A Stakeholder Rationale for Risk Management

Ordinarily, only the interests of shareholders, debtholders, and corporate management are taken into account when analyzing corporate financial decisions while the interests of non-financial stakeholders are often neglected. Gregor Gossy develops a so-called stakeholder rationale for risk managem...

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Main Author: Gossy, Gregor
Format: Book
Language:English
Published: Springer 2017
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Online Access:http://repository.vnu.edu.vn/handle/VNU_123/30749
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Institution: Vietnam National University, Hanoi
Language: English
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spelling oai:112.137.131.14:VNU_123-307492020-05-13T01:41:15Z A Stakeholder Rationale for Risk Management Gossy, Gregor Business Economics Ordinarily, only the interests of shareholders, debtholders, and corporate management are taken into account when analyzing corporate financial decisions while the interests of non-financial stakeholders are often neglected. Gregor Gossy develops a so-called stakeholder rationale for risk management arguing that firms which are more dependent on implicit claims from their non-financial stakeholders, such as customers, suppliers, and employees, prefer conservative financial policies. In order to perform panel data analyses of the determinants of corporate financial decisions, the author uses data from Austrian and German industrial companies. He shows that variables for a firm’s most important non-financial stakeholders explain the firm’s capital structure and cash holding decisions. His findings suggest that a firm’s choice of accounting standards have a moderating effect on the determinants of corporate finance decisions. 2017-04-19T00:35:13Z 2017-04-19T00:35:13Z 2008 Book 978-3-8349-0985-5 http://repository.vnu.edu.vn/handle/VNU_123/30749 en 219 p. application/pdf Springer
institution Vietnam National University, Hanoi
building VNU Library & Information Center
country Vietnam
collection VNU Digital Repository
language English
topic Business
Economics
spellingShingle Business
Economics
Gossy, Gregor
A Stakeholder Rationale for Risk Management
description Ordinarily, only the interests of shareholders, debtholders, and corporate management are taken into account when analyzing corporate financial decisions while the interests of non-financial stakeholders are often neglected. Gregor Gossy develops a so-called stakeholder rationale for risk management arguing that firms which are more dependent on implicit claims from their non-financial stakeholders, such as customers, suppliers, and employees, prefer conservative financial policies. In order to perform panel data analyses of the determinants of corporate financial decisions, the author uses data from Austrian and German industrial companies. He shows that variables for a firm’s most important non-financial stakeholders explain the firm’s capital structure and cash holding decisions. His findings suggest that a firm’s choice of accounting standards have a moderating effect on the determinants of corporate finance decisions.
format Book
author Gossy, Gregor
author_facet Gossy, Gregor
author_sort Gossy, Gregor
title A Stakeholder Rationale for Risk Management
title_short A Stakeholder Rationale for Risk Management
title_full A Stakeholder Rationale for Risk Management
title_fullStr A Stakeholder Rationale for Risk Management
title_full_unstemmed A Stakeholder Rationale for Risk Management
title_sort stakeholder rationale for risk management
publisher Springer
publishDate 2017
url http://repository.vnu.edu.vn/handle/VNU_123/30749
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