Institutional Ownership and Financing Constraints: Moderating Effect of Digital Finance

Aerts, W., Cormier, D., & Magnan, M. (2006). Intra-industry imitation in corporate environmental reporting: An international perspective. Journal of Accounting and Public Policy, 25(3), 299–331. https://doi.org/10.1016/j.jaccpubpol.2006.03.004
Ahlstrom, D., & Bruton, G. D. (2001). Learning from successful local private firms in China: Establishing legitimacy. Academy of Management Perspectives, 15(4), 72–83. https://doi.org/10.5465/ame.2001.5897661
Allen, F., Qian, J., & Qian, M. (2005). Law, finance, and economic growth in China. Journal of Financial Economics, 77(1), 57–116. https://doi.org/10.1016/j.jfineco.2004.06.010
Allen, F., Qian, J. “Qj,” Zhang, C., & Zhao, M. (2012). China’s Financial System: Opportunities and Challenges (w17828; p. w17828). National Bureau of Economic Research. https://doi.org/10.3386/w17828
Almeida, H., & Campello, M. (2007). Financial Constraints, Asset Tangibility, and Corporate Investment. Review of Financial Studies, 20(5), 1429–1460. https://doi.org/10.1093/rfs/hhm019
Amit, R., & Schoemaker, P. J. H. (1993). Strategic assets and organizational rent. Strategic Management Journal, 14(1), 33–46. https://doi.org/10.1002/smj.4250140105
Anderson, R. C., Mansi, S. A., & Reeb, D. M. (2004). Board characteristics, accounting report integrity, and the cost of debt. Journal of Accounting and Economics, 37(3), 315–342. https://doi.org/10.1016/j.jacceco.2004.01.004
Ansong, A. (2015). Board Size, Intensity of Board Activity, and Financial Performance of SMEs: Examining the Mediating Roles of Access to Capital and Firm Reputation. Journal of Entrepreneurship and Business, 3(2), 26–41. https://doi.org/10.17687/JEB.0302.03
Awan, U., Shamim, S., Khan, Z., Zia, N. U., Shariq, S. M., & Khan, M. N. (2021). Big data analytics capability and decision-making: The role of data-driven insight on circular economy performance. Technological Forecasting and Social Change, 168, 120766. https://doi.org/10.1016/j.techfore.2021.120766
Awan, U., Sroufe, R., & Shahbaz, M. (2021). Industry 4.0 and the circular economy: A literature review and recommendations for future research. Business Strategy and the Environment, 30(4), 2038–2060. https://doi.org/10.1002/bse.2731
Bai, X., Han, J., Ma, Y., & Zhang, W. (2022). ESG performance, institutional investors’ preference and financing constraints: Empirical evidence from China. Borsa Istanbul Review, 22, S157–S168. https://doi.org/10.1016/j.bir.2022.11.013
Barber, B. M., & Odean, T. (2008). All That Glitters: The Effect of Attention and News on the Buying Behavior of Individual and Institutional Investors. Review of Financial Studies, 21(2), 785–818. https://doi.org/10.1093/rfs/hhm079
Barney, J. (1991). Firm Resources and Sustained Competitive Advantage. Journal of Management, 17(1), 99–120. https://doi.org/10.1177/014920639101700108
Barney, J. B. (2001). Resource-based theories of competitive advantage: A ten-year retrospective on the resource-based view. Journal of Management, 27(6), 643–650. https://doi.org/10.1177/014920630102700602
Barney, J. B., & Hesterly, W. S. (2019). Strategic management and competitive advantage: Concepts and cases (4th ed.). Pearson.
Bathala, C. T., Moon, K. P., & Rao, R. P. (1994). Managerial Ownership, Debt Policy, and the Impact of Institutional Holdings: An Agency Perspective. Financial Management, 23(3), 38. https://doi.org/10.2307/3665620
Baum, C. F., Schäfer, D., & Talavera, O. (2011). The impact of the financial system’s structure on firms’ financial constraints. Journal of International Money and Finance, 30(4), 678–691. https://doi.org/10.1016/j.jimonfin.2011.02.004
Beck, T. (2007). Financing Constraints of SMEs in Developing Countries: Evidence, Determinants and Solutions.
