Humanities and Social Sciences Communications
(2026) Cite this article
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Managerial characteristics significantly influence strategic decisions and economic outcomes within corporations. Using data from China’s A-share listed companies, this study examines the relationship between CEOs’ multidisciplinary backgrounds and corporate financing–investment maturity mismatches. We find that CEOs with diverse professional experience exacerbate such mismatches to a greater extent than those with singular professional backgrounds. This effect intensifies with the increasing complexity of professional experience and remains robust after applying propensity score matching (PSM), instrumental variable (IV) methods, and difference-in-differences (DID) analyses. A mechanism analysis reveals that multidisciplinary backgrounds exacerbate financing constraints, which in turn affect maturity mismatches. Furthermore, this effect is more pronounced in non-state-owned enterprises, firms with relatively weak equity incentives, and firms whose CEOs lack a financial background. This study not only extends the theoretical framework linking managerial characteristics to corporate financial decisions but also provides practical insights for firms’ executive recruitment.
The authors would like to thank Dr. Shunlin Zhu of Ningbo University for his helpful discussions on the paper.
Business School, Ningbo University, Ningbo, China
School of Management and Economics, Chinese University of Hong Kong, Shenzhen, Shenzhen, China
Correspondence to
Yongmin Zhang.
The authors declare no competing interests. This article does not contain any studies with human participants performed by any of the authors.
This article does not contain any studies with human participants performed by any of the authors.
This article does not contain any studies with human participants performed by any of the authors.
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Ma, F., Zhang, R. & Zhang, Y. The impact of CEOs’ multidisciplinary backgrounds on corporate financing and investment maturity mismatch.
Humanit Soc Sci Commun (2026). https://doi.org/10.1057/s41599-026-08677-9
DOI: https://doi.org/10.1057/s41599-026-08677-9
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