Wealth accumulation and mobility: evidence from the chairmen of China's a-share listed companies

Wealth concentration and entrepreneurial mobility are central topics in research on common prosperity. Using data from the chairman of the board of Chinese A-share listed companies between 2006 and 2021, this paper explores the relationship between wealth accumulation and chairman mobility, as well as the mechanisms underlying these processes. The findings indicate that both chairman entry and exit significantly slow the concentration and accumulation of wealth. This effect is more pronounced in higher wealth groups. Additionally, both the chairmans wealth and income significantly influence wealth accumulation, with the effect becoming stronger in wealthier groups. Educational background and age significantly affect wealth concentration only in lower wealth groups. For chairmans entry and exist behavior, income and wealth levels are the key determinants. These results support the hypothesis of borrowing constraints in China.