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Relationship among regulatory environment, financing constraints, and corporate risk-taking in tourism industry

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  • Chen, Dong
  • Ran, Yan

Abstract

Using 2009–2022 data obtained from listed Chinese companies belonging to the tourism industry, this aims to understand the interplay among environmental regulation, financing constraints, and corporate risk-taking. Findings indicate that financing constraints hinder corporate risk-taking, whereas environmental regulation positively promotes it; however, the degree of market competition exacerbates such a positive effect. Environmental regulation exhibits a threshold effect with varying financing constraints. This research provides theoretical insights and practical implications for policymakers and tourism firms to navigate complex markets and foster green and sustainable tourism development.

Suggested Citation

  • Chen, Dong & Ran, Yan, 2025. "Relationship among regulatory environment, financing constraints, and corporate risk-taking in tourism industry," Finance Research Letters, Elsevier, vol. 81(C).
    • Handle: RePEc:eee:finlet:v:81:y:2025:i:c:s1544612325005884
    DOI: 10.1016/j.frl.2025.107325
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    2. Liu, Xiaoyu & Wang, Yuanzhu, 2025. "Artificial intelligence technology, risk taking, and financing costs of technology-based firms," Finance Research Letters, Elsevier, vol. 85(PA).

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