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Article: Does property rights protection affect corporate risk management strategy? Intra- and cross-country evidence

TitleDoes property rights protection affect corporate risk management strategy? Intra- and cross-country evidence
Authors
KeywordsBanking
Property Rights Protection
Risk Management
Issue Date2012
PublisherElsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/jcorpfin
Citation
Journal Of Corporate Finance, 2012, v. 18 n. 2, p. 311-330 How to Cite?
AbstractRecent studies in the law and finance literature have shown that property rights protection is central to corporate financing and investment decisions and economic growth at large. We extend this literature by examining the effect of property rights security on corporate risk management decisions - an important element of a firm's business strategy. Using a unique dataset covering over 55,000 Chinese firms and employing both institution- and firm-level measures of property rights security, we find that secure property rights lead to higher corporate demand for property insurance, suggesting that property rights security is an important determinant of corporate risk management decisions. The effect of property rights protection on insurance consumption is also validated by a cross-country analysis that uses data from 93 countries over the period 1995-2008. Our study sheds light on the importance of property rights protection to corporate risk management decisions. © 2011 Elsevier B.V.
Persistent Identifierhttp://hdl.handle.net/10722/188471
ISSN
2015 Impact Factor: 1.286
2015 SCImago Journal Rankings: 1.446
SSRN
ISI Accession Number ID
References

 

DC FieldValueLanguage
dc.contributor.authorLin, Cen_US
dc.contributor.authorLin, Pen_US
dc.contributor.authorZou, Hen_US
dc.date.accessioned2013-09-03T04:07:46Z-
dc.date.available2013-09-03T04:07:46Z-
dc.date.issued2012en_US
dc.identifier.citationJournal Of Corporate Finance, 2012, v. 18 n. 2, p. 311-330en_US
dc.identifier.issn0929-1199en_US
dc.identifier.urihttp://hdl.handle.net/10722/188471-
dc.description.abstractRecent studies in the law and finance literature have shown that property rights protection is central to corporate financing and investment decisions and economic growth at large. We extend this literature by examining the effect of property rights security on corporate risk management decisions - an important element of a firm's business strategy. Using a unique dataset covering over 55,000 Chinese firms and employing both institution- and firm-level measures of property rights security, we find that secure property rights lead to higher corporate demand for property insurance, suggesting that property rights security is an important determinant of corporate risk management decisions. The effect of property rights protection on insurance consumption is also validated by a cross-country analysis that uses data from 93 countries over the period 1995-2008. Our study sheds light on the importance of property rights protection to corporate risk management decisions. © 2011 Elsevier B.V.en_US
dc.languageengen_US
dc.publisherElsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/jcorpfinen_US
dc.relation.ispartofJournal of Corporate Financeen_US
dc.rightsCreative Commons: Attribution 3.0 Hong Kong License-
dc.rightsNOTICE: this is the author’s version of a work that was accepted for publication in Journal of Corporate Finance. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. A definitive version was subsequently published in PUBLICATION, [VOL 18, ISSUE 2, (2012)] DOI 10.1016/j.jcorpfin.2011.12.006-
dc.subjectBankingen_US
dc.subjectProperty Rights Protectionen_US
dc.subjectRisk Managementen_US
dc.titleDoes property rights protection affect corporate risk management strategy? Intra- and cross-country evidenceen_US
dc.typeArticleen_US
dc.identifier.emailZou, H: hongzou@hku.hken_US
dc.identifier.authorityZou, H=rp01800en_US
dc.description.naturepreprinten_US
dc.identifier.doi10.1016/j.jcorpfin.2011.12.006en_US
dc.identifier.scopuseid_2-s2.0-84862830753en_US
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-84862830753&selection=ref&src=s&origin=recordpageen_US
dc.identifier.volume18en_US
dc.identifier.issue2en_US
dc.identifier.spage311en_US
dc.identifier.epage330en_US
dc.identifier.isiWOS:000301881400007-
dc.publisher.placeNetherlandsen_US
dc.identifier.ssrn1788034-
dc.identifier.scopusauthoridLin, C=25630694300en_US
dc.identifier.scopusauthoridLin, P=7403225546en_US
dc.identifier.scopusauthoridZou, H=48663306300en_US

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