Relationship between Enterprise Life Cycle Stages and the Risk-taking Based on the Moderate Effect of Investor Sentiment

Abstract

Abstract:

This paper studies the relation between enterprise life cycle stages(LCS) and the risk-taking as well as the effect of investor sentiment on this relationship. On the basis of the construction of investor sentiment index, we find that enterprises take higher risks in their initial and recession LCS than in their growth and mature LCS. Rising investor sentiment will increase the risk-taking ability of the enterprises in different LCS. Further study finds that to the enterprises in different industries, LCS has different influence on their risktaking. Investor sentiment asymmetrically impacts the relationship between LCS and the risk-taking. Specifically, enterprises in the first industry take high risks in their initial life cycle; enterprises in the second industry take much lower risks in their growth and mature LCS, but higher risks in their recession LCS. Enterprises in the third industry take lower risks in their mature LCS and higher risks in their decline LCS. Rising investor sentiment can significantly increase the risk-taking ability of the second industry enterprises in their growth LCS and the third industry enterprises in their growth, mature and decline LCS.

Key words: risk-taking, life cycle stage, investor sentiment

Wang Xingyu, Yao Haixia, Wang Kaiyang. Relationship between Enterprise Life Cycle Stages and the Risk-taking Based on the Moderate Effect of Investor Sentiment[J]. , 2016, 28(12): 166-175.

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