Board Size and Corporate Risk: Evidence from China

Junaid Haider · Hong-Xing Fang

28 citations0/0 files storedJournal of Asia-Pacific Business

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Corporate Finance and Governance Risk Management in Financial Firms Corporate Governance and Financial Management

Abstract

The purpose of this study is to investigate the negative relationship between board size and corporate risk taking in a unique market and institutional environment of China. The authors used a comprehensive sample of 1,502 Chinese listed firms, over a sample period of 2008 to 2013. Empirical findings show that despite the uniqueness of Chinese corporate governance features, board size is negatively associated with corporate risk taking. However, the economic impact of change in board size is much smaller than other developed market context, highlighting the exclusive features of Chinese boards and market.

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References

1980Agency Problems and the Theory of the Firm 1993The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems 1996Higher market valuation of companies with a small board of directors 2003Enjoying the Quiet Life? Corporate Governance and Managerial Preferences 2007Boards: Does one size fit all☆1992A Modest Proposal for Improved Corporate Governance 1999Understanding the determinants of managerial ownership and the link between ownership and performance 2009On the use of instrumental variables in accounting research

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