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Can the intensity of environmental regulation enhance corporate risk-taking?

Lookup NU author(s): Dr Xin LiORCiD

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Abstract

© 2025 Elsevier Inc. All rights are reserved,This paper selects Chinese listed companies from 2010 to 2023 as the research subject and systematically analyzes the impact of environmental regulation intensity on corporate risk-taking levels, further examining the mediating effect of access to financial resources. The results show: First, there is a significant negative correlation between environmental regulation intensity and corporate risk-taking levels. Second, the restraining effect of environmental regulation intensity on corporate risk-taking is more pronounced in industries with low competition as well as in companies with high ownership concentration. Third, access to financial resources plays a partial mediating role in the process by which environmental regulation affects corporate risk-taking, revealing the internal mechanism by which environmental policy influences corporate risk decisions through improving financial resource allocation.

Publication metadata

Author(s): Li X, Chen H, Tu Y

Publication type: Article

Publication status: Published

Journal: Finance Research Letters

Year: 2026

Volume: 91

Print publication date: 01/03/2026

Online publication date: 07/12/2025

Acceptance date: 04/12/2025

ISSN (print): 1544-6123

ISSN (electronic): 1544-6131

Publisher: Elsevier Ltd

URL: https://doi.org/10.1016/j.frl.2025.109256

DOI: 10.1016/j.frl.2025.109256

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