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Does the online interaction between retail investors and firm management affect capital structure?

Zhihui Du,Xiaojia Zheng, Chenye Zhang,Rongxi Zhou

Finance Research Letters（2023）

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Abstract
•We examine the effect of retail investors’ interaction with management on firms’ financial leverage.•The retail investors’ interaction with management significantly decreases firms’ financial leverage by mitigating information asymmetry.•The negative effect of online interaction on financial leverage is stronger for firms with more opaque information environments.
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Key words
Retail investors,Investor interactive platforms,Information disclosure,Information asymmetry,Capital structure
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