International evidence about the influence of large shareholders on corporate risk taking

被引：0

作者：

Diez Esteban, Jose Maria ^{[1
]}

Garcia Gomez, Conrado Diego ^{[1
]}

Lopez-Iturriaga, Felix J. ^{[2
]}

机构：

[1] Univ Burgos, Burgos 09001, Spain

[2] Univ Valladolid, E-47002 Valladolid, Spain

来源：

REVISTA ESPANOLA DE FINANCIACION Y CONTABILIDAD-SPANISH JOURNAL OF FINANCE AND ACCOUNTING | 2013年 / 42卷 / 160期

关键词：

Reference shareholders; Institutional-legal framework; Growth opportunities; Corporate risk taking; Family firms; Ownership structure; INVESTMENT OPPORTUNITY SET; OWNERSHIP CONCENTRATION; AGENCY COSTS; PANEL-DATA; PERFORMANCE; FIRM; GOVERNANCE; DIVIDEND; STRATEGY;

D O I：

暂无

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper analyzes the relationship between ownership structure (shareholders' stake and identity) and corporate risk taking for a sample of companies from 21 OECD countries for the period 2001-2008. Our main contribution is considering simultaneously the effect of growth opportunities and the institutional environment. Our results suggest that growth opportunities create incentives to the largest shareholder to take (avoid) risk when the firm has (does not have) growth opportunities. We also find a trend to the alignment of interests between the largest shareholder and the other large shareholders, so that the latter support the risk policy of the former. Finally, the identity of the largest shareholder is relevant, being family firms the least prone to excessive corporate risk exposure.

引用

页码：487 / 511

页数：25

共 70 条

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