Effects of Institutional Investors' Activism on Corporate Risk-Taking Activities
Abstract
To examines the relationship of institutional investors' activism and corporate risk-taking in Malaysian non-financial firms. Selected Malaysian non-financial firms between 2000 and 2018 were analysed using Generalised Least Square (GLS) and Generalised Method of Moments (GMM) to solve endogeneity issues. This study demonstrates that active institutional investors could play their role by surveillance to reduce unnecessary risky investment by firms. The assessment of institutional ownership is limited to institutional investors' percentage of ownership only. This study suggests updating the governance framework for institutional investors’ diversity in Malaysian context to improve corporate governance. Institutional investors may play an active or inactive role in firms in deciding how often the participation of institutional investors does not offer robust alternatives to corporate risk-taking. Data from prior studies were inconclusive.
References
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Boubaker, S., Nguyen, P. and Rouatbi, W. (2016) ‘Multiple Large Shareholders and Corporate Risk-taking: Evidence from French Family Firms’, European Financial Management, 22(4), pp. 697–745. doi: 10.1111/eufm.12086.
Boubakri, N., Cosset, J. C. and Saffar, W. (2013) ‘The role of state and foreign owners in corporate risk-taking: Evidence from privatization’, Journal of Financial Economics. Elsevier, 108(3), pp. 641–658. doi: 10.1016/j.jfineco.2012.12.007.
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Chang, K., Kang, E. and Li, Y. (2016) ‘Effect of institutional ownership on dividends: An agency-theory-based analysis’, Journal of Business Research. Elsevier Inc., 69(7), pp. 2551– 2559. doi: 10.1016/j.jbusres.2015.10.088.
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De-la-Hoz, M. C. and Pombo, C. (2016) ‘Institutional investor heterogeneity and firm valuation: Evidence from Latin America’, Emerging Markets Review. Elsevier B.V., 26, pp. 197–221. doi: 10.1016/j.ememar.2015.12.001.
Diez-Esteban, J. ., Garcia-Gomez, C. D. and De-Foronda, O. . (2014) ‘Corporate Risk Taking and Financial Crisis : the Role of Institutional Investors’, Transformation in Business & Economics, 13(1), pp. 126–144.
Díez-Esteban, J. M., Farinha, J. B. and García-Gómez, C. D. (2016) ‘The role of institutional investors in propagating the 2007 financial crisis in Southern Europe’, Research in International Business and Finance. Elsevier B.V., 38, pp. 439–454. doi: 10.1016/j.ribaf.2016.07.006.
El-Diftar, D. et al. (2017) ‘Institutional investors and voluntary disclosure and transparency: the case of Egypt’, Corporate Governance: The international journal of business in society, 17(1), pp. 134–151. doi: 10.1108/CG-05-2016-0112.
Elyasiani, E. and Jia, J. (2010) ‘Distribution of institutional ownership and corporate firm performance’, Journal of Banking and Finance. Elsevier B.V., 34(3), pp. 606–620. doi: 10.1016/j.jbankfin.2009.08.018.
Erkens, D. H., Hung, M. and Matos, P. (2012) ‘Corporate governance in the 2007 – 2008 fi nancial crisis : Evidence from financial institutions worldwide’, Journal of Corporate Finance. Elsevier B.V., 18(2), pp. 389–411. doi: 10.1016/j.jcorpfin.2012.01.005.
Faccio, M., Marchica, M.-T. and Mura, R. (2011) ‘Large Shareholder Diversification and Corporate Risk-Taking’, The Review of Financial Studies, 24(11), pp. 3601–3641.
Faccio, M., Marchica, M.-T. and Mura, R. (2016) ‘CEO Gender, Corporate Risk-Taking, and the Efficiency of Capital Allocation’, Journal of Corporate Finance. Elsevier B.V., pp. 1–49. doi: 10.2139/ssrn.2021136.
Ferreira, M. A. and Matos, P. (2008) ‘The colors of investors’ money: Which Firms Attract Institutional Investors around the world’, Journal of Financial Economics, 88(3), pp. 499–533. doi: 10.1016/j.jfineco.2007.07.003.
Gillan, S. L. and Starks, L. T. (2003) ‘Corporate Governance, Corporate Ownership, and the Role of Institutional Investors: A Global Perspective’, Journal of Applied Finance, 13(1983), pp. 4–22. doi: 10.2139/ssrn.439500.
