statistics for this article

Finance Research Letters is currently edited by R. Gençay

More articles in Finance Research Letters from Elsevier
Bibliographic data for series maintained by Catherine Liu ().