Family Ownership, Corporate Governance and Risk-Taking

Luis Otero-González, Luis-Ignacio Rodríguez-Gil, Milagros Vivel-Búa and Aracely Tamayo-Herrera
Additional contact information
Luis Otero-González: Department of Financial Economics and Accounting, University of Santiago de Compostela, 15782 Santiago de Compostela, Spain
Luis-Ignacio Rodríguez-Gil: Department of Financial Economics and Accounting, University of Santiago de Compostela, 15782 Santiago de Compostela, Spain
Milagros Vivel-Búa: Department of Financial Economics and Accounting, University of Santiago de Compostela, 15782 Santiago de Compostela, Spain
Aracely Tamayo-Herrera: Department of Economic, Administrative and Commercial Sciences, ESPE Armed Forces University, Quito 171103, Ecuador

JRFM, 2022, vol. 15, issue 3, 1-15

Abstract: This paper analyses the effect of family ownership and the characteristics of the board of directors on the risk assumed by Spanish non-financial companies. The sample consists of 176 Spanish non-financial companies listed on Spanish stock exchanges during the period 2012–2015. The results show that the level of family ownership concentration affects the level of exposure to risk non-linearly and confirms the importance of the characteristics of the board of directors in risk-taking.

Keywords: family ownership; risk-taking; corporate governance (search for similar items in EconPapers)
JEL-codes: C E F2 F3 G (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://www.mdpi.com/1911-8074/15/3/110/pdf (application/pdf)
https://www.mdpi.com/1911-8074/15/3/110/ (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:gam:jjrfmx:v:15:y:2022:i:3:p:110-:d:759367

Access Statistics for this article

JRFM is currently edited by Ms. Chelthy Cheng

More articles in JRFM from MDPI
Bibliographic data for series maintained by MDPI Indexing Manager ().