Hill, C. W. L. and Snell, S. A. (1988) ‘External control, corporate strategy, and firm performance in research‐intensive industries’, Strategic management journal. Wiley Online Library, 9(6), pp. 577–590.
Huang, Y. S. and Wang, C.-J. (2015) ‘Corporate governance and risk-taking of Chinese firms: The role of board size’, International Review of Economics & Finance. Elsevier, 37, pp. 96– 113. Inderst, G. and Stewart, F. (2014) ‘Institutional Investment in Infrastructure in Emerging Markets and Developing Economies’, World Bank Group, 1, pp. 1–68. doi: 10.1016/j.jce.2013.08.002.
Jamil, N. N. (2017) ‘Economic role of politics and corporate governance_reforms captured in Malaysia’s Setting’, International Journal of Law and Management, 59(6), pp. 839–853.
Jensen, M. C. and Meckling, W. H. (1976) ‘Theory of the firm: Managerial behavior, agency costs and ownership structure’, Journal of Financial Economics, 3(4), pp. 305–360. doi: 10.1016/0304-405X(76)90026-X.
Kashyap, A., Rajan, R. and Stein, J. (2008) ‘Rethinking capital regulation’, Proceedings - Economic Policy Symposium - Jackson Hole, pp. 431–471. Available at: https://econpapers.repec.org/RePEc:fip:fedkpr:00014.
Khaw, K. L.-H. and Liao, J. (2018) ‘Board Gender Diversity and Its Risk Monitoring Role : Is It Significant ?’, Asian Academy of Management Journal of Accounting and Finance, 14(1), pp. 83–106. doi: 10.1200/JCO.2007.13.9493.
Khoon, G. S. and Lim, M.-H. (2010) The impact of the global financial crisis: the case of Malaysia, TWN Global Economy Series. doi: 10.1016/j.gfj.2015.02.002.
Koerniadi, H., Krishnamurti, C. and Tourani-Rad, A. (2014) ‘Corporate governance and risktaking in New Zealand’, Australian Journal of Management, 39(2), pp. 227–245. doi: 10.1177/0312896213478332.
Lee, H.-A., Gomez, E. T. and Yacob, S. (2013) ‘Ethnicity, economy, and affirmative action in Malaysia’, Affirmative action, ethnicity, and conflict. Routledge New York, pp. 67–94.
Lin, Y. R. and Fu, X. M. (2017) ‘Does institutional ownership influence firm performance? Evidence from China’, International Review of Economics and Finance. Elsevier, 49(January), pp. 17–57. doi: 10.1016/j.iref.2017.01.021.
Mathew, S., Ibrahim, S. and Archbold, S. (2018) ‘Corporate governance and firm risk’, Corporate Governance: The international journal of business in society, 18(1), pp. 52–67. doi: 10.1108/CG-02-2017-0024.
Mazur, M. et al. (2018) ‘Proximity and litigation: Evidence from the geographic location of institutional investors’, Journal of Financial Markets. Elsevier Ltd, pp. 1–15. doi:10.1016/j.finmar.2018.05.002.
Mehrani, S., Moradi, M. and Hoda, E. (2016) ‘Institutional Ownership Type and Earnings Quality : Evidence from Iran’, Emerging Markets Finance and Trade, pp. 1–20. doi:10.1080/1540496X.2016.1145114.
Nguyen, P. (2012a) ‘Does ownership matter ? Evidence of the effect of foreign investors on the risk-taking behavior of Japanese firms’, Journal of the Japanese and International Economies, 26(2), pp. 233–248.
Nguyen, P. (2012b) ‘The impact of foreign investors on the risk-taking of Japanese firms’, Journal of the Japanese and International Economies. Elsevier Inc., 26(2), pp. 233–248. doi: 10.1016/j.jjie.2012.03.001.
Njah, M. and Jarboui, A. (2013) ‘Institutional investors, corporate governance, and earnings management around merger: evidence from French absorbing firms’, Journal of Economics Finance and Administrative Science. Elsevier, 18(35), pp. 89–96.
OECD (2014) ‘Institutional Investors and Long-term Investment’, (May).
Paligorova, T. (2010) ‘Corporate Risk Taking and Ownership Structure’, Bank of Canada Working paper, (3), pp. 1–44. Available at: http://publications.gc.ca/collections/collection_2010/banque-bank-canada/FB3-2-110-3eng.pdf.
