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Article: Does property rights protection affect corporate risk management strategy? Intra- and cross-country evidence
Title | Does property rights protection affect corporate risk management strategy? Intra- and cross-country evidence |
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Authors | |
Keywords | Banking Property Rights Protection Risk Management |
Issue Date | 2012 |
Publisher | Elsevier 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? |
Abstract | Recent 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 Identifier | http://hdl.handle.net/10722/188471 |
ISSN | 2021 Impact Factor: 5.107 2020 SCImago Journal Rankings: 1.894 |
SSRN | |
ISI Accession Number ID | |
References |
DC Field | Value | Language |
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dc.contributor.author | Lin, C | en_US |
dc.contributor.author | Lin, P | en_US |
dc.contributor.author | Zou, H | en_US |
dc.date.accessioned | 2013-09-03T04:07:46Z | - |
dc.date.available | 2013-09-03T04:07:46Z | - |
dc.date.issued | 2012 | en_US |
dc.identifier.citation | Journal Of Corporate Finance, 2012, v. 18 n. 2, p. 311-330 | en_US |
dc.identifier.issn | 0929-1199 | en_US |
dc.identifier.uri | http://hdl.handle.net/10722/188471 | - |
dc.description.abstract | Recent 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.language | eng | en_US |
dc.publisher | Elsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/jcorpfin | en_US |
dc.relation.ispartof | Journal of Corporate Finance | en_US |
dc.rights | This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License. | - |
dc.rights | NOTICE: 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.subject | Banking | en_US |
dc.subject | Property Rights Protection | en_US |
dc.subject | Risk Management | en_US |
dc.title | Does property rights protection affect corporate risk management strategy? Intra- and cross-country evidence | en_US |
dc.type | Article | en_US |
dc.identifier.email | Zou, H: hongzou@hku.hk | en_US |
dc.identifier.authority | Zou, H=rp01800 | en_US |
dc.description.nature | preprint | en_US |
dc.identifier.doi | 10.1016/j.jcorpfin.2011.12.006 | en_US |
dc.identifier.scopus | eid_2-s2.0-84862830753 | en_US |
dc.relation.references | http://www.scopus.com/mlt/select.url?eid=2-s2.0-84862830753&selection=ref&src=s&origin=recordpage | en_US |
dc.identifier.volume | 18 | en_US |
dc.identifier.issue | 2 | en_US |
dc.identifier.spage | 311 | en_US |
dc.identifier.epage | 330 | en_US |
dc.identifier.isi | WOS:000301881400007 | - |
dc.publisher.place | Netherlands | en_US |
dc.identifier.ssrn | 1788034 | - |
dc.identifier.scopusauthorid | Lin, C=25630694300 | en_US |
dc.identifier.scopusauthorid | Lin, P=7403225546 | en_US |
dc.identifier.scopusauthorid | Zou, H=48663306300 | en_US |
dc.identifier.issnl | 0929-1199 | - |