Firm life cycle, corporate risk-taking and investor sentiment

被引：159

作者：

Habib, Ahsan ^{[1
]}

Hasan, Mostafa Monzur ^{[2
]}

机构：

[1] Massey Univ, Sch Accountancy, Auckland, New Zealand

[2] Curtin Univ, Sch Econ & Finance, Perth, WA, Australia

来源：

ACCOUNTING AND FINANCE | 2017年 / 57卷 / 02期

关键词：

Firm life cycle; Corporate risk-taking; Firm performance; Investor sentiment; STOCK RETURNS; DISAPPEARING DIVIDENDS; CATERING INCENTIVES; EARNINGS MANAGEMENT; CAPITAL STRUCTURE; STRATEGIC RISK; SMALL BUSINESS; CROSS-SECTION; AGENCY COSTS; CASH FLOW;

D O I：

10.1111/acfi.12141

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study investigates the corporate risk-taking and the performance consequences at different stages of the firm life cycle. We find that risk-taking is higher in the introduction and decline stages of the life cycle, but lower in the growth and mature stages. We also find that risk-taking during introduction and decline stage (growth and maturity stage) affects future performance adversely (positively). We also document that managerial risk-taking propensities increase during periods of high investor sentiment and firms in different life cycle stages respond to sentiment differently. Collectively, these results suggest that the firm life cycle has explanatory power for corporate risk-taking behaviour.

引用

页码：465 / 497

页数：33

共 94 条

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