The impact of institutional commitments on corporate risk-taking: Evidence from the United Nations Principles for responsible investment
Author
Abstract
Suggested Citation
DOI: 10.1016/j.iref.2024.103715
Download full text from publisher
As the access to this document is restricted, you may want to search for a different version of it.
References listed on IDEAS
- Ahmad, Muhammad Munir & Hunjra, Ahmed Imran & Taskin, Dilvin, 2023. "Do asymmetric information and leverage affect investment decisions?," The Quarterly Review of Economics and Finance, Elsevier, vol. 87(C), pages 337-345.
- Kempf, Alexander & Ruenzi, Stefan & Thiele, Tanja, 2009.
"Employment risk, compensation incentives, and managerial risk taking: Evidence from the mutual fund industry,"
Journal of Financial Economics, Elsevier, vol. 92(1), pages 92-108, April.
- Kempf, Alexander & Ruenzi, Stefan & Thiele, Tanja, 2008. "Employment risk, compensation incentives and managerial risk taking: Evidence from the mutual fund industry," CFR Working Papers 07-02, University of Cologne, Centre for Financial Research (CFR).
- He, Feng & Ding, Cong & Yue, Wei & Liu, Guanchun, 2023. "ESG performance and corporate risk-taking: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 87(C).
- Riikka Sievänen & Hannu Rita & Bert Scholtens, 2013. "The Drivers of Responsible Investment: The Case of European Pension Funds," Journal of Business Ethics, Springer, vol. 117(1), pages 137-151, September.
- Low, Angie, 2009. "Managerial risk-taking behavior and equity-based compensation," Journal of Financial Economics, Elsevier, vol. 92(3), pages 470-490, June.
- Frijns, Bart & Hubers, Frank & Kim, Donghoon & Roh, Tai-Yong & Xu, Yahua, 2022. "National culture and corporate risk-taking around the world," Global Finance Journal, Elsevier, vol. 52(C).
- Neil Eccles, 2010. "UN Principles for Responsible Investment Signatories and the Anti-Apartheid SRI Movement: A Thought Experiment," Journal of Business Ethics, Springer, vol. 95(3), pages 415-424, September.
- Kose John & Lubomir Litov & Bernard Yeung, 2008. "Corporate Governance and Risk‐Taking," Journal of Finance, American Finance Association, vol. 63(4), pages 1679-1728, August.
- Fogel, Kathy & Morck, Randall & Yeung, Bernard, 2008.
"Big business stability and economic growth: Is what's good for General Motors good for America?,"
Journal of Financial Economics, Elsevier, vol. 89(1), pages 83-108, July.
- Kathy Fogel & Randall Morck & Bernard Yeung, 2006. "Big Business Stability and Economic Growth: Is What's Good for General Motors Good for America?," NBER Working Papers 12394, National Bureau of Economic Research, Inc.
- Khaw, Karren Lee-Hwei & Liao, Jing & Tripe, David & Wongchoti, Udomsak, 2016. "Gender diversity, state control, and corporate risk-taking: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 39(C), pages 141-158.
- Yizao Chen & Shihua Huang, 2023. "CEO Reputation and Corporate Risk-Taking: Managerial Competence or Managerial Defence?," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 59(14), pages 4028-4053, November.
- Shen, Zhe & Sowah, Joseph Sowahfio & Dak-Adzaklo, Cephas Simon Peter & Li, Shan, 2023. "Competition laws and corporate risk-taking around the world," Pacific-Basin Finance Journal, Elsevier, vol. 80(C).
- Sohyung Kim & Cheol Lee & Santanu Mitra, 2022. "Other Side of Voluntary Clawback Provisions in Executive Compensation Contracts: Evidence from the Investment Efficiency," Review of Pacific Basin Financial Markets and Policies (RPBFMP), World Scientific Publishing Co. Pte. Ltd., vol. 25(01), pages 1-50, March.
- Alexander Ljungqvist & Liandong Zhang & Luo Zuo, 2017.
