Bank connections and corporate risk-taking: evidence from ChinaFootnote^*

^*Accepted by Yin-Wong Cheung.

References

• Acemoglu, D., and F. Zilibotti. 1997. “Was Prometheus Unbound by Chance? Risk, Diversification, and Growth.” Journal of Political Economy 105 (4): 709–751. doi:10.1086/262091.
   Web of Science ®Google Scholar
• Acharya, V. V., Y. Amihud, and L. Litov. 2011. “Creditor Rights and Corporate Risk-Taking.” Journal of Financial Economics 102 (1): 150–166. doi:10.1016/j.jfineco.2011.04.001.
   Web of Science ®Google Scholar
• Agrawal, A., and G. N. Mandelker. 1987. “Managerial Incentives and Corporate Investment and Financing Decisions.” Journal of Finance 42 (4): 823–837. doi:10.1111/j.1540-6261.1987.tb03914.x.
   Web of Science ®Google Scholar
• Bargeron, L. L., K. M. Lehn, and C. J. Zutter. 2010. “Sarbanes-Oxley and Corporate Risk-Taking.” Journal of Accounting and Economics 49 (1–2): 34–52. doi:10.1016/j.jacceco.2009.05.001.
   Web of Science ®Google Scholar
• Booth, J. R., and D. N. Deli. 1999. “On Executives of Financial Institutions as Outside Directors.” Journal of Corporate Finance 5 (3): 227–250. doi:10.1016/S0929-1199(99)00004-8.
   Google Scholar
• Boubakri, N., J. Cosset, and W. Saffar. 2013. “The Role of State and Foreign Owners in Corporate Risk-Taking: Evidence from Privatization.” Journal of Financial Economics 108 (3): 641–658. doi:10.1016/j.jfineco.2012.12.007.
   Web of Science ®Google Scholar
• Boubakri, N., S. A. Mansi, and W. Saffar. 2013. “Political Institutions, Connectedness, and Corporate Risk-Taking.” Journal of International Business Studies 44 (3): 195–215. doi:10.1057/jibs.2013.2.
   Web of Science ®Google Scholar
• Burak, A., U. Malmendier, and G. Tate. 2008. “Financial Expertise of Directors.” Journal of Financial Economics 88 (2): 323–354. doi:10.1016/j.jfineco.2007.05.009.
   Web of Science ®Google Scholar
• Chen, Y., and Y. Ma. 2011. “Revisiting the Risk-Taking Effect of Executive Stock Options on Firm Performance.” Journal of Business Research 64 (6): 640–648. doi:10.1016/j.jbusres.2010.02.012.
   Web of Science ®Google Scholar
• Chen, C. R., and T. L. Steiner. 1999. “Managerial Ownership and Agency Conflicts: A Nonlinear Simultaneous Equation Analysis of Managerial Ownership, Risk Taking, Debt Policy, and Dividend Policy.” Financial Review 34 (1): 119–136. doi:10.1111/j.1540-6288.1999.tb00448.x.
   Google Scholar
• Ciamarra, E. 2012. “Monitoring by Affiliated Bankers on Board of Directors: Evidence from Corporate Financing Outcomes.” Financial Management 41 (3): 665–702. doi:10.1111/j.1755-053X.2012.01191.x.
   Web of Science ®Google Scholar
• Coles, J., N. Daniel, and L. Naveen. 2006. “Managerial Incentives and Risk-Taking.” Journal of Financial Economics 79 (2): 431–468. doi:10.1016/j.jfineco.2004.09.004.
   Web of Science ®Google Scholar
• Defusco, R. A., T. S. Zorn, and R. R. Johnson. 1991. “The Association between Executive Stock Option Plan Changes and Managerial Decision Making.” Financial Management 20 (1): 36–43. doi:10.2307/3666095.
   Web of Science ®Google Scholar
• Fan, G., X. Wang, and H. Zhu. 2011. The Report on the Relative Process of Marketization of Each Region in China. Beijing: The Economic Science Press.
   Google Scholar
• Ferrero-Ferrero, I., M. Á. Fernández-Izquierdo, and M. J. Muñoz-Torres. 2012. “The Impact of the Board Of Directors Characteristics on Corporate Performance and Risk-Taking before and during the Global Financial Crisis.” Review of Managerial Science 6 (3): 207–226. doi:10.1007/s11846-012-0085-x.
   Web of Science ®Google Scholar
• Hayes, R. M., M. Lemmon, and M. Qiu. 2012. “Stock Options and Managerial Incentives for Risk Taking: Evidence from FAS 123R.” Journal of Financial Economics 105 (1): 174–190. doi:10.1016/j.jfineco.2012.01.004.
   Web of Science ®Google Scholar
• Hilary, G., and K. W. Hui. 2009. “Does Religion Matter in Corporate Decision Making in America?” Journal of Financial Economics 93 (3): 455–473. doi:10.1016/j.jfineco.2008.10.001.
   Web of Science ®Google Scholar
• John, K., L. Litov, and B. Yeung. 2008. “Corporate Governance and Risk-Taking.” Journal of Finance 63 (4): 1679–1728. doi:10.1111/j.1540-6261.2008.01372.x.
   Web of Science ®Google Scholar
• Lu, Z., J. Zhu, and W. Zhang. 2012. “Bank Discrimination, Holding Bank Ownership, and Economic Consequences: Evidence from China.” Journal of Banking and Finance 36 (2): 341–354. doi:10.1016/j.jbankfin.2011.07.012.
   Web of Science ®Google Scholar
• Nguyen, P. 2011. “Corporate Governance and Risk-Taking: Evidence from Japanese Firms.” Pacific-Basin Finance Journal 19 (3): 278–297. doi:10.1016/j.pacfin.2010.12.002.
   Web of Science ®Google Scholar
• Paligorova, T. 2010. “Corporate Risk-Taking and Ownership Structure.” Working Paper.
   Google Scholar
• Rajgopal, S., and T. Shevlin. 2002. “Empirical Evidence on the Relation between Stock Option Compensation and Risk Taking.” Journal of Accounting and Economics 33 (2): 145–171. doi:10.1016/S0165-4101(02)00042-3.
   Web of Science ®Google Scholar
• Rogers, D. A. 2002. “Does Executive Portfolio Structure Affect Risk Management? CEO Risk-Taking Incentives and Corporate Derivatives Usage.” Journal of Banking and Finance 26 (2–3): 271–295. doi:10.1016/S0378-4266(01)00222-9.
   Web of Science ®Google Scholar
• Wang, Q., T. J. Wong, and L. Xia. 2008. “State Ownership, the Institutional Environment, and Auditor Choice: Evidence From China.” Journal of Accounting and Economics 46 (1): 112–134. doi:10.1016/j.jacceco.2008.04.001.
   Web of Science ®Google Scholar
• Wright, P., S. P. Ferris, A. Sarin, and V. Awasthi. 1996. “Impact of Corporate Insider, Blockholder, and Institutional Equity Ownership on Firm Risk Taking.” Academy of Management Journal 39 (2): 441–463. doi:10.2307/256787.
   Web of Science ®Google Scholar