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Family Ownership, Corporate Governance and Risk-Taking

Author

Listed:
  • 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)

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.

Suggested Citation

  • Luis Otero-González & Luis-Ignacio Rodríguez-Gil & Milagros Vivel-Búa & Aracely Tamayo-Herrera, 2022. "Family Ownership, Corporate Governance and Risk-Taking," JRFM, MDPI, vol. 15(3), pages 1-15, February.
    • Handle: RePEc:gam:jjrfmx:v:15:y:2022:i:3:p:110-:d:759367
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    References listed on IDEAS

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