Exploring the risk-taking effects of industry–finance integration

Ying Cheng, Liang Qiao, Chaodan Yang, Chao Li, Wei Zhang and Haiying Chen

Finance Research Letters, 2025, vol. 78, issue C

Abstract: This study examines nonfinancial Chinese firms listed on the A-share market that held at least a 5 % stake in financial institutions between 2012 and 2022. It explores the impact of industry–finance integration on corporate risk-taking levels. Findings indicate that adopting an integrated production and finance strategy increases firms’ risk-taking capacity. Moreover, this integration helps alleviate financing constraints, further amplifying their willingness to take risks. Notably, the positive effect of industry–finance integration on risk-taking is particularly evident among nonstate-owned enterprises.

Keywords: Industry–finance integration; Risk-taking; Financing constraints (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:78:y:2025:i:c:s1544612325005100

DOI: 10.1016/j.frl.2025.107247

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