The influence of corporate financialization on asymmetric cost behavior: weakening or worsening
Abstract
This paper investigates the relationship between corporate financialization and asymmetric cost behavior using the Chinese listed companies over the period of 2009–2017. To examine the heterogeneous impacts of corporate financialization on asymmetric cost behavior, the paper analyzes the subsamples classified by different internal controls, compensation incentives, and agency problems. The multiple linear regression is used to test the research hypothesis. The research finds a negative relationship between corporate financialization and asymmetric cost behavior, which indicates that corporate financialization significantly weakens asymmetric cost behavior. Further studies show that the negative effect of corporate financialization on asymmetric cost behavior is mainly manifested in firms with good internal control quality, strong compensation incentive and low agency problem. On the contrary, the negative effect is insignificant in firms with poor internal control quality, weak compensation incentive and high agency problem. The results can not only enrich the existing literature, but also provide new evidence and inspiration for how to control asymmetric cost behavior of enterprises.
First published online 29 October 2020
Keyword : corporate financialization, asymmetric cost behavior, heterogeneous impacts, multiple linear regression, internal control, compensation incentive, agency problem
How to Cite
Zhu, G., Hu, W., Peng, T., & Xue, C. (2021). The influence of corporate financialization on asymmetric cost behavior: weakening or worsening. Journal of Business Economics and Management, 22(1), 21-41. https://doi.org/10.3846/jbem.2020.13634
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Aktas, N., Andreou, P. C., Karasamani, I., & Philip, D. (2019). CEO duality, agency costs, and internal capital allocation efficiency. British Journal of Management, 30(2), 473–493. https://doi.org/10.1111/1467-8551.12277
Anderson, M. C., Banker, R. D., & Janakiraman, S. N. (2003). Are selling, general, and administrative costs “sticky”? Journal of Accounting Research, 41(1), 47–63. https://doi.org/10.1111/1475-679X.00095
Ang, J. S., Cole, R. A., & Lin, J. W. (2000). Agency costs and ownership structure. The Journal of Finance, 55(1), 81–106. https://doi.org/10.1111/0022-1082.00201
Balakrishnan, R., Labro, E., & Soderstrom, N. S. (2014). Cost structure and sticky costs. Journal of Management Accounting Research, 26(2), 91–116. https://doi.org/10.2308/jmar-50831
Banker, R. D., & Byzalov, D. (2014). Asymmetric cost behavior. Journal of Management Accounting Research, 26(2), 43–79. https://doi.org/10.2308/jmar-50846
Banker, R. D., Byzalov, D., & Chen, L. (2013). Employment protection legislation, adjustment costs and cross-country differences in cost behavior. Journal of Accounting and Economics, 55(1), 111–127. https://doi.org/10.1016/j.jacceco.2012.08.003
Bugeja, M., Lu, M., & Shan, Y. (2015). Cost stickiness in Australia: Characteristics and determinants. Australian Accounting Review, 25(3), 248–261. https://doi.org/10.1111/auar.12066
Buslepp, W., Legoria, J., Rosa, R., & Shaw, D. (2019). Misclassification of audit-related fees as a measure of internal control quality. Advances in Accounting, 46, 1–10. https://doi.org/10.1016/j.adiac.2019.100425
Calleja, K., Steliaros, M., & Thomas, D. C. (2006). A note on cost stickiness: Some international comparisons. Management Accounting Research, 17(2), 127–140. https://doi.org/10.1016/j.mar.2006.02.001
Cannon, J. N. (2014). Determinants of “sticky costs”: An analysis of cost behavior using United States air transportation industry data. The Accounting Review, 89(5), 1645–1672. https://doi.org/10.2308/accr-50806
Chen, H. W., Liao, F. N., & Han, H. L. (2019). The governance effect of independent director connection and internal control on earnings management. China Business Management Journal, 41(5), 171–191. https://doi.org/10.19616/j.cnki.bmj.2019.05.011
Chen, C. X., Lu, H., & Sougiannis, T. (2012). The agency problem, corporate governance, and the asymmetrical behavior of selling, general, and administrative costs. Contemporary Accounting Research, 29(1), 252–282. https://doi.org/10.1111/j.1911-3846.2011.01094.x
Cheng, Q., Goh, B. W., & Kim, J. B. (2018). Internal control and operational efficiency. Contemporary Accounting Research, 35(2), 1102–1139. https://doi.org/10.1111/1911-3846.12409
Datta, S., Mello, R., & Iskandar-Datta, M. (2009). Executive compensation and internal capital market efficiency. Journal of Financial Intermediation, 18(2), 242–258. https://doi.org/10.1016/j.jfi.2008.04.001
Demir, F. (2009). Financial liberalization, private investment and portfolio choice: Financialization of real sectors in emerging markets. Journal of Development Economics, 88(2), 314–324. https://doi.org/10.1016/j.jdeveco.2008.04.002
Du, Y., Zhang, H., & Chen, J. Y. (2017). The impact of financialization on the future development of the main business of real enterprises: promote or inhibit. China Industrial Economics, 12, 113–131.