Beck, T., & Demirguc-Kunt, A. (2006). Small and medium-size enterprises: Access to finance as a growth constraint. Journal of Banking & Finance, 30(11), 2931–2943. https://doi.org/10.1016/j.jbankfin.2006.05.009
Beck, T., Demirgüç-Kunt, A., Laeven, L., & Maksimovic, V. (2006). The determinants of financing obstacles. Journal of International Money and Finance, 25(6), 932–952. https://doi.org/10.1016/j.jimonfin.2006.07.005
Beck, T., Pamuk, H., Ramrattan, R., & Uras, B. R. (2018). Payment instruments, finance and development. Journal of Development Economics, 133, 162–186. https://doi.org/10.1016/j.jdeveco.2018.01.005
Bhatia, P., & Chakrabarti, P. (2022). Does group affiliation impact financial constraints? Evidence from India. Managerial Finance, 48(6), 917–938. https://doi.org/10.1108/MF-08-2021-0392
Bird, A., & Karolyi, S. A. (2016). Do Institutional Investors Demand Public Disclosure? Review of Financial Studies, 29(12), 3245–3277. https://doi.org/10.1093/rfs/hhw062
Bisht, D., Singh, R., Gehlot, A., Akram, S. V., Singh, A., Montero, E. C., Priyadarshi, N., & Twala, B. (2022). Imperative Role of Integrating Digitalization in the Firms Finance: A Technological Perspective. Electronics, 11(19), 3252. https://doi.org/10.3390/electronics11193252
Blackwell, D. W., & Kidwell, D. S. (1988). An investigation of cost differences between public sales and private placements of debt. Journal of Financial Economics, 22(2), 253–278. https://doi.org/10.1016/0304-405X(88)90071-2
Boone, A. L., Casares Field, L., Karpoff, J. M., & Raheja, C. G. (2007). The determinants of corporate board size and composition: An empirical analysis. Journal of Financial Economics, 85(1), 66–101. https://doi.org/10.1016/j.jfineco.2006.05.004
Borisova, G., & Megginson, W. L. (2011). Does Government Ownership Affect the Cost of Debt? Evidence from Privatization. Review of Financial Studies, 24(8), 2693–2737. https://doi.org/10.1093/rfs/hhq154
Borochin, P., & Yang, J. (2017). The effects of institutional investor objectives on firm valuation and governance. Journal of Financial Economics, 126(1), 171–199. https://doi.org/10.1016/j.jfineco.2017.06.013
Cai, H., Fang, H., & Xu, L. C. (2011). Eat, Drink, Firms, Government: An Investigation of Corruption from the Entertainment and Travel Costs of Chinese Firms. The Journal of Law and Economics, 54(1), 55–78. https://doi.org/10.1086/651201
Cai, R., Yun, K. H., & Kim, M. (2022). Financing Constraints and Corporate Value in China: The Moderating Role of Multinationality and Ownership Type. Sustainability, 14(19), 12297. https://doi.org/10.3390/su141912297
Cao, S., Nie, L., Sun, H., Sun, W., & Taghizadeh-Hesary, F. (2021). Digital finance, green technological innovation and energy-environmental performance: Evidence from China’s regional economies. Journal of Cleaner Production, 327, 129458. https://doi.org/10.1016/j.jclepro.2021.129458
Cao, Y., Dong, Y., Lu, Y., & Ma, D. (2020). Does Institutional Ownership Improve Firm Investment Efficiency? Emerging Markets Finance and Trade, 56(12), 2772–2792. https://doi.org/10.1080/1540496X.2018.1486705
Capron, L., & Hulland, J. (1999). Redeployment of Brands, Sales Forces, and General Marketing Management Expertise Following Horizontal Acquisitions: A Resource-Based View. Journal of Marketing, 63(2), 41–54. https://doi.org/10.1177/002224299906300203
Chang, K., Cheng, X., Wang, Y., Liu, Q., & Hu, J. (2023). The impacts of ESG performance and digital finance on corporate financing efficiency in China. Applied Economics Letters, 30(4), 516–523. https://doi.org/10.1080/13504851.2021.1996527
Charfeddine, L., & Zaouali, S. (2022). The effects of financial inclusion and the business environment in spurring the creation of early-stage firms and supporting established firms. Journal of Business Research, 143, 1–15. https://doi.org/10.1016/j.jbusres.2022.01.014
Chatterjee, S., Gu, X., Hasan, I., & Lu, H. (2023). Ownership structure and the cost of debt: Evidence from the Chinese corporate bond market. Journal of Empirical Finance, 73, 334–348. https://doi.org/10.1016/j.jempfin.2023.08.003
Chen, H.-L., Hsu, W.-T., & Chang, C.-Y. (2014). Family Ownership, Institutional Ownership, and Internationalization of SMEs: Journal of Small Business Management. Journal of Small Business Management, 52(4), 771–789. https://doi.org/10.1111/jsbm.12031
Chen, Y., & Bellavitis, C. (2020). Blockchain disruption and decentralized finance: The rise of decentralized business models. Journal of Business Venturing Insights, 13, e00151. https://doi.org/10.1016/j.jbvi.2019.e00151
Chen, Y., Huang, Y., & Wen, M. (2024). Accounts Receivable Reform and Financing Constraints: Evidence from China’s A-Share Market. Emerging Markets Finance and Trade, 1–26. https://doi.org/10.1080/1540496X.2023.2298255
Chen, Y., Li, Q., Ng, J., & Wang, C. (2021). Corporate financing of investment opportunities in a world of institutional cross-ownership. Journal of Corporate Finance, 69, 102041. https://doi.org/10.1016/j.jcorpfin.2021.102041
