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In this paper, weanalyze the low-leverage phenomenon of firms and examine the question of whysome firms have low leverage in China. We find Low-leverage firms are smaller,have higher profitability and hold more cash balances than control firms chosenby industry and size. Our evidence supports the hypothesis that these firms areoperated by risk-aversion manager. Firms with older Chief Executive OfficerCEO and higher first shareholder ownership are more likely to have low debt.Also, CEO gender is one of the determinants of low-leverage choice.

KEYWORDS

Capital Structure, Low-Leverage Puzzle, Manager, Risk-Aversion, Gender

Cite this paper

Chen, Y. , Zhang, X. and Liu, Z. 2014 Manager Characteristics and the Choice of Firm -Low Leverage-: Evidence from China. American Journal of Industrial and Business Management, 4, 573-584. doi: 10.4236-ajibm.2014.410062.





Autor: Yiping Chen, Xindong Zhang, Zhe Liu

Fuente: http://www.scirp.org/



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