Central European Business Review 2023, 12(5):1-41 | DOI: 10.18267/j.cebr.337

Critical Factors Influencing Firms' Risk-Taking Behaviour: CEO Characteristics and the Moderating Role of the Audit Committee

Benedict Valentine Arulanandam ORCID...1, Christo Selvan ORCID...2, Goh Xin Tong3
1 School of Business, Sunway College, Malaysia, Jalan Universiti, Bandar Sunway, Selangor, Malaysia, benedicta@sunway.edu.my (corresponding author)
2 School of Business, St Joseph’s University, Langford Gardens, Bengaluru, Karnataka, India, christoselvan@sju.edu.in
3 Independent Researcher, Jalan Damansara, Kuala Lumpur, Malaysia, xin.tong516@gmail.com

This paper aims to explore the effects of chief executive officer (CEO) characteristics on managerial risk-taking behaviour and the moderating impact of audit committee (AC) ownership and ethnicity in this relationship. The underlining theory employed in this study is the upper echelons theory (UET). Data were hand-collected from annual reports of the top 100 Malaysian PLCs over 2015-2020 and were analysed through multiple regression analysis and Hayes’ process moderation analysis. The findings suggest that CEO age negatively affects risk-taking. The results, however, do not support the use of CEO tenure and gender as proxies for managerial risk-taking behaviour. AC ownership has a significant positive moderating effect on the relationship between CEO age, tenure, gender and risk-taking. Contrarily, AC ethnicity only significantly moderates the association between CEO gender and risk-taking. This study further adds to the existing literature considering these independent variables.
Implications for Central European audience: This study serves as a good yardstick for exploring the effects of CEOs’ characteristics. While this study is within the Malaysian context, it is undoubtedly useful in the Central European context. Risk-taking behaviour can be dispersed over all sectors, especially as this study employs the UET theory. The findings would set a comparison for corporations in Central European countries.

Keywords: CEO; audit committee ownership; risk-taking; ethnicity
JEL classification: G32, G39, M49

Received: February 27, 2023; Revised: April 21, 2023; Accepted: April 25, 2023; Prepublished online: June 17, 2023; Published: December 18, 2023  Show citation

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Valentine Arulanandam, B., Selvan, C., & Xin Tong, G. (2023). Critical Factors Influencing Firms' Risk-Taking Behaviour: CEO Characteristics and the Moderating Role of the Audit Committee. Central European Business Review, 12(5), 1-41. doi: 10.18267/j.cebr.337
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