RISK‐TAKING BEHAVIOR AND MANAGEMENT OWNERSHIP IN DEPOSITORY INSTITUTIONS

Carl R. Chen, Thomas L. Steiner and Ann Marie Whyte

Journal of Financial Research, 1998, vol. 21, issue 1, 1-16

Abstract: We examine the relation between risk and ownership structure among depository institutions. The empirical results provide evidence that the relation between managerial ownership and depository institution risk is negative and significant, suggesting that as managerial ownership increases the level of risk‐taking decreases. This finding, which supports a risk aversion hypothesis, is consistent across several market‐based risk measures. Furthermore, we document greater risk and greater risk aversion for savings institutions relative to commercial banks.

Date: 1998
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