Panda, B. and Leepsa, N. M. (2017) ‘Agency theory : Review of Theory and Evidence on Problems and Perspectives’, Indian Journal of Corporate Governance, 10(1), pp. 74–95. doi: 10.1177/0974686217701467.
Rajan, R. G. and Zingales, L. (1998) ‘Which Capitalism?Lessons from the East Asian Crisis’, Journal of Applied Corporate Finance, 11(3), pp. 40–48. doi: 10.1111/j.17456622.1998.tb00501.x.
Ramalingegowda, S. and Yu, Y. (2012) ‘Institutional ownership and conservatism’, Journal of
Accounting and Economics. Elsevier, 53(1–2), pp. 98–114. doi: 10.1016/j.jacceco.2011.06.004.
Schwarcz, S. L. et al. (2015) ‘Excessive Corporate Risk-Taking and The Decline of Personal Blame’, Oxford University Press, 65, pp. 534–580.
Schwarcz, S. L. (2016) ‘Misalignment : Corporate Risk-Taking and Public Duty’, Notre Dame L Rev, (92), pp. 1–64.
Sohail, S., Rasul, F. and Fatima, U. (2017) ‘Is internal and external mechanism of governance enriching the performance of the banking sector of Pakistan?’, Corporate Governance: The international journal of business in society, 17(4), pp. 629–642. doi: 10.1108/CG-05-20160116.
Solomon, J. (2020) Corporate governance and accountability. John Wiley & Sons.
Suyono, E. (2018) ‘Institutional ownership, type of industry and income smoothing: Empirical Evidence from Indonesia’, Journal of Auditing, Finance and Forensic Accounting, 6(1), pp. 1– 12. doi: 10.11604/pamj.2015.20.237.5872.
Switzer, L. N. and Wang, J. (2017) ‘Institutional investment horizon, the information environment, and firm credit risk’, Journal of Financial Stability. Elsevier B.V., 29, pp. 57– 71. doi: 10.1016/j.jfs.2017.02.002.
Tee, C. M. et al. (2017) ‘Institutional Monitoring, Political Connections and Audit Fees: Evidence from Malaysian Firms’, International Journal of Auditing, 21(2), pp. 164–176. doi: 10.1111/ijau.12086.
Thomsen, Steen and Pedersen, T. (2000) ‘Ownership Structure and Economic Performance in the Largest European Companies’, Strategic Management Journal, 21(6), pp. 689–705.Available at: http://www.jstor.org/stable/3094306.
World Economic Forum (2020) The Global Risks Report 2020.
Zhai, S., Xie, L. and Zhang, S. (2015) ‘Bank connections and corporate risk-taking : evidence from China’, Asia-Pacific Journal of Accounting and Economics, 1625. doi: 10.1080/16081625.2015.1105831.
Almazan, A., Hartzell, J. C. and Starks, L. T. (2005) ‘Active institutional shareholders and costs of monitoring: Evidence from executive compensation’, Financial Management, 34(4), pp. 5–34. doi: 10.1111/j.1755-053X.2005.tb00116.x.
Annuar, H. A. (2015) ‘Changes in ownership forms and role of institutional investors in governing public companies in Malaysia’, Journal of accounting and organizational change, 11(4), pp. 455–475.
Appel, I. R., Gormley, T. A. and Keim, D. B. (2016) ‘Passive investors, not passive owners’, Journal of Financial Economics. Elsevier B.V., 121(1), pp. 111–141. doi: 10.1016/j.jfineco.2016.03.003.
Attig, N. et al. (2012) ‘Institutional investment horizon and investment-cash flow sensitivity’, Journal of Banking and Finance. Elsevier B.V., 36(4), pp. 1164–1180. doi: 10.1016/j.jbankfin.2011.11.015.
Baker, S. R. et al. (2020) ‘The unprecedented stock market impact of COVID-19’, National Bureau of Economic Research, No. w26945.
Baltagi, B. H. (1995) Econometric analysis of panel data. Wiley New York. Bhattacharya, P. P. S. and Graham, M. (2007) ‘Institutional ownership and firm performance: evidence from Finland’, Available at SSRN 1000092., pp. 1–33. Available at: http://www.efmaefm.org/0EFMAMEETINGS/EFMA ANNUAL MEETINGS/2007-Vienna/Papers/0634.pdf.
