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Jensen, M. and Meckling, W. (1976) The Theory of the Firm: Managerial Behaviour, Agency Costs and Ownership Structure. Social Science Electronic Publishing, 3, 305-360.

has been cited by the following article:

  • TITLE: Commercial Bank Ownership Structure and Risk Preference

    AUTHORS: Haoxuan Zhong

    KEYWORDS: The Corporate Governance Structure, Ownership Structure, Risk Preference

    JOURNAL NAME: Journal of Mathematical Finance, Vol.7 No.2, May 27, 2017

    ABSTRACT: Company’s risk-taking behavior has a significant impact on corporate earnings’ growth and the social economic development, and different ownership structure will affect the company’s risk preference. In this paper, with the 25 Chinese listed banks, the empirical tests the effect of ownership structure on bank’s risk preference. The result showed that the correlation between ownership concentration and the bank’s risk preference is positive; the bank’s risk preference and shareholding separation have inverted u-shaped relation; the correlation between bank’s equity balance and the bank’s risk preference is negative; the correlation between bank’s cash flow rights and voting rights divergence and the bank’s risk preference is in inverted u-shaped.