The impact of board characteristics and corporate ownership on corporate risk-taking: the case of Chinese listed companies

LI, JIEYU (2022) The impact of board characteristics and corporate ownership on corporate risk-taking: the case of Chinese listed companies. [Dissertation (University of Nottingham only)]

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Risk-taking can trace back as far as the entrepreneurial spirit of adventure. This paper refers to a company's willingness to invest, reflecting its choice of high-risk investment projects. As the central decision-making body linking shareholders and management, the board of directors has greater autonomy to make decisions while ensuring the rights and interests of shareholders. Therefore, there is a specific link between the board of directors and the risk-taking of the enterprise. In recent years, with the development of the economy, the participation of women in the labor market has gradually increased, and more women are entering the management organization of companies. And there may be significant differences in their risk appetite compared to men. For independent directors, independence and professionalism can provide good oversight and thus reduce the company's risk. Government intervention and policies can make a difference in the management and decision-making of the company due to the different nature of ownership.

While most past studies have focused on the financial sector, this paper selects non-financial institutions listed on the Shanghai and Shenzhen stock markets in China from 2008 to 2020 as the subject of study. The impact of board characteristics and ownership on corporate risk-taking is explored through empirical analysis. We find that China and the world have been affected to varying degrees in the past two years because of the Covid-19 pandemic. Based on this background, this paper presents an extensive study of the factors that influence corporate risk-taking. The findings of this paper enrich the current phase of corporate risk research and have practical implications for both corporate management and national reform.

Item Type: Dissertation (University of Nottingham only)
Depositing User: LI, Jieyu
Date Deposited: 27 Apr 2023 14:45
Last Modified: 27 Apr 2023 14:45

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