Globalization of corporate risk taking

• 成果类型: Article
• 署名作者: Bruno, Valentina; Shin, Hyun Song
• 署名单位: American University; Princeton University
• 刊物名称: JOURNAL OF INTERNATIONAL BUSINESS STUDIES
• ISSN/ISSBN: 0047-2506
• DOI: 10.1057/jibs.2014.12
• 发表日期: 2014
• 页码: 800-820
• 关键词: corporate risk-taking; Global liquidity; capital flows; Financial crisis; multinational corporations (MNCs) and enterprises (MNEs)

摘要

We explore how the interconnected nature of global finance affects corporate risk taking. We show that a common global factor known to be associated with fluctuations in cross-border banking is also strongly associated with common co-movements in corporate risk-taking across a diverse universe of international firms. Our study contributes to the international business literature as the first comprehensive investigation of how global financial conditions induce greater synchronization of risk-taking across regions and sectors.