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| The Impact of TMT Heterogeneity on Financial Strategy Choice of Listed Corporations in Centralized Ownership Structure |
| WANG Xisheng |
| 1.Nanjing University of Aeronautics and Astronautics, Nanjing, China；2.North China University of Water Resources and Electric Power, Zhengzhou, China |
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Abstract This study is based on the panel data of Chinese listed companies with centralized ownership structure in A-share of Shanghai and Shenzhen exchange during 2011~2013. From the centralized ownership structure perspective, the relations between TMT heterogeneity and the selection for financial strategy are studied. The results are as follows: the average age and tenure of the ultimate controller TMT are significantly negatively related to debt financing ratio; there are positive relationships among qualifications, professional background, political relations and debt financing ratio; the average age, tenure, qualifications, political relations of TMT are positively related to the debt maturity structure. Professional background is negatively related to the debt maturity structure. This study provides management implications for the choice of enterprise financial strategy, and it has important significance for the construction of centralized ownership structure of listed companies’ TMT and the efficiency and quality of the companies’ decision-making.
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Received: 26 November 2015
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2016, Vol. 13 
