企业应对系统性风险:言论与行动

IF 4.8 2区 经济学 Q1 BUSINESS, FINANCE Pacific-Basin Finance Journal Pub Date : 2024-08-15 DOI:10.1016/j.pacfin.2024.102493
Yulin Liu , Junbo Wang , Fenghua Wen , Chunchi Wu
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引用次数: 0

摘要

通过文本挖掘分析,我们发现企业更加关注系统性冲击,从而降低了系统性风险敞口。利用熵平衡、工具变量和准自然实验检验,这一发现对内生性是稳健的。更严格的监管环境和更高的风险规避是公司口号与行动一致的主要原因,即减少开支和增加现金持有量,以降低系统性风险敞口。重要的是,这些降低风险的策略产生了积极的结果,包括增加企业收益和降低破产风险。研究结果表明,监管机构可以通过提高企业的意识来促进企业自愿降低系统性风险。
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Corporate responses to systemic risk: Talk and action

Using text-mining analyses, we find that firms are more concerned about systemic shocks, leading to a subsequent decrease in systemic risk exposure. This finding is robust to endogeneity using the entropy balance, instrumental variable, and quasi-natural experiment tests. A tighter regulatory environment and increased risk aversion are primary reasons for aligning firms’ slogans with their actions, i.e., reducing expenses and increasing cash holdings, to mitigate systemic risk exposure. Importantly, these risk-mitigating strategies produce positive outcomes, including increased earnings and decreased bankruptcy risk for firms. Results suggest regulators can cultivate voluntary reductions in systemic risk by increasing firms’ awareness.

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来源期刊
Pacific-Basin Finance Journal
Pacific-Basin Finance Journal BUSINESS, FINANCE-
CiteScore
6.80
自引率
6.50%
发文量
157
期刊介绍: The Pacific-Basin Finance Journal is aimed at providing a specialized forum for the publication of academic research on capital markets of the Asia-Pacific countries. Primary emphasis will be placed on the highest quality empirical and theoretical research in the following areas: • Market Micro-structure; • Investment and Portfolio Management; • Theories of Market Equilibrium; • Valuation of Financial and Real Assets; • Behavior of Asset Prices in Financial Sectors; • Normative Theory of Financial Management; • Capital Markets of Development; • Market Mechanisms.
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