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Research on the Impact of Cross-Ownership on Corporate Risk-Taking
DU Shanzhong,MA Lianfu
Nankai University, Tianjin, China

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Abstract  Taking Chinese A-share listed companies as samples, we empirically test the impact of chain shareholders on corporate risk-taking. It is found that cross-ownership can increase corporate risk-taking by supervision effect, information effect and resource effect. The positive effects are more significant in the situation of high industry competition and low economic policy uncertainty. Compared with state-owned, institutional and foreign cross-ownership are more helpful to improve corporate risk-taking. Although the shareholding of cross-ownership is positively correlated with corporate risk-taking, the appointment of directors by cross-ownership leads to over supervision effect, which reduces corporate risk-taking. Economic consequence shows that cross-ownership can enhance corporate value by enhancing corporate risk-taking.
Key wordscross-ownership      corporate risk-taking      industry competition      economic policy uncertainty      corporate value     
Received: 24 January 2021     
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DU Shanzhong
MA Lianfu
Cite this article:   
DU Shanzhong,MA Lianfu. Research on the Impact of Cross-Ownership on Corporate Risk-Taking[J]. Chinese Journal of Management, 2022, 19(1): 27-.
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http://manu68.magtech.com.cn/Jwk_glxb/EN/     OR     http://manu68.magtech.com.cn/Jwk_glxb/EN/Y2022/V19/I1/27
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