کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
7352026 | 1476979 | 2018 | 7 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Family ownership and risk taking
ترجمه فارسی عنوان
مالکیت خانوادگی و ریسک پذیری
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
چکیده انگلیسی
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.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Finance Research Letters - Volume 25, June 2018, Pages 69-75
Journal: Finance Research Letters - Volume 25, June 2018, Pages 69-75
نویسندگان
Eun Jung Lee, Joon Chae, Yu Kyung Lee,