A large US-firm panel associated greater firm age with lower text-derived cybersecurity risk, with stronger associations among firms with greater profitability, cash, dividends and managerial ownership.
Key findings
- Older firms had lower measured cyber risk. The association was stronger with profitability, cash and dividends, weaker under high leverage, and enhanced by managerial ownership. Age-related reductions in measured risk were also associated with higher firm value and operating performance.
Why this matters globally
The study shifts attention from consequences of cyber events to organizational determinants, highlighting financial capacity and managerial incentives as possible resilience conditions.
Thai researcher contribution
Researchers from Chulalongkorn and Mahidol universities helped test a corporate-life-cycle explanation using US firm data.
Limitations to consider
The data are not Thai. Text-based risk may reflect disclosure practices and regulation rather than actual incidents or preparedness, and robustness checks do not establish causality.