Chi, J., Liao, J., & Yang, J. (2019). Institutional stock ownership and firm innovation: Evidence from China. Journal of Multinational Financial Management, 50, 44–57. https://doi.org/10.1016/j.mulfin.2019.04.003
Chong, T. T.-L., Lu, L., & Ongena, S. (2013). Does banking competition alleviate or worsen credit constraints faced by small- and medium-sized enterprises? Evidence from China. Journal of Banking & Finance, 37(9), 3412–3424. https://doi.org/10.1016/j.jbankfin.2013.05.006
Chung, R., Firth, M., & Kim, J.-B. (2002). Institutional monitoring and opportunistic earnings management. Journal of Corporate Finance, 8(1), 29–48. https://doi.org/10.1016/S0929-1199(01)00039-6
Daily, C. M., McDougall, P. P., Covin, J. G., & Dalton, D. R. (2002). Governance and Strategic Leadership in Entrepreneurial Firms. Journal of Management, 28(3), 387–412. https://doi.org/10.1177/014920630202800307
Dawson, J. F. (2014). Moderation in Management Research: What, Why, When, and How. Journal of Business and Psychology, 29(1), 1–19. https://doi.org/10.1007/s10869-013-9308-7
Day, G. S. (1994). The Capabilities of Market-Driven Organizations. Journal of Marketing, 58(4), 37–52. https://doi.org/10.1177/002224299405800404
Day, G. S., & Wensley, R. (1988). Assessing Advantage: A Framework for Diagnosing Competitive Superiority. Journal of Marketing, 52(2), 1–20. https://doi.org/10.1177/002224298805200201
De La O, G., & Matis, T. (2014). Supply Chain Strategies for the International Interoceanic Mazatlan-Houston Logistic Corridor. Journal of Applied Research and Technology, 12(4), 666–673. https://doi.org/10.1016/S1665-6423(14)70083-5
DiMaggio, P. J., & Powell, W. W. (1983). The Iron Cage Revisited: Institutional Isomorphism and Collective Rationality in Organizational Fields. American Sociological Review, 48(2), 147. https://doi.org/10.2307/2095101
Doh, J., Rodrigues, S., Saka-Helmhout, A., & Makhija, M. (2017). International business responses to institutional voids. Journal of International Business Studies, 48(3), 293–307. https://doi.org/10.1057/s41267-017-0074-z
Du, J., Guariglia, A., & Newman, A. (2015). Do Social Capital Building Strategies Influence the Financing Behavior of Chinese Private Small and Medium–Medium-sized enterprises? Entrepreneurship Theory and Practice, 39(3), 601–631. https://doi.org/10.1111/etap.12051
Du, L., & Geng, B. (2024). Financial technology and financing constraints. Finance Research Letters, 60, 104841. https://doi.org/10.1016/j.frl.2023.104841
Eaton, T. V., Nofsinger, J. R., & Varma, A. (2014). Institutional Investor Ownership and Corporate Pension Transparency. Financial Management, 43(3), 603–630. https://doi.org/10.1111/fima.12045
Farooq, M., Humayon, A. A., Khan, M. I., & Ali, S. (2022). Ownership structure and financial constraints – Evidence from an emerging market. Managerial Finance, 48(7), 1007–1028. https://doi.org/10.1108/MF-12-2021-0620
Fazzari, S. M., Hubbard, R. G., Petersen, B. C., Blinder, A. S., & Poterba, J. M. (1988). Financing Constraints and Corporate Investment. Brookings Papers on Economic Activity, 1988(1), 141. https://doi.org/10.2307/2534426
Fergusson, L. (2006). Institutions for Financial Development: What are they and where do they come from? Journal of Economic Surveys, 20(1), 27–70. https://doi.org/10.1111/j.0950-0804.2006.00275.x
Fernández, Z., & Nieto, M. J. (2005). Internationalization Strategy of Small and Medium-Sized Family Businesses: Some Influential Factors. Family Business Review, 18(1), 77–89. https://doi.org/10.1111/j.1741-6248.2005.00031.x
Fernández, Z., & Nieto, M. J. (2006). Impact of ownership on the international involvement of SMEs. Journal of International Business Studies, 37(3), 340–351. https://doi.org/10.1057/palgrave.jibs.8400196
Foss, N. J., Klein, P. G., Lien, L. B., Zellweger, T., & Zenger, T. (2021). Ownership competence. Strategic Management Journal, 42(2), 302–328. https://doi.org/10.1002/smj.3222
García-Meca, E., López-Iturriaga, F., & Tejerina-Gaite, F. (2017). Institutional Investors on Boards: Does Their Behavior Influence Corporate Finance? Journal of Business Ethics, 146(2), 365–382. https://doi.org/10.1007/s10551-015-2882-z
Garrido, E., Gomez, J., Maicas, J. P., & Orcos, R. (2014). The institution-based view of strategy: How to measure it. BRQ Business Research Quarterly, 17(2), 82–101. https://doi.org/10.1016/j.brq.2013.11.001
Ge, Y., & Qiu, J. (2007). Financial development, bank discrimination and trade credit. Journal of Banking & Finance, 31(2), 513–530. https://doi.org/10.1016/j.jbankfin.2006.07.009
George, G., Wiklund, J., & Zahra, S. A. (2005). Ownership and the Internationalization of Small Firms. Journal of Management, 31(2), 210–233. https://doi.org/10.1177/0149206304271760
Goergen, M., & Renneboog, L. (2001). Investment policy, internal financing and ownership concentration in the UK. Journal of Corporate Finance, 7(3), 257–284. https://doi.org/10.1016/S0929-1199(01)00022-0
Goldstein, I., Jiang, W., & Karolyi, G. A. (2019). To FinTech and Beyond. The Review of Financial Studies, 32(5), 1647–1661. https://doi.org/10.1093/rfs/hhz025
