Corporate Governance and Downside Risk
2012
This study examines the relation between corporate governance and firm’s downside risk (including Value-at-Risk and expected shortfall). Using panel regression we find that the outside block holder ownership, managerial ownership, independent directors in board, and informational transparency are negatively related to firms’ downside risk, showing that firms with good corporate governance have a lower downside risks and consequently being able to decrease the chance of financial failure.
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