Abstract
In this study from 2007 to 2022, we explore the impact of cross-shareholding investors on the strategic risk-taking of A-share listed companies. The findings highlight that these stakeholders enhance strategic risk-taking through resource effects, advantageous information effects, with resource effects playing the most significant role. Managerial abilities further amplify this impact, showing substantial moderating effects. The positive influence is more pronounced for enterprises in low competitive positions with high-quality internal control. Stable cross-shareholding investors have a more pronounced positive impact compared to speculative ones, while non-peer cross-shareholding investors show no significant impact.
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