Institutional investors and corporate risk at the origin of the international financial crisis

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dc.contributor.authorLizarzaburu, Edmundo
dc.contributor.authorGarcía-Gómez, Conrado Diego
dc.contributor.authorKostyuk, Alexander
dc.date.accessioned2023-11-27T17:20:46Z
dc.date.available2023-11-27T17:20:46Z
dc.date.issued2023-11-23
dc.description.abstractThe 2007 financial crisis served as a stark reminder of the vulnerability in the relationship between institutions and companies, as it revealed that many companies collapsed despite government interventions. Two crucial factors that influenced the crisis’s impact on firms were the level of creditor rights protection and corporate risk management. In this study, our aim was to investigate the impact of investment funds and banks on corporate risk prior to the 2007 financial crisis. We conducted an analysis across 21 countries to examine how institutional factors determined the influence of mutual funds and banks on corporate risk, ultimately leading to critical levels of collapse and the global spread of the financial crisis to the real economy. Additionally, we explored the role of mutual funds and banks as reference shareholders. The findings of our study reveal that the process of financial deregulation preceding the 2007 financial crisis contributed to an increase in corporate risk. In other words, financial deregulation facilitated greater involvement of institutional investors in companies, thereby encouraging the adoption of excessively risky and speculative strategies that were not necessarily aligned with the long-term sustainability of firms.en_EN
dc.formatapplication/pdf
dc.identifier.citationLizarzaburu, E., García-Gómez, C. D., & Kostyuk, A. (2023). Institutional investors and corporate risk at the origin of the international financial crisis [Special issue]. Journal of Governance & Regulation, 12(4), 244–255. https://doi.org/10.22495/jgrv12i4siart4
dc.identifier.doihttps://doi.org/10.22495/jgrv12i4siart4
dc.identifier.urihttps://hdl.handle.net/20.500.12640/3650
dc.language.isoeng
dc.publisherVirtus Interpress
dc.publisher.countryUA
dc.relation.ispartofurn:issn:2306-6784
dc.relation.ispartofurn:issn:2220-9352
dc.relation.urihttps://virtusinterpress.org/Institutional-investors-and-corporate-risk-at-the-origin-of-the-international-financial-crisis.html
dc.rightsAttribution 4.0 International*
dc.rightsinfo:eu-repo/semantics/openAccesses_ES
dc.subjectCorporate Risken_EN
dc.subjectInvestment Fundsen_EN
dc.subjectBanksen_EN
dc.subjectRiesgo Corporativoes_ES
dc.subjectFondos de Inversiónes_ES
dc.subjectBancoses_ES
dc.subject.ocdehttps://purl.org/pe-repo/ocde/ford#5.02.04
dc.titleInstitutional investors and corporate risk at the origin of the international financial crisisen_EN
dc.typeinfo:eu-repo/semantics/article
dc.type.otherArtículo
dc.type.versioninfo:eu-repo/semantics/publishedVersion
local.author.orcidhttps://orcid.org/0000-0002-8862-5624
oaire.citation.endPage255
oaire.citation.issue4
oaire.citation.startPage244
oaire.citation.titleJournal of Governance & Regulation
oaire.citation.volume12
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