Duchin, R., Gilbert, T., Harford, J., & Hrdlicka, C. (2017). Precautionary savings with risky assets: When cash is not cash. The Journal of Finance, 72(2), 793–852. https://doi.org/10.1111/jofi.12490
Froud, J., Haslam, C., Johal, S., & Williams, K. (2000). Shareholder value and financialization: Consultancy promises, management moves. Economy and Society, 29(1), 80–110. https://doi.org/10.1080/030851400360578
Gehringer, A. (2013). Growth, productivity and capital accumulation: The effects of financial liberalization in the case of European integration. International Review of Economics & Finance, 25, 291–309. https://doi.org/10.1016/j.iref.2012.07.015
Guenther, T. W., Riehl, A., & Rößler, R. (2014). Cost stickiness: State of the art of research and implications. Journal of Management Control, 24(4), 301–318. https://doi.org/10.1007/s00187-013-0176-0
Habib, A., & Hasan, M. M. (2019). Corporate social responsibility and cost stickiness. Business & Society, 58(3), 453–492. https://doi.org/10.1177/0007650316677936
Hadi, A., Diantimala, Y., & Fahlevi, H. (2018). The effect of preventive supervision, detective supervision on the effectiveness of financial budget control and its impact on good governance of Aceh government (Study on Aceh government unit). International Journal of Academic Research in Business and Social Sciences, 8(5), 707–715. https://doi.org/10.6007/IJARBSS/v8-i5/4171
Haga, J., Höglund, H., & Sundvik, D. (2019). Cost behavior around corporate tax rate cuts. Journal of International Accounting, Auditing and Taxation, 34, 1–11. https://doi.org/10.1016/j.intaccaudtax.2019.01.001
Hartlieb, S., Loy, T. R., & Eierle, B. (2020). Does community social capital affect asymmetric cost behavior? Management Accounting Research, 46, 1–15. https://doi.org/10.1016/j.mar.2019.02.002
Heidari, M. (2014). Examining managerial overconfidence behavioral explanation effect on cost stickiness: Comparison with economic and agency theory based factors. Journal of Accounting and Auditing Review, 21(2).
Holmstrom, B. (1979). Moral hazard and observability. Bell Journal of Economics, 10(1), 74–91. https://doi.org/10.2307/3003320
Hou, Q. M., Song, L., & Jiang, Y. P. (2017). Managerial behavior, corporate life cycle and non-efficiency investment. China Accounting Research, (3), 61–67+95.
Huang, X. H., Wu, Q. S., & Wang, Y. (2018). Financial asset allocation and corporate financial risks: “Prepare for a rainy day” or “Care for the end”. China Journal of Finance and Economics, 44(12), 100–112+125. https://doi.org/10.16538/j.cnki.jfe.2018.12.008
Hunziker, S. (2017). Efficiency of internal control: Evidence from Swiss non-financial companies. Journal of Management & Governance, 21(2), 399–433. https://doi.org/10.1007/s10997-016-9349-1
Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2), 323–329. https://www.jstor.org/stable/1818789
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X
Jensen, M. C., & Murphy, K. J. (1990). Performance pay and top-management incentives. Journal of Political Economy, 98(2), 225–264. https://doi.org/10.1086/261677
Jiang, W., Hu, Y. M., & Zeng, Y. Q. Z. (2015). Financial constraints and cost stickiness: Evidence from Chinese industrial firms. China Financial Research, 10, 133–147.