Gomber, P., Kauffman, R. J., Parker, C., & Weber, B. W. (2018). On the Fintech Revolution: Interpreting the Forces of Innovation, Disruption, and Transformation in Financial Services. Journal of Management Information Systems, 35(1), 220–265. https://doi.org/10.1080/07421222.2018.1440766
Gomber, P., Koch, J.-A., & Siering, M. (2017). Digital Finance and FinTech: Current research and future research directions. Journal of Business Economics, 87(5), 537–580. https://doi.org/10.1007/s11573-017-0852-x
Gruin, J., & Knaack, P. (2020). Not Just Another Shadow Bank: Chinese Authoritarian Capitalism and the ‘Developmental’ Promise of Digital Financial Innovation. New Political Economy, 25(3), 370–387. https://doi.org/10.1080/13563467.2018.1562437
Guo, F. (2023). Countermeasures and Suggestions on Wenzhou Digital Empowerment to Boost Economic Vitality after The Epidemic. Frontiers in Business, Economics and Management, 9(3), 172–175. https://doi.org/10.54097/fbem.v9i3.9581
Guo, H., Zhou, Y., & Cui, W. (2020). An Empirical Study on the Financial Development Differences of Chinese Port Cities along the New Maritime Silk Road. Journal of Coastal Research, 107(sp1), 341. https://doi.org/10.2112/JCR-SI107-079.1
Hadlock, C. J., & Pierce, J. R. (2010). New Evidence on Measuring Financial Constraints: Moving Beyond the KZ Index. Review of Financial Studies, 23(5), 1909–1940. https://doi.org/10.1093/rfs/hhq009
Harrison, A. E., Love, I., & McMillan, M. S. (2004). Global capital flows and financing constraints. Journal of Development Economics, 75(1), 269–301. https://doi.org/10.1016/j.jdeveco.2003.10.002
Hayat, M., Yu, Y., Wang, M., & Jebran, K. (2018). Impact of Managerial and Institutional Ownership on Capital Structure: A Comparison Between China & USA. European Journal of Business and Management.
He, J., Du, X., & Tu, W. (2023). Can corporate digital transformation alleviate financing constraints? Applied Economics, 1–17. https://doi.org/10.1080/00036846.2023.2187037
Hope, O.-K., Thomas, W., & Vyas, D. (2011). Financial credibility, ownership, and financing constraints in private firms. Journal of International Business Studies, 42(7), 935–957. https://doi.org/10.1057/jibs.2011.23
Houston, J., & James, C. (1996). Bank Information Monopolies and the Mix of Private and Public Debt Claims. The Journal of Finance, 51(5), 1863–1889. https://doi.org/10.1111/j.1540-6261.1996.tb05229.x
Huang, G., & Song, F. M. (2006). The determinants of capital structure: Evidence from China. China Economic Review, 17(1), 14–36. https://doi.org/10.1016/j.chieco.2005.02.007
Huang, Z., Tao, Y., Luo, X., Ye, Y., & Lei, T. (2023). Regional digital finance and corporate investment efficiency in China. Applied Economics, 55(43), 5115–5134. https://doi.org/10.1080/00036846.2022.2136616
Hui, P., Zhao, H., Liu, D., & Li, Y. (2023). How does digital finance affect regional innovation capacity? A spatial econometric analysis. Economic Modelling, 122, 106250. https://doi.org/10.1016/j.econmod.2023.106250
Hussin, F., & Yoke Yik, S. (2012). The Contribution of Economic Sectors to Economic Growth: The Cases of China and India. Research in Applied Economics, 4(4), p38–p53. https://doi.org/10.5296/rae.v4i4.2879
Ismail, M. A., Ibrahim, M. H., Yusoff, M., & Zainal, M.-P. (2010). Financial Constraints and Firm Investment in Malaysia: An Investigation of Investment- Cash Flow Relationship. International Journal of Economics and Management, 4(1), 29–44.
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
Jiang, L., Tong, A., Hu, Z., & Wang, Y. (2019). The impact of the inclusive financial development index on farmer entrepreneurship. PLOS ONE, 14(5), e0216466. https://doi.org/10.1371/journal.pone.0216466
Julienti Abu Bakar, L., & Ahmad, H. (2010). Assessing the relationship between firm resources and product innovation performance: A resource?based view. Business Process Management Journal, 16(3), 420–435. https://doi.org/10.1108/14637151011049430
Kaplan, S. N., & Zingales, L. (1997). Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints? The Quarterly Journal of Economics, 112(1), 169–215. https://doi.org/10.1162/003355397555163
Kozlenkova, I. V., Samaha, S. A., & Palmatier, R. W. (2014). Resource-based theory in marketing. Journal of the Academy of Marketing Science, 42(1), 1–21. https://doi.org/10.1007/s11747-013-0336-7
Kuang, X., Shi, Z., & He, E. (2010). Financing Constraints Index and Index Evaluation of Listed Companies in China. Journal of Shanxi Finance and Economics University, 32(5), 110–117. https://doi.org/10.13781/j.cnki.1007-9556.2010.05.004
La Porta, R. (1999). The quality of government. Journal of Law, Economics, and Organization, 15(1), 222–279. https://doi.org/10.1093/jleo/15.1.222
Lamont, O., Polk, C., & Saaá-Requejo, J. (2001). Financial Constraints and Stock Returns. Review of Financial Studies, 14(2), 529–554. https://doi.org/10.1093/rfs/14.2.529
Lee, I., & Shin, Y. J. (2018). Fintech: Ecosystem, business models, investment decisions, and challenges. Business Horizons, 61(1), 35–46. https://doi.org/10.1016/j.bushor.2017.09.003