"Sharing Risk with the Government: How Taxes Affect Corporate Risk Taking,"
Journal of Accounting Research, Wiley Blackwell, vol. 55(3), pages 669-707, June.
- Alexander Ljungqvist & Liandong Zhang & Luo Zuo, 2015. "Sharing Risk with the Government: How Taxes Affect Corporate Risk Taking," NBER Working Papers 21834, National Bureau of Economic Research, Inc.
- Bourgain, Arnaud & Pieretti, Patrice & Zanaj, Skerdilajda, 2012.
"Financial openness, disclosure and bank risk-taking in MENA countries,"
Emerging Markets Review, Elsevier, vol. 13(3), pages 283-300.
- Jean-Daniel Guigou & Regis Blazy & Afef Boughanmi & Bruno Defffains, 2011. "Corporate Governance and Financial Development: A Study of the French Case," DEM Discussion Paper Series 11-11, Department of Economics at the University of Luxembourg.
- Hou, Canran & Liu, Huan, 2023. "Institutional cross-ownership and stock price crash risk," Research in International Business and Finance, Elsevier, vol. 65(C).
- Serfling, Matthew A., 2014. "CEO age and the riskiness of corporate policies," Journal of Corporate Finance, Elsevier, vol. 25(C), pages 251-273.
- Neil Brisley, 2006. "Executive Stock Options: Early Exercise Provisions and Risk‐taking Incentives," Journal of Finance, American Finance Association, vol. 61(5), pages 2487-2509, October.
- Lily Fang & Joel Peress, 2009. "Media Coverage and the Cross‐section of Stock Returns," Journal of Finance, American Finance Association, vol. 64(5), pages 2023-2052, October.
- Xiao Li & Gang Liu & Qinghua Fu & Abdul Aziz Abdul Rahman & Abdelrhman Meero & Muhammad Safdar Sial, 2022. "Does Corporate Social Responsibility Impact on Corporate Risk-Taking? Evidence from Emerging Economy," Sustainability, MDPI, vol. 14(1), pages 1-26, January.
- Dong Wang & Desheng Wu, 2017. "Equity incentive and risk taking: evidence from China," Nankai Business Review International, Emerald Group Publishing Limited, vol. 8(1), pages 80-99, March.
- Acharya, Viral V. & Amihud, Yakov & Litov, Lubomir, 2011.
"Creditor rights and corporate risk-taking,"
Journal of Financial Economics, Elsevier, vol. 102(1), pages 150-166, October.
- Acharya, Viral & Amihud, Yakov & Litov, Lubomir P., 2008. "Creditor Rights and Corporate Risk-taking," CEPR Discussion Papers 6697, C.E.P.R. Discussion Papers.
- Viral V. Acharya & Yakov Amihud & Lubomir Litov, 2009. "Creditor rights and corporate risk-taking," NBER Working Papers 15569, National Bureau of Economic Research, Inc.
- Kenji Kutsuna & Janet Kiholm Smith & Richard L. Smith, 2009.
"Public Information, IPO Price Formation, and Long‐Run Returns: Japanese Evidence,"
Journal of Finance, American Finance Association, vol. 64(1), pages 505-546, February.
- Kenji Kutsuna & Janet Kiholm Smith & Richard L. Smith, 2006. "Public Information, IPO Price Formation, and Long-run Returns: Japanese Evidence," Discussion Papers 2006-22, Kobe University, Graduate School of Business Administration.
- Huang, Shuang & Zhang, Zheng & Nahm, Abraham Y. & Song, Zengji, 2024. "CEO's prison experience and corporate risk-taking," International Review of Financial Analysis, Elsevier, vol. 95(PB).
- Faccio, Mara & Marchica, Maria-Teresa & Mura, Roberto, 2016. "CEO gender, corporate risk-taking, and the efficiency of capital allocation," Journal of Corporate Finance, Elsevier, vol. 39(C), pages 193-209.
- Raviv, Alon & Sisli-Ciamarra, Elif, 2013. "Executive compensation, risk taking and the state of the economy," Journal of Financial Stability, Elsevier, vol. 9(1), pages 55-68.
