ETF ownership and corporate financialization

Qi Liu and Changying Shi

Finance Research Letters, 2025, vol. 82, issue C

Abstract: This study uses Chinese listed companies from 2010 to 2023 as the research sample to analyze the relationship between the proportion of ETF ownership and corporate financialization in depth. The findings indicate that the proportion of ETF ownership has a significant negative impact on corporate financialization, and this impact exhibits notable heterogeneity among companies of different sizes and industry intensities. Furthermore, the study reveals that ETF ownership indirectly suppresses the trend of corporate financialization by improving the quality of corporate accounting information and encouraging more investor behavior. Additionally, market liquidity plays an important moderating role in the relationship between ETF ownership and corporate financialization.

Keywords: ETF ownership; Corporate financialization; Quality of corporate accounting information; Market liquidity (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:82:y:2025:i:c:s1544612325008529

DOI: 10.1016/j.frl.2025.107593

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