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Governance mechanisms and downside risk

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  • Wang, Li-Hsun
  • Lin, Chu-Hsiung
  • Fung, Hung-Gay
  • Chen, Hsien-Ming

Abstract

This study uses data for Taiwanese firms from 2002 to 2012 to investigate the relation between corporate governance and downside risk. Our results show that good corporate governance reduces downside risk while increasing firm value. That is, firms with high managerial ownership, market power, and independent boards appear to have lower downside risk, likely because their decision-making is more transparent than that of firms without these characteristics.

Suggested Citation

  • Wang, Li-Hsun & Lin, Chu-Hsiung & Fung, Hung-Gay & Chen, Hsien-Ming, 2015. "Governance mechanisms and downside risk," Pacific-Basin Finance Journal, Elsevier, vol. 35(PB), pages 485-498.
    • Handle: RePEc:eee:pacfin:v:35:y:2015:i:pb:p:485-498
    DOI: 10.1016/j.pacfin.2015.09.001
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    More about this item

    Keywords

    Corporate governance; Downside risk; Value-at-risk (VaR); Expected shortfall;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation

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