Kama, I., & Weiss, D. (2013). Do earnings targets and managerial incentives affect sticky costs? Journal of Accounting Research, 51(1), 201–224. https://doi.org/10.1111/j.1475-679X.2012.00471.x
Kim, J. B., Lee, J. J., & Park, J. C. (2019). Internal control weakness and the asymmetrical behavior of selling, general, and administrative costs. Journal of Accounting, Auditing & Finance, 2, 1–34. https://doi.org/10.1177/0148558X19868114
Krause, R., Semadeni, M., & Cannella, Jr. A. A. (2014). CEO duality: A review and research agenda. Journal of Management, 40(1), 256–286. https://doi.org/10.1177/0149206313503013
Lee, W. J., Pittman, J., & Saffar, W. (2020). Political uncertainty and cost stickiness: Evidence from national elections around the world. Contemporary Accounting Research, 37(2), 1107–1139. https://doi.org/10.1111/1911-3846.12547
Li, S. H., Jiang, X. F., & Song, X. Z. (2015). Senior manager’s age and salary incentive: Theoretical path and empirical evidence. China Industrial Economics, (5), 122–134. https://doi.org/10.19581/j.cnki.ciejournal.2015.05.011
Morse, A., Nanda, V., & Seru, A. (2011). Are incentive contracts rigged by powerful CEOs? The Journal of Finance, 66(5), 1779–1821. https://doi.org/10.1111/j.1540-6261.2011.01687.x
Noreen, E. (1991). Conditions under which activity-based cost systems provide relevant costs. Journal of Management Accounting Research, 3(4), 159–168.
Orhangazi, Ö. (2008). Financialisation and capital accumulation in the non-financial corporate sector: A theoretical and empirical investigation on the US economy: 1973–2003. Cambridge Journal of Economics, 32(6), 863–886. https://doi.org/10.1093/cje/ben009
Park, Y. J., Matkin, D. S., & Marlowe, J. (2017). Internal control deficiencies and municipal borrowing costs. Public Budgeting & Finance, 37(1), 88–111. https://doi.org/10.1111/pbaf.12120
Peng, Y. C., Ni, X. R., & Shen, J. (2018). The effect of transforming the economy from substantial to fictitious financial market stability: An analysis on stock price crash risk. China Economic Research Journal, 53(10), 50–66.
Prabowo, R., Hooghiemstra, R., & Van Veen-Dirks, P. (2018). State ownership, socio-political factors, and labor cost stickiness. European Accounting Review, 27(4), 771–796. https://doi.org/10.1080/09638180.2017.1329659
Priantana, R. D., Rohman, A., & Fuad. (2020). Attainment discrepancy level, firm resources slack, and sticky cost. International Journal of Financial Research, 11(2), 97–110. https://doi.org/10.5430/ijfr.v11n2p97
Salehi, M., Ziba, N., & Daemi Gah, A. (2018). The relationship between cost stickiness and financial reporting quality in Tehran Stock Exchange. International Journal of Productivity and Performance Management, 67(9), 1550–1565. https://doi.org/10.1108/IJPPM-10-2017-0255
Seo, H. J., Kim, H. S., & Kim, Y. C. (2012). Financialization and the slowdown in Korean firms’ R&D investment. Asian Economic Papers, 11(3), 35–49. https://doi.org/10.1162/ASEP_a_00160
Shin, H. S., & Zhao, L. (2013). Firms as surrogate intermediaries: Evidence from emerging economies. Asian Development Bank, 1–44.
Steinbach, A. L., Holcomb, T. R., Holmes, Jr. R. M., Devers, C. E., & Cannella, Jr. A. A. (2017). Top management team incentive heterogeneity, strategic investment behavior, and performance: A contingency theory of incentive alignment. Strategic Management Journal, 38(8), 1701–1720. https://doi.org/10.1002/smj.2628
Sung, S. Y., Choi, J. N., & Kang, S. C. (2017). Incentive pay and firm performance: Moderating roles of procedural justice climate and environmental turbulence. Human Resource Management, 56(2), 287–305. https://doi.org/10.1002/hrm.21765
Theurillat, T., Corpataux, J., & Crevoisier, O. (2010). Property sector financialization: The case of Swiss pension funds (1992–2005). European Planning Studies, 18(2), 189–212. https://doi.org/10.1080/09654310903491507
Tori, D., & Onaran, O. (2018). The effects of financialisation on investment: Evidence from firm-level data in UK. Cambridge Journal of Economics, 42(5), 1393–1416. https://doi.org/10.1093/cje/bex085
Venieris, G., Naoum, V. C., & Vlismas, O. (2015). Organisation capital and sticky behaviour of selling, general and administrative expenses. Management Accounting Research, 26, 54–82. https://doi.org/10.1016/j.mar.2014.10.003
Xie, B., Davidson III, W. N., & DaDalt, P. J. (2003). Earnings management and corporate governance: The role of the board and the audit committee. Journal of Corporate Finance, 9(3), 295–316. https://doi.org/10.1016/S0929-1199(02)00006-8
Zhang, M P., & Sun, Y Q. (2014). The allocation efficiency of financial resources and the causes of economic financialization – Based on the empirical analysis of Chinese listed companies. China Economist, (4), 81–90. https://doi.org/10.16158/j.cnki.51-1312/f.2014.04.012
Zhou, B., Zhong, T. Y., Xu, H., & Ren, Z. L. (2016). Corporate strategy, management expectation and cost stickiness: Based on empirical data of China’s listed companies. China Accounting Research, (7), 58–65+97.
