Abstract:
This paper analyses the effects of heterogeneous management style on corporate investment and financing policies using data from year 1999 to 2013, and studies the influence factors and mechanism of management style. The study shows:(1) Management style plays an important role on corporate investment and financing decisions;(2) The management characteristics such as gender, age, specialty, tenure and corporate location are important factors which influence management style;(3) It is not that managers impose their style and preference on the firms spontaneously, but the firms deliberately choose the suitable management style which can influence corporate decisions. Furthermore, there is a close relationship between corporate governing efficiency and the selection of management style.
葛永波, 陈磊, 刘立安. 管理者风格:企业主动选择还是管理者随性施予？——基于中国上市公司投融资决策的证据[J]. 金融研究, 2016, 430(4): 190-206.
GE Yongbo, CHEN Lei, LIU Lian. Managerial Style: Firms Select Deliberately or Managers Impose Spontaneously？ Evidence from Chinese List Companies. Journal of Financial Research, 2016, 430(4): 190-206.
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