Li, C., Wang, Y., Zhou, Z., Wang, Z., & Mardani, A. (2023). Digital finance and enterprise financing constraints: Structural characteristics and mechanism identification. Journal of Business Research, 165, 114074. Q1. https://doi.org/10.1016/j.jbusres.2023.114074
Li, J., Wu, Y., & Xiao, J. J. (2020). The impact of digital finance on household consumption: Evidence from China. Economic Modelling, 86, 317–326. https://doi.org/10.1016/j.econmod.2019.09.027
Li, Y., Tan, J., Wu, B., & Yu, J. (2022). Does digital finance promote entrepreneurship of migrant? Evidence from China. Applied Economics Letters, 29(19), 1829–1832. https://doi.org/10.1080/13504851.2021.1963404
Li, Z., & Chen, J. (2024). Supplier innovativeness, supplier relationships, and enterprises’ finance constraints. Managerial and Decision Economics, 45(2), 652–663. https://doi.org/10.1002/mde.4028
Lin, C., Ma, Y., & Xuan, Y. (2011). Ownership structure and financial constraints: Evidence from a structural estimation. Journal of Financial Economics, 102(2), 416–431. https://doi.org/10.1016/j.jfineco.2011.06.001
Lin, H.-C. M., & Bo, H. (2012). State-ownership and financial constraints on investment of Chinese-listed firms: New evidence. The European Journal of Finance, 18(6), 497–513. https://doi.org/10.1080/1351847X.2011.611523
Liu, J., Jiang, Y., Gan, S., He, L., & Zhang, Q. (2022). Can digital finance promote corporate green innovation? Environmental Science and Pollution Research, 29(24), 35828–35840. https://doi.org/10.1007/s11356-022-18667-4
Liu, Y., Luan, L., Wu, W., Zhang, Z., & Hsu, Y. (2021). Can digital financial inclusion promote China’s economic growth? International Review of Financial Analysis, 78, 101889. https://doi.org/10.1016/j.irfa.2021.101889
Liu, Z., Li, W., Hao, C., & Liu, H. (2021). Corporate environmental performance and financing constraints: An empirical study in the Chinese context. Corporate Social Responsibility and Environmental Management, 28(2), 616–629. https://doi.org/10.1002/csr.2073
Lopatta, K., Jaeschke, R., Tchikov, M., & Lodhia, S. (2017). Corruption, Corporate Social Responsibility and Financial Constraints: International Firm?level Evidence. European Management Review, 14(1), 47–65. https://doi.org/10.1111/emre.12098
Lou, Z., Xie, Q., Shen, J. H., & Lee, C.-C. (2024). Does Supply Chain Finance (SCF) alleviate funding constraints of SMEs? Evidence from China. Research in International Business and Finance, 67, 102157. https://doi.org/10.1016/j.ribaf.2023.102157
Love, I. (2003). Financial Development and Financing Constraints: International Evidence from the Structural Investment Model. Review of Financial Studies, 16(3), 765–791. Q1. https://doi.org/10.1093/rfs/hhg013
Lv, C., Bian, B., Lee, C.-C., & He, Z. (2021). Regional gap and the trend of green finance development in China. Energy Economics, 102, 105476. https://doi.org/10.1016/j.eneco.2021.105476
Lynall, M. D., Golden, B. R., & Hillman, A. J. (2003). Board Composition from Adolescence to Maturity: A Multitheoretic View. Academy of Management Review, 28(3), 416–431. https://doi.org/10.5465/amr.2003.10196743
Mahoney, J. T., & Pandian, J. R. (1992). The resource?based view within the conversation of strategic management. Strategic Management Journal, 13(5), 363–380. https://doi.org/10.1002/smj.4250130505
Menkhoff, L., Schmeling, M., & Schmidt, U. (2010). Are All Professional Investors Sophisticated? German Economic Review, 11(4), 418–440. https://doi.org/10.1111/j.1468-0475.2009.00497.x
Meyer, J. W., & Rowan, B. (1977). Institutionalized Organizations: Formal Structure as Myth and Ceremony. American Journal of Sociology, 83(2), 340–363. https://doi.org/10.1086/226550
Meyer, K. E., Estrin, S., Bhaumik, S. K., & Peng, M. W. (2009). Institutions, resources, and entry strategies in emerging economies. Strategic Management Journal, 30(1), 61–80. https://doi.org/10.1002/smj.720
Mushtaq, R., Gull, A. A., & Usman, M. (2022). ICT adoption, innovation, and SMEs’ access to finance. Telecommunications Policy, 46(3), 102275. https://doi.org/10.1016/j.telpol.2021.102275
Naeem, K., & Li, M. C. (2019). Corporate investment efficiency: The role of financial development in firms with financing constraints and agency issues in OECD non-financial firms. International Review of Financial Analysis, 62, 53–68. https://doi.org/10.1016/j.irfa.2019.01.003
Nauhaus, S., Luger, J., & Raisch, S. (2021). Strategic Decision Making in the Digital Age: Expert Sentiment and Corporate Capital Allocation. Journal of Management Studies, 58(7), 1933–1961. https://doi.org/10.1111/joms.12742
Nguyen, L. T., & Nguyen, K. V. (2020). The impact of corporate social responsibility on the risk of commercial banks with different levels of financial constraint. Asia-Pacific Journal of Business Administration, 13(1), 98–116. https://doi.org/10.1108/APJBA-12-2019-0252
North, D. C. (1990). Institutions institutional change and economic performance.xdf. Cambridge University Press.