Akkemik, K. A., & Ozen, S. (2014). Macroeconomic and institutional determinants of financialisation of non-financial firms: Case study of Turkey. Socio-Economic Review, 12(1), 71–98. https://doi.org/10.1093/ser/mwt006
Aktas, N., Andreou, P. C., Karasamani, I., & Philip, D. (2019). CEO duality, agency costs, and internal capital allocation efficiency. British Journal of Management, 30(2), 473–493. https://doi.org/10.1111/1467-8551.12277
Anderson, M. C., Banker, R. D., & Janakiraman, S. N. (2003). Are selling, general, and administrative costs “sticky”? Journal of Accounting Research, 41(1), 47–63. https://doi.org/10.1111/1475-679X.00095
Ang, J. S., Cole, R. A., & Lin, J. W. (2000). Agency costs and ownership structure. The Journal of Finance, 55(1), 81–106. https://doi.org/10.1111/0022-1082.00201
Balakrishnan, R., Labro, E., & Soderstrom, N. S. (2014). Cost structure and sticky costs. Journal of Management Accounting Research, 26(2), 91–116. https://doi.org/10.2308/jmar-50831
Banker, R. D., & Byzalov, D. (2014). Asymmetric cost behavior. Journal of Management Accounting Research, 26(2), 43–79. https://doi.org/10.2308/jmar-50846
Banker, R. D., Byzalov, D., & Chen, L. (2013). Employment protection legislation, adjustment costs and cross-country differences in cost behavior. Journal of Accounting and Economics, 55(1), 111–127. https://doi.org/10.1016/j.jacceco.2012.08.003
Bugeja, M., Lu, M., & Shan, Y. (2015). Cost stickiness in Australia: Characteristics and determinants. Australian Accounting Review, 25(3), 248–261. https://doi.org/10.1111/auar.12066
Buslepp, W., Legoria, J., Rosa, R., & Shaw, D. (2019). Misclassification of audit-related fees as a measure of internal control quality. Advances in Accounting, 46, 1–10. https://doi.org/10.1016/j.adiac.2019.100425
Calleja, K., Steliaros, M., & Thomas, D. C. (2006). A note on cost stickiness: Some international comparisons. Management Accounting Research, 17(2), 127–140. https://doi.org/10.1016/j.mar.2006.02.001
Cannon, J. N. (2014). Determinants of “sticky costs”: An analysis of cost behavior using United States air transportation industry data. The Accounting Review, 89(5), 1645–1672. https://doi.org/10.2308/accr-50806
Chen, H. W., Liao, F. N., & Han, H. L. (2019). The governance effect of independent director connection and internal control on earnings management. China Business Management Journal, 41(5), 171–191. https://doi.org/10.19616/j.cnki.bmj.2019.05.011
Chen, C. X., Lu, H., & Sougiannis, T. (2012). The agency problem, corporate governance, and the asymmetrical behavior of selling, general, and administrative costs. Contemporary Accounting Research, 29(1), 252–282. https://doi.org/10.1111/j.1911-3846.2011.01094.x
Cheng, Q., Goh, B. W., & Kim, J. B. (2018). Internal control and operational efficiency. Contemporary Accounting Research, 35(2), 1102–1139. https://doi.org/10.1111/1911-3846.12409
Datta, S., Mello, R., & Iskandar-Datta, M. (2009). Executive compensation and internal capital market efficiency. Journal of Financial Intermediation, 18(2), 242–258. https://doi.org/10.1016/j.jfi.2008.04.001
Demir, F. (2009). Financial liberalization, private investment and portfolio choice: Financialization of real sectors in emerging markets. Journal of Development Economics, 88(2), 314–324. https://doi.org/10.1016/j.jdeveco.2008.04.002
Du, Y., Zhang, H., & Chen, J. Y. (2017). The impact of financialization on the future development of the main business of real enterprises: promote or inhibit. China Industrial Economics, 12, 113–131.
