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dc.contributor.authorTian, Lin
dc.contributor.authorHan, Liang
dc.contributor.authorZhang, Song
dc.identifier.citationTian , L , Han , L & Zhang , S 2015 , ' Business life cycle and capital structure : evidence from Chinese manufacturing firms ' , China & World Economy , vol. 23 , no. 2 , pp. 22-39 .
dc.identifier.otherPURE: 261267659
dc.identifier.otherPURE UUID: dd0fec71-a431-4e22-bf63-942818f6667e
dc.identifier.otherScopus: 84925356324
dc.identifier.otherORCID: /0000-0002-3673-2460/work/64361519
dc.description.abstractThis paper uses a panel data-fixed effect approach and data collected from Chinese public manufacturing firms between 1999 and 2011 to investigate the impacts of business life cycle stages on capital structure. We find that cash flow patterns capture more information on business life cycle stages than firm age and have a stronger impact on capital structure decision-making. We also find that the adjustment speed of capital structure varies significantly across life cycle stages and that non-sequential transitions over life cycle stages play an important role in the determination of capital structure. Our study indicates that it is important that policy-makers ensure that product and financial markets are well-balanced.
dc.relation.ispartofChina & World Economyen
dc.rightsCopyright © 2015 Institute of World Economics and Politics, Chinese Academy of Social Sciences. This work has been made available online in accordance with publisher policies or with permission. Permission for further reuse of this content should be sought from the publisher or the rights holder. This is the author created accepted manuscript following peer review and may differ slightly from the final published version. The final published version of this work is available at https://doi.org10.1111/cwe.12105en
dc.subjectCapital structureen
dc.subjectCash flowen
dc.subjectLife cycleen
dc.subjectHG Financeen
dc.titleBusiness life cycle and capital structure : evidence from Chinese manufacturing firmsen
dc.typeJournal articleen
dc.contributor.institutionUniversity of St Andrews. School of Managementen
dc.description.statusPeer revieweden

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