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Does financial inclusion affect corporate risk-taking?

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  • Setianto, Rahmat Heru
  • Azman-Saini, W.N.W.
  • Law, Siong Hook

Abstract

This study examines the effect of financial inclusion on corporate risk-taking, using a sample of 1443 publicly listed firms in the consumer cyclical sector across the Asian region from 2004 to 2022. We employ the panel fixed effect model, two-stage least squares, the system GMM, and dynamic panel threshold regression estimators. The results indicate that financial inclusion increases corporate risk-taking. We also confirm the presence of threshold effects related to firm size and Tobin's Q, indicating that the impact of financial inclusion on corporate risk-taking is non-monotonic. Specifically, financial inclusion has a stronger positive impact on risk-taking for smaller firms compared to larger ones, as well as for firms with higher Tobin's Q values. The results are robust to alternative measurements and estimation techniques.

Suggested Citation

  • Setianto, Rahmat Heru & Azman-Saini, W.N.W. & Law, Siong Hook, 2025. "Does financial inclusion affect corporate risk-taking?," Research in International Business and Finance, Elsevier, vol. 80(C).
    • Handle: RePEc:eee:riibaf:v:80:y:2025:i:c:s0275531925004039
    DOI: 10.1016/j.ribaf.2025.103147
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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
    • L21 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Business Objectives of the Firm
    • L60 - Industrial Organization - - Industry Studies: Manufacturing - - - General

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