Firm internationalization and asset-liability maturity mismatch

WeiWei Li and Chia-Hsing Huang

Research in International Business and Finance, 2025, vol. 77, issue PB

Abstract: The relationship between firm internationalization and asset-liability maturity mismatch is studied in this research. Data of 3824 Chinese firms listed in the Shanghai and Shenzhen Stock Exchange from the year 2008–2021 are used for the study. The research results show that firm internationalization has a significantly positive impact on asset-liability maturity mismatch which supports the agency theory. Fixed-effect model, lagged firm internationalization variables, alternative measure of maturity mismatch, difference in difference test, instrumental variable two-stage least squares models, propensity score matching method (PSM), and Heckman two-stage model all ensure that the results are robust. Mechanism analysis results show that the firm internationalization impacts asset-liability maturity mismatch through financial constraint channel and information asymmetry channel.

Keywords: Firm internationalization; Asset-liability maturity mismatch; Agency theory (search for similar items in EconPapers)
JEL-codes: G11 G14 G32 (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:riibaf:v:77:y:2025:i:pb:s0275531925001837

DOI: 10.1016/j.ribaf.2025.102927

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