Trade policy uncertainty and firm risk taking

被引：23

作者：

Wang, Hui ^{[1
]}

Shen, Huayu ^{[1
]}

Tang, Xiaoyi ^{[1
]}

Wu, Zuofeng ^{[2
]}

Ma, Shuming ^{[3
]}

机构：

[1] North China Elect Power Univ, Sch Econ & management, Beijing 102206, Peoples R China

[2] Linyi Univ, Sch Business, Linyi 276005, Shandong, Peoples R China

[3] Cape Breton Univ, Shannon Sch Business, Sydney, NS B1M 1A2, Canada

来源：

ECONOMIC ANALYSIS AND POLICY | 2021年 / 70卷

基金：

中国国家自然科学基金;

关键词：

Trade policy uncertainty; Risk taking; Financing constraint ownership concentration; Operational risk; INVESTMENT; IMPACT; MATURITY; MARKET; COST;

D O I：

10.1016/j.eap.2021.03.007

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Using data for firms listed in China from 2007 to 2019, this paper explores the relationship between trade policy uncertainty (TPU) and firm risk taking (FRT). It finds that TPU is negatively and significantly correlated with FRT. Meanwhile, the influencing mechanism estimates suggest that TPU increases firm financial constraint and operational risk, which, in turn, negatively affect FRT. Further tests reveal that, when the ownership concentration and debt ratio are high, the negative effect of TPU on FRT is more pronounced. (C) 2021 Economic Society of Australia, Queensland. Published by Elsevier B.V. All rights reserved.

引用

页码：351 / 364

页数：14

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