Aarhus University Seal / Aarhus Universitets segl

Ownership and Risk Management: Shareholder versus Stakeholder Satisfaction

Research output: Contribution to book/anthology/report/proceedingArticle in proceedingsResearch


  • 0003099

    Final published version, 60.5 KB, PDF document

The relationship between ownership structure and performance has received considerable attention in the literature. This paper focuses on the relationship between ownership structure and risk management. Specifically, the paper addresses the relationship between (1) the identity and influence of the largest shareholder and (2) whether risk management decisions are made in order to satisfy shareholders in particular or stakeholders in general. Covering a sample of Danish, non-financial companies a statistically significant, negative relationship is found between personal ownership and the likelihood that the aim of risk management is to satisfy shareholders in particular. No significant relationship is found for foundation-owned companies. Furthermore, a positive relationship is found between the size of the company and the tendency to satisfy shareholders in particular. The finding in relation to personal ownership is believed to rest on non-financial relations between the companies and the persons in question.
Original languageEnglish
Title of host publicationConference Proceedings for 28th EIBA Conference
Publication year2002
Publication statusPublished - 2002
Event28th EIBA Conference -
Duration: 8 Dec 200210 Dec 2002


Conference28th EIBA Conference

    Research areas

  • Ownership Structure, Risk Management, Shareholders versus Stakeholders

See relations at Aarhus University Citationformats

Download statistics

No data available

ID: 32333367