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Population aging and corporate risk-taking

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  • Liu, Changfei
  • Wu, Qiong
  • Yang, Zuozhi

Abstract

This article studies the relationship between population aging and corporate risk-taking. Based on Chinese stock market, we construct measures of the degree of aging and corporate risk-taking, and find that the deepening degree of population aging will reduce the level of corporate risk-taking, and the negative impact of population aging on the level of corporate risk-taking is more pronounced in non-state-owned enterprises and enterprises in regions with lower levels of marketization.

Suggested Citation

  • Liu, Changfei & Wu, Qiong & Yang, Zuozhi, 2024. "Population aging and corporate risk-taking," Finance Research Letters, Elsevier, vol. 61(C).
    • Handle: RePEc:eee:finlet:v:61:y:2024:i:c:s1544612324000047
    DOI: 10.1016/j.frl.2024.104974
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    References listed on IDEAS

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    Cited by:

    1. Li, Gang & Ma, Yan, 2025. "Labor contract law, labor income share, and corporate risk-taking," Finance Research Letters, Elsevier, vol. 85(PC).
    2. Qiu, Weijian & Yang, Wenxuan & Qiu, Le, 2025. "Population aging, market competition and enterprise green innovation," Finance Research Letters, Elsevier, vol. 74(C).
    3. Guo, Jing & Yu, Jiaqi & Tian, Ziqing, 2025. "Financial technology, population aging, and corporate innovation," International Review of Financial Analysis, Elsevier, vol. 100(C).
    4. He, Xinao & Xu, Runguo & Sun, Kai & Wang, Jian, 2024. "Population intensity, location choice, and investment portfolio selection: A case of emerging economies," International Review of Financial Analysis, Elsevier, vol. 94(C).
    5. Fang, Hong & Xu, Feng & Wang, Xiaohui & Pan, Yue, 2026. "Energy transition and corporate risk-taking," Finance Research Letters, Elsevier, vol. 92(C).
    6. Luan, Dianfei & Xu, Bing & Chen, Lichang, 2025. "Financial pension security, digital literacy, and the well-being perception of the elderly population," Finance Research Letters, Elsevier, vol. 85(PA).
    7. Zuo, Jingjing & Han, Lu & Wang, Wei, 2025. "Who is compressing the “dividends” of employees? Research on the impact of population aging on employee treatment," Emerging Markets Review, Elsevier, vol. 69(C).
    8. Chen, Yaorui & Wang, Hua, 2025. "Firm perceptions of population aging and cross-regional investment decisions: Evidence from China," Finance Research Letters, Elsevier, vol. 85(PA).
    9. Guo, Xiao & Li, Rongxin, 2025. "Climate physical risks and corporate supply chain resilience: How do investor sentiment and risk-taking behaviors influence supply chain operations?," Finance Research Letters, Elsevier, vol. 85(PA).
    10. Chen, Xiaoqiu & Hu, Feng, 2025. "Employee pension welfare and corporate risk-taking: Evidence from the enterprise annuity system in China," Pacific-Basin Finance Journal, Elsevier, vol. 94(C).
    11. Song, Xiaoyue & Yuan, Yuetong & Hu, Keer & Liu, Jialin, 2026. "How does executive pay stickiness affect corporate risk-taking under an innovation strategy orientation?," Finance Research Letters, Elsevier, vol. 89(C).
    12. Daisuke TSURUTA, 2026. "Credit Allocation for SMEs in an Aging Economy: Evidence from the COVID-19 and Global Financial Crises in Japan," Discussion papers 26039, Research Institute of Economy, Trade and Industry (RIETI).
    13. Zhao, Dongfang & Gao, Genghe & Liu, Tao & Zhao, Zhenkun, 2024. "Population aging, digital divide, and household financial asset choices—An empirical study based on prefecture-level population census data," Finance Research Letters, Elsevier, vol. 66(C).
    14. Wang, Huilin & Liu, Jiliang, 2025. "Aging of population, digital financial inclusion, and public education expenditure," Finance Research Letters, Elsevier, vol. 73(C).

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