Ownership succession, risk taking and debt financing from the perspective of the institutional environment

Yanbo Liu; Hanzhou Liu; Decai Tang; Chenxi Yin; Lin Kong

PLOS ONE · 2025-07-24
Research article · Version of record · CC BY 4.0 · 6,869 words

Original source: Volume 20 · Issue 7 · e0327492

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Title: Ownership succession, risk taking and debt financing from the perspective of the institutional environment
Human authorship: Yanbo Liu; Hanzhou Liu; Decai Tang; Chenxi Yin; Lin Kong
Source: Complete manuscript edition 2026-10-28
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Original authors / creators: Yanbo Liu; Hanzhou Liu; Decai Tang; Chenxi Yin; Lin Kong
Original publication: PLOS ONE · Public Library of Science · 2025-07-24
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doi:10.1371/journal.pone.0327492
License & retained notices: CC BY 4.0
© 2025 Liu et al.
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Evidence limits: Observational listed-firm panel; excludes several distressed and financial firms. Short-term loans are not total debt, stock-return volatility is not personal risk preference, and founder-age instrumental-variable identification requires an exclusion assumption. No family-office intervention evaluated.
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