Split-share reforms and capital structure adjustment in China: a dynamic panel fractional estimation

Tanveer Ahsan (1) , Sultan Sikandar Mirza (2) , Bakr Al-Gamrh (1) , Muhammad Zubair Tauni (3)

1 ESC [Rennes] - ESC Rennes School of Business
2 Waikato Management School
3 Métis Lab EM Normandie

The purpose of this study is to explain the adjustment rate toward the target capital structure of Chinese nonfinancial listed firms and to investigate the impacts of the split-share reforms (2005–2006) on the capital structure adjustment rate.

Mots clés: adjustment rate; dynamic panel fractional estimator; target capital structure; split-share reforms

Domaines: Économie et finance quantitative [q-fin]

Tanveer Ahsan, Sultan Sikandar Mirza, Bakr Al-Gamrh, Muhammad Zubair Tauni. Split-share reforms and capital structure adjustment in China: a dynamic panel fractional estimation. Journal of Economic Studies, 2020, 47 (6), pp.1265-1280. ⟨10.1108/JES-03-2019-0096⟩. ⟨hal-03163990⟩