Integration of two industries, risk-taking and manufacturing enterprise value: An empirical investigation based on Chinese listed companies

Cheng Zhang, Yifan Zheng, Shide Fan and Yujuan Wu

Finance Research Letters, 2023, vol. 53, issue C

Abstract: This paper discusses whether the two-way integration of manufacturing and service industries enhances enterprise value. After studying 12 manufacturing sectors in 29 provinces of China and Chinese A-share manufacturing listed companies, we find that the integration of the two industries increases the value of manufacturing enterprises. The results suggest that the integration plays a greater role in promoting non-state-owned, equity-concentrated, or technology-intensive industries. The integration can increase the value of manufacturing enterprises by increasing the level of corporate risk-taking. Further, the results provide recommendations for managers and government agencies to promote high-quality development of the manufacturing industry.

Keywords: Two-way integration of manufacturing and services; Risk-taking; Enterprise value (search for similar items in EconPapers)
Date: 2023
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:53:y:2023:i:c:s1544612322007681

DOI: 10.1016/j.frl.2022.103592

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