Family ownership and risk taking

被引：31

作者：

Lee, Eun Jung ^{[1
]}

Chae, Joon ^{[2
]}

Lee, Yu Kyung ^{[3
]}

机构：

[1] Hanyang Univ, Coll Business Management & Econ, Ansan, South Korea

[2] Seoul Natl Univ, Grad Sch Business 58 408, Seoul 08826, South Korea

[3] Seoul Natl Univ, Grad Sch Business, Seoul, South Korea

来源：

FINANCE RESEARCH LETTERS | 2018年 / 25卷

关键词：

Family firm; Controlling shareholder; Risk taking; CORPORATE GOVERNANCE; PERFORMANCE EVIDENCE; FIRM PERFORMANCE; BOARDS; DIVERSIFICATION; CRISIS; IMPACT;

D O I：

10.1016/j.frl.2017.10.010

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We study the relation between a controlling family's ownership and their company's risk taking behavior. By investigating comprehensive ownership data in Korea where most companies have controlling families, we find that non-linear U-shaped relation exists between family ownership and a firm's risk taking. Our results are robust in various tests considering endogeneity problems and with different proxies. We argue that a family with less ownership takes less risk for pursuing their private benefit, while a family with more ownership aligns their interest with their company's by taking more value enhancing risky projects.

引用

页码：69 / 75

页数：7

共 40 条

[1] RISK REDUCTION AS A MANAGERIAL MOTIVE FOR CONGLOMERATE MERGERS [J].