- Andreas G. F. Hoepner & Lisa Schopohl, 2018. "On the Price of Morals in Markets: An Empirical Study of the Swedish AP-Funds and the Norwegian Government Pension Fund," Journal of Business Ethics, Springer, vol. 151(3), pages 665-692, September.
- Chen, Yangyang & Hasan, Iftekhar & Saffar, Walid & Zolotoy, Leon, 2021. "Executive Equity Risk-Taking Incentives and Firms’ Choice of Debt Structure," Journal of Banking & Finance, Elsevier, vol. 133(C).
- Yue Cao & Yizhe Dong & Yu Lu & Diandian Ma, 2020. "Does Institutional Ownership Improve Firm Investment Efficiency?," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 56(12), pages 2772-2792, September.
- Boubakri, Narjess & Cosset, Jean-Claude & Saffar, Walid, 2013. "The role of state and foreign owners in corporate risk-taking: Evidence from privatization," Journal of Financial Economics, Elsevier, vol. 108(3), pages 641-658.
- Li, Kai & Griffin, Dale & Yue, Heng & Zhao, Longkai, 2013. "How does culture influence corporate risk-taking?," Journal of Corporate Finance, Elsevier, vol. 23(C), pages 1-22.
- Yue Cao & Yizhe Dong & Yu Lu & Diandian Ma, 2020. "Does Institutional Ownership Improve Firm Investment Efficiency?," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 56(12), pages 2772-2792, September.
- Guo, Lan & Su, Zhong-qin & Xiao, Zuoping & Fung, Hung-Gay, 2024. "Alcohol culture and corporate risk-taking," Research in International Business and Finance, Elsevier, vol. 67(PB).
- Chen, Chen-Wen & Liu, Victor W., 2013. "Corporate governance under asymmetric information: Theory and evidence," Economic Modelling, Elsevier, vol. 33(C), pages 280-291.
- Coles, Jeffrey L. & Daniel, Naveen D. & Naveen, Lalitha, 2006. "Managerial incentives and risk-taking," Journal of Financial Economics, Elsevier, vol. 79(2), pages 431-468, February.
- Wenli Wang & Jing Zhang & Yunpeng Wang, 2022. "Capital Supervision, Information Disclosure and Risk-taking—Evidence from Rural Commercial Banks in China," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 58(8), pages 2273-2289, June.
- Christian Voegtlin & Nicola Pless, 2014. "Global Governance: CSR and the Role of the UN Global Compact," Journal of Business Ethics, Springer, vol. 122(2), pages 179-191, June.
- Tian, Guangning & Li, Bo & Cheng, Yue, 2022. "Does digital transformation matter for corporate risk-taking?," Finance Research Letters, Elsevier, vol. 49(C).
- Jiraporn, P. & Chintrakarn, P., 2013. "How do powerful CEOs view corporate social responsibility (CSR)? An empirical note," Economics Letters, Elsevier, vol. 119(3), pages 344-347.
- Wang, Junkai & Qi, Baolei & Li, Yan & Hossain, Muhammad Istiaque & Tian, Haowen, 2024. "Does institutional commitment affect ESG performance of firms? Evidence from the United Nations principles for responsible investment," Energy Economics, Elsevier, vol. 130(C).
- Bargeron, Leonce L. & Lehn, Kenneth M. & Zutter, Chad J., 2010. "Sarbanes-Oxley and corporate risk-taking," Journal of Accounting and Economics, Elsevier, vol. 49(1-2), pages 34-52, February.
- Nguyen, Pascal, 2011. "Corporate governance and risk-taking: Evidence from Japanese firms," Pacific-Basin Finance Journal, Elsevier, vol. 19(3), pages 278-297, June.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Wang, Jie & Wang, Wanwan & Yuan, Fang, 2023. "Air pollution and corporate risk-taking: Evidence from China," International Review of Economics & Finance, Elsevier, vol. 86(C), pages 570-586.
