Zeeshan Fareed , Nianyong Wang , Farrukh Shahzad , Syed Ghulam Meran Shah , Najaf Iqbal , Bushra Zulfiqar
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Does good board governance reduce idiosyncratic risk in emerging markets? Evidence from China
This study examines the impact of board governance on idiosyncratic risk in the context of Chinese listed firms. Contrary to previous evidence from developed markets, we show that good board governance significantly reduces idiosyncratic risk in China. We also show that non-state-owned and foreign firms are relatively more capable of minimizing idiosyncratic risk than are state-owned and private firms. The empirical results obtained from CAPM are not sensitive to alternative proxies of idiosyncratic risk. We also find a significantly stronger impact of board governance on idiosyncratic risk after controlling for endogeneity and performing a sensitivity analysis. Our findings provide valuable insights into firm risk-taking behaviour in emerging markets.
期刊介绍：
International trade, financing and investments have grown at an extremely rapid pace in recent years, and the operations of corporations have become increasingly multinationalized. Corporate executives buying and selling goods and services, and making financing and investment decisions across national boundaries, have developed policies and procedures for managing cash flows denominated in foreign currencies. These policies and procedures, and the related managerial actions of executives, change as new relevant information becomes available. The purpose of the Journal of Multinational Financial Management is to publish rigorous, original articles dealing with the management of the multinational enterprise. Theoretical, conceptual, and empirical papers providing meaningful insights into the subject areas will be considered. The following topic areas, although not exhaustive, are representative of the coverage in this Journal. • Foreign exchange risk management • International capital budgeting • Forecasting exchange rates • Foreign direct investment • Hedging strategies • Cost of capital • Managing transaction exposure • Political risk assessment • International working capital management • International financial planning • International tax management • International diversification • Transfer pricing strategies • International liability management • International mergers.
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