Ozili, P. K. (2018). Impact of digital finance on financial inclusion and stability. Borsa Istanbul Review, 18(4), 329–340. https://doi.org/10.1016/j.bir.2017.12.003
Padmaja, M., & Sasidharan, S. (2021). Financing constraints and exports: Evidence from India. Journal of Economics and Finance, 45(1), 118–145. https://doi.org/10.1007/s12197-020-09532-6
Panicker, V. S., Upadhyayula, R. S., & Sivakumar, S. (2022). Internationalization of hybrid state-owned enterprises from emerging markets: Institutional investors as enablers. Journal of Business Research, 151, 409–422. https://doi.org/10.1016/j.jbusres.2022.07.018
Park, S. H., & Luo, Y. (2001). Guanxi and organizational dynamics: Organizational networking in Chinese firms. Strategic Management Journal, 22(5), 455–477. https://doi.org/10.1002/smj.167
Peng, M. W. (2002). Towards an Institution-Based View of Business Strategy. Asia Pacific Journal of Management, 19(2/3), 251–267. https://doi.org/10.1023/A:1016291702714
Peng, M. W., & Heath, P. S. (1996). The Growth of the Firm in Planned Economies in Transition: Institutions, Organizations, and Strategic Choice. The Academy of Management Review, 21(2), 492. https://doi.org/10.2307/258670
Peng, M. W., Lee, S.-H., & Wang, D. Y. L. (2005). What Determines the Scope of the Firm Over Time? A Focus on Institutional Relatedness. Academy of Management Review, 30(3), 622–633. https://doi.org/10.5465/amr.2005.17293731
Peng, M. W., Sun, S. L., Pinkham, B., & Chen, H. (2009). The Institution-Based View as a Third Leg for a Strategy Tripod. Academy of Management Perspectives, 23(3), 63–81. https://doi.org/10.5465/amp.2009.43479264
Peng, M. W., Wang, D. Y. L., & Jiang, Y. (2008). An institution-based view of international business strategy: A focus on emerging economies. Journal of International Business Studies, 39(5), 920–936. https://doi.org/10.1057/palgrave.jibs.8400377
Penrose, E. T. (2009). The theory of the growth of the firm (4th ed., Rev. ed). Oxford University Press.
Ramezani, C. A. (2011). Financial constraints, real options and corporate cash holdings. Managerial Finance, 37(12), 1137–1160. https://doi.org/10.1108/03074351111175074
Rodríguez-Pose, A., & Zhang, M. (2020). The cost of weak institutions for innovation in China. Technological Forecasting and Social Change, 153, 119937. https://doi.org/10.1016/j.techfore.2020.119937
Ronald, S., Ng, S., & Daromes, F. E. (2019). Corporate Social Responsibility as Economic Mechanism for Creating Firm Value. Indonesian Journal of Sustainability Accounting and Management, 3(1), 22. https://doi.org/10.28992/ijsam.v3i1.69
Runyan, R. C., Huddleston, P., & Swinney, J. (2006). Entrepreneurial orientation and social capital as small firm strategies: A study of gender differences from a resource-based view. The International Entrepreneurship and Management Journal, 2(4), 455–477. https://doi.org/10.1007/s11365-006-0010-3
Sasidharan, S., & Padmaja, M. (2018). Do Financing Constraints Impact Outward Foreign Direct Investment? Evidence from India. Asian Development Review, 35(1), 108–132. https://doi.org/10.1162/adev_a_00107
Schain, J. P., & Stiebale, J. (2021). Innovation, institutional ownership and financial constraints. Empirical Economics, 61(3), 1689–1697. https://doi.org/10.1007/s00181-020-01909-0
Schmidt, C., & Fahlenbrach, R. (2017). Do exogenous changes in passive institutional ownership affect corporate governance and firm value? Journal of Financial Economics, 124(2), 285–306. https://doi.org/10.1016/j.jfineco.2017.01.005
Shi, Y., Li, J., & Liu, R. (2023). Financing constraints and share pledges: Evidence from the share pledge reform in China. Journal of Corporate Finance, 78, 102337. https://doi.org/10.1016/j.jcorpfin.2022.102337
Shleifer, A., & Vishny, R. W. (1986). Large Shareholders and Corporate Control. Journal of Political Economy, 94(3, Part 1), 461–488. https://doi.org/10.1086/261385
Song, Y., Gianiodis, P. T., & Li, Y. (2016). Institutional Ownership and Corporate Philanthropic Giving in an Emerging Economy. Management and Organization Review, 12(2), 357–385. https://doi.org/10.1017/mor.2015.33
Tehseen, S., & Sajilan, S. (2016). Network competence based on resource-based view and resource dependence theory. International Journal of Trade and Global Markets, 9(1), 60. https://doi.org/10.1504/IJTGM.2016.074138
Velte, P. (2024). Institutional ownership and board governance. A structured literature review on the heterogeneous monitoring role of institutional investors. Corporate Governance: The International Journal of Business in Society, 24(2), 225–263. https://doi.org/10.1108/CG-10-2022-0414
Wan, G., Xie, L., Li, J., & Jiang, D. (2022). Entertainment Spending and Capturing Value from Innovation in Chinese Firms. Management and Organization Review, 18(4), 623–657. https://doi.org/10.1017/mor.2021.65
