Su, Xinyi (2025) The Impact Of Managerial Ability On Debt Financing Constraints Of Chinese Firms: The Moderating Effect Of Digital Transformation. Masters thesis, Universiti Sains Malaysia.
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Abstract
In the context of China's escalating economic uncertainty and rapid digitalization, this study draws upon Signaling Theory and Resource Dependency Theory to investigate the impact of managerial ability on corporate debt financing constraints. This study further examines the moderating role of digital transformation in this relationship. The analysis employs a panel dataset of 4,151 Chinese A-share listed firms from 2011 to 2023, comprising 30,611 firm-year observations. The results show that managerial ability significantly alleviates corporate debt financing constraints, supporting the view that highly capable CEOs serve as a positive signal to creditors. Moreover, this effect is more pronounced for firms with a higher degree of digital transformation, indicating that digital transformation amplifies the signaling role of managerial ability. This study contributes to the literature on corporate debt finance by highlighting the importance of attracting highly capable managerial talent and accelerating digital transformation. Both carry important practical implications for enabling Chinese firms to proactively mitigate debt financing constraints.
| Item Type: | Thesis (Masters) |
|---|---|
| Subjects: | H Social Sciences > HD Industries. Land use. Labor > HD28-70 Management. Industrial Management |
| Divisions: | Pusat Pengajian Pengurusan (School of Management) > Thesis |
| Depositing User: | Mr Aizat Asmawi Abdul Rahim |
| Date Deposited: | 26 Aug 2026 04:18 |
| Last Modified: | 26 Aug 2026 04:18 |
| URI: | http://eprints.usm.my/id/eprint/64832 |
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