Boubaker, S., Nguyen, P. and Rouatbi, W. (2016) ‘Multiple Large Shareholders and Corporate Risk-taking: Evidence from French Family Firms’, European Financial Management, 22(4), pp. 697–745. doi: 10.1111/eufm.12086.
Boubakri, N., Cosset, J. C. and Saffar, W. (2013) ‘The role of state and foreign owners in corporate risk-taking: Evidence from privatization’, Journal of Financial Economics. Elsevier, 108(3), pp. 641–658. doi: 10.1016/j.jfineco.2012.12.007.
Boubakri, N., Mansi, S. A. and Saffar, W. (2013) ‘Political institutions, connectedness, and corporate risk-taking’, Journal of International Business Studies, 44(3), pp. 195–215. doi: 10.1057/jibs.2013.2.
Brickley, J. A., Lease, R. C. and Smith, C. W. (1988) ‘Ownership structure and voting on antitakeover amendments’, Journal of Financial Economics, 20(C), pp. 267–291. doi: 10.1016/0304-405X(88)90047-5.
Brown, G. and Kapadia, N. (2007) ‘Firm-specific risk and equity market development’, Journal of Financial Economics. Elsevier, 84(2), pp. 358–388.
Campello, M., Kankanhalli, G. and Muthukrishnan, P. (2020) ‘CORPORATE HIRING UNDER COVID-19: LABOR MARKET CONCENTRATION, DOWNSKILLING, AND INCOME INEQUALITY’, NBER WORKING PAPER SERIES CORPORATE.
Carey, M. and Stulz, R. M. (2005) The risks of financial institutions. National Bureau of Economic Research.
Chang, K., Kang, E. and Li, Y. (2016) ‘Effect of institutional ownership on dividends: An agency-theory-based analysis’, Journal of Business Research. Elsevier Inc., 69(7), pp. 2551– 2559. doi: 10.1016/j.jbusres.2015.10.088.
Chong, L., Ong, H. and Tan, S.-H. (2018) ‘Corporate risk-taking and performance in Malaysia: the effect of board composition, political connections and sustainability practices’, Corporate Governance: The international journal of business in society, 18(4), p. CG-05-2017-0095. doi: 10.1108/CG-05-2017-0095.
Chung, K. H. and Zhang, H. (2011) ‘Corporate Governance and Institutional Ownership’, Journal of Financial and Quantitative Analysis, 46(1), pp. 247–273. doi: 10.1017/S0022109010000682.
Cornett, M. M. et al. (2007) ‘The impact of institutional ownership on corporate operating performance’, Journal of Banking and Finance. Elsevier, 31(6), pp. 1771–1794. doi:10.1016/j.jbankfin.2006.08.006.
De-la-Hoz, M. C. and Pombo, C. (2016) ‘Institutional investor heterogeneity and firm valuation: Evidence from Latin America’, Emerging Markets Review. Elsevier B.V., 26, pp. 197–221. doi: 10.1016/j.ememar.2015.12.001.
Diez-Esteban, J. ., Garcia-Gomez, C. D. and De-Foronda, O. . (2014) ‘Corporate Risk Taking and Financial Crisis : the Role of Institutional Investors’, Transformation in Business & Economics, 13(1), pp. 126–144.
Díez-Esteban, J. M., Farinha, J. B. and García-Gómez, C. D. (2016) ‘The role of institutional investors in propagating the 2007 financial crisis in Southern Europe’, Research in International Business and Finance. Elsevier B.V., 38, pp. 439–454. doi: 10.1016/j.ribaf.2016.07.006.
El-Diftar, D. et al. (2017) ‘Institutional investors and voluntary disclosure and transparency: the case of Egypt’, Corporate Governance: The international journal of business in society, 17(1), pp. 134–151. doi: 10.1108/CG-05-2016-0112.
Elyasiani, E. and Jia, J. (2010) ‘Distribution of institutional ownership and corporate firm performance’, Journal of Banking and Finance. Elsevier B.V., 34(3), pp. 606–620. doi: 10.1016/j.jbankfin.2009.08.018.
Erkens, D. H., Hung, M. and Matos, P. (2012) ‘Corporate governance in the 2007 – 2008 fi nancial crisis : Evidence from financial institutions worldwide’, Journal of Corporate Finance. Elsevier B.V., 18(2), pp. 389–411. doi: 10.1016/j.jcorpfin.2012.01.005.
