Does financial inclusion affect corporate risk-taking?

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance Pub Date : 2025-08-01 DOI:10.1016/j.ribaf.2025.103147

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

引用次数: 0

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.

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普惠金融会影响企业的风险承担吗？

本研究考察了普惠金融对企业风险承担的影响，使用了2004年至2022年亚洲地区1443家消费周期行业上市公司的样本。我们采用面板固定效应模型、两阶段最小二乘、系统GMM和动态面板阈值回归估计。结果表明，普惠金融增加了企业的风险承担。我们还证实了与企业规模和托宾Q相关的阈值效应的存在，表明普惠金融对企业风险承担的影响是非单调的。具体而言，与大公司相比，金融普惠对小公司以及托宾Q值较高的公司的风险承担具有更强的正向影响。结果对其他测量和估计技术具有鲁棒性。

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

Research in International Business and Finance BUSINESS, FINANCE-

CiteScore

11.20

自引率

9.20%

发文量

240

期刊介绍： Research in International Business and Finance (RIBAF) seeks to consolidate its position as a premier scholarly vehicle of academic finance. The Journal publishes high quality, insightful, well-written papers that explore current and new issues in international finance. Papers that foster dialogue, innovation, and intellectual risk-taking in financial studies; as well as shed light on the interaction between finance and broader societal concerns are particularly appreciated. The Journal welcomes submissions that seek to expand the boundaries of academic finance and otherwise challenge the discipline. Papers studying finance using a variety of methodologies; as well as interdisciplinary studies will be considered for publication. Papers that examine topical issues using extensive international data sets are welcome. Single-country studies can also be considered for publication provided that they develop novel methodological and theoretical approaches or fall within the Journal''s priority themes. It is especially important that single-country studies communicate to the reader why the particular chosen country is especially relevant to the issue being investigated. [...] The scope of topics that are most interesting to RIBAF readers include the following: -Financial markets and institutions -Financial practices and sustainability -The impact of national culture on finance -The impact of formal and informal institutions on finance -Privatizations, public financing, and nonprofit issues in finance -Interdisciplinary financial studies -Finance and international development -International financial crises and regulation -Financialization studies -International financial integration and architecture -Behavioral aspects in finance -Consumer finance -Methodologies and conceptualization issues related to finance