Relationship among regulatory environment, financing constraints, and corporate risk-taking in tourism industry

Dong Chen and Yan Ran

Finance Research Letters, 2025, vol. 81, issue C

Abstract: Using 2009–2022 data obtained from listed Chinese companies belonging to the tourism industry, this aims to understand the interplay among environmental regulation, financing constraints, and corporate risk-taking. Findings indicate that financing constraints hinder corporate risk-taking, whereas environmental regulation positively promotes it; however, the degree of market competition exacerbates such a positive effect. Environmental regulation exhibits a threshold effect with varying financing constraints. This research provides theoretical insights and practical implications for policymakers and tourism firms to navigate complex markets and foster green and sustainable tourism development.

Keywords: Environmental regulation; Financing constraint; Corporate risk-taking; Market competition (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:81:y:2025:i:c:s1544612325005884

DOI: 10.1016/j.frl.2025.107325

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