Faccio, M., Marchica, M.-T. and Mura, R. (2011) ‘Large Shareholder Diversification and Corporate Risk-Taking’, The Review of Financial Studies, 24(11), pp. 3601–3641.
Faccio, M., Marchica, M.-T. and Mura, R. (2016) ‘CEO Gender, Corporate Risk-Taking, and the Efficiency of Capital Allocation’, Journal of Corporate Finance. Elsevier B.V., pp. 1–49. doi: 10.2139/ssrn.2021136.
Ferreira, M. A. and Matos, P. (2008) ‘The colors of investors’ money: Which Firms Attract Institutional Investors around the world’, Journal of Financial Economics, 88(3), pp. 499–533. doi: 10.1016/j.jfineco.2007.07.003.
Gillan, S. L. and Starks, L. T. (2003) ‘Corporate Governance, Corporate Ownership, and the Role of Institutional Investors: A Global Perspective’, Journal of Applied Finance, 13(1983), pp. 4–22. doi: 10.2139/ssrn.439500.
Hill, C. W. L. and Snell, S. A. (1988) ‘External control, corporate strategy, and firm performance in research‐intensive industries’, Strategic management journal. Wiley Online Library, 9(6), pp. 577–590.
Huang, Y. S. and Wang, C.-J. (2015) ‘Corporate governance and risk-taking of Chinese firms: The role of board size’, International Review of Economics & Finance. Elsevier, 37, pp. 96– 113. Inderst, G. and Stewart, F. (2014) ‘Institutional Investment in Infrastructure in Emerging Markets and Developing Economies’, World Bank Group, 1, pp. 1–68. doi: 10.1016/j.jce.2013.08.002.
Jamil, N. N. (2017) ‘Economic role of politics and corporate governance_reforms captured in Malaysia’s Setting’, International Journal of Law and Management, 59(6), pp. 839–853.
Jensen, M. C. and Meckling, W. H. (1976) ‘Theory of the firm: Managerial behavior, agency costs and ownership structure’, Journal of Financial Economics, 3(4), pp. 305–360. doi: 10.1016/0304-405X(76)90026-X.
Kashyap, A., Rajan, R. and Stein, J. (2008) ‘Rethinking capital regulation’, Proceedings - Economic Policy Symposium - Jackson Hole, pp. 431–471. Available at: https://econpapers.repec.org/RePEc:fip:fedkpr:00014.
Khaw, K. L.-H. and Liao, J. (2018) ‘Board Gender Diversity and Its Risk Monitoring Role : Is It Significant ?’, Asian Academy of Management Journal of Accounting and Finance, 14(1), pp. 83–106. doi: 10.1200/JCO.2007.13.9493.
Khoon, G. S. and Lim, M.-H. (2010) The impact of the global financial crisis: the case of Malaysia, TWN Global Economy Series. doi: 10.1016/j.gfj.2015.02.002.
Koerniadi, H., Krishnamurti, C. and Tourani-Rad, A. (2014) ‘Corporate governance and risktaking in New Zealand’, Australian Journal of Management, 39(2), pp. 227–245. doi: 10.1177/0312896213478332.
Lee, H.-A., Gomez, E. T. and Yacob, S. (2013) ‘Ethnicity, economy, and affirmative action in Malaysia’, Affirmative action, ethnicity, and conflict. Routledge New York, pp. 67–94.
Lin, Y. R. and Fu, X. M. (2017) ‘Does institutional ownership influence firm performance? Evidence from China’, International Review of Economics and Finance. Elsevier, 49(January), pp. 17–57. doi: 10.1016/j.iref.2017.01.021.
Mathew, S., Ibrahim, S. and Archbold, S. (2018) ‘Corporate governance and firm risk’, Corporate Governance: The international journal of business in society, 18(1), pp. 52–67. doi: 10.1108/CG-02-2017-0024.
Mazur, M. et al. (2018) ‘Proximity and litigation: Evidence from the geographic location of institutional investors’, Journal of Financial Markets. Elsevier Ltd, pp. 1–15. doi:10.1016/j.finmar.2018.05.002.
Mehrani, S., Moradi, M. and Hoda, E. (2016) ‘Institutional Ownership Type and Earnings Quality : Evidence from Iran’, Emerging Markets Finance and Trade, pp. 1–20. doi:10.1080/1540496X.2016.1145114.
