Multiple Large Shareholders, Corporate Cash-Flow Volatility, and Financial Distress

DOI

10.2991/978-94-6239-825-2_55How to use a DOI?

Keywords

multiple large shareholders; cash-flow volatility; financial distress

Abstract

Using Chinese listed firms from 2013 to 2023, this study examines the relationship between corporate cash-flow volatility and financial distress and investigates whether multiple large shareholders moderate this relationship. The regression results show that greater cash-flow volatility is associated with more severe financial distress. However, when a firm has multiple large shareholders, the positive effect of cash-flow volatility on financial distress is mitigated. Further analysis indicates that this moderating effect is not significant for firms subject to strong external audit oversight, whereas it is particularly pronounced in firms operating in less competitive industries. The findings provide practical implications for preventing corporate financial distress.

Copyright

© 2026 The Author(s)

Open Access

Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Download article (PDF)

TY  - CONF
AU  - Yulu Zhang
PY  - 2026
DA  - 2026/11/10
TI  - Multiple Large Shareholders, Corporate Cash-Flow Volatility, and Financial Distress
BT  - Proceedings of the 2026 5th International Conference on Public Service, Economic Management and Sustainable Development (PESD 2026)
PB  - Atlantis Press
SP  - 564
EP  - 578
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6239-825-2_55
DO  - 10.2991/978-94-6239-825-2_55
ID  - Zhang2026
ER  -