التفاصيل البيبلوغرافية
| العنوان: |
The effect of city reputation on Chinese corporate risk-taking. |
| المؤلفون: |
Li, Sen, Jiang, Haifeng |
| المصدر: |
Scientific Reports; 4/10/2024, Vol. 14 Issue 1, p1-18, 18p |
| مصطلحات موضوعية: |
CORPORATE image, COUNTERPARTY risk, MODERN society, REPUTATION, INFORMATION asymmetry |
| مصطلحات جغرافية: |
CHINA |
| مستخلص: |
City reputation is a valuable asset for the local economy and firms in the contemporary society. However, the impact of city reputation on micro-level firms has been largely overlooked by the literature. This paper uses the National Civilized City (NCC) policy in China as a quasi-natural experiment to enhance city reputation. We employ the DID approach to investigate the relationship between city reputation and corporate risk-taking. The result shows that corporate risk-taking significantly increases following the NCC policy adoption. Moreover, information asymmetry can strengthen the positive impact of city reputation on corporate risk-taking. Channel tests show that city reputation improves financial condition and decreases default risk, leading to improved risk-taking tolerance. Overall, our paper indicates that city reputation is an important mechanism to improve corporate financial performance, providing empirical evidence for local governments to pursue the NCC title. [ABSTRACT FROM AUTHOR] |
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| قاعدة البيانات: |
Complementary Index |
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