Fig 1.
The number of listed firms with NCLSs in China from 2005 to 2020.
Table 1.
Sample selection.
Table 2.
Variable definitions and calculation methods.
Table 3.
Descriptive statistics.
Table 4.
Correlation matrix.
Table 5.
The effect of NCLSs on dynamic capital structure adjustment speed.
Table 6.
The effect of NCLSs on capital structure deviation.
Table 7.
The effect of NCLSs on asymmetric capital structure adjustment speed.
Table 8.
The effect of ownership structure on the relationship between NCLSs and dynamic capital structure adjustment.
Fig 2.
Density before pairing.
Fig 3.
Density after pairing.
Table 9.
Comparison of matching variables.
Table 10.
Propensity score matching (PSM) approach.
Table 11.
Two-stage least squares (2SLS) regression.
Table 12.
Heckman two-stage selection model.
Table 13.
Alternative measures of capital structure.
Table 14.
The effect of NCLSs on the active capital structure adjustment speed.
Table 15.
The effect of NCLSs on the capital structure adjustment speed after controlling for corporate governance variables.
Table 16.
Excluding the impact of deleveraging policy.
Table 17.
Mechanism test.