Research on Managerial Entrenchment and Company Capital Structure

DOI

10.2991/icmesd-18.2018.4How to use a DOI?

Keywords

Managerial entrenchment, Manager's own characteristics, Incentives for managers, Capital structure.

Abstract

Under the modern enterprise system, it is an inevitable problem for the management to act according to their own interests when making decisions. Therefore, the attitude of management in making decisions will inevitably affect the proportional relationship in the capital structure of the company. In this paper, the characteristics of the manager and the incentive received by the manager two aspects, Based on the relevant data of the main board listed companies from 2014 to 2016, this paper studies the influence ofmanagerialentrenchment on the capital structure of listed companies. Studies have shown that, assuming there is no external threat, the degree of regulatory defense affects the company's capital structure. That is,the higher the level of managerial entrenchment, the more likely the company is to have a low level of debt.

Copyright

© 2018, 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  - Xue-Xia Xu
AU  - An-Qi Liu
AU  - Yu-Hui Gu
AU  - Sun-Lei Yang
PY  - 2018/05
DA  - 2018/05
TI  - Research on Managerial Entrenchment and Company Capital Structure
BT  - Proceedings of the 4th Annual International Conference on Management, Economics and Social Development (ICMESD 2018)
PB  - Atlantis Press
SP  - 15
EP  - 20
SN  - 2352-5428
UR  - https://doi.org/10.2991/icmesd-18.2018.4
DO  - 10.2991/icmesd-18.2018.4
ID  - Xu2018/05
ER  -