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Efficient enterprise development is crucial for achieving economic efficiency. This article examines the effect of corporate maturity mismatch on total factor productivity (TFP) and the moderating influence of financialization. Using data from non-financial A-listed enterprises in China from 2007 to 2023, we find that maturity mismatch negatively affects TFP by increasing agency costs and reducing capital allocation efficiency. Furthermore, financialization exacerbates this negative relationship, particularly in firms lacking sufficient risk-management capabilities. Two-stage least-squares estimation validates the robustness of our results.
Zhang et al. (Wed,) studied this question.
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