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Growing Out of Trouble? Corporate Responses to Liability Risk
Open accessAbstract
This article analyzes corporate responses to the liability risk arising from workers' exposure to newly identified carcinogens. We find that firms, especially those with weak balance sheets, tend to respond to such risks by acquiring large, unrelated businesses with relatively high operating cash flows. The diversifying growth appears to be primarily motivated by managers' personal exposure to their firms' risk in that the growth has negative announcement returns and is related to firms' external governance, managerial stockholdings, and institutional ownership. The results suggest that corporate governance is particularly important when firms are exposed to the risk of large, adverse shocks.
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“An alternative approach developed by applied researchers for circumventing the issues with TWFE DiD estimators is a “stacked regression” (see, e.g., Gormley and Matsa, 2011; Cengiz et al., 2019; Deshpande and Li, 2019 ).”
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Metadata
- Authors
- Gormley, T. A., & Matsa, D. A.
- Affiliations
- Washington University in St. Louis (US)
- Northwestern University (US)
- ORCID
- Gormley, Todd A.
- Venue
- Review of Financial Studies
- Publisher
- Oxford University Press (OUP)
- Published
- 2011-04-11
- Volume
- 24
- Issue
- 8
- Pages
- 2781-2821
- ISSN
- 0893-9454 (ISSN-L)
- 1465-7368
- OpenAlex
- W2137816507
- Cited by
- 690
- References
- 75
- Citations by year
- 2026: 90 · 2025: 136 · 2024: 113 · 2023: 70 · 2022: 56 · 2021: 59 · 2020: 39 · 2019: 21 · 2018: 27 · 2017: 24 · 2016: 19 · 2015: 10 · 2014: 7 · 2013: 13 · 2012: 4
- FWCI
- 28.37
- Type
- journal article
- Language
- en
- Open access
- green
- repository.upenn.edu
- Locations
- Review of Financial Studies (publishedVersion)
- ScholarlyCommons (University of Pennsylvania) (submittedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- Topics
- Social Sciences › Economics, Econometrics and Finance › Finance › Corporate Finance and Governance
- Social Sciences › Business, Management and Accounting › Accounting › Auditing, Earnings Management, Governance
- Social Sciences › Business, Management and Accounting › Accounting › Risk Management in Financial Firms
- Keywords
- liability risk, carcinogens, business diversification, unrelated acquisitions, corporate governance, institutional ownership, operating cash flow, balance sheet strength, adverse shocks
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
What counts as a claim ›How we measure confidence ›How we check this ›
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