The Impact of Demographic Factors On Financial Flexibility of Enterprise

A Perspective of Senior Executives

DOI

10.2991/assehr.k.201012.011How to use a DOI?

Keywords

Financial Flexibility, Background characteristics of senior executives, Upper Echelons Theory

Abstract

In recent years, the global economic uncertainty has increased and the fluctuation has become more and more intense. How to maintain sufficient financial flexibility to deal with the uncertainty of the market and achieve stable development is the current focus of accounting circles. It is also an area that our government and enterprises need to seriously consider and study. Based on the demographic factors of senior executives, this paper chooses the gender, age and education of executives as indicators, and takes the A-share non-financial and insurance listed companies from 2013 to 2017 as research samples. Through correlation analysis, multiple regression analysis and robustness analysis, this paper studies the impact of the demographic factors of senior executives on financial flexibility. The results showed that the proportion of women in top management team in the sample of state-owned enterprises had a negative impact on corporate financial flexibility, while the proportion of women in non-state-owned enterprises had a positive impact; the average age of top management team had no significant impact on corporate financial flexibility; and the average degree of top management had a positive impact on corporate financial flexibility.

Copyright

© 2020, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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TY  - CONF
AU  - Luping Wen
AU  - Wenwen Wu
PY  - 2020
DA  - 2020/10/12
TI  - The Impact of Demographic Factors On Financial Flexibility of Enterprise
BT  - Proceedings of the 1st Africa-Asia Dialogue Network (AADN) International Conference (AADNIC 2019)
PB  - Atlantis Press
SP  - 68
EP  - 74
SN  - 2352-5398
UR  - https://doi.org/10.2991/assehr.k.201012.011
DO  - 10.2991/assehr.k.201012.011
ID  - Wen2020
ER  -