{"title":"企业应对系统性风险:言论与行动","authors":"Yulin Liu , Junbo Wang , Fenghua Wen , Chunchi Wu","doi":"10.1016/j.pacfin.2024.102493","DOIUrl":null,"url":null,"abstract":"<div><p>Using text-mining analyses, we find that firms are more concerned about systemic shocks, leading to a subsequent decrease in systemic risk exposure. This finding is robust to endogeneity using the entropy balance, instrumental variable, and quasi-natural experiment tests. A tighter regulatory environment and increased risk aversion are primary reasons for aligning firms’ slogans with their actions, i.e., reducing expenses and increasing cash holdings, to mitigate systemic risk exposure. Importantly, these risk-mitigating strategies produce positive outcomes, including increased earnings and decreased bankruptcy risk for firms. Results suggest regulators can cultivate voluntary reductions in systemic risk by increasing firms’ awareness.</p></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":null,"pages":null},"PeriodicalIF":4.8000,"publicationDate":"2024-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Corporate responses to systemic risk: Talk and action\",\"authors\":\"Yulin Liu , Junbo Wang , Fenghua Wen , Chunchi Wu\",\"doi\":\"10.1016/j.pacfin.2024.102493\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>Using text-mining analyses, we find that firms are more concerned about systemic shocks, leading to a subsequent decrease in systemic risk exposure. This finding is robust to endogeneity using the entropy balance, instrumental variable, and quasi-natural experiment tests. A tighter regulatory environment and increased risk aversion are primary reasons for aligning firms’ slogans with their actions, i.e., reducing expenses and increasing cash holdings, to mitigate systemic risk exposure. Importantly, these risk-mitigating strategies produce positive outcomes, including increased earnings and decreased bankruptcy risk for firms. Results suggest regulators can cultivate voluntary reductions in systemic risk by increasing firms’ awareness.</p></div>\",\"PeriodicalId\":48074,\"journal\":{\"name\":\"Pacific-Basin Finance Journal\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":4.8000,\"publicationDate\":\"2024-08-15\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Pacific-Basin Finance Journal\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S0927538X24002452\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Pacific-Basin Finance Journal","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0927538X24002452","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
Corporate responses to systemic risk: Talk and action
Using text-mining analyses, we find that firms are more concerned about systemic shocks, leading to a subsequent decrease in systemic risk exposure. This finding is robust to endogeneity using the entropy balance, instrumental variable, and quasi-natural experiment tests. A tighter regulatory environment and increased risk aversion are primary reasons for aligning firms’ slogans with their actions, i.e., reducing expenses and increasing cash holdings, to mitigate systemic risk exposure. Importantly, these risk-mitigating strategies produce positive outcomes, including increased earnings and decreased bankruptcy risk for firms. Results suggest regulators can cultivate voluntary reductions in systemic risk by increasing firms’ awareness.
期刊介绍:
The Pacific-Basin Finance Journal is aimed at providing a specialized forum for the publication of academic research on capital markets of the Asia-Pacific countries. Primary emphasis will be placed on the highest quality empirical and theoretical research in the following areas: • Market Micro-structure; • Investment and Portfolio Management; • Theories of Market Equilibrium; • Valuation of Financial and Real Assets; • Behavior of Asset Prices in Financial Sectors; • Normative Theory of Financial Management; • Capital Markets of Development; • Market Mechanisms.