原油价格波动是否影响商业集团公司的风险承担能力:来自印度的证据?

IF 1.8 Q2 BUSINESS, FINANCE
Nitya Nand Tripathi, Aviral Kumar Tiwari, Shawkat Hammoudeh, Abhay Kumar
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引用次数: 0

摘要

研究目的:本研究在区分企业集团公司和独立公司并考虑石油价格波动的情况下,检验风险承担和风险规避能力。其次,本研究试图研究市场下跌时的风险承担与企业已成为产品市场领导者时的风险承担之间的联系。第三,本研究分析了 "情绪 "状态,探讨了企业在市场处于消极方向时的反应;最后,本研究探讨了产品市场竞争与风险规避之间的联系。研究采用了面板数据,并使用了不同的实证方法,包括广义矩量法(GMM)估计器,以检验所述假设。研究结果我们发现,与独立公司相比,企业集团公司的风险承担能力更强。此外,本研究还发现,当市场表现不佳时,企业会避免承担风险。实证研究结果表明,油价波动会限制管理层在选择高风险投资项目时的行为。管理层应根据企业集团的情况制定稳健的政策。在该政策中,管理层应说明公司可能承担的风险水平,并在需要时加以执行。原创性/价值由于我们没有发现这方面的任何研究,因此本研究应填补文献中的一个重要空白。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Does crude oil price volatility affect risk-taking capability in business group firms: evidence from India?

Purpose

The study tests risk-taking and risk-aversion capabilities while distinguishing between business group firms and stand-alone firms and considering oil price volatility. Second, this attempt to study the linkage between risk-taking during market down movements and when the firms have established themselves as product market leaders. Third, this study analyses the “sentiment” state, where it explores the reaction of corporations when the market is in the negative direction, and lastly, it explores the linkage between product market competition and risk-aversion.

Design/methodology/approach

This study uses financial information for 1,273 non-financial companies and other required data from various sources. The study employs panel data and utilizes different empirical methodologies, including the generalized method of moments (GMM) estimator, to test the stated hypotheses.

Findings

We find that the business group firms have more risk-taking proficiencies compared with the stand-alone firms. Moreover, this study discovers that the corporates avoid taking risks when the market is not performing well. Also, when the market is down and crude prices are high, the management expects high earnings in the future, willingly takes risks and shows that product market leaders do not follow the risk-aversion strategy.

Practical implications

The empirical results indicate that oil price movement can restrict management’s behaviour when choosing a risky investment project. Management should develop a robust policy that follows the group of firms. In the policy, the management should describe the level of risk that may be taken by the firm and implement it when required.

Originality/value

Since we do not find any studies in this context, then there is a major and essential gap in the literature that this study should fill.

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来源期刊
CiteScore
4.10
自引率
0.00%
发文量
47
期刊介绍: Treasury and Financial Risk Management ■Redefining, measuring and identifying new methods to manage risk for financing decisions ■The role, costs and benefits of insurance and hedging financing decisions ■The role of rating agencies in managerial decisions Investment and Financing Decision Making ■The uses and applications of forecasting to examine financing decisions measurement and comparisons of various financing options ■The public versus private financing decision ■The decision of where to be publicly traded - including comparisons of market structures and exchanges ■Short term versus long term portfolio management - choice of securities (debt vs equity, convertible vs non-convertible)
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