 High-speed railway and corporate risk-taking: Channels and evidence from ChinaXiaoxue Xia, Chen Wang, Chao Lu, Tianqi Zhu, Ziying Zhao and Yiwen Zhao The North American Journal of Economics and Finance, 2024, vol. 74, issue C Abstract: This study examines the impact of HSR, which is a green mode of transportation, on corporate risk-taking using the introduction of HSR in China as an exogenous shock. We find that the introduction of an HSR route leads to a significant increase in corporate risk-taking. The positive effect of HSR introduction on corporate risk-taking is more pronounced for firms with more severe financial constraints, poorer access to human capital, and lower information accessibility. These results show that HSR promotes corporate risk-taking through the channels of cross-regional resource provision of funds, personnel, and information essential for corporate risk-taking. In addition, tests considering spatial heterogeneity show that the positive relation is also stronger for firms located in small cities where resources are inadequate. Results also show that HSR increases the riskiness of corporate financing and investment policies, and leads to a boost in corporate green investment. Keywords: High-speed railway; Interregional accessibility; Resource provision; Corporate risk-taking; Green transportation (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:ecofin:v:74:y:2024:i:c:s1062940824001451 DOI: 10.1016/j.najef.2024.102220 Access Statistics for this article The North American Journal of Economics and Finance is currently edited by Hamid Beladi More articles in The North American Journal of Economics and Finance from Elsevier |
Is your work missing from RePEc? Here is how to contribute.
Questions or problems? Check the EconPapers FAQ or send mail to .
EconPapers is hosted by the
School of Business at Örebro University.