Duchin, R., Gilbert, T., Harford, J., & Hrdlicka, C. (2017). Precautionary savings with risky assets: When cash is not cash. The Journal of Finance, 72(2), 793–852. https://doi.org/10.1111/jofi.12490
Froud, J., Haslam, C., Johal, S., & Williams, K. (2000). Shareholder value and financialization: Consultancy promises, management moves. Economy and Society, 29(1), 80–110. https://doi.org/10.1080/030851400360578
Gehringer, A. (2013). Growth, productivity and capital accumulation: The effects of financial liberalization in the case of European integration. International Review of Economics & Finance, 25, 291–309. https://doi.org/10.1016/j.iref.2012.07.015
Guenther, T. W., Riehl, A., & Rößler, R. (2014). Cost stickiness: State of the art of research and implications. Journal of Management Control, 24(4), 301–318. https://doi.org/10.1007/s00187-013-0176-0
Habib, A., & Hasan, M. M. (2019). Corporate social responsibility and cost stickiness. Business & Society, 58(3), 453–492. https://doi.org/10.1177/0007650316677936
Hadi, A., Diantimala, Y., & Fahlevi, H. (2018). The effect of preventive supervision, detective supervision on the effectiveness of financial budget control and its impact on good governance of Aceh government (Study on Aceh government unit). International Journal of Academic Research in Business and Social Sciences, 8(5), 707–715. https://doi.org/10.6007/IJARBSS/v8-i5/4171
Haga, J., Höglund, H., & Sundvik, D. (2019). Cost behavior around corporate tax rate cuts. Journal of International Accounting, Auditing and Taxation, 34, 1–11. https://doi.org/10.1016/j.intaccaudtax.2019.01.001
Hartlieb, S., Loy, T. R., & Eierle, B. (2020). Does community social capital affect asymmetric cost behavior? Management Accounting Research, 46, 1–15. https://doi.org/10.1016/j.mar.2019.02.002
Heidari, M. (2014). Examining managerial overconfidence behavioral explanation effect on cost stickiness: Comparison with economic and agency theory based factors. Journal of Accounting and Auditing Review, 21(2).
Holmstrom, B. (1979). Moral hazard and observability. Bell Journal of Economics, 10(1), 74–91. https://doi.org/10.2307/3003320
Hou, Q. M., Song, L., & Jiang, Y. P. (2017). Managerial behavior, corporate life cycle and non-efficiency investment. China Accounting Research, (3), 61–67+95.
Huang, X. H., Wu, Q. S., & Wang, Y. (2018). Financial asset allocation and corporate financial risks: “Prepare for a rainy day” or “Care for the end”. China Journal of Finance and Economics, 44(12), 100–112+125. https://doi.org/10.16538/j.cnki.jfe.2018.12.008
Hunziker, S. (2017). Efficiency of internal control: Evidence from Swiss non-financial companies. Journal of Management & Governance, 21(2), 399–433. https://doi.org/10.1007/s10997-016-9349-1
Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2), 323–329. https://www.jstor.org/stable/1818789
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X
Jensen, M. C., & Murphy, K. J. (1990). Performance pay and top-management incentives. Journal of Political Economy, 98(2), 225–264. https://doi.org/10.1086/261677
Jiang, W., Hu, Y. M., & Zeng, Y. Q. Z. (2015). Financial constraints and cost stickiness: Evidence from Chinese industrial firms. China Financial Research, 10, 133–147.
Kama, I., & Weiss, D. (2013). Do earnings targets and managerial incentives affect sticky costs? Journal of Accounting Research, 51(1), 201–224. https://doi.org/10.1111/j.1475-679X.2012.00471.x
Kim, J. B., Lee, J. J., & Park, J. C. (2019). Internal control weakness and the asymmetrical behavior of selling, general, and administrative costs. Journal of Accounting, Auditing & Finance, 2, 1–34. https://doi.org/10.1177/0148558X19868114
Krause, R., Semadeni, M., & Cannella, Jr. A. A. (2014). CEO duality: A review and research agenda. Journal of Management, 40(1), 256–286. https://doi.org/10.1177/0149206313503013
Lee, W. J., Pittman, J., & Saffar, W. (2020). Political uncertainty and cost stickiness: Evidence from national elections around the world. Contemporary Accounting Research, 37(2), 1107–1139. https://doi.org/10.1111/1911-3846.12547
Li, S. H., Jiang, X. F., & Song, X. Z. (2015). Senior manager’s age and salary incentive: Theoretical path and empirical evidence. China Industrial Economics, (5), 122–134. https://doi.org/10.19581/j.cnki.ciejournal.2015.05.011
Morse, A., Nanda, V., & Seru, A. (2011). Are incentive contracts rigged by powerful CEOs? The Journal of Finance, 66(5), 1779–1821. https://doi.org/10.1111/j.1540-6261.2011.01687.x
Noreen, E. (1991). Conditions under which activity-based cost systems provide relevant costs. Journal of Management Accounting Research, 3(4), 159–168.
