Can a Subsidiary’s Autonomy Affect its Strategic Risk-taking? Evidence from China

Tianyu Zhang (), Zixun Liu, Weiping Liu, Yunhan Wang and Yunxi Wang
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Tianyu Zhang: Shandong University, School of Management
Zixun Liu: Shandong University, School of Management
Weiping Liu: Party School of State Grid Corporation of China
Yunhan Wang: University of Birmingham
Yunxi Wang: University of Birmingham

A chapter in Proceedings of the 2025 7th International Conference on Economic Management and Model Engineering (ICEMME 2025), 2026, pp 338-351 from Springer

Abstract: Abstract Does a subsidiary’s autonomy affect its strategic risk-taking? Aiming to answer this question, this study considers the data for the 2007-2020 period of the A share firms listed on Shanghai and Shenzhen stock exchanges. The study finds that subsidiaries’ autonomy positively affects subsidiaries’ strategic risk-taking. This relationship holds even after several robustness checks were performed. The context test’s results show that subsidiaries’ redundant resources positively moderate the relationship between a subsidiary’s autonomy and its strategic risk-taking. Then, this study also explores the potential mechanisms of these relationships, and demonstrates that a subsidiary’s resources acquisition capability plays the mediator’s role to promote its strategic risk-taking. In addition, we also demonstrate the positive governance effects of a subsidiary’s strategic risk-taking on its performance.

Keywords: subsidiaries’ autonomy; strategic risk-taking; resources acquisition capacity; business groups (search for similar items in EconPapers)
Date: 2026
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Persistent link: https://EconPapers.repec.org/RePEc:spr:advbcp:978-94-6239-602-9_32

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DOI: 10.2991/978-94-6239-602-9_32

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