{"id":"https://openalex.org/W7204906274","doi":"https://doi.org/10.47509/ajef.2026.v08i01.02","title":"Corporate Leverage Ratio and Total Factor Productivity: Promotion or Inhibition? Empirical Evidence of the Role of Shareholding Concentration","display_name":"Corporate Leverage Ratio and Total Factor Productivity: Promotion or Inhibition? Empirical Evidence of the Role of Shareholding Concentration","publication_year":2026,"publication_date":"2026-01-01","ids":{"openalex":"https://openalex.org/W7204906274","doi":"https://doi.org/10.47509/ajef.2026.v08i01.02"},"language":"en","primary_location":{"id":"doi:10.47509/ajef.2026.v08i01.02","doi":"https://doi.org/10.47509/ajef.2026.v08i01.02","is_oa":true,"landing_page_url":"https://doi.org/10.47509/ajef.2026.v08i01.02","pdf_url":"https://doi.org/10.47509/ajef.2026.v08i01.02","source":{"id":"https://openalex.org/S4387283609","display_name":"ASIAN JOURNAL OF ECONOMICS AND FINANCE","issn_l":"2582-340X","issn":["2582-340X"],"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Asian Journal of Economics and Finance","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"bronze","oa_url":"https://doi.org/10.47509/ajef.2026.v08i01.02","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5113747652","display_name":"Xu Li","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I135905480","display_name":"Shanghai Polytechnic University","ror":"https://ror.org/02as5yg64","country_code":"CN","type":"education","lineage":["https://openalex.org/I135905480"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"Xu LI","raw_affiliation_strings":["Shanghai Polytechnic University"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Shanghai Polytechnic University","institution_ids":["https://openalex.org/I135905480"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5148861078","display_name":"Wan Chao","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I146613903","display_name":"Shanghai Lixin University of Accounting and Finance","ror":"https://ror.org/02g81yf77","country_code":"CN","type":"education","lineage":["https://openalex.org/I146613903"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"Wan Chao","raw_affiliation_strings":["Shanghai Lixin University of Accounting and Finance"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Shanghai Lixin University of Accounting and Finance","institution_ids":["https://openalex.org/I146613903"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":2,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":0.0,"has_fulltext":true,"cited_by_count":0,"citation_normalized_percentile":{"value":0.57654021,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":"8","issue":"1","first_page":"21","last_page":"33"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9854000210762024,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9854000210762024,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.004800000227987766,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12851","display_name":"Firm Innovation and Growth","score":0.003100000089034438,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/corporate-leverage","display_name":"corporate leverage","score":0.7839999794960022},{"id":"https://openalex.org/keywords/total-factor-productivity","display_name":"total factor productivity","score":0.9890000224113464},{"id":"https://openalex.org/keywords/ownership-concentration","display_name":"ownership concentration","score":0.9879999756813049},{"id":"https://openalex.org/keywords/ownership-structure","display_name":"ownership structure","score":0.8820000290870667},{"id":"https://openalex.org/keywords/financial-constraints","display_name":"financial constraints","score":0.9309999942779541},{"id":"https://openalex.org/keywords/corporate-governance","display_name":"corporate governance","score":0.6169999837875366},{"id":"https://openalex.org/keywords/innovation","display_name":"innovation","score":0.824999988079071},{"id":"https://openalex.org/keywords/deleveraging","display_name":"deleveraging","score":0.9869999885559082},{"id":"https://openalex.org/keywords/chinese-listed-companies","display_name":"Chinese listed companies","score":0.7110000252723694}],"concepts":[{"id":"https://openalex.org/C120009192","wikidata":"https://www.wikidata.org/wiki/Q1936153","display_name":"Total factor productivity","level":3,"score":0.8682000041007996},{"id":"https://openalex.org/C153083717","wikidata":"https://www.wikidata.org/wiki/Q6535263","display_name":"Leverage (statistics)","level":2,"score":0.7656000256538391},{"id":"https://openalex.org/C39389867","wikidata":"https://www.wikidata.org/wiki/Q380767","display_name":"Corporate governance","level":2,"score":0.6129999756813049},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5404000282287598},{"id":"https://openalex.org/C63479239","wikidata":"https://www.wikidata.org/wiki/Q7353546","display_name":"Robustness (evolution)","level":3,"score":0.5085999965667725},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.4909999966621399},{"id":"https://openalex.org/C166052673","wikidata":"https://www.wikidata.org/wiki/Q83021","display_name":"Empirical evidence","level":2,"score":0.48730000853538513},{"id":"https://openalex.org/C149933338","wikidata":"https://www.wikidata.org/wiki/Q950816","display_name":"Capital structure","level":3,"score":0.438400000333786},{"id":"https://openalex.org/C2779343474","wikidata":"https://www.wikidata.org/wiki/Q3109175","display_name":"Context (archaeology)","level":2,"score":0.3995000123977661},{"id":"https://openalex.org/C40700","wikidata":"https://www.wikidata.org/wiki/Q1411783","display_name":"Industrial organization","level":1,"score":0.3946000039577484},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.35679998993873596},{"id":"https://openalex.org/C73116969","wikidata":"https://www.wikidata.org/wiki/Q16954906","display_name":"Debt-to-capital ratio","level":5,"score":0.33889999985694885},{"id":"https://openalex.org/C2985497776","wikidata":"https://www.wikidata.org/wiki/Q1148384","display_name":"Leverage effect","level":4,"score":0.33090001344680786},{"id":"https://openalex.org/C179420905","wikidata":"https://www.wikidata.org/wiki/Q223871","display_name":"Mediation","level":2,"score":0.3255999982357025},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.30489999055862427},{"id":"https://openalex.org/C120936955","wikidata":"https://www.wikidata.org/wiki/Q2155640","display_name":"Empirical research","level":2,"score":0.2802000045776367},{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.26829999685287476},{"id":"https://openalex.org/C134632028","wikidata":"https://www.wikidata.org/wiki/Q6134482","display_name":"Sustainable growth rate","level":2,"score":0.2671000063419342},{"id":"https://openalex.org/C98147612","wikidata":"https://www.wikidata.org/wiki/Q215599","display_name":"Promotion (chess)","level":3,"score":0.2581999897956848},{"id":"https://openalex.org/C2993311118","wikidata":"https://www.wikidata.org/wiki/Q51379","display_name":"Positive relationship","level":2,"score":0.2556000053882599},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.25040000677108765},{"id":"https://openalex.org/C552854447","wikidata":"https://www.wikidata.org/wiki/Q131201","display_name":"Sustainable development","level":2,"score":0.2500999867916107}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.47509/ajef.2026.v08i01.02","doi":"https://doi.org/10.47509/ajef.2026.v08i01.02","is_oa":true,"landing_page_url":"https://doi.org/10.47509/ajef.2026.v08i01.02","pdf_url":"https://doi.org/10.47509/ajef.2026.v08i01.02","source":{"id":"https://openalex.org/S4387283609","display_name":"ASIAN JOURNAL OF ECONOMICS AND FINANCE","issn_l":"2582-340X","issn":["2582-340X"],"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Asian Journal of Economics and Finance","raw_type":"journal-article"}],"best_oa_location":{"id":"doi:10.47509/ajef.2026.v08i01.02","doi":"https://doi.org/10.47509/ajef.2026.v08i01.02","is_oa":true,"landing_page_url":"https://doi.org/10.47509/ajef.2026.v08i01.02","pdf_url":"https://doi.org/10.47509/ajef.2026.v08i01.02","source":{"id":"https://openalex.org/S4387283609","display_name":"ASIAN JOURNAL OF ECONOMICS AND FINANCE","issn_l":"2582-340X","issn":["2582-340X"],"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Asian Journal of Economics and Finance","raw_type":"journal-article"},"sustainable_development_goals":[{"score":0.4000000059604645,"id":"https://metadata.un.org/sdg/8","display_name":"Decent work and economic growth"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":true,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W7204906274.pdf","grobid_xml":"https://content.openalex.org/works/W7204906274.grobid-xml"},"referenced_works_count":0,"referenced_works":[],"related_works":["https://openalex.org/W4402831041","https://openalex.org/W2610274022","https://openalex.org/W3135688585","https://openalex.org/W4408576780","https://openalex.org/W4410606106","https://openalex.org/W4401282312","https://openalex.org/W7223003182","https://openalex.org/W4409200222","https://openalex.org/W71678778","https://openalex.org/W7006662480"],"abstract_inverted_index":{"In":[0],"the":[1,25,38,90],"context":[2],"of":[3,14,40],"China\u2019s":[4],"high-quality":[5],"economic":[6],"development,":[7],"enhancing":[8],"Total":[9],"Factor":[10],"Productivity":[11],"(TFP)":[12],"is":[13,79,123],"great":[15],"importance.":[16],"Employing":[17],"data":[18],"from":[19,31],"799":[20],"non-financial":[21],"companies":[22],"listed":[23],"on":[24,44],"Shanghai":[26],"and":[27,46,53,73,92,111,137],"Shenzhen":[28],"main":[29],"boards":[30],"2007":[32],"to":[33,125,134],"2024,":[34],"this":[35],"study":[36,102],"investigates":[37],"impact":[39],"corporate":[41],"leverage":[42,60,72,106],"ratio":[43],"TFP":[45,87,136],"its":[47,76],"underlying":[48],"mechanism.":[49],"Using":[50],"fixed-effects":[51],"models":[52],"mediation":[54],"effect":[55,78],"tests,":[56],"we":[57],"find":[58],"that":[59,104],"significantly":[61],"promotes":[62],"TFP.":[63],"Shareholding":[64],"concentration":[65,117],"plays":[66],"a":[67],"partial":[68],"mediating":[69],"role":[70],"between":[71],"TFP,":[74],"though":[75],"indirect":[77],"negative.":[80],"These":[81],"results":[82],"remain":[83],"robust":[84],"after":[85],"estimating":[86],"using":[88],"both":[89],"Olley-Pakes":[91],"Levinsohn-Petrin":[93],"methods,":[94],"as":[95,97,133],"well":[96],"multiple":[98],"robustness":[99],"checks.":[100],"The":[101],"suggests":[103],"moderate":[105],"helps":[107],"alleviate":[108],"financing":[109],"constraints":[110],"supports":[112],"innovation,":[113],"yet":[114],"excessive":[115],"ownership":[116,127],"may":[118],"inhibit":[119],"governance":[120],"efficiency.":[121],"It":[122],"advised":[124],"optimise":[126],"structure":[128],"while":[129],"pursuing":[130],"deleveraging,":[131],"so":[132],"enhance":[135],"achieve":[138],"sustainable":[139],"growth":[140]},"counts_by_year":[],"updated_date":"2026-11-08T12:12:28.789561","created_date":"2026-09-02T00:00:00"}
