Risk and Firms' Costs
研究了风险为何增加企业成本，发现风险导致运营低效和调整成本，且利益相关者需为承担风险获得补偿，实证支持风险与成本的正向关系。
This study examines the economic rationale for limiting firms' risk. We argue that risk increases the cost of doing business for two reasons. First, risk causes operating inefficiencies and imposes adjustment costs. Second, diverse stakeholders must be compensated for their risk-bearing. We find empirical support for positive risk-cost relations using various model specifications and risk measures, and across different manufacturing industries and time periods. We also examine the direct and moderating effects of bankruptcy risk. The relation of distance from bankruptcy to firms' costs depends on whether relations are contemporaneous or lagged and whether bankruptcy is an immediate threat or not.