A study on the impact of listed companies' strategies on surplus sustainability
DOI:
https://doi.org/10.54097/hbem.v16i.10559Keywords:
Strategy Differences; Surplus Sustainability; Nature of ownership.Abstract
Strategic differences have an important impact on the quality of surpluses. Based on the perspective of surplus persistence, this paper uses a total of 8917 data of A-share listed companies in Shanghai and Shenzhen in China from 2014-2019 as the research sample, and uses a first-order linear autoregressive model to explore the relationship between strategic differences and surplus persistence of listed companies, and the moderating role of property rights nature in this relationship. The study finds that the greater the strategic differences, the lower the surplus persistence; the negative relationship between strategic differences and surplus persistence is more significant in non-state-owned enterprises compared to state-owned enterprises. Further breakdown of the surplus items reveals that strategic differences affect the overall surplus persistence mainly by influencing the persistence of the accrual part of the surplus.
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