英文摘要 |
This study examines the relationship between the ownership structure and firm risk for non-financial firms listed on the TSEC using quantile regression. Based on the agency theory, the manager, blockholder, institutional investor, and family ownership variables are selected and the firm’s risk is measured by the tail index derived from the extreme value theory. The empirical results show that there is a significantly negative relationship between managerial ownership and extreme risk at the lower quantiles of extreme risk. The evidence supports the arguments of managerial entrenchment. In addition, we find that the extreme risk is inversely related to market power and positively related to firm size. However, the above findings are not significant at the higher quantiles of extreme risk, It may attribute to economic and industrial factors. |