Financial flexibility and firm performance in Chinese livestock-listed enterprises: the mediating role of financing constraints and the moderating role of environmental uncertainty
Panel data analysis reveals that financial flexibility enhances firm performance in livestock firms, highlighting the role of financing constraints and environmental uncertainty.
Key Points
Firm performance improves with optimal financial flexibility, peaking at a specific turning point.
Robustness analyses confirm the findings' stability across various estimation methods.
Panel data from 70 Chinese livestock-listed firms indicates significant volatility and financing constraints.
Establishing early-warning systems may enhance sustainable development and mitigate financing pressures.