Orhangazi, Ö. (2008). Financialisation and capital accumulation in the non-financial corporate sector: A theoretical and empirical investigation on the US economy: 1973–2003. Cambridge Journal of Economics, 32(6), 863–886. https://doi.org/10.1093/cje/ben009
Park, Y. J., Matkin, D. S., & Marlowe, J. (2017). Internal control deficiencies and municipal borrowing costs. Public Budgeting & Finance, 37(1), 88–111. https://doi.org/10.1111/pbaf.12120
Peng, Y. C., Ni, X. R., & Shen, J. (2018). The effect of transforming the economy from substantial to fictitious financial market stability: An analysis on stock price crash risk. China Economic Research Journal, 53(10), 50–66.
Prabowo, R., Hooghiemstra, R., & Van Veen-Dirks, P. (2018). State ownership, socio-political factors, and labor cost stickiness. European Accounting Review, 27(4), 771–796. https://doi.org/10.1080/09638180.2017.1329659
Priantana, R. D., Rohman, A., & Fuad. (2020). Attainment discrepancy level, firm resources slack, and sticky cost. International Journal of Financial Research, 11(2), 97–110. https://doi.org/10.5430/ijfr.v11n2p97
Salehi, M., Ziba, N., & Daemi Gah, A. (2018). The relationship between cost stickiness and financial reporting quality in Tehran Stock Exchange. International Journal of Productivity and Performance Management, 67(9), 1550–1565. https://doi.org/10.1108/IJPPM-10-2017-0255
Seo, H. J., Kim, H. S., & Kim, Y. C. (2012). Financialization and the slowdown in Korean firms’ R&D investment. Asian Economic Papers, 11(3), 35–49. https://doi.org/10.1162/ASEP_a_00160
Shin, H. S., & Zhao, L. (2013). Firms as surrogate intermediaries: Evidence from emerging economies. Asian Development Bank, 1–44.
Steinbach, A. L., Holcomb, T. R., Holmes, Jr. R. M., Devers, C. E., & Cannella, Jr. A. A. (2017). Top management team incentive heterogeneity, strategic investment behavior, and performance: A contingency theory of incentive alignment. Strategic Management Journal, 38(8), 1701–1720. https://doi.org/10.1002/smj.2628
Sung, S. Y., Choi, J. N., & Kang, S. C. (2017). Incentive pay and firm performance: Moderating roles of procedural justice climate and environmental turbulence. Human Resource Management, 56(2), 287–305. https://doi.org/10.1002/hrm.21765
Theurillat, T., Corpataux, J., & Crevoisier, O. (2010). Property sector financialization: The case of Swiss pension funds (1992–2005). European Planning Studies, 18(2), 189–212. https://doi.org/10.1080/09654310903491507
Tori, D., & Onaran, O. (2018). The effects of financialisation on investment: Evidence from firm-level data in UK. Cambridge Journal of Economics, 42(5), 1393–1416. https://doi.org/10.1093/cje/bex085
Venieris, G., Naoum, V. C., & Vlismas, O. (2015). Organisation capital and sticky behaviour of selling, general and administrative expenses. Management Accounting Research, 26, 54–82. https://doi.org/10.1016/j.mar.2014.10.003
Xie, B., Davidson III, W. N., & DaDalt, P. J. (2003). Earnings management and corporate governance: The role of the board and the audit committee. Journal of Corporate Finance, 9(3), 295–316. https://doi.org/10.1016/S0929-1199(02)00006-8
Zhang, M P., & Sun, Y Q. (2014). The allocation efficiency of financial resources and the causes of economic financialization – Based on the empirical analysis of Chinese listed companies. China Economist, (4), 81–90. https://doi.org/10.16158/j.cnki.51-1312/f.2014.04.012
Zhou, B., Zhong, T. Y., Xu, H., & Ren, Z. L. (2016). Corporate strategy, management expectation and cost stickiness: Based on empirical data of China’s listed companies. China Accounting Research, (7), 58–65+97.