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    Organizational non-compliance with principles-based governance provisions and corporate risk-taking

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    Publication date
    2021-09-04
    Author
    Ahmad, S.
    Akbar, Saeed
    Halari, A.
    Shah, S.Z.
    Keyword
    Risk-taking
    Non-compliance
    Comply or explain
    System GMM
    Peer-Reviewed
    Yes
    Open Access status
    closedAccess
    
    Metadata
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    Abstract
    This paper examines how risk-taking is affected by non-compliance with a ‘comply or explain’ based system of corporate governance. Using System Generalized Methods of Moments (GMM) estimates to control for various types of endogeneity, the results of this study show that non-compliance with the UK Corporate Governance Code is positively associated with total, systematic, and idiosyncratic risk. However, profitability moderates the impact of non-compliance on firms' risk-taking. The findings of this study further reveal that the impact of non-compliance with various provisions of the UK Corporate Governance Code is not uniform. That is, non-compliance with board independence provisions is associated with higher risk-taking. However, non-compliance with committees' chair independence is associated with lower risk-taking. These findings have implications for investors, policy makers, and corporations regarding the usefulness of compliance with a prescribed code of corporate governance.
    URI
    http://hdl.handle.net/10454/18990
    Version
    No full-text in the repository
    Citation
    Ahmad S, Akbar S, Halari A et al (2021) Organizational non-compliance with principles-based governance provisions and corporate risk-taking. International Review of Financial Analysis. 78: 101884.
    Link to publisher’s version
    https://doi.org/10.1016/j.irfa.2021.101884
    Type
    Article
    Collections
    Management and Law Publications

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