Research on the Relationship Between Structural Characteristics of Corporate Social Networks and Risk-Taking Levels: Evidence from China

The complex market environment places unprecedented pressure on business decision-making processes. Effectively utilizing existing social resources to establish risk prevention mechanisms and accurately assess an enterprise’s risk-taking capacity has become a core issue for corporate survival and development. This paper examines 1810 listed companies on the Shanghai and Shenzhen A-shares markets from 2010 to 2022, constructing comprehensive social networks based on multiple corporate governance entities. It investigates the influence and transmission mechanisms of corporate social networks on risk-taking levels. The results reveal that (1) enhanced corporate social network centrality, structural holes, and connectivity significantly and positively affect corporate risk-taking levels; (2) information transparency and corporate governance quality serve as important mediating mechanisms through which social networks influence corporate risk-taking; (3) significant heterogeneity exists regarding executives’ backgrounds and industry attributes—specifically, in firms with executives possessing financial backgrounds and in high-tech industry enterprises, network characteristics play a more pronounced role in promoting risk-taking. This research not only enriches the literature on factors influencing enterprise risk-taking but also provides theoretical foundations and practical insights for improving corporate risk management capabilities through optimized social network structures.