Rollover restrictions and firm export behavior: evidence from China
This paper employs difference-in-differences identification strategy to investigate the impact of nationwide rollover restrictions on firm export behavior with the micro-data of China’s listed firms, using the exogenous event of China passing the Guideline for Loan Risk Classification in 2007 as a q...
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| Format: | Article |
| Language: | English |
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Taylor & Francis Group
2025-12-01
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| Series: | Journal of Applied Economics |
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| Online Access: | https://www.tandfonline.com/doi/10.1080/15140326.2025.2464443 |
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| _version_ | 1849763447658512384 |
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| author | Kaihao Liu Xuefang Wang Tingru Zhang |
| author_facet | Kaihao Liu Xuefang Wang Tingru Zhang |
| author_sort | Kaihao Liu |
| collection | DOAJ |
| description | This paper employs difference-in-differences identification strategy to investigate the impact of nationwide rollover restrictions on firm export behavior with the micro-data of China’s listed firms, using the exogenous event of China passing the Guideline for Loan Risk Classification in 2007 as a quasi-natural experiment. Our findings reveal that rollover restrictions have a significantly negative effect on firm export behavior, including extensive and intensive margins of firm export. Moreover, the potential mechanism analysis reveals that rollover restrictions adversely affect firm export behavior by increasing firm financing constraints, reducing the supply of firm commercial credit, and inhibiting firm technology innovation. Additionally, heterogeneity tests demonstrate that the impact of rollover restrictions on firm export behavior varies across different industries and types of firms. This paper sheds light on the economic impacts of rollover restrictions on firms and provides policy implications for avoiding a “one-size-fits-all” policy pattern and comprehensively enhancing the corporate governance capacity. |
| format | Article |
| id | doaj-art-e240cb5393dc4220bec534729beb42e9 |
| institution | DOAJ |
| issn | 1514-0326 1667-6726 |
| language | English |
| publishDate | 2025-12-01 |
| publisher | Taylor & Francis Group |
| record_format | Article |
| series | Journal of Applied Economics |
| spelling | doaj-art-e240cb5393dc4220bec534729beb42e92025-08-20T03:05:25ZengTaylor & Francis GroupJournal of Applied Economics1514-03261667-67262025-12-0128110.1080/15140326.2025.2464443Rollover restrictions and firm export behavior: evidence from ChinaKaihao Liu0Xuefang Wang1Tingru Zhang2School of Economics, Shandong University, Jinan, People’s Republic of ChinaSchool of Economics, Shandong University, Jinan, People’s Republic of ChinaSchool of Economics, Shandong University, Jinan, People’s Republic of ChinaThis paper employs difference-in-differences identification strategy to investigate the impact of nationwide rollover restrictions on firm export behavior with the micro-data of China’s listed firms, using the exogenous event of China passing the Guideline for Loan Risk Classification in 2007 as a quasi-natural experiment. Our findings reveal that rollover restrictions have a significantly negative effect on firm export behavior, including extensive and intensive margins of firm export. Moreover, the potential mechanism analysis reveals that rollover restrictions adversely affect firm export behavior by increasing firm financing constraints, reducing the supply of firm commercial credit, and inhibiting firm technology innovation. Additionally, heterogeneity tests demonstrate that the impact of rollover restrictions on firm export behavior varies across different industries and types of firms. This paper sheds light on the economic impacts of rollover restrictions on firms and provides policy implications for avoiding a “one-size-fits-all” policy pattern and comprehensively enhancing the corporate governance capacity.https://www.tandfonline.com/doi/10.1080/15140326.2025.2464443Rollover restrictionsfirm export extensive marginfirm export intensive margin |
| spellingShingle | Kaihao Liu Xuefang Wang Tingru Zhang Rollover restrictions and firm export behavior: evidence from China Journal of Applied Economics Rollover restrictions firm export extensive margin firm export intensive margin |
| title | Rollover restrictions and firm export behavior: evidence from China |
| title_full | Rollover restrictions and firm export behavior: evidence from China |
| title_fullStr | Rollover restrictions and firm export behavior: evidence from China |
| title_full_unstemmed | Rollover restrictions and firm export behavior: evidence from China |
| title_short | Rollover restrictions and firm export behavior: evidence from China |
| title_sort | rollover restrictions and firm export behavior evidence from china |
| topic | Rollover restrictions firm export extensive margin firm export intensive margin |
| url | https://www.tandfonline.com/doi/10.1080/15140326.2025.2464443 |
| work_keys_str_mv | AT kaihaoliu rolloverrestrictionsandfirmexportbehaviorevidencefromchina AT xuefangwang rolloverrestrictionsandfirmexportbehaviorevidencefromchina AT tingruzhang rolloverrestrictionsandfirmexportbehaviorevidencefromchina |