The influence of firm life cycle on firm risk-taking: evidence of Vietnam

Our study investigates risk-taking behavior among Vietnamese listed companies during 20 years (2000-2020). We acknowledge that regardless stages of companies, firms have tendency to take more risks, and that risk-taking activities in the course of the introduction and maturity phases can have both negative and positive forces on current and future performance. Additionally, the paper explored the moderating forces of the Z-score and HHI Index on this relationship. The paper contributes to the state-of-the-art by supplying empirical evidence about the relation between corporate life phases and willingness to take risk in Vietnamese non-financial firms. It provides a firm life cycle methodology to aid managers in developing appropriate strategies and sheds new light on the moderating effects of Z-score as well as market competition on the link.