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CORPORATE GOVERNANCE INDICATORS AND RISK-TAKING
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Apostolos K. Apostolou, Maria-Eleni K. Agoraki 
Abstract
This paper analyzes the relationship between risk-taking and corporate governance indicators, in terms of board characteristics, financial information quality and ownership structure. Unlike previous studies, we apply a broad range of corporate governance indicators and use a suitable econometric model to solve for possible endogeneity issues. The empirical framework is applied to an industry-wide sample of UK firms during the period 2002-2009. We find that board size and more executives positively affect firm risk-taking, while independence in audit committees has a negative impact. Finally, introducing firm specific characteristics does not affect the robustness of the results.
Keywords: Board Structure, Risk-Taking, Audit Committee, Ownership
How to cite this paper: Apostolou, A. K., & Agoraki, M.-E. K. (2011). Corporate governance indicators and risk-taking. Corporate Ownership & Control, 8(4), 9-24. https://doi.org/10.22495/cocv8i4p1
