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Do differences in stakeholder’s religiosity affect firms’ risk-taking?Evidence from the US credit unions

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  • Mesa-Toro, Andrés

Abstract

While literature shows that religiosity reduces corporate risk-taking, the impact of differences among faiths remains an open question. Using manually-collected data on US faith-based credit unions, we examine this issue. We find that Catholic credit unions exhibit lower solvency risk, lower return volatility, and higher capital levels compared to Protestant credit unions. These differences also vary across Protestant denominations. Variations in solvency risk are driven by Mainline credit unions, while differences in return volatility are more pronounced among Evangelical and Black credit unions. Our findings show that specific religious doctrines, not just religiosity itself, shape firms’ risk-taking.

Suggested Citation

  • Mesa-Toro, Andrés, 2026. "Do differences in stakeholder’s religiosity affect firms’ risk-taking?Evidence from the US credit unions," Finance Research Letters, Elsevier, vol. 90(C).
    • Handle: RePEc:eee:finlet:v:90:y:2026:i:c:s1544612325026571
    DOI: 10.1016/j.frl.2025.109408
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    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • Z12 - Other Special Topics - - Cultural Economics - - - Religion

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