- Jiang, Jiaoliang & Chen, Yulin, 2021. "How does labor protection influence corporate risk-taking? Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 68(C).
- Fu, Fanjie & Fang, Jing & Zhang, Fan & Yao, Shujie & Ou, Jinghua, 2024. "CEOs' hometown connections and corporate risk-taking: Evidence from China," Emerging Markets Review, Elsevier, vol. 60(C).
- Cao, Yue & Dong, Yizhe & Ma, Diandian & Sun, Li, 2021. "Customer concentration and corporate risk-taking," Journal of Financial Stability, Elsevier, vol. 54(C).
- He, Feng & Ding, Cong & Yue, Wei & Liu, Guanchun, 2023. "ESG performance and corporate risk-taking: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 87(C).
- Xu, Weidong & Gao, Xin & Xu, Hao & Li, Donghui, 2022. "Does global climate risk encourage companies to take more risks?," Research in International Business and Finance, Elsevier, vol. 61(C).
- Lin, Boqiang & Song, Yijie, 2025. "Do coal price shocks affect the risk-taking of listed companies in China?," Resources Policy, Elsevier, vol. 101(C).
- Yin, Libo & Lu, Man, 2022. "Oil uncertainty and firms' risk-taking," Energy Economics, Elsevier, vol. 108(C).
- Wang, Shanyong & Xu, Baolong, 2024. "Environmental protection tax policy and corporate risk-taking: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 96(PA).
- Sultan Sikandar Mirza & Raheel Safdar & Yan Yu & M. Awais Gulzar, 2019. "Managerial Empowerment and Firm Risk-Taking," SAGE Open, , vol. 9(2), pages 21582440198, June.
- Panta, Humnath, 2020. "Does social capital influence corporate risk-taking?," Journal of Behavioral and Experimental Finance, Elsevier, vol. 26(C).
- Vo, Xuan Vinh, 2018. "Do firms with state ownership in transitional economies take more risk? Evidence from Vietnam," Research in International Business and Finance, Elsevier, vol. 46(C), pages 251-256.
- Jiang, Tianjiao & Levine, Ross & Lin, Chen & Wei, Lai, 2020. "Bank deregulation and corporate risk," Journal of Corporate Finance, Elsevier, vol. 60(C).
- Vural-Yavaş, Çiğdem, 2020. "Corporate risk-taking in developed countries: The influence of economic policy uncertainty and macroeconomic conditions," Journal of Multinational Financial Management, Elsevier, vol. 54(C).
- Sun, Zixiong & Anderson, Hamish & Chi, Jing, 2023. "Managerial foreign experience and corporate risk-taking: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 86(C).
- Chang, Jeffery (Jinfan) & Meng, Qingbin & Ni, Xiaoran, 2022. "A tale of riskiness: The real effects of share pledging on the Chinese stock market," Pacific-Basin Finance Journal, Elsevier, vol. 73(C).
- Jin, Yige & Dong, Nanyan & Tian, Gaoliang & Zhang, Junrui, 2023. "Wisdom of the masses: Employee education and corporate risk taking," Economic Modelling, Elsevier, vol. 118(C).
- Zhang, Cheng & Yang, Chunhong & Liu, Cheng, 2021. "Economic policy uncertainty and corporate risk-taking: Loss aversion or opportunity expectations," Pacific-Basin Finance Journal, Elsevier, vol. 69(C).
- Shen, Zhe & Sowahfio Sowah, Joseph & Li, Shan, 2022. "Societal trust and corporate risk-taking: International evidence," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 76(C).
- Cid-Aranda, Carlos & López-Iturriaga, Félix, 2025. "Control contestability, large shareholder identity, and corporate risk-taking: International evidence," The Quarterly Review of Economics and Finance, Elsevier, vol. 99(C).
More about this item
Keywords
Financial risk governance; PRI; Risk-taking; Investment efficiency; Quality of information disclosure;All these keywords.
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:reveco:v:96:y:2024:i:pc:s105905602400707x. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/inca/620165 .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.