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BOARD LEADERSHIP STRUCTURE AND FIRM RISK-TAKING BEHAVIOUR
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Yi Wang, Trevor D. Wilmshurst 
Abstract
In this paper the conceptual frameworks, which make different predictions about the effect of board leadership structure on firm risk-taking behaviour, are examined. From a sample of 243 Australian listed firms, it is found that leadership structure does not have any significant influence on firm risk; higher blockholder ownership or lower dividend payout is related to increased performance variance. This research suffers from some limitations; the archival study of the functional background of board chairman may not reveal the underlying relationship between the board of directors and firm risk-taking behavior. We only test the influence of leadership structure on performance variance; further research could investigate the potential impact of board composition on firm risk-taking propensity.
Keywords: Board of Directors, Leadership Structure, Firm Risk, Corporate Governance, Australia
How to cite this paper: Wang, Y., & Wilmshurstm, T. (2008). Board leadership structure and firm risk-taking behaviour. Corporate Ownership & Control, 6(2), 52-60. https://doi.org/10.22495/cocv6i2p5
