Major shareholders' trust and market risk: Substituting weak institutions with trust

被引：26

作者：

Abdelsalam, Omneya ^{[1
]}

Chantziaras, Antonios ^{[1
,2
]}

Batten, Jonathan A. ^{[3
]}

Aysan, Ahmet Faruk ^{[4
]}

机构：

[1] Univ Durham, Business Sch, Mill Hill Lane, Durham DH1 3LB, England

[2] Int Hellen Univ, Sch Humanities Social Sci & Econ, 14th klm Thessaloniki Moudania, Thessaloniki 57101, Greece

[3] RMIT Univ, Sch Econ Finance & Mkt, Melbourne City Campus,124 La Trobe St, Melbourne, Vic 3000, Australia

[4] Hamad Bin Khalifa Univ, Doha, Qatar

来源：

JOURNAL OF CORPORATE FINANCE | 2021年 / 66卷

关键词：

Trust; Controlling shareholder; Market risk; Volatility; Return stability; STOCK RETURN VOLATILITY; CORPORATE-OWNERSHIP; FOREIGN OWNERSHIP; INTEGRATIVE MODEL; EMERGING MARKETS; STRATEGIC RISK; CROSS-SECTION; EQUITY RISK; INVESTORS; PERFORMANCE;

D O I：

10.1016/j.jcorpfin.2020.101784

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study examines the impact of foreign controlling shareholder trust on firm market risk using two measures of total and idiosyncratic risk. An extensive global sample of 12,496 firm-year observations from 43 countries is employed. The results show that firms controlled by foreign trusting shareholders display lower levels of risk in both market measures. Trust appears more important for firms based in countries with a less favourable institutional environment, whereby it varies with the investment horizon of foreign controlling shareholders. The results are robust after controlling for cultural measures, endogeneity, selection bias and alternate model specifications.

引用

页数：21

共 133 条

[1] Product market competition, idiosyncratic and systematic volatility [J].