Wang, C., Lok, C.-L., & Phua, L. K. (2023). Ownership Structure and Capital Structure: Moderating Effect of Product Market Maturity. SAGE Open, 13(4), 21582440231218787. https://doi.org/10.1177/21582440231218787
Wang, C., Phua, L. K., & Lok, C.-L. (2023). The Moderating Effect of Labor Market Development on the Relationship between Ownership Structure and Capital Structure: Evidence from Chinese Listed Companies. International Journal of Academic Research in Accounting, Finance and Management Sciences, 13(1), Pages 136-152. https://doi.org/10.6007/IJARAFMS/v13-i1/16194
Wang, Q., Yang, J., Chiu, Y., & Lin, T. (2020). The impact of digital finance on financial efficiency. Managerial and Decision Economics, 41(7), 1225–1236. https://doi.org/10.1002/mde.3168
Wang, Q., Yang, J., Chiu, Y., & Lin, T. (2023). Cross?regional comparative study on digital finance and finance efficiency in China: The eastern and non?eastern areas. Managerial and Decision Economics, 44(1), 68–83. https://doi.org/10.1002/mde.3667
Wang, R. (2023). The Impact of Digital Financial Inclusion on Financing Constraints: Evidence from China’s A-share Listed Companies. Advances in Economics and Management Research, 6(1), 328. https://doi.org/10.56028/aemr.6.1.328.2023
Wang, X., & Chen, X. (2023). An empirical study on financing constraints of digital inclusive finance development on small and medium-sized technology-based enterprise. Kybernetes, 52(2), 585–600. https://doi.org/10.1108/K-01-2022-0095
Wang, Y., Li, S., & Wang, Y. (2022). The Impact of Financing Constraints and Uncertainty on Manufacturing Innovation Efficiency: An Empirical Analysis from Chinese Listed Firms. Mathematical Problems in Engineering, 2022, 1–13. https://doi.org/10.1155/2022/9006072
Wang, Z. (2022). Digital Finance, Financing Constraint and Enterprise Financial Risk. Journal of Mathematics, 2022, 1–9. https://doi.org/10.1155/2022/2882113
Wei, J., Li, Y., Liu, X., & Du, Y. (2022). Enterprise characteristics and external influencing factors of sustainable innovation: Based on China’s innovation survey. Journal of Cleaner Production, 372, 133461. https://doi.org/10.1016/j.jclepro.2022.133461
Wernerfelt, B. (1984). A resource?based view of the firm. Strategic Management Journal, 5(2), 171–180. https://doi.org/10.1002/smj.4250050207
Whited, T. M., & Wu, G. (2006). Financial Constraints Risk. Review of Financial Studies, 19(2), 531–559. https://doi.org/10.1093/rfs/hhj012
Winker, P. (1999). Causes and Effects of Financing Constraints at the Firm Level. Small Business Economics, 12(2), 169–181. https://doi.org/10.1023/A:1008035826914
Wong, Z., Chen, A., Taghizadeh-Hesary, F., Li, R., & Kong, Q. (2023). Financing Constraints and Firm’s Productivity Under the COVID-19 Epidemic Shock: Evidence of A-Shared Chinese Companies. The European Journal of Development Research, 35(1), 167–195. https://doi.org/10.1057/s41287-021-00501-1
Wu, J. (2013). Marketing capabilities, institutional development, and the performance of emerging market firms: A multinational study. International Journal of Research in Marketing, 30(1), 36–45. https://doi.org/10.1016/j.ijresmar.2012.07.001
Wu, J., Si, S., & Wu, X. (2016). Entrepreneurial Finance and Innovation: Informal Debt as an Empirical Case. Strategic Entrepreneurship Journal, 10(3), 257–273. https://doi.org/10.1002/sej.1214
Wu, Y., & Huang, S. (2022). The effects of digital finance and financial constraint on financial performance: Firm-level evidence from China’s new energy enterprises. Energy Economics, 112, 106158. https://doi.org/10.1016/j.eneco.2022.106158
Xiao, Q. (2023). State equity participation and financing constraints of private enterprises in China: Based on the competitive pressure perspective. PLOS ONE, 18(11), e0292817. https://doi.org/10.1371/journal.pone.0292817
Xiong, M., Li, W., Xian, B. T. S., & Yang, A. (2023). Digital inclusive finance and enterprise innovation—Empirical evidence from Chinese listed companies. Journal of Innovation & Knowledge, 8(1), 100321. https://doi.org/10.1016/j.jik.2023.100321
Xu, K., Geng, C., Wei, X., & Jiang, H. (2020). FINANCING DEVELOPMENT, FINANCING CONSTRAINT AND R&D INVESTMENT OF STRATEGIC EMERGING INDUSTRIES IN CHINA. Journal of Business Economics and Management, 21(4), 1010–1034. https://doi.org/10.3846/jbem.2020.12727
Xu, Y., Wang, Y., Lu, F., & Sheng, D. (2023). A study of the impact of digital inclusive finance on firm value from the perspective of financing constraints. Applied Economics, 1–15. https://doi.org/10.1080/00036846.2023.2209309
Yang, C., Fang, Z., Song, X., & Liang, Y. (2022). The influence of digital finance based on the intermediary effect of investor confidence on organizations’ financing constraints. Frontiers in Psychology, 13, 933134. https://doi.org/10.3389/fpsyg.2022.933134
