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Religiosity and corporate risk-taking: evidence from Italy
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 negat...
Autores principales: | , |
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Formato: | Online Artículo Texto |
Lenguaje: | English |
Publicado: |
Springer US
2021
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Materias: | |
Acceso en línea: | https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7955206/ http://dx.doi.org/10.1007/s12197-021-09543-x |
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author | Cebula, Richard J. Rossi, Fabrizio |
author_facet | Cebula, Richard J. Rossi, Fabrizio |
author_sort | Cebula, Richard J. |
collection | PubMed |
description | 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. |
format | Online Article Text |
id | pubmed-7955206 |
institution | National Center for Biotechnology Information |
language | English |
publishDate | 2021 |
publisher | Springer US |
record_format | MEDLINE/PubMed |
spelling | pubmed-79552062021-03-15 Religiosity and corporate risk-taking: evidence from Italy Cebula, Richard J. Rossi, Fabrizio J Econ Finan Article 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. Springer US 2021-03-13 2021 /pmc/articles/PMC7955206/ http://dx.doi.org/10.1007/s12197-021-09543-x Text en © Academy of Economics and Finance 2021 This article is made available via the PMC Open Access Subset for unrestricted research re-use and secondary analysis in any form or by any means with acknowledgement of the original source. These permissions are granted for the duration of the World Health Organization (WHO) declaration of COVID-19 as a global pandemic. |
spellingShingle | Article Cebula, Richard J. Rossi, Fabrizio Religiosity and corporate risk-taking: evidence from Italy |
title | Religiosity and corporate risk-taking: evidence from Italy |
title_full | Religiosity and corporate risk-taking: evidence from Italy |
title_fullStr | Religiosity and corporate risk-taking: evidence from Italy |
title_full_unstemmed | Religiosity and corporate risk-taking: evidence from Italy |
title_short | Religiosity and corporate risk-taking: evidence from Italy |
title_sort | religiosity and corporate risk-taking: evidence from italy |
topic | Article |
url | https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7955206/ http://dx.doi.org/10.1007/s12197-021-09543-x |
work_keys_str_mv | AT cebularichardj religiosityandcorporaterisktakingevidencefromitaly AT rossifabrizio religiosityandcorporaterisktakingevidencefromitaly |