Corporate governance and risk-taking in New Zealand

Article

Koerniadi, Hardjo, Krishnamurti, Chandrasekhar and Tourani-Rad, Alireza. 2014. "Corporate governance and risk-taking in New Zealand." Australian Journal of Management. 39 (2), pp. 227-245. https://doi.org/10.1177/0312896213478332
Article Title

Corporate governance and risk-taking in New Zealand

ERA Journal ID19154
Article CategoryArticle
AuthorsKoerniadi, Hardjo (Author), Krishnamurti, Chandrasekhar (Author) and Tourani-Rad, Alireza (Author)
Journal TitleAustralian Journal of Management
Journal Citation39 (2), pp. 227-245
Number of Pages19
Year2014
Place of PublicationUK
ISSN0312-8962
1327-2020
Digital Object Identifier (DOI)https://doi.org/10.1177/0312896213478332
Web Address (URL)http://aum.sagepub.com/content/39/2/227.abstract
Abstract

We analyse the impact of firm level corporate governance practices on the riskiness of a firm’s stock returns in a setting that can be considered as less conducive to managerial risk-taking. Our empirical evidence, based on a comprehensive sample of New Zealand firms, shows that firms with large boards are associated with lower levels of risk taking, ceteris paribus. Furthermore, our results indicate that multiple large shareholders facilitate higher levels of risk taking by the firm. Finally, our results also show that concentrated shareholdings of inside directors have a negative relation to risk taking. Our findings are robust to controls for the three potential sources of endogeneity. Since prior work documents results consistent with the view that institutional and market environments largely determine governance outcomes, our work has implications for managers, investors and policy makers particularly in less developed capital markets with weaker corporate takeover regimes and less performance oriented managerial compensation.

Keywordscorporate governance, risk taking, stock return variability, New Zealand
ANZSRC Field of Research 2020350202. Finance
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Byline AffiliationsAuckland University of Technology, New Zealand
School of Commerce
Institution of OriginUniversity of Southern Queensland
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