Yang, E., Ma, G., & Chu, J. (2014). The impact of financial constraints on firm R&D investments: Empirical evidence from China. International Journal of Technology Management, 65(1/2/3/4), 172. https://doi.org/10.1504/IJTM.2014.060949
Yang, T., & Zhang, X. (2022). FinTech adoption and financial inclusion: Evidence from household consumption in China. Journal of Banking & Finance, 145, 106668. https://doi.org/10.1016/j.jbankfin.2022.106668
Yang, Y., & Han, J. (2023). Digital transformation, financing constraints, and corporate environmental, social, and governance performance. Corporate Social Responsibility and Environmental Management, 30(6), 3189–3202. https://doi.org/10.1002/csr.2546
Yao, Y., & Yueh, L. (2009). Law, Finance, and Economic Growth in China: An Introduction. World Development, 37(4), 753–762. https://doi.org/10.1016/j.worlddev.2008.07.009
Yazar, O. H. (2015). Regulation with Chinese Characteristics: Deciphering Banking Regulation in China. Journal of Current Chinese Affairs, 44(2), 135–166. https://doi.org/10.1177/186810261504400206
Yiu, D. W., Su, J., & Xu, Y. (2013). Alternative financing and private firm performance. Asia Pacific Journal of Management, 30(3), 829–852. https://doi.org/10.1007/s10490-012-9303-y
Yu, C.-H., Wu, X., Zhang, D., Chen, S., & Zhao, J. (2021). Demand for green finance: Resolving financing constraints on green innovation in China. Energy Policy, 153, 112255. Q1/Q2. https://doi.org/10.1016/j.enpol.2021.112255
Yu, L., Zhao, D., Xue, Z., & Gao, Y. (2020). Research on the use of digital finance and the adoption of green control techniques by family farms in China. Technology in Society, 62, 101323. https://doi.org/10.1016/j.techsoc.2020.101323
Zhan, M., Li, S., & Wu, Z. (2023). Can digital finance development improve balanced regional investment allocations in developing countries? — The evidence from China. Emerging Markets Review, 56, 101035. https://doi.org/10.1016/j.ememar.2023.101035
Zhang, J., Wang, L., & Wang, S. (2012). Financial development and economic growth: Recent evidence from China. Journal of Comparative Economics, 40(3), 393–412. https://doi.org/10.1016/j.jce.2012.01.001
Zhang, J., Zhao, W., & Zhang, Y. (2016). Institutional Transformation and Changing Networking Patterns in China. Management and Organization Review, 12(2), 303–331. https://doi.org/10.1017/mor.2015.50
Zhang, L. (2022). Bank Competition, Financing Constraints, and Enterprise Innovation Investment. Discrete Dynamics in Nature and Society, 2022, 1–9. https://doi.org/10.1155/2022/7399321
Zhang, P., Wang, Y., Wang, R., & Wang, T. (2024). Digital finance and corporate innovation: Evidence from China. Applied Economics, 56(5), 615–638. https://doi.org/10.1080/00036846.2023.2169242
Zhang, Q., Xu, Z., Feng, T., & Jiao, J. (2015). A dynamic stochastic frontier model to evaluate regional financial efficiency: Evidence from Chinese county-level panel data. European Journal of Operational Research, 241(3), 907–916. https://doi.org/10.1016/j.ejor.2014.09.021
Zhang, W., Zhao, S., Wan, X., & Yao, Y. (2021). Study on the effect of digital economy on high-quality economic development in China. PLOS ONE, 16(9), e0257365. https://doi.org/10.1371/journal.pone.0257365
Zhang, Y., Xing, C., & Wang, Y. (2020). Does green innovation mitigate financing constraints? Evidence from China’s private enterprises. Journal of Cleaner Production, 264, 121698. https://doi.org/10.1016/j.jclepro.2020.121698
Zhao, J., Qu, J., & Wang, L. (2023). Heterogeneous institutional investors, environmental information disclosure and debt financing pressure. Journal of Management and Governance, 27(1), 253–296. https://doi.org/10.1007/s10997-021-09609-2
Zhao, T., Xiao, M., & Zhang, B. (2023). Corporate social network, ownership structure, and corporate financing constraints: Evidence from China. International Review of Economics & Finance, 88, 1547–1564. https://doi.org/10.1016/j.iref.2023.07.075
Zheng, F., & Ye, F. (2013). Early Warning Model of Local Governments’ Debt Risk in China Based on the Financial Perspective. Business and Management Research, 2(4), p129. https://doi.org/10.5430/bmr.v2n4p129

(Deng & Lok, 2024)
Deng, B., & Lok, C.-L. (2024). Institutional Ownership and Financing Constraints: Moderating Effect of Digital Finance. International Journal of Academic Research in Accounting Finance and Management Sciences, 14(2), 135–160.

Copyright: © 2024 The Author(s)
Published by HRMARS (www.hrmars.com)
This article is published under the Creative Commons Attribution (CC BY 4.0) license. Anyone may reproduce, distribute, translate and create derivative works of this article (for both commercial and non-commercial purposes), subject to full attribution to the original publication and authors. The full terms of this license may be seenavc at: http://creativecommons.org/licences/by/4.0/legalcode