Religiosity and corporate risk-taking: evidence from Italy

Richard Cebula () and Fabrizio Rossi ()
Additional contact information
Fabrizio Rossi: University of Cassino and Southern Lazio

Journal of Economics and Finance, 2021, vol. 45, issue 4, No 9, 763 pages

Abstract: Abstract This study investigates the impact of local culture, as measured by religiosity, on corporate risk-taking, based on a sample of 155 Italian listed firms, involving 2,382 firm-year observations over the study period 2000–2016. The empirical estimation results suggest a statistically significant negative relationship between corporate risk-taking and religiosity, i.e., greater religiosity reduces corporate risk-taking behavior. Overall, these results are consistent with the empirical literature dealing with other nations on the relationship between corporate decisions and social values (local culture). Finally, the findings are robust to alternative empirical specifications.

Keywords: Corporate risk-taking; Social values; Religion; Culture (search for similar items in EconPapers)
JEL-codes: A13 G32 G41 Z12 (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
http://link.springer.com/10.1007/s12197-021-09543-x Abstract (text/html)
Access to the full text of the articles in this series is restricted.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:jecfin:v:45:y:2021:i:4:d:10.1007_s12197-021-09543-x

Ordering information: This journal article can be ordered from
http://www.springer. ... cs/journal/12197/PS2

DOI: 10.1007/s12197-021-09543-x

Access Statistics for this article

Journal of Economics and Finance is currently edited by James Payne

More articles in Journal of Economics and Finance from Springer, Academy of Economics and Finance Contact information at EDIRC.
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().