The influence of risk culture on firm returns in times of crisis

Dien Giau Bui, Yiwei Fang, Chih-Yung Lin*

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

6 Scopus citations


This research investigates the effects of risk culture on firm performances during 2000–2002 dot-com bubble and 2007–2009 financial crisis. Our sample includes all publicly traded U.S. nonfinancial firms. We measure the risk cultures of firms by their business model, which leads them to be either more or less sensitive to a crisis. In our empirical results, risk culture is the most important variable predicting crisis performance, while our findings on the influences of CEO characteristics and corporate governance are not statistically significant. Thus, we argue that risky business models lead to poor firm performance during financial crises.

Original languageEnglish
Pages (from-to)291-306
Number of pages16
JournalInternational Review of Economics and Finance
StatePublished - 1 Sep 2018


  • CEO characteristics
  • Corporate governance
  • Financial crisis
  • Firm performance
  • Risk culture


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