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Exploring the risk-taking effects of industry–finance integration

Author

Listed:
  • Cheng, Ying
  • Qiao, Liang
  • Yang, Chaodan
  • Li, Chao
  • Zhang, Wei
  • Chen, Haiying

Abstract

This study examines nonfinancial Chinese firms listed on the A-share market that held at least a 5 % stake in financial institutions between 2012 and 2022. It explores the impact of industry–finance integration on corporate risk-taking levels. Findings indicate that adopting an integrated production and finance strategy increases firms’ risk-taking capacity. Moreover, this integration helps alleviate financing constraints, further amplifying their willingness to take risks. Notably, the positive effect of industry–finance integration on risk-taking is particularly evident among nonstate-owned enterprises.

Suggested Citation

  • Cheng, Ying & Qiao, Liang & Yang, Chaodan & Li, Chao & Zhang, Wei & Chen, Haiying, 2025. "Exploring the risk-taking effects of industry–finance integration," Finance Research Letters, Elsevier, vol. 78(C).
    • Handle: RePEc:eee:finlet:v:78:y:2025:i:c:s1544612325005100
    DOI: 10.1016/j.frl.2025.107247
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