Nguyen, P. (2012a) ‘Does ownership matter ? Evidence of the effect of foreign investors on the risk-taking behavior of Japanese firms’, Journal of the Japanese and International Economies, 26(2), pp. 233–248.
Nguyen, P. (2012b) ‘The impact of foreign investors on the risk-taking of Japanese firms’, Journal of the Japanese and International Economies. Elsevier Inc., 26(2), pp. 233–248. doi: 10.1016/j.jjie.2012.03.001.
Njah, M. and Jarboui, A. (2013) ‘Institutional investors, corporate governance, and earnings management around merger: evidence from French absorbing firms’, Journal of Economics Finance and Administrative Science. Elsevier, 18(35), pp. 89–96.
OECD (2014) ‘Institutional Investors and Long-term Investment’, (May).
Paligorova, T. (2010) ‘Corporate Risk Taking and Ownership Structure’, Bank of Canada Working paper, (3), pp. 1–44. Available at: http://publications.gc.ca/collections/collection_2010/banque-bank-canada/FB3-2-110-3eng.pdf.
Panda, B. and Leepsa, N. M. (2017) ‘Agency theory : Review of Theory and Evidence on Problems and Perspectives’, Indian Journal of Corporate Governance, 10(1), pp. 74–95. doi: 10.1177/0974686217701467.
Rajan, R. G. and Zingales, L. (1998) ‘Which Capitalism?Lessons from the East Asian Crisis’, Journal of Applied Corporate Finance, 11(3), pp. 40–48. doi: 10.1111/j.17456622.1998.tb00501.x.
Ramalingegowda, S. and Yu, Y. (2012) ‘Institutional ownership and conservatism’, Journal of
Accounting and Economics. Elsevier, 53(1–2), pp. 98–114. doi: 10.1016/j.jacceco.2011.06.004.
Schwarcz, S. L. et al. (2015) ‘Excessive Corporate Risk-Taking and The Decline of Personal Blame’, Oxford University Press, 65, pp. 534–580.
Schwarcz, S. L. (2016) ‘Misalignment : Corporate Risk-Taking and Public Duty’, Notre Dame L Rev, (92), pp. 1–64.
Sohail, S., Rasul, F. and Fatima, U. (2017) ‘Is internal and external mechanism of governance enriching the performance of the banking sector of Pakistan?’, Corporate Governance: The international journal of business in society, 17(4), pp. 629–642. doi: 10.1108/CG-05-20160116.
Solomon, J. (2020) Corporate governance and accountability. John Wiley & Sons.
Suyono, E. (2018) ‘Institutional ownership, type of industry and income smoothing: Empirical Evidence from Indonesia’, Journal of Auditing, Finance and Forensic Accounting, 6(1), pp. 1– 12. doi: 10.11604/pamj.2015.20.237.5872.
Switzer, L. N. and Wang, J. (2017) ‘Institutional investment horizon, the information environment, and firm credit risk’, Journal of Financial Stability. Elsevier B.V., 29, pp. 57– 71. doi: 10.1016/j.jfs.2017.02.002.
Tee, C. M. et al. (2017) ‘Institutional Monitoring, Political Connections and Audit Fees: Evidence from Malaysian Firms’, International Journal of Auditing, 21(2), pp. 164–176. doi: 10.1111/ijau.12086.
Thomsen, Steen and Pedersen, T. (2000) ‘Ownership Structure and Economic Performance in the Largest European Companies’, Strategic Management Journal, 21(6), pp. 689–705.Available at: http://www.jstor.org/stable/3094306.
World Economic Forum (2020) The Global Risks Report 2020.
Zhai, S., Xie, L. and Zhang, S. (2015) ‘Bank connections and corporate risk-taking : evidence from China’, Asia-Pacific Journal of Accounting and Economics, 1625. doi: 10.1080/16081625.2015.1105831.
Published
2022-03-01
How to Cite
AHMAD, Hanis Hazwani; AZHARI, Adilah.
Effects of Institutional Investors' Activism on Corporate Risk-Taking Activities.
International Journal of Advanced Research in Economics and Finance, [S.l.], v. 4, n. 1, p. 18-37, mar. 2022.
ISSN 2682-812X.
Available at: <https://myjms.mohe.gov.my/index.php/ijaref/article/view/16867>. Date accessed: 18 jan. 2025.
Section
English Section
