The impact of leadership team stability on corporate financing costs: Based on intergenerational succession

: This study explores the complex relationship between corporate management and financing costs (FIC). As the role of businesses in the modern economy becomes increasingly important, optimizing management structures has become a focal point for both academia and practice. The research focuses on Chinese firms listed since 2003 that have undergone intergenerational succession, examining the link between top management team stability and corporate FIC. The results show that more stable management teams significantly reduce FIC, with information transparency playing a key role. Additionally, firm size influences the relationship between team stability and FIC, with this effect varying between profitable and loss-making companies. This research provides new insights into how management team stability impacts FIC in the context of intergenerational succession and demonstrates that optimizing top management structures can lower FIC. The findings also offer theoretical support for corporate practice, helping businesses better address financing challenges.