Nguyen, Pascal; Nivoix, Sophie - In: Applied Financial Economics 19 (2009) 2, pp. 135-146
This article examines the role of keiretsu (i.e. business group) affiliation on the risk-taking of Japanese firms. We find that total risk, measured by firm-level stock price volatility, is not significantly affected by keiretsu membership. The reason is that affiliated firms are characterized...