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A platform for research: civil engineering, architecture and urbanism
Financial risks of solar photovoltaic companies: Do managerial power and ownership concentration really matter? Empirical evidence from China
Photovoltaic companies have been developing very rapidly in China and facing huge financial crisis as well. By adopting the Z-score and multi-regression models, this paper evaluated the financial risks of China's 57 solar photovoltaic companies, in an attempt to reveal the relationships between managerial power, ownership concentration, and their financial risks. Empirical results show that the expansion of photovoltaic companies' managerial power significantly increases the financial risks of these companies. More specifically, (1) combining board chairman and the Chief Executive Officer (CEO) increases their financial risks; (2) the size of the board of directors and the tenure of the CEO have positive correlations with their financial risks; and (3) the percentage of management shareholdings and the degree of ownership concentration have negative correlations with their financial risks. Management implications are proposed accordingly based on the findings of this study.
Financial risks of solar photovoltaic companies: Do managerial power and ownership concentration really matter? Empirical evidence from China
Photovoltaic companies have been developing very rapidly in China and facing huge financial crisis as well. By adopting the Z-score and multi-regression models, this paper evaluated the financial risks of China's 57 solar photovoltaic companies, in an attempt to reveal the relationships between managerial power, ownership concentration, and their financial risks. Empirical results show that the expansion of photovoltaic companies' managerial power significantly increases the financial risks of these companies. More specifically, (1) combining board chairman and the Chief Executive Officer (CEO) increases their financial risks; (2) the size of the board of directors and the tenure of the CEO have positive correlations with their financial risks; and (3) the percentage of management shareholdings and the degree of ownership concentration have negative correlations with their financial risks. Management implications are proposed accordingly based on the findings of this study.
Financial risks of solar photovoltaic companies: Do managerial power and ownership concentration really matter? Empirical evidence from China
Liu, Yue (author) / Shuai, Chuanmin (author) / Ding, Liping (author)
2016-07-01
12 pages
Article (Journal)
Electronic Resource
English
Managerial Shareholding and CSR: Does Internal Control Quality Matter?—Evidence from China
| DOAJ | 2019