مکانیسم های حاکمیت و ریسک نامطلوب

This study uses data for Taiwanese firms from 2002 to 2012 to investigate the relation between corporate governance and downside risk. Our results show that good corporate governance reduces downside risk while increasing firm value. That is, firms with high managerial ownership, market power, and independent boards appear to have lower downside risk, likely because their decision-making is more transparent than that of firms without these characteristics.