Corporate Risk Taking and Ownership Structure
Corporate Risk Taking and Ownership Structure
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企业风险承担和所有权结构
DOI：
10.2139/ssrn.1331655
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发表时间：
2010
期刊：
影响因子：
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通讯作者：
Teodora Paligorova
中科院分区：
文献类型：
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作者：
Teodora Paligorova
本文研究了企业风险承担的决定因素。在一家公司拥有大量股权的股东可能会主张保守的投资政策，因为他们面临的公司风险更大。利用大量的跨国样本，我发现公司风险承担与第一大股东的股权所有权之间存在正相关关系。这一结果完全是由持有不止一家公司最大股权的投资者推动的。与共同基金、银行、金融和工业公司不同，家族股东在持股增加时避免承担企业风险。对股东权利的法律保护越强，承担的风险就越大，而对债权人权利的法律保护越强，就会减少风险承担。
This paper investigates the determinants of corporate risk taking. Shareholders with substantial equity ownership in a single company may advocate conservative investment policies due to greater exposure to firm risk. Using a large cross-country sample, I find a positive relationship between corporate risk taking and equity ownership of the largest shareholder. This result is entirely driven by investors holding the largest equity stakes in more than one company. Family shareholders avoid corporate risk taking as their ownership increases unlike mutual funds, banks, financial and industrial companies. Stronger legal protection of shareholder rights is associated with more risk taking, while stronger legal protection of creditor rights reduces risk taking.