All That Glitters is Not Gold: Examining the Negative Impact of Real Estate Value on Companies' Market Competitiveness
Fangzhi Liang,
Gary Gang Tian,
Zhihua Wei
et al.
Abstract:This paper introduces and investigates the hypothesis that the crowding-out effect surpasses the collateral effect, suggesting that an increase in the value of real estate holdings by companies hinders their competitiveness in the product market within emerging economies. Through our analysis, we elucidate the underlying mechanism, demonstrating that although Chinese listed companies benefit from their real estate holdings in terms of debt financing, these financial resources are predominantly reinvested in re… Show more
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