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个人信息Personal Information
副教授
硕士生导师
性别:女
毕业院校:东北财经大学
学位:博士
所在单位:金融与会计研究所
学科:金融学. 投资学
电子邮箱:zwli@dlut.edu.cn
Relationship between initiative risk management and firm value: evidence from Chinese financial listed companies
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论文类型:期刊论文
发表时间:2016-01-01
发表刊物:APPLIED ECONOMICS
收录刊物:SSCI、Scopus
卷号:48
期号:8
页面范围:658-668
ISSN号:0003-6846
关键字:Initiative risk management; firm value; financial enterprises; corporate finance
摘要:This study considers 189 Chinese financial listed companies between 2009 and 2013 as research samples to establish indicators for evaluating the initiative risk management behaviour of financial enterprises. This work further examines the relationship between initiative risk management and firm value. Results show that financial enterprises could effectively increase firm value by taking initiative risk management measures, such as setting up departments or positions that specialize in risk management, using financial derivative instruments or engaging popular international accounting firms as audit institutions. Moreover, results reveal that the permeability of initiative risk management has an unstable effect on firm value, that is, a nonlinear relationship exists between the permeability of initiative risk management and firm value.