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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.
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Received: 24 January 2021
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