Strengthening of financial regulation and financial enterprise risk-taking: Analysis based on threshold effects, subindustry heterogeneity, and the moderating role of firm size

IF 9.8 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2025-05-09 DOI:10.1016/j.irfa.2025.104296

Lilong Huang , Yikun Zhuang , Dongdong Dong , Xueqin Dong

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Abstract

Amid the growing complexity of the global financial system and tightening regulatory standards, this study examines the relationship between intensified financial regulation and the risk-taking behavior of financial enterprises. Using a comprehensive dataset of publicly traded financial firms from 2009 to 2022, the analysis reveals a nuanced relationship: stronger financial regulation generally enhances these enterprises' risk-taking capacity, but the correlation displays a clear threshold effect. By segmenting the data across financial banking, insurance, and securities subsectors, the study identifies distinct differences in how each sector responds to regulatory changes. Notably, firm size emerges as a key moderating factor, significantly amplifying the positive effect of stricter financial regulation on risk-taking, particularly within the banking industry. This research advances theoretical understanding of the regulation–risk nexus and offers policymakers robust empirical evidence and strategic insights to refine regulatory frameworks, safeguard financial stability, and promote sustainable growth.

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金融监管加强与金融企业风险承担：基于门槛效应、子行业异质性和企业规模调节作用的分析

在全球金融体系日益复杂和监管标准日益严格的背景下，本研究探讨了强化金融监管与金融企业风险承担行为之间的关系。利用2009年至2022年上市金融公司的综合数据集，分析揭示了一种微妙的关系：更强的金融监管通常会增强这些企业的风险承担能力，但相关性表现出明显的阈值效应。通过对金融银行、保险和证券子行业的数据进行细分，该研究确定了每个行业对监管变化的反应存在明显差异。值得注意的是，公司规模成为一个关键的调节因素，显著放大了更严格的金融监管对风险承担的积极影响，特别是在银行业。本研究推进了对监管与风险关系的理论理解，为政策制定者完善监管框架、维护金融稳定和促进可持续增长提供了强有力的实证证据和战略见解。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

International Review of Financial Analysis BUSINESS, FINANCE-

CiteScore

10.30

自引率

9.80%

